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05-04

Clear, concise, easy to understand article. Thanks

05-02

Yes uob and Ocbc will follow.

04-29

Dbs may close at $58.80. Will not beat estimate

03-25

Share your opinion about this news…

Generating S$2,000 Monthly Passive Income Using Five Singaporean Equities

02-25

Your guess is as good as mine! I pick A

2025-12-15

$EliteUKREIT GBP(MXNU.SI)$ May I ask why there is no dividend history information for this stock i

2024-05-14

Thanks for the informative analysis of QYLD and JEPQ. Can you also share your views on JEPI. Thanks

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2024-04-23

Im watching Amzn

2022-12-14

A very comprehensive discussion. Howard Marks talks sense.

Howard Marks Releases Memo: "Sea Change"

2022-07-30

A first rate analysis from a first rate mind!

Sorry, the original content has been removed

2022-04-04

Looks like Elon can move anything on earth, mountains, twitter …

Sorry, the original content has been removed

2022-01-06

The descent of ARK will continue. Time to buySARK now?

Cathie Wood’s ARK ETFs Are in a Deep Hole—Already

2021-09-10

Apple maybe. PayPal? Not so sure.

Sorry, the original content has been removed

2021-09-10

I am Tiger! Hear me Roarrrr. By far the easiestand most informative platform. Better, cheaper, and more efficient than ifast or the local banks’ trading platform. Well done Tiger!

UP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets

2021-08-28

Interesting story. Bernard Ebbers was like the Emperor without clothes. A lesson there for allleaders of industry.

Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers

2021-08-18

Interesting… Will charitable giving also be a subject of the regulatory framework for internet companies?

The Tertiary Distribution – What Can Chinese Tech Companies Learn from Apple?

2021-08-13

If you catch falling knives you will bleed more.Exercise due diligence before buying falling stocks

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2021-08-12

Good results. Hoping the price will rise

Baidu revenue tops estimates on ad sales rebound

2021-07-26

Wonder if the Welcome charity trust made money from its investment in a speculative stock likeDoorDash?

A British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings

2021-07-15

Only time will tell. Jimmy Dimon is honest enough to say that he doesn’t know how the stock market will pan out. Keep some cash in case….

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Go to Tiger App to see more news

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concise, easy to understand article. Thanks","listText":"Clear, concise, easy to understand article. Thanks","text":"Clear, concise, easy to understand article. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/560414891131120","isVote":1,"tweetType":1,"viewCount":208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":559619043778720,"gmtCreate":1777657534298,"gmtModify":1777657537987,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Yes uob and Ocbc will follow.","listText":"Yes uob and Ocbc will follow.","text":"Yes uob and Ocbc will follow.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/559619043778720","isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":558677597320288,"gmtCreate":1777427613393,"gmtModify":1777427617186,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Dbs may close at $58.80. Will not beat estimate","listText":"Dbs may close at $58.80. Will not beat estimate","text":"Dbs may close at $58.80. Will not beat estimate","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/558677597320288","isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":546397352740096,"gmtCreate":1774408837548,"gmtModify":1774408841390,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Share your opinion about this news…","listText":"Share your opinion about this news…","text":"Share your opinion about this news…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/546397352740096","repostId":"1192311946","repostType":4,"repost":{"id":"1192311946","kind":"news","weMediaInfo":{"introduction":"Go Trading Go","home_visible":1,"media_name":"Trading Random","id":"1081967000","head_image":"https://community-static.tradeup.com/news/c47c5e15a11ec5cf40edd30d2c7cf544"},"pubTimestamp":1774404243,"share":"https://ttm.financial/m/news/1192311946?lang=en_US&edition=fundamental","pubTime":"2026-03-25 10:04","market":"sg","language":"en","title":"Generating S$2,000 Monthly Passive Income Using Five Singaporean Equities","url":"https://stock-news.laohu8.com/highlight/detail?id=1192311946","media":"Trading Random","summary":"Many investors aspire to earn passive income from dividends with minimal effort. A monthly income of S$2,000 is an attractive goal for numerous individuals. Dividend-paying stocks present a viable...","content":"<html><head></head><body><p>Many investors aspire to earn passive income from dividends with minimal effort.</p><p>A monthly income of S$2,000 is an attractive goal for numerous individuals.</p><p>Dividend-paying stocks present a viable pathway to reach this objective.</p><p>This article outlines a strategy using five such stocks to help realize that ambition.</p><h2 id=\"id_1376966445\">Step 1: Calculating the Required Investment</h2><p>An annual income target of S$24,000 is derived from the S$2,000 monthly goal.</p><p>Assuming a portfolio dividend yield of 5%, an initial capital of S$480,000 would be necessary.</p><p>A higher portfolio yield would correspondingly reduce the capital required to achieve the same income.</p><p>It is crucial to assess not just the yield but also the sustainability of the dividend payments.</p><h2 id=\"id_2530218457\">Step 2: The Importance of a Diversified Portfolio</h2><p>Diversification is key to building a resilient dividend portfolio.</p><p>Holding five stocks across various sectors helps avoid over-concentration and staggers dividend payout dates.</p><p>For example, <a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a> Limited typically distributes dividends in February, May, October, and November, while <a href=\"https://laohu8.com/S/V03.SI\">Venture</a> Corporation usually pays in May and September.</p><p>Combining stocks with different payment schedules can smooth out annual cash flow.</p><p>An ideal mix may include REITs for high yield, banks for dividend reliability, and defensive companies for stability.</p><h2 id=\"id_4124081236\"><a href=\"https://laohu8.com/S/O39.SI\">OCBC Bank</a>  – Consistent Dividend Payer</h2><p>OCBC, Singapore&#39;s oldest bank, is known for its stable dividend history.</p><p>The bank currently offers a trailing dividend yield of 4.7% and has maintained annual payouts for over twenty years.</p><p>Its payout ratio for FY2025 was a manageable 60%.</p><p>OCBC maintains a strong financial position, with non-performing loans at a low 0.9% and a CET1 ratio of 15.1%, indicating ample capacity for continued dividends.</p><p>The stock trades at a trailing P/B ratio of 1.5x, compared to 2.3x for <a href=\"https://laohu8.com/S/D05.SI\">DBS</a> Group and 1.2x for <a href=\"https://laohu8.com/S/UOVEF\">United Overseas</a> Bank.</p><p>It should be noted that the bank&#39;s performance is cyclical and tied to the broader economy.</p><h2 id=\"id_3717786518\"><a href=\"https://laohu8.com/S/S68.SI\">SGX</a>  – A Toll Operator of the Financial Markets</h2><p>SGX operates like a toll collector for financial market activities.</p><p>Its business generates revenue consistently, regardless of market conditions, facilitating a steady dividend for the past two decades.</p><p>The current trailing dividend yield is 2.2%, with a payout ratio of 61.9%.</p><p>The group possesses a robust balance sheet, evidenced by a low debt-to-equity ratio of 0.3 times.</p><p>Recent government initiatives to bolster Singapore&#39;s financial sector bode well for SGX&#39;s future earnings.</p><h2 id=\"id_1352368945\"><a href=\"https://laohu8.com/S/C2PU.SI\">Parkway Life REIT</a> – A Resilient Healthcare Property Trust</h2><p>Parkway Life REIT owns a portfolio of 75 healthcare properties across multiple countries, representing a source of stable income.</p><p>Demand for healthcare services remains consistent, supporting the REIT&#39;s resilient revenue stream.</p><p>It has paid consistent dividends since 2007 and currently yields 3.8%.</p><p>The outlook is positive, with a renewed 20-year master lease for its Singapore hospitals expected to significantly boost rental income by 2026, potentially increasing the DPU.</p><p>A low gearing ratio of 33.4% provides a strong buffer against economic challenges.</p><h2 id=\"id_1674702304\"><a href=\"https://laohu8.com/S/V03.SI\">Venture</a>  – A Technologist with a Solid Financial Foundation</h2><p>A debt-free balance sheet strongly supports a company&#39;s ability to pay dividends.</p><p>Venture Corporation exemplifies this, holding a substantial net cash position of S$1.28 billion as of December 31, 2025.</p><p>This financial strength has enabled consistent annual dividends for the past 12 years.</p><p>For FY2025, the total dividend declared was S$0.80 per share, including a special dividend.</p><p>The company is focused on growth areas like networking and semiconductor equipment, driven by demand from hyperscale data centers.</p><p>Its significant cash reserves provide a foundation for sustainable long-term distributions.</p><h2 id=\"id_2821550921\"><a href=\"https://laohu8.com/S/C38U.SI\">CapitaLand Integrated Commercial Trust</a> – A Leading Real Estate Investment Trust</h2><p>CICT, Singapore&#39;s largest REIT, has a history of paying dividends since its listing.</p><p>A healthy leverage ratio of 38.6% underpins its consistent dividend payments.</p><p>For FY2025, the total DPU paid was S$0.1158 per share.</p><p>The trust trades at a P/B ratio of 1.1x, above the industry average of 0.98x.</p><p>Its highly diversified portfolio of retail and office properties contributes to earnings resilience.</p><p>The stable Singaporean macroeconomic environment is expected to support its assets, while its blue-chip, diversified nature helps mitigate risks from potential geopolitical tensions.</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>Generating S$2,000 Monthly Passive Income Using Five Singaporean Equities</title>\n<style 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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\">\nGenerating S$2,000 Monthly Passive Income Using Five Singaporean Equities\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1081967000\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/c47c5e15a11ec5cf40edd30d2c7cf544);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Trading Random </p>\n<p class=\"h-time\">2026-03-25 10:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Many investors aspire to earn passive income from dividends with minimal effort.</p><p>A monthly income of S$2,000 is an attractive goal for numerous individuals.</p><p>Dividend-paying stocks present a viable pathway to reach this objective.</p><p>This article outlines a strategy using five such stocks to help realize that ambition.</p><h2 id=\"id_1376966445\">Step 1: Calculating the Required Investment</h2><p>An annual income target of S$24,000 is derived from the S$2,000 monthly goal.</p><p>Assuming a portfolio dividend yield of 5%, an initial capital of S$480,000 would be necessary.</p><p>A higher portfolio yield would correspondingly reduce the capital required to achieve the same income.</p><p>It is crucial to assess not just the yield but also the sustainability of the dividend payments.</p><h2 id=\"id_2530218457\">Step 2: The Importance of a Diversified Portfolio</h2><p>Diversification is key to building a resilient dividend portfolio.</p><p>Holding five stocks across various sectors helps avoid over-concentration and staggers dividend payout dates.</p><p>For example, <a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a> Limited typically distributes dividends in February, May, October, and November, while <a href=\"https://laohu8.com/S/V03.SI\">Venture</a> Corporation usually pays in May and September.</p><p>Combining stocks with different payment schedules can smooth out annual cash flow.</p><p>An ideal mix may include REITs for high yield, banks for dividend reliability, and defensive companies for stability.</p><h2 id=\"id_4124081236\"><a href=\"https://laohu8.com/S/O39.SI\">OCBC Bank</a>  – Consistent Dividend Payer</h2><p>OCBC, Singapore&#39;s oldest bank, is known for its stable dividend history.</p><p>The bank currently offers a trailing dividend yield of 4.7% and has maintained annual payouts for over twenty years.</p><p>Its payout ratio for FY2025 was a manageable 60%.</p><p>OCBC maintains a strong financial position, with non-performing loans at a low 0.9% and a CET1 ratio of 15.1%, indicating ample capacity for continued dividends.</p><p>The stock trades at a trailing P/B ratio of 1.5x, compared to 2.3x for <a href=\"https://laohu8.com/S/D05.SI\">DBS</a> Group and 1.2x for <a href=\"https://laohu8.com/S/UOVEF\">United Overseas</a> Bank.</p><p>It should be noted that the bank&#39;s performance is cyclical and tied to the broader economy.</p><h2 id=\"id_3717786518\"><a href=\"https://laohu8.com/S/S68.SI\">SGX</a>  – A Toll Operator of the Financial Markets</h2><p>SGX operates like a toll collector for financial market activities.</p><p>Its business generates revenue consistently, regardless of market conditions, facilitating a steady dividend for the past two decades.</p><p>The current trailing dividend yield is 2.2%, with a payout ratio of 61.9%.</p><p>The group possesses a robust balance sheet, evidenced by a low debt-to-equity ratio of 0.3 times.</p><p>Recent government initiatives to bolster Singapore&#39;s financial sector bode well for SGX&#39;s future earnings.</p><h2 id=\"id_1352368945\"><a href=\"https://laohu8.com/S/C2PU.SI\">Parkway Life REIT</a> – A Resilient Healthcare Property Trust</h2><p>Parkway Life REIT owns a portfolio of 75 healthcare properties across multiple countries, representing a source of stable income.</p><p>Demand for healthcare services remains consistent, supporting the REIT&#39;s resilient revenue stream.</p><p>It has paid consistent dividends since 2007 and currently yields 3.8%.</p><p>The outlook is positive, with a renewed 20-year master lease for its Singapore hospitals expected to significantly boost rental income by 2026, potentially increasing the DPU.</p><p>A low gearing ratio of 33.4% provides a strong buffer against economic challenges.</p><h2 id=\"id_1674702304\"><a href=\"https://laohu8.com/S/V03.SI\">Venture</a>  – A Technologist with a Solid Financial Foundation</h2><p>A debt-free balance sheet strongly supports a company&#39;s ability to pay dividends.</p><p>Venture Corporation exemplifies this, holding a substantial net cash position of S$1.28 billion as of December 31, 2025.</p><p>This financial strength has enabled consistent annual dividends for the past 12 years.</p><p>For FY2025, the total dividend declared was S$0.80 per share, including a special dividend.</p><p>The company is focused on growth areas like networking and semiconductor equipment, driven by demand from hyperscale data centers.</p><p>Its significant cash reserves provide a foundation for sustainable long-term distributions.</p><h2 id=\"id_2821550921\"><a href=\"https://laohu8.com/S/C38U.SI\">CapitaLand Integrated Commercial Trust</a> – A Leading Real Estate Investment Trust</h2><p>CICT, Singapore&#39;s largest REIT, has a history of paying dividends since its listing.</p><p>A healthy leverage ratio of 38.6% underpins its consistent dividend payments.</p><p>For FY2025, the total DPU paid was S$0.1158 per share.</p><p>The trust trades at a P/B ratio of 1.1x, above the industry average of 0.98x.</p><p>Its highly diversified portfolio of retail and office properties contributes to earnings resilience.</p><p>The stable Singaporean macroeconomic environment is expected to support its assets, while its blue-chip, diversified nature helps mitigate risks from potential geopolitical tensions.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0210637038.USD":"HSBC GIF THAI EQUITY \"AD\" INC","LU0823417737.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC","LU1522347837.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC A","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU1920063259.USD":"FIDELITY FUNDS GLOBAL DIVIDEND PLUS \"A\" (USDHDG) INC","LU0261945553.USD":"FIDELITY 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(acc) SGD","BK6523":"ESG概念","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU1839390173.USD":"JPM ASEAN EQUITY \"A\" (USD) INC","LU0251143029.SGD":"Fidelity ASEAN A-SGD","LU0441851309.USD":"JPM ASEAN EQUITY \"A\" ACC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","SG9999014484.SGD":"Nikko AM ASEAN Equity Fund A SGD","BK6062":"电子制造服务","IE00BVYPNQ40.USD":"GUINNESS ASIAN EQUITY INCOME \"C\" (USD) ACC","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","SG9999002604.SGD":"LionGlobal Singapore/Malaysia SGD","LU1497733631.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD","IE00BVYPNP33.GBP":"GUINNESS ASIAN EQUITY INCOME \"C\" (GBP) ACC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","SG9999003800.SGD":"Nikko AM Global Dividend Equity Acc SGD-H","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","C2PU.SI":"百汇生命产业信托","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","SG9999007991.SGD":"Schroder Asian Income A Dis SGD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","SG9999013460.SGD":"LionGlobal Singapore Dividend Equity Fund SGD","C38U.SI":"凯德商用新加坡信托"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192311946","content_text":"Many investors aspire to earn passive income from dividends with minimal effort.A monthly income of S$2,000 is an attractive goal for numerous individuals.Dividend-paying stocks present a viable pathway to reach this objective.This article outlines a strategy using five such stocks to help realize that ambition.Step 1: Calculating the Required InvestmentAn annual income target of S$24,000 is derived from the S$2,000 monthly goal.Assuming a portfolio dividend yield of 5%, an initial capital of S$480,000 would be necessary.A higher portfolio yield would correspondingly reduce the capital required to achieve the same income.It is crucial to assess not just the yield but also the sustainability of the dividend payments.Step 2: The Importance of a Diversified PortfolioDiversification is key to building a resilient dividend portfolio.Holding five stocks across various sectors helps avoid over-concentration and staggers dividend payout dates.For example, Singapore Exchange Limited typically distributes dividends in February, May, October, and November, while Venture Corporation usually pays in May and September.Combining stocks with different payment schedules can smooth out annual cash flow.An ideal mix may include REITs for high yield, banks for dividend reliability, and defensive companies for stability.OCBC Bank  – Consistent Dividend PayerOCBC, Singapore's oldest bank, is known for its stable dividend history.The bank currently offers a trailing dividend yield of 4.7% and has maintained annual payouts for over twenty years.Its payout ratio for FY2025 was a manageable 60%.OCBC maintains a strong financial position, with non-performing loans at a low 0.9% and a CET1 ratio of 15.1%, indicating ample capacity for continued dividends.The stock trades at a trailing P/B ratio of 1.5x, compared to 2.3x for DBS Group and 1.2x for United Overseas Bank.It should be noted that the bank's performance is cyclical and tied to the broader economy.SGX  – A Toll Operator of the Financial MarketsSGX operates like a toll collector for financial market activities.Its business generates revenue consistently, regardless of market conditions, facilitating a steady dividend for the past two decades.The current trailing dividend yield is 2.2%, with a payout ratio of 61.9%.The group possesses a robust balance sheet, evidenced by a low debt-to-equity ratio of 0.3 times.Recent government initiatives to bolster Singapore's financial sector bode well for SGX's future earnings.Parkway Life REIT – A Resilient Healthcare Property TrustParkway Life REIT owns a portfolio of 75 healthcare properties across multiple countries, representing a source of stable income.Demand for healthcare services remains consistent, supporting the REIT's resilient revenue stream.It has paid consistent dividends since 2007 and currently yields 3.8%.The outlook is positive, with a renewed 20-year master lease for its Singapore hospitals expected to significantly boost rental income by 2026, potentially increasing the DPU.A low gearing ratio of 33.4% provides a strong buffer against economic challenges.Venture  – A Technologist with a Solid Financial FoundationA debt-free balance sheet strongly supports a company's ability to pay dividends.Venture Corporation exemplifies this, holding a substantial net cash position of S$1.28 billion as of December 31, 2025.This financial strength has enabled consistent annual dividends for the past 12 years.For FY2025, the total dividend declared was S$0.80 per share, including a special dividend.The company is focused on growth areas like networking and semiconductor equipment, driven by demand from hyperscale data centers.Its significant cash reserves provide a foundation for sustainable long-term distributions.CapitaLand Integrated Commercial Trust – A Leading Real Estate Investment TrustCICT, Singapore's largest REIT, has a history of paying dividends since its listing.A healthy leverage ratio of 38.6% underpins its consistent dividend payments.For FY2025, the total DPU paid was S$0.1158 per share.The trust trades at a P/B ratio of 1.1x, above the industry average of 0.98x.Its highly diversified portfolio of retail and office properties contributes to earnings resilience.The stable Singaporean macroeconomic environment is expected to support its assets, while its blue-chip, diversified nature helps mitigate risks from potential geopolitical tensions.","news_type":1,"symbols_score_info":{"V03.SI":2,"O39.SI":2,"S68.SI":2,"C38U.SI":2,"C2PU.SI":2}},"isVote":1,"tweetType":1,"viewCount":685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":536387981288080,"gmtCreate":1771975772531,"gmtModify":1771975776853,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Your guess is as good as mine! I pick A","listText":"Your guess is as good as mine! I pick A","text":"Your guess is as good as mine! I pick A","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/536387981288080","isVote":1,"tweetType":1,"viewCount":716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":511062627815856,"gmtCreate":1765804771050,"gmtModify":1765804774811,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/MXNU.SI\">$EliteUKREIT GBP(MXNU.SI)$</a> May I ask why there is no dividend history information for this stock i","listText":"<a href=\"https://ttm.financial/S/MXNU.SI\">$EliteUKREIT GBP(MXNU.SI)$</a> May I ask why there is no dividend history information for this stock i","text":"$EliteUKREIT GBP(MXNU.SI)$ May I ask why there is no dividend history information for this stock i","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/511062627815856","isVote":1,"tweetType":1,"viewCount":2002,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"content":"I have the same question. Why no Dividend data?","text":"I have the same question. Why no Dividend data?","html":"I have the same question. Why no Dividend data?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":305599325421576,"gmtCreate":1715643785724,"gmtModify":1715643789551,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Thanks for the informative analysis of QYLD and JEPQ. Can you also share your views on JEPI. Thanks&nbsp;","listText":"Thanks for the informative analysis of QYLD and JEPQ. Can you also share your views on JEPI. Thanks&nbsp;","text":"Thanks for the informative analysis of QYLD and JEPQ. Can you also share your views on JEPI. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/305599325421576","repostId":"2432913269","repostType":2,"isVote":1,"tweetType":1,"viewCount":4636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":298374896844872,"gmtCreate":1713877860763,"gmtModify":1713877864630,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Im watching Amzn","listText":"Im watching Amzn","text":"Im watching Amzn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/298374896844872","isVote":1,"tweetType":1,"viewCount":3897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9921806899,"gmtCreate":1671017335111,"gmtModify":1676538476172,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"A very comprehensive discussion. Howard Marks talks sense.&nbsp;","listText":"A very comprehensive discussion. Howard Marks talks sense.&nbsp;","text":"A very comprehensive discussion. Howard Marks talks sense.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9921806899","repostId":"1181221730","repostType":2,"repost":{"id":"1181221730","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1671003520,"share":"https://ttm.financial/m/news/1181221730?lang=en_US&edition=fundamental","pubTime":"2022-12-14 15:38","market":"us","language":"en","title":"Howard Marks Releases Memo: \"Sea Change\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1181221730","media":"Tiger Newspress","summary":"sea change (idiom): a complete transformation, a radical change of direction in attitude, goals . . ","content":"<html><head></head><body><blockquote><b>sea change (idiom):</b> a complete transformation, a radical change of direction in attitude, goals . . . (<i>Grammarist</i>)</blockquote><p>In my 53 years in the investment world, I’ve seen a number of economic cycles, pendulum swings, manias and panics, bubbles and crashes, <b>but I remember only two real sea changes.  I think we may be in the midst of a third one today.</b></p><p>As I’ve recounted many times in my memos, when I joined the investment management industry in 1969, many banks – like the one I worked for at the time – focused their equity portfolios on the so-called “Nifty Fifty.”  The Nifty Fifty comprised the stocks of companies that were considered the best and fastest-growing – so good that nothing bad could ever happen to them.  For these stocks, everyone was sure there was “no price too high.”  But if you bought the Nifty Fifty when I started at the bank and held them until 1974, you were sitting on losses of more than 90% . . . from owning pieces of the best companies in America.  Perceived quality, it turned out, wasn’t synonymous with safety or with successful investment.</p><p>Meanwhile, over in bond-land, a security with a rating of single-B was described by Moody’s as “failing to possess the characteristics of a desirable investment.”  Non-investment grade bonds – those rated double-B and below – were off-limits to fiduciaries, since proper financial behavior mandated the avoidance of risk.  For this reason, what soon became known as high yield bonds couldn’t be sold as new issues.  But in the mid-1970s, Michael Milken and a few others had the idea that it should be possible to issue non-investment grade bonds – and to invest in them prudently – if the bonds offered enough interest to compensate for the risk of default.  In 1978, I started investing in these securities – the bonds of perhaps America’s riskiest public companies – and I was making money steadily and safely.</p><p><b>In other words, whereas prudent bond investing had previously consisted of buying only presumedly safe investment grade bonds, investment managers could now prudently buy bonds of almost any quality as long as they were adequately compensated for the attendant risk.</b> The U.S. high yield bond universe amounted to about $2 billion when I first got involved, and today it stands at roughly $1.2 trillion.</p><p>This clearly represented a major change in direction for the business of investing.  But that’s not the end of it.  Prior to the inception of high yield bond issuance, companies could only be acquired by larger firms – those that were able to pay with cash on hand or borrow large amounts of money and still retain their investment grade ratings.  But with the ability to issue high yield bonds, smaller firms could now acquire larger ones by using heavy leverage, since there was no longer a need to possess or maintain an investment grade rating.  This change permitted, in particular, the growth of leveraged buyouts and what’s now called the private equity industry.</p><p><b>However, the most important aspect of this change didn’t relate to high yield bonds, or to private equity, but rather to the adoption of anew investor mentality.  Now risk wasn’t necessarily avoided, but rather considered relative to return and hopefully borne intelligently.</b> This new risk/return mindset was critical in the development of many new types of investment, such as distressed debt, mortgage backed securities, structured credit, and private lending.  It’s no exaggeration to say today’s investment world bears almost no resemblance to that of 50 years ago. <b>Young people joining the industry today would likely be shocked to learn that, back then, investors didn’t think in risk/return terms.  Now that’s all we do.  Ergo, a sea change.</b></p><p>At roughly the same time, big changes were underway in the macroeconomic world.  I think it all started with the OPEC oil embargo of 1973-74, which caused the price of a barrel of oil to jump from roughly $24 to almost $65 in less than a year.  This spike raised the cost of many goods and ignited rapid inflation.  Because the U.S. private sector in the 1970s was much more unionized than it is now and many collective bargaining agreements contained automatic cost-of-living adjustments, rising inflation triggered wage increases, which exacerbated inflation and led to yet more wage increases.  This seemingly unstoppable upward spiral kindled strong inflationary expectations, which in many cases became self-fulfilling, as is their nature.</p><p>The year-over-year increase in the Consumer Price Index, which was 3.2% in 1972, rose to 11.0% by 1974, receded to the range of 6-9% for four years, and then rebounded to 11.4% in 1979 and 13.5% in 1980.  There was great despair, as no relief was forthcoming from inflation-fighting tools ranging from WIN (“Whip Inflation Now”) buttons to price controls to a federal funds rate that reached 13% in 1974.  It took the appointment of Paul Volcker as Fed chairman in 1979 and the determination he showed in raising the fed funds rate to 20% in 1980 to get inflation under control and extinguish inflationary psychology.  As a result, inflation was back down to 3.2% by the end of 1983.</p><p>Volcker’s success in bringing inflation under control allowed the Fed to reduce the fed funds rate to the high single digits and keep it there over the rest of the 1980s, before dropping it to the mid-single digits in the ’90s. <b>His actions ushered in a declining-interest-rate environment that prevailed for four decades</b>(much more on this in the section that follows). <b>I consider this the second sea change I’ve seen in my career.</b></p><p><b>The long-term decline in interest rates began just a few years after the advent of risk/return thinking, and I view the combination of the two as having given rise to (a) the rebirth of optimism among investors, (b) the pursuit of profit through aggressive investment vehicles, and (c) an incredible four decades for the stock market.</b> The S&amp;P 500 Index rose from a low of 102 in August 1982 to 4,796 at the beginning of 2022, for a compound annual return of 10.3% per year.  What a period!  There can be no greater financial and investment career luck than to have participated in it.</p><h2>An Incredible Tailwind</h2><p>What are the factors that gave rise to investors’ success over the last 40 years?  We saw major contributions from (a) the economic growth and preeminence of the U.S.; (b) the incredible performance of our greatest companies; (c) gains in technology, productivity and management techniques; and (d) the benefits of globalization. <b>However, I’d be surprised if 40 years of declining interest rates didn’t play the greatest role of all.</b></p><p>In the 1970s, I had a loan from a Chicago bank, with an interest rate of “three-quarters over prime.”  (We don’t hear much about the prime rate anymore, but it was the benchmark interest rate – the predecessor of LIBOR – at which the money-center banks would lend to their best customers.)  I received a notice from the bank each time my rate changed, and I framed the one that marked the high point in December 1980: It told me the interest rate on my loan had risen to 22.25%!  Four decades later, I was able to borrow at just 2.25%, fixed for 10 years.  This represented a decline of 2,000 basis points.  Miraculous!</p><h2>What are the effects of declining interest rates?</h2><ul><li><p>They accelerate the growth of the economy by making it cheaper for consumers to buy on credit and for companies to invest in facilities, equipment, and inventory.</p></li><li><p>They provide a subsidy to borrowers (at the expense of lenders and savers).</p></li><li><p>They reduce businesses’ cost of capital and thus increase their profitability.</p></li><li><p>They increase the fair value of assets.  (The theoretical value of an asset is defined as the discounted present value of its future cash flows.  The lower the discount rate, the higher the present value.)  Thus, as interest rates fall, valuation parameters such as p/e ratios and enterprise values rise, and cap rates on real estate decline.</p></li><li><p>They reduce the prospective returns investors demand from investments they’re considering, thereby increasing the prices they’ll pay.  This can be seen most directly in the bond market – everyone knows it’s “rates down; prices up” – but it works throughout the investment world.</p></li><li><p>By lifting asset prices, they create a “wealth effect” that makes people feel richer and thus more willing to spend.</p></li><li><p>Finally, by simultaneously increasing asset values and reducing borrowing costs, they produce a bonanza for those who buy assets using leverage.</p></li></ul><p>I want to spend more time on that last point.  Think about a buyer who employs leverage in a declining-rate environment:</p><ul><li><p>He analyzes a company, concludes that he can make 10% a year on it, and decides to buy it.</p></li><li><p>Then he asks his head of capital markets how much it would cost to borrow 75% of the money.  When he’s told it’s 8%, it’s full speed ahead.  Earning 10% on three-quarters of the capital that’s borrowed at 8% would lever up the return on the other one-quarter (his equity) to 16%.</p></li><li><p>Banks compete to make the loan, and the result is an interest rate of 7% instead of 8%, making the investment even more profitable (a 19% levered return).</p></li><li><p>The interest cost on his floating-rate debt declines over time, and when his fixed-rate debt matures, he finds he can roll it over at 5%.  Now the deal is a home run (a 25% levered return, all else being equal).</p></li></ul><p>This narrative ignores the beneficial impact of declining interest rates on both the profitability of the company he bought and the market value of that company.  Is it any wonder then that private equity and other levered strategies enjoyed great success over the last 40 years?</p><p>In a recent visit with clients, I came up with a bit of imagery to convey my view of the effect of the prolonged decline in interest rates: At some airports, there’s a moving walkway, and standing on it makes life easier for the weary traveler.  But if rather than stand still on it, you walk at your normal pace, you move ahead rapidly.  That’s because your rate of travel over the ground is the sum of the speed at which you’re walkingplusthe speed at which the walkway is moving.</p><p>That’s what I think happened to investors over the last 40 years.  They enjoyed the growth of the economy and the companies they invested in, as well as the resulting increase in the value of their ownership stakes.  But in addition, they were on a moving walkway, carried along by declining interest rates.  The results have been great, but I doubt many people fully understand where they came from. <b>It seems to me that a significant portion of all the money investors made over this period resulted from the tailwind generated by the massive drop in interest rates.  I consider it nearly impossible to overstate the influence of declining rates over the last four decades.</b></p><h2>The Recent Experience</h2><p>The period between the end of the Global Financial Crisis in late 2009 and the onset of the pandemic in early 2020 was marked by ultra-low interest rates, and the macroeconomic environment – and its effects – were highly unusual.</p><p>An all-time low in interest rates was reached when the Fed cut the fed funds rate to approximately zero in late 2008 in an effort to pull the economy out of the GFC.  The low rates were accompanied by quantitative easing: purchases of bonds undertaken by the Fed to inject liquidity into the economy (and perhaps to keep investors from panicking).  The effects were dramatic:</p><ul><li><p>The low rates and vast amounts of liquidity stimulated the economy and triggered explosive gains in the markets.</p></li><li><p>Strong economic growth and lower interest costs added to corporate profits.</p></li><li><p>Valuation parameters rose, as described above, lifting asset prices.  Stocks increased non-stop for more than ten years, except for a handful of downdrafts that each lasted a few months.  From a low of 667 in March 2009, the S&amp;P 500 reached a high of 3,386 in February 2020, for a compound return of 16% per year.</p></li><li><p><b>The markets’ strength encouraged investors to drop their crisis-inspired risk aversion and return to risk taking much sooner than expected.  It also made FOMO – the fear of missing out – the prevalent emotion among investors.  Buyers were eager to buy, and holders weren’t motivated to sell.</b></p></li><li><p>Investors’ revived desire to buy caused the capital markets to reopen, making it cheap and easy for companies to obtain financing.  Lenders’ eagerness to put money to work enabled borrowers to pay low interest rates under less-restrictive documentation that reduced lender protections.</p></li><li><p><b>The paltry yields on safe investments drove investors to buy riskier assets.</b></p></li><li><p>Thanks to economic growth and plentiful liquidity, there were few defaults and bankruptcies.</p></li><li><p>The main exogenous influences were increasing globalization and the limited extent of armed conflict around the world.  Both influences were clearly salutary.</p></li></ul><p>As a result, in this period, the U.S. enjoyed its longest economic recovery in history (albeit also one of its slowest) and its longest bull market, exceeding ten years in both cases.</p><p>When the Covid-19 pandemic caused much of the world’s economy to be shut down, the Fed dusted off the rescue plan that had taken months to formulate and implement during the GFC and put it into effect in a matter of weeks at a much larger scale than its earlier version.  The U.S. government chipped in with loans and vast relief payments (on top of its customary deficit spending).  The result in the period from March 2020 to the end of 2021 was a complete replay of the post-GFC developments enumerated above, including a quick economic bounce and an even quicker market recovery.  (The S&amp;P 500 rose from its low of 2,237 in March 2020 to 4,796 on the first day of 2022, up 114% in less than two years.)</p><p><b>For what felt like eons – from October 2012 to February 2020 – my standard presentation was titled “Investing in a Low Return World,” because that’s what our circumstances were.</b> With the prospective returns on many asset classes – especially credit – at all-time lows, I enumerated the principal options available to investors:</p><ul><li><p>invest as you previously have, and accept that your returns will be lower than they used to be;</p></li><li><p>reduce risk to prepare for a market correction, and accept a return that is lower still;</p></li><li><p>go to cash and earn a return of zero, hoping the market will decline and thus offer higher returns (and do it soon); or</p></li><li><p>ramp up your risk in pursuit of higher returns.</p></li></ul><p>Each of these choices had serious flaws, and there’s a good reason for that. <b>By definition, it’s hard to achieve good returns dependably and safely in a low-return world.</b></p><p>Regular readers of my memos know that my observations regarding the investment environment are primarily based on impressions and inferences rather than data.  Thus, in recent meetings, I’ve been using the following list of properties to describe the period in question.  (Think about whether you agree with this description.  I’ll return to it later.)</p><p><img src=\"https://static.tigerbbs.com/903bfda9e342132e1bd15cd037898318\" tg-width=\"941\" tg-height=\"1102\" referrerpolicy=\"no-referrer\"/></p><p>The overall period from 2009 through 2021 (with the exception of a few months in 2020) was one in which optimism prevailed among investors and worry was minimal.  Low inflation allowed central bankers to maintain generous monetary policies.  These were golden times for corporations and asset owners thanks to good economic growth, cheap and easily accessible capital, and freedom from distress. <b>This was an asset owner’s market and a borrower’s market.</b> <b>With the risk-free rate at zero, fear of loss absent, and people eager to make risky investments, it was a frustrating period for lenders and bargain hunters.</b></p><p>On recent visits with clients, I’ve been describing Oaktree as having spent the years 2009 through 2019 “in the wilderness” given our focus on credit and our heavy emphasis on value investing and risk control.  To illustrate, after raising our largest fund up to that time in 2007-08 and putting most of it to work very successfully in the wake of the Lehman Brothers bankruptcy, we thought it appropriate, given the investment environment, to cut the amount in half for its successor fund and halve it again for the fund after that.  Oaktree’s total assets under management grew relatively little during this period, and the returns on most of our closed-end funds, although fine, were moderate by our standards. <b>It felt like a long slog.</b></p><p>That Was Then.  This Is Now.</p><p>Of course, all of the above flipped in the last year or so.  Most importantly, inflation began to rear its head in early 2021, when our emergence from isolation permitted too much money (savings amassed by people shut in at home, including distributions from massive Covid-19 relief programs) to chase too few goods and services (with supply hampered by the uneven restart of manufacturing and transportation).  Because the Fed deemed the inflation “transitory,” it continued its policies of low interest rates and quantitative easing, keeping money loose.  These policies further stimulated demand (especially for homes) at a time when it didn’t need stimulating.</p><p>Inflation worsened as 2021 wore on, and late in the year, the Fed acknowledged that it wasn’t likely to be short-lived.  Thus, the Fed started reducing its purchases of bonds in November and began raising interest rates in March 2022, kicking off one of the quickest rate-hiking cycles on record.  The stock market, which had ignored inflation and rising interest rates for most of 2021, began to fall around year-end.</p><p>From there, events followed a predictable course. <b>As I wrote in the memo</b> <b><i>On the Couch</i></b> <b>(January 2016), whereas events in the real world fluctuate between “pretty good” and “not so hot,” investor sentiment often careens from “flawless” to “hopeless” as events that were previously viewed as benign come to be interpreted as catastrophic.</b></p><ul><li><p>Higher interest rates led to higher demanded returns.  Thus, stocks that had seemed fairly valued when interest rates were minimal fell to lower p/e ratios that were commensurate with higher rates.</p></li><li><p>Likewise, the massive increase in interest rates had its usual depressing effect on bond prices.</p></li><li><p>Falling stock and bond prices caused FOMO to dry up and fear of loss to replace it.</p></li><li><p>The markets’ decline gathered steam, and the things that had done best in 2020 and 2021 (tech, software, SPACs, and cryptocurrency) now did the worst, further dampening psychology.</p></li><li><p>Exogenous events have the ability to undercut the market’s mood, especially in tougher times, and in 2022 the biggest such event was Russia’s invasion of Ukraine.</p></li><li><p>The Ukraine conflict reduced supplies of grain and oil &amp; gas, adding to inflationary pressures.</p></li><li><p>Since the tighter monetary policies were designed to slow the economy, investors focused on the difficulty the Fed would likely have achieving a soft landing, and thus the strong likelihood of a recession.</p></li><li><p>The anticipated effect of that recession on earnings dampened investors’ spirits.  Thus, the fall of the S&amp;P 500 over the first nine months of 2022 rivaled the greatest full-year declines of the last century.  (It has now recovered a fair bit.)</p></li><li><p>The expectation of a recession also increased the fear of rising debt defaults.</p></li><li><p>New security issuance became difficult.</p></li><li><p>Having committed to fund buyouts in a lower-interest-rate environment, banks found themselves with many billions of dollars of “hung” bridge loans unsaleable at par.  These loans have saddled the banks with big losses.</p></li><li><p>These hung loans forced banks to reduce the amounts they could commit to new deals, making it harder for buyers to finance acquisitions.</p></li></ul><p>The progression of events described above caused pessimism to take over from optimism.  The market characterized by easy money and upbeat borrowers and asset owners disappeared; now lenders and buyers held better cards.  Credit investors became able to demand higher returns and better creditor protections.  The list of candidates for distress – loans and bonds offering yield spreads of more than 1,000 basis points over Treasurys – grew from dozens to hundreds.  Here’s how the change in the environment looks to me:</p><p><img src=\"https://static.tigerbbs.com/e3f9de92a81e3391abe91cc5ee6f4206\" tg-width=\"1179\" tg-height=\"1116\" referrerpolicy=\"no-referrer\"/></p><p>If the right-hand column accurately describes the new environment, as I believe it does, then we’re witnessing a complete reversal of the conditions in the middle column, which prevailed in 2021 and late 2020, throughout the 2009-19 period, and for much of the last 40 years.</p><p>How has this change manifested itself in investment options?  Here’s one example: In the low-return world of just one year ago, high yield bonds offered yields of 4-5%.  A lot of issuance was at yields in the 3s, and at least one new bond came to the market with a “handle” of 2.  The usefulness of these bonds for institutions needing returns of 6 or 7% was quite limited.  Today these securities yield roughly 8%, meaning even after allowing for some defaults, they’re likely to deliver equity-like returns, sourced from contractual cash flows on public securities.  Credit instruments of all kinds are potentially poised to deliver performance that can help investors accomplish their goals.</p><h2>The Outlook</h2><p>Inflation and interest rates are highly likely to remain the dominant considerations influencing the investment environment for the next several years.  While history shows that no one can predict inflation, it seems likely to remain higher than what we became used to after the GFC, at least for a while.  The course of interest rates will largely be determined by the Fed’s progress in bringing inflation under control.  If rates go much higher in that process, they’re likely to come back down afterward, but no one can predict the timing or the extent of the decrease.</p><p>While everyone knows how little I think of macro forecasts, a number of clients have asked recently about my views regarding the future of interest rates.  Thus, I’ll provide a brief overview.  (Oaktree’s investment philosophy doesn’t prohibit having opinions, just acting as if they’re right.)  In my view, the buyers who’ve driven the S&amp;P 500’s recent 10% rally from the October low have been motivated by their beliefs that (a) inflation is easing, (b) the Fed will soon pivot from restrictive policy back toward stimulative, (c) interest rates will return to lower levels, (d) a recession will be averted, or it will be modest and brief, and (e) the economy and markets will return to halcyon days.</p><p>In contrast, here’s what I think:</p><ul><li><p>The underlying causes of today’s inflation will probably abate as relief-swollen savings are spent and as supply catches up with demand.</p></li><li><p>While some recent inflation readings have been encouraging in this regard, the labor market is still very tight, wages are rising, and the economy is growing strongly.</p></li><li><p>Globalization is slowing or reversing.  If this trend continues, we will lose its significant deflationary influence.  (Importantly, consumer durables prices declined by 40% over the years 1995-2020, no doubt thanks to less-expensive imports.  I estimate that this took 0.6% per year off the rate of inflation.)</p></li><li><p>Before declaring victory on inflation, the Fed will need to be convinced not only that inflation has settled near the 2% target, but also that inflationary psychology has been extinguished.  To accomplish this, the Fed will likely want to see a positive real fed funds rate – at present it’s minus 2.2%.</p></li><li><p>Thus, while the Fed appears likely to slow the pace of its interest rate increases, it’s unlikely to return to stimulative policies any time soon.</p></li><li><p>The Fed has to maintain credibility (or regain it after having claimed for too long that inflation was “transitory”).  It can’t appear to be inconstant by becoming stimulative too soon after having turned restrictive.</p></li><li><p>The Fed faces the question of what to do about its balance sheet, which grew from $4 trillion to almost $9 trillion due to its purchases of bonds.  Allowing its holdings of bonds to mature and roll off (or, somewhat less likely, making sales) would withdraw significant liquidity from the economy, restricting growth.</p></li><li><p>Rather than be in a stimulative posture on a perpetual basis, one might imagine the Fed would prefer to normally maintain a “neutral interest rate,” which is defined as neither stimulative nor restrictive.  (I know I would.)  Most recently – last summer – that rate was estimated at 2.5%.</p></li><li><p>Similarly, although most of us believe the free market is the best allocator of economic resources, we haven’t had a free market in money for well over a decade.  The Fed might prefer to reduce its role in capital allocation by being less active in controlling rates and holding mortgage bonds.</p></li><li><p>There must be risks associated with the Fed keeping interest rates stimulative on a long-term basis.  Arguably, we’ve seen most recently that doing so can bring on inflation, though the inflation of the last two years can be attributed largely to one-off events related to the pandemic.</p></li><li><p>The Fed would probably like to see normal interest rates high enough to provide it with room to cut if it needs to stimulate the economy in the future.</p></li><li><p>People who came into the business world after 2008 – or veteran investors with short memories – might think of today’s interest rates as elevated.  But they’re not in the longer sweep of history, meaning there’s no obvious reason why they should be lower.</p></li></ul><p><b>These are the reasons why I believe that the base interest rate over the next several years is more likely to average 2-4% (i.e., not far from where it is now) than 0-2%.</b> Of course, there are counterarguments.  But, for me, the bottom line is that highly stimulative rates are likely not in the cards for the next several years, barring a serious recession from which we need rescuing (and that would have ramifications of its own). <b>But I assure you Oaktree isn’t going to bet money on that belief.</b></p><p>What we do know is that inflation and interest rates are higher today than they’ve been for 40 and 13 years, respectively.  No one knows how long the items in the right-hand column above will continue to accurately describe the environment.  They’ll be influenced by economic growth, inflation, and interest rates, as well as exogenous events, all of which are unpredictable.  Regardless, I think things will generally be less rosy in the years immediately ahead:</p><ul><li><p>A recession in the next 12-18 months appears to be a foregone conclusion among economists and investors.</p></li><li><p>That recession is likely to coincide with deterioration of corporate earnings and investor psychology.</p></li><li><p>Credit market conditions for new financings seem unlikely to soon become as accommodative as they were in recent years.</p></li><li><p>No one can foretell how high the debt default rate will rise or how long it’ll stay there.  It’s worth noting in this context that the annual default rate on high yield bonds averaged 3.6% from 1978 through 2009, but an unusually low 2.1% under the “just-right” conditions that prevailed for the decade 2010-19.  In fact, there was only one year in that decade in which defaults reached the historical average.</p></li><li><p><b>Lastly, there is a forecast I’m confident of: Interest rates aren’t about to decline by another 2,000 basis points from here.</b></p></li></ul><p><b>As I’ve written many times about the economy and markets, we never know where we’re going, but we ought to know where we are.</b> The bottom line for me is that, in many ways, conditions at this moment are overwhelmingly different from – and mostly less favorable than – those of the post-GFC climate described above.  These changes may be long-lasting, or they may wear off over time.  But in my view, we’re unlikely to quickly see the same optimism and ease that marked the post-GFC period.</p><p><b>We’ve gone from the low-return world of 2009-21 to a full-return world, and it may become more so in the near term.  Investors can now potentially get solid returns from credit instruments, meaning they no longer have to rely as heavily on riskier investments to achieve their overall return targets.  Lenders and bargain hunters face much better prospects in this changed environment than they did in 2009-21.  And importantly, if you grant that the environment is and may continue to be very different from what it was over the last 13 years – and most of the last 40 years – it should follow that the investment strategies that worked best over those periods may not be the ones that outperform in the years ahead.</b></p><p><b>That’s the sea change I’m talking about.</b></p><p>December 13, 2022</p><p><i><b>Howard Stanley Marks</b></i><i> </i><i>(born April 23, 1946) is an American investor and writer. He is the co-founder and co-chairman of</i><i> Oaktree Capital Management</i><i>, the largest investor in</i><i> distressed securities </i><i>worldwide. In 2022, with a net worth of $2.2 billion, Marks was ranked No. 1365 on the</i><i> Forbes </i><i>list of billionaires.</i></p><p><i>Marks is admired in the investment community for his &#34;memos&#34;, which detail his investment strategies and insight into the economy and are posted publicly on the Oaktree website. He has also published 3 books on investing.</i><i> </i><i>According to</i><i> Warren Buffett</i><i>, &#34;When I see memos from Howard Marks in my mail, they&#39;re the first thing I open and read. I always learn something, and that goes double for his book.&#34;</i></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Howard Marks Releases Memo: \"Sea Change\"</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\">\nHoward Marks Releases Memo: \"Sea Change\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-12-14 15:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><b>sea change (idiom):</b> a complete transformation, a radical change of direction in attitude, goals . . . (<i>Grammarist</i>)</blockquote><p>In my 53 years in the investment world, I’ve seen a number of economic cycles, pendulum swings, manias and panics, bubbles and crashes, <b>but I remember only two real sea changes.  I think we may be in the midst of a third one today.</b></p><p>As I’ve recounted many times in my memos, when I joined the investment management industry in 1969, many banks – like the one I worked for at the time – focused their equity portfolios on the so-called “Nifty Fifty.”  The Nifty Fifty comprised the stocks of companies that were considered the best and fastest-growing – so good that nothing bad could ever happen to them.  For these stocks, everyone was sure there was “no price too high.”  But if you bought the Nifty Fifty when I started at the bank and held them until 1974, you were sitting on losses of more than 90% . . . from owning pieces of the best companies in America.  Perceived quality, it turned out, wasn’t synonymous with safety or with successful investment.</p><p>Meanwhile, over in bond-land, a security with a rating of single-B was described by Moody’s as “failing to possess the characteristics of a desirable investment.”  Non-investment grade bonds – those rated double-B and below – were off-limits to fiduciaries, since proper financial behavior mandated the avoidance of risk.  For this reason, what soon became known as high yield bonds couldn’t be sold as new issues.  But in the mid-1970s, Michael Milken and a few others had the idea that it should be possible to issue non-investment grade bonds – and to invest in them prudently – if the bonds offered enough interest to compensate for the risk of default.  In 1978, I started investing in these securities – the bonds of perhaps America’s riskiest public companies – and I was making money steadily and safely.</p><p><b>In other words, whereas prudent bond investing had previously consisted of buying only presumedly safe investment grade bonds, investment managers could now prudently buy bonds of almost any quality as long as they were adequately compensated for the attendant risk.</b> The U.S. high yield bond universe amounted to about $2 billion when I first got involved, and today it stands at roughly $1.2 trillion.</p><p>This clearly represented a major change in direction for the business of investing.  But that’s not the end of it.  Prior to the inception of high yield bond issuance, companies could only be acquired by larger firms – those that were able to pay with cash on hand or borrow large amounts of money and still retain their investment grade ratings.  But with the ability to issue high yield bonds, smaller firms could now acquire larger ones by using heavy leverage, since there was no longer a need to possess or maintain an investment grade rating.  This change permitted, in particular, the growth of leveraged buyouts and what’s now called the private equity industry.</p><p><b>However, the most important aspect of this change didn’t relate to high yield bonds, or to private equity, but rather to the adoption of anew investor mentality.  Now risk wasn’t necessarily avoided, but rather considered relative to return and hopefully borne intelligently.</b> This new risk/return mindset was critical in the development of many new types of investment, such as distressed debt, mortgage backed securities, structured credit, and private lending.  It’s no exaggeration to say today’s investment world bears almost no resemblance to that of 50 years ago. <b>Young people joining the industry today would likely be shocked to learn that, back then, investors didn’t think in risk/return terms.  Now that’s all we do.  Ergo, a sea change.</b></p><p>At roughly the same time, big changes were underway in the macroeconomic world.  I think it all started with the OPEC oil embargo of 1973-74, which caused the price of a barrel of oil to jump from roughly $24 to almost $65 in less than a year.  This spike raised the cost of many goods and ignited rapid inflation.  Because the U.S. private sector in the 1970s was much more unionized than it is now and many collective bargaining agreements contained automatic cost-of-living adjustments, rising inflation triggered wage increases, which exacerbated inflation and led to yet more wage increases.  This seemingly unstoppable upward spiral kindled strong inflationary expectations, which in many cases became self-fulfilling, as is their nature.</p><p>The year-over-year increase in the Consumer Price Index, which was 3.2% in 1972, rose to 11.0% by 1974, receded to the range of 6-9% for four years, and then rebounded to 11.4% in 1979 and 13.5% in 1980.  There was great despair, as no relief was forthcoming from inflation-fighting tools ranging from WIN (“Whip Inflation Now”) buttons to price controls to a federal funds rate that reached 13% in 1974.  It took the appointment of Paul Volcker as Fed chairman in 1979 and the determination he showed in raising the fed funds rate to 20% in 1980 to get inflation under control and extinguish inflationary psychology.  As a result, inflation was back down to 3.2% by the end of 1983.</p><p>Volcker’s success in bringing inflation under control allowed the Fed to reduce the fed funds rate to the high single digits and keep it there over the rest of the 1980s, before dropping it to the mid-single digits in the ’90s. <b>His actions ushered in a declining-interest-rate environment that prevailed for four decades</b>(much more on this in the section that follows). <b>I consider this the second sea change I’ve seen in my career.</b></p><p><b>The long-term decline in interest rates began just a few years after the advent of risk/return thinking, and I view the combination of the two as having given rise to (a) the rebirth of optimism among investors, (b) the pursuit of profit through aggressive investment vehicles, and (c) an incredible four decades for the stock market.</b> The S&amp;P 500 Index rose from a low of 102 in August 1982 to 4,796 at the beginning of 2022, for a compound annual return of 10.3% per year.  What a period!  There can be no greater financial and investment career luck than to have participated in it.</p><h2>An Incredible Tailwind</h2><p>What are the factors that gave rise to investors’ success over the last 40 years?  We saw major contributions from (a) the economic growth and preeminence of the U.S.; (b) the incredible performance of our greatest companies; (c) gains in technology, productivity and management techniques; and (d) the benefits of globalization. <b>However, I’d be surprised if 40 years of declining interest rates didn’t play the greatest role of all.</b></p><p>In the 1970s, I had a loan from a Chicago bank, with an interest rate of “three-quarters over prime.”  (We don’t hear much about the prime rate anymore, but it was the benchmark interest rate – the predecessor of LIBOR – at which the money-center banks would lend to their best customers.)  I received a notice from the bank each time my rate changed, and I framed the one that marked the high point in December 1980: It told me the interest rate on my loan had risen to 22.25%!  Four decades later, I was able to borrow at just 2.25%, fixed for 10 years.  This represented a decline of 2,000 basis points.  Miraculous!</p><h2>What are the effects of declining interest rates?</h2><ul><li><p>They accelerate the growth of the economy by making it cheaper for consumers to buy on credit and for companies to invest in facilities, equipment, and inventory.</p></li><li><p>They provide a subsidy to borrowers (at the expense of lenders and savers).</p></li><li><p>They reduce businesses’ cost of capital and thus increase their profitability.</p></li><li><p>They increase the fair value of assets.  (The theoretical value of an asset is defined as the discounted present value of its future cash flows.  The lower the discount rate, the higher the present value.)  Thus, as interest rates fall, valuation parameters such as p/e ratios and enterprise values rise, and cap rates on real estate decline.</p></li><li><p>They reduce the prospective returns investors demand from investments they’re considering, thereby increasing the prices they’ll pay.  This can be seen most directly in the bond market – everyone knows it’s “rates down; prices up” – but it works throughout the investment world.</p></li><li><p>By lifting asset prices, they create a “wealth effect” that makes people feel richer and thus more willing to spend.</p></li><li><p>Finally, by simultaneously increasing asset values and reducing borrowing costs, they produce a bonanza for those who buy assets using leverage.</p></li></ul><p>I want to spend more time on that last point.  Think about a buyer who employs leverage in a declining-rate environment:</p><ul><li><p>He analyzes a company, concludes that he can make 10% a year on it, and decides to buy it.</p></li><li><p>Then he asks his head of capital markets how much it would cost to borrow 75% of the money.  When he’s told it’s 8%, it’s full speed ahead.  Earning 10% on three-quarters of the capital that’s borrowed at 8% would lever up the return on the other one-quarter (his equity) to 16%.</p></li><li><p>Banks compete to make the loan, and the result is an interest rate of 7% instead of 8%, making the investment even more profitable (a 19% levered return).</p></li><li><p>The interest cost on his floating-rate debt declines over time, and when his fixed-rate debt matures, he finds he can roll it over at 5%.  Now the deal is a home run (a 25% levered return, all else being equal).</p></li></ul><p>This narrative ignores the beneficial impact of declining interest rates on both the profitability of the company he bought and the market value of that company.  Is it any wonder then that private equity and other levered strategies enjoyed great success over the last 40 years?</p><p>In a recent visit with clients, I came up with a bit of imagery to convey my view of the effect of the prolonged decline in interest rates: At some airports, there’s a moving walkway, and standing on it makes life easier for the weary traveler.  But if rather than stand still on it, you walk at your normal pace, you move ahead rapidly.  That’s because your rate of travel over the ground is the sum of the speed at which you’re walkingplusthe speed at which the walkway is moving.</p><p>That’s what I think happened to investors over the last 40 years.  They enjoyed the growth of the economy and the companies they invested in, as well as the resulting increase in the value of their ownership stakes.  But in addition, they were on a moving walkway, carried along by declining interest rates.  The results have been great, but I doubt many people fully understand where they came from. <b>It seems to me that a significant portion of all the money investors made over this period resulted from the tailwind generated by the massive drop in interest rates.  I consider it nearly impossible to overstate the influence of declining rates over the last four decades.</b></p><h2>The Recent Experience</h2><p>The period between the end of the Global Financial Crisis in late 2009 and the onset of the pandemic in early 2020 was marked by ultra-low interest rates, and the macroeconomic environment – and its effects – were highly unusual.</p><p>An all-time low in interest rates was reached when the Fed cut the fed funds rate to approximately zero in late 2008 in an effort to pull the economy out of the GFC.  The low rates were accompanied by quantitative easing: purchases of bonds undertaken by the Fed to inject liquidity into the economy (and perhaps to keep investors from panicking).  The effects were dramatic:</p><ul><li><p>The low rates and vast amounts of liquidity stimulated the economy and triggered explosive gains in the markets.</p></li><li><p>Strong economic growth and lower interest costs added to corporate profits.</p></li><li><p>Valuation parameters rose, as described above, lifting asset prices.  Stocks increased non-stop for more than ten years, except for a handful of downdrafts that each lasted a few months.  From a low of 667 in March 2009, the S&amp;P 500 reached a high of 3,386 in February 2020, for a compound return of 16% per year.</p></li><li><p><b>The markets’ strength encouraged investors to drop their crisis-inspired risk aversion and return to risk taking much sooner than expected.  It also made FOMO – the fear of missing out – the prevalent emotion among investors.  Buyers were eager to buy, and holders weren’t motivated to sell.</b></p></li><li><p>Investors’ revived desire to buy caused the capital markets to reopen, making it cheap and easy for companies to obtain financing.  Lenders’ eagerness to put money to work enabled borrowers to pay low interest rates under less-restrictive documentation that reduced lender protections.</p></li><li><p><b>The paltry yields on safe investments drove investors to buy riskier assets.</b></p></li><li><p>Thanks to economic growth and plentiful liquidity, there were few defaults and bankruptcies.</p></li><li><p>The main exogenous influences were increasing globalization and the limited extent of armed conflict around the world.  Both influences were clearly salutary.</p></li></ul><p>As a result, in this period, the U.S. enjoyed its longest economic recovery in history (albeit also one of its slowest) and its longest bull market, exceeding ten years in both cases.</p><p>When the Covid-19 pandemic caused much of the world’s economy to be shut down, the Fed dusted off the rescue plan that had taken months to formulate and implement during the GFC and put it into effect in a matter of weeks at a much larger scale than its earlier version.  The U.S. government chipped in with loans and vast relief payments (on top of its customary deficit spending).  The result in the period from March 2020 to the end of 2021 was a complete replay of the post-GFC developments enumerated above, including a quick economic bounce and an even quicker market recovery.  (The S&amp;P 500 rose from its low of 2,237 in March 2020 to 4,796 on the first day of 2022, up 114% in less than two years.)</p><p><b>For what felt like eons – from October 2012 to February 2020 – my standard presentation was titled “Investing in a Low Return World,” because that’s what our circumstances were.</b> With the prospective returns on many asset classes – especially credit – at all-time lows, I enumerated the principal options available to investors:</p><ul><li><p>invest as you previously have, and accept that your returns will be lower than they used to be;</p></li><li><p>reduce risk to prepare for a market correction, and accept a return that is lower still;</p></li><li><p>go to cash and earn a return of zero, hoping the market will decline and thus offer higher returns (and do it soon); or</p></li><li><p>ramp up your risk in pursuit of higher returns.</p></li></ul><p>Each of these choices had serious flaws, and there’s a good reason for that. <b>By definition, it’s hard to achieve good returns dependably and safely in a low-return world.</b></p><p>Regular readers of my memos know that my observations regarding the investment environment are primarily based on impressions and inferences rather than data.  Thus, in recent meetings, I’ve been using the following list of properties to describe the period in question.  (Think about whether you agree with this description.  I’ll return to it later.)</p><p><img src=\"https://static.tigerbbs.com/903bfda9e342132e1bd15cd037898318\" tg-width=\"941\" tg-height=\"1102\" referrerpolicy=\"no-referrer\"/></p><p>The overall period from 2009 through 2021 (with the exception of a few months in 2020) was one in which optimism prevailed among investors and worry was minimal.  Low inflation allowed central bankers to maintain generous monetary policies.  These were golden times for corporations and asset owners thanks to good economic growth, cheap and easily accessible capital, and freedom from distress. <b>This was an asset owner’s market and a borrower’s market.</b> <b>With the risk-free rate at zero, fear of loss absent, and people eager to make risky investments, it was a frustrating period for lenders and bargain hunters.</b></p><p>On recent visits with clients, I’ve been describing Oaktree as having spent the years 2009 through 2019 “in the wilderness” given our focus on credit and our heavy emphasis on value investing and risk control.  To illustrate, after raising our largest fund up to that time in 2007-08 and putting most of it to work very successfully in the wake of the Lehman Brothers bankruptcy, we thought it appropriate, given the investment environment, to cut the amount in half for its successor fund and halve it again for the fund after that.  Oaktree’s total assets under management grew relatively little during this period, and the returns on most of our closed-end funds, although fine, were moderate by our standards. <b>It felt like a long slog.</b></p><p>That Was Then.  This Is Now.</p><p>Of course, all of the above flipped in the last year or so.  Most importantly, inflation began to rear its head in early 2021, when our emergence from isolation permitted too much money (savings amassed by people shut in at home, including distributions from massive Covid-19 relief programs) to chase too few goods and services (with supply hampered by the uneven restart of manufacturing and transportation).  Because the Fed deemed the inflation “transitory,” it continued its policies of low interest rates and quantitative easing, keeping money loose.  These policies further stimulated demand (especially for homes) at a time when it didn’t need stimulating.</p><p>Inflation worsened as 2021 wore on, and late in the year, the Fed acknowledged that it wasn’t likely to be short-lived.  Thus, the Fed started reducing its purchases of bonds in November and began raising interest rates in March 2022, kicking off one of the quickest rate-hiking cycles on record.  The stock market, which had ignored inflation and rising interest rates for most of 2021, began to fall around year-end.</p><p>From there, events followed a predictable course. <b>As I wrote in the memo</b> <b><i>On the Couch</i></b> <b>(January 2016), whereas events in the real world fluctuate between “pretty good” and “not so hot,” investor sentiment often careens from “flawless” to “hopeless” as events that were previously viewed as benign come to be interpreted as catastrophic.</b></p><ul><li><p>Higher interest rates led to higher demanded returns.  Thus, stocks that had seemed fairly valued when interest rates were minimal fell to lower p/e ratios that were commensurate with higher rates.</p></li><li><p>Likewise, the massive increase in interest rates had its usual depressing effect on bond prices.</p></li><li><p>Falling stock and bond prices caused FOMO to dry up and fear of loss to replace it.</p></li><li><p>The markets’ decline gathered steam, and the things that had done best in 2020 and 2021 (tech, software, SPACs, and cryptocurrency) now did the worst, further dampening psychology.</p></li><li><p>Exogenous events have the ability to undercut the market’s mood, especially in tougher times, and in 2022 the biggest such event was Russia’s invasion of Ukraine.</p></li><li><p>The Ukraine conflict reduced supplies of grain and oil &amp; gas, adding to inflationary pressures.</p></li><li><p>Since the tighter monetary policies were designed to slow the economy, investors focused on the difficulty the Fed would likely have achieving a soft landing, and thus the strong likelihood of a recession.</p></li><li><p>The anticipated effect of that recession on earnings dampened investors’ spirits.  Thus, the fall of the S&amp;P 500 over the first nine months of 2022 rivaled the greatest full-year declines of the last century.  (It has now recovered a fair bit.)</p></li><li><p>The expectation of a recession also increased the fear of rising debt defaults.</p></li><li><p>New security issuance became difficult.</p></li><li><p>Having committed to fund buyouts in a lower-interest-rate environment, banks found themselves with many billions of dollars of “hung” bridge loans unsaleable at par.  These loans have saddled the banks with big losses.</p></li><li><p>These hung loans forced banks to reduce the amounts they could commit to new deals, making it harder for buyers to finance acquisitions.</p></li></ul><p>The progression of events described above caused pessimism to take over from optimism.  The market characterized by easy money and upbeat borrowers and asset owners disappeared; now lenders and buyers held better cards.  Credit investors became able to demand higher returns and better creditor protections.  The list of candidates for distress – loans and bonds offering yield spreads of more than 1,000 basis points over Treasurys – grew from dozens to hundreds.  Here’s how the change in the environment looks to me:</p><p><img src=\"https://static.tigerbbs.com/e3f9de92a81e3391abe91cc5ee6f4206\" tg-width=\"1179\" tg-height=\"1116\" referrerpolicy=\"no-referrer\"/></p><p>If the right-hand column accurately describes the new environment, as I believe it does, then we’re witnessing a complete reversal of the conditions in the middle column, which prevailed in 2021 and late 2020, throughout the 2009-19 period, and for much of the last 40 years.</p><p>How has this change manifested itself in investment options?  Here’s one example: In the low-return world of just one year ago, high yield bonds offered yields of 4-5%.  A lot of issuance was at yields in the 3s, and at least one new bond came to the market with a “handle” of 2.  The usefulness of these bonds for institutions needing returns of 6 or 7% was quite limited.  Today these securities yield roughly 8%, meaning even after allowing for some defaults, they’re likely to deliver equity-like returns, sourced from contractual cash flows on public securities.  Credit instruments of all kinds are potentially poised to deliver performance that can help investors accomplish their goals.</p><h2>The Outlook</h2><p>Inflation and interest rates are highly likely to remain the dominant considerations influencing the investment environment for the next several years.  While history shows that no one can predict inflation, it seems likely to remain higher than what we became used to after the GFC, at least for a while.  The course of interest rates will largely be determined by the Fed’s progress in bringing inflation under control.  If rates go much higher in that process, they’re likely to come back down afterward, but no one can predict the timing or the extent of the decrease.</p><p>While everyone knows how little I think of macro forecasts, a number of clients have asked recently about my views regarding the future of interest rates.  Thus, I’ll provide a brief overview.  (Oaktree’s investment philosophy doesn’t prohibit having opinions, just acting as if they’re right.)  In my view, the buyers who’ve driven the S&amp;P 500’s recent 10% rally from the October low have been motivated by their beliefs that (a) inflation is easing, (b) the Fed will soon pivot from restrictive policy back toward stimulative, (c) interest rates will return to lower levels, (d) a recession will be averted, or it will be modest and brief, and (e) the economy and markets will return to halcyon days.</p><p>In contrast, here’s what I think:</p><ul><li><p>The underlying causes of today’s inflation will probably abate as relief-swollen savings are spent and as supply catches up with demand.</p></li><li><p>While some recent inflation readings have been encouraging in this regard, the labor market is still very tight, wages are rising, and the economy is growing strongly.</p></li><li><p>Globalization is slowing or reversing.  If this trend continues, we will lose its significant deflationary influence.  (Importantly, consumer durables prices declined by 40% over the years 1995-2020, no doubt thanks to less-expensive imports.  I estimate that this took 0.6% per year off the rate of inflation.)</p></li><li><p>Before declaring victory on inflation, the Fed will need to be convinced not only that inflation has settled near the 2% target, but also that inflationary psychology has been extinguished.  To accomplish this, the Fed will likely want to see a positive real fed funds rate – at present it’s minus 2.2%.</p></li><li><p>Thus, while the Fed appears likely to slow the pace of its interest rate increases, it’s unlikely to return to stimulative policies any time soon.</p></li><li><p>The Fed has to maintain credibility (or regain it after having claimed for too long that inflation was “transitory”).  It can’t appear to be inconstant by becoming stimulative too soon after having turned restrictive.</p></li><li><p>The Fed faces the question of what to do about its balance sheet, which grew from $4 trillion to almost $9 trillion due to its purchases of bonds.  Allowing its holdings of bonds to mature and roll off (or, somewhat less likely, making sales) would withdraw significant liquidity from the economy, restricting growth.</p></li><li><p>Rather than be in a stimulative posture on a perpetual basis, one might imagine the Fed would prefer to normally maintain a “neutral interest rate,” which is defined as neither stimulative nor restrictive.  (I know I would.)  Most recently – last summer – that rate was estimated at 2.5%.</p></li><li><p>Similarly, although most of us believe the free market is the best allocator of economic resources, we haven’t had a free market in money for well over a decade.  The Fed might prefer to reduce its role in capital allocation by being less active in controlling rates and holding mortgage bonds.</p></li><li><p>There must be risks associated with the Fed keeping interest rates stimulative on a long-term basis.  Arguably, we’ve seen most recently that doing so can bring on inflation, though the inflation of the last two years can be attributed largely to one-off events related to the pandemic.</p></li><li><p>The Fed would probably like to see normal interest rates high enough to provide it with room to cut if it needs to stimulate the economy in the future.</p></li><li><p>People who came into the business world after 2008 – or veteran investors with short memories – might think of today’s interest rates as elevated.  But they’re not in the longer sweep of history, meaning there’s no obvious reason why they should be lower.</p></li></ul><p><b>These are the reasons why I believe that the base interest rate over the next several years is more likely to average 2-4% (i.e., not far from where it is now) than 0-2%.</b> Of course, there are counterarguments.  But, for me, the bottom line is that highly stimulative rates are likely not in the cards for the next several years, barring a serious recession from which we need rescuing (and that would have ramifications of its own). <b>But I assure you Oaktree isn’t going to bet money on that belief.</b></p><p>What we do know is that inflation and interest rates are higher today than they’ve been for 40 and 13 years, respectively.  No one knows how long the items in the right-hand column above will continue to accurately describe the environment.  They’ll be influenced by economic growth, inflation, and interest rates, as well as exogenous events, all of which are unpredictable.  Regardless, I think things will generally be less rosy in the years immediately ahead:</p><ul><li><p>A recession in the next 12-18 months appears to be a foregone conclusion among economists and investors.</p></li><li><p>That recession is likely to coincide with deterioration of corporate earnings and investor psychology.</p></li><li><p>Credit market conditions for new financings seem unlikely to soon become as accommodative as they were in recent years.</p></li><li><p>No one can foretell how high the debt default rate will rise or how long it’ll stay there.  It’s worth noting in this context that the annual default rate on high yield bonds averaged 3.6% from 1978 through 2009, but an unusually low 2.1% under the “just-right” conditions that prevailed for the decade 2010-19.  In fact, there was only one year in that decade in which defaults reached the historical average.</p></li><li><p><b>Lastly, there is a forecast I’m confident of: Interest rates aren’t about to decline by another 2,000 basis points from here.</b></p></li></ul><p><b>As I’ve written many times about the economy and markets, we never know where we’re going, but we ought to know where we are.</b> The bottom line for me is that, in many ways, conditions at this moment are overwhelmingly different from – and mostly less favorable than – those of the post-GFC climate described above.  These changes may be long-lasting, or they may wear off over time.  But in my view, we’re unlikely to quickly see the same optimism and ease that marked the post-GFC period.</p><p><b>We’ve gone from the low-return world of 2009-21 to a full-return world, and it may become more so in the near term.  Investors can now potentially get solid returns from credit instruments, meaning they no longer have to rely as heavily on riskier investments to achieve their overall return targets.  Lenders and bargain hunters face much better prospects in this changed environment than they did in 2009-21.  And importantly, if you grant that the environment is and may continue to be very different from what it was over the last 13 years – and most of the last 40 years – it should follow that the investment strategies that worked best over those periods may not be the ones that outperform in the years ahead.</b></p><p><b>That’s the sea change I’m talking about.</b></p><p>December 13, 2022</p><p><i><b>Howard Stanley Marks</b></i><i> </i><i>(born April 23, 1946) is an American investor and writer. He is the co-founder and co-chairman of</i><i> Oaktree Capital Management</i><i>, the largest investor in</i><i> distressed securities </i><i>worldwide. In 2022, with a net worth of $2.2 billion, Marks was ranked No. 1365 on the</i><i> Forbes </i><i>list of billionaires.</i></p><p><i>Marks is admired in the investment community for his &#34;memos&#34;, which detail his investment strategies and insight into the economy and are posted publicly on the Oaktree website. He has also published 3 books on investing.</i><i> </i><i>According to</i><i> Warren Buffett</i><i>, &#34;When I see memos from Howard Marks in my mail, they&#39;re the first thing I open and read. I always learn something, and that goes double for his book.&#34;</i></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181221730","content_text":"sea change (idiom): a complete transformation, a radical change of direction in attitude, goals . . . (Grammarist)In my 53 years in the investment world, I’ve seen a number of economic cycles, pendulum swings, manias and panics, bubbles and crashes, but I remember only two real sea changes.  I think we may be in the midst of a third one today.As I’ve recounted many times in my memos, when I joined the investment management industry in 1969, many banks – like the one I worked for at the time – focused their equity portfolios on the so-called “Nifty Fifty.”  The Nifty Fifty comprised the stocks of companies that were considered the best and fastest-growing – so good that nothing bad could ever happen to them.  For these stocks, everyone was sure there was “no price too high.”  But if you bought the Nifty Fifty when I started at the bank and held them until 1974, you were sitting on losses of more than 90% . . . from owning pieces of the best companies in America.  Perceived quality, it turned out, wasn’t synonymous with safety or with successful investment.Meanwhile, over in bond-land, a security with a rating of single-B was described by Moody’s as “failing to possess the characteristics of a desirable investment.”  Non-investment grade bonds – those rated double-B and below – were off-limits to fiduciaries, since proper financial behavior mandated the avoidance of risk.  For this reason, what soon became known as high yield bonds couldn’t be sold as new issues.  But in the mid-1970s, Michael Milken and a few others had the idea that it should be possible to issue non-investment grade bonds – and to invest in them prudently – if the bonds offered enough interest to compensate for the risk of default.  In 1978, I started investing in these securities – the bonds of perhaps America’s riskiest public companies – and I was making money steadily and safely.In other words, whereas prudent bond investing had previously consisted of buying only presumedly safe investment grade bonds, investment managers could now prudently buy bonds of almost any quality as long as they were adequately compensated for the attendant risk. The U.S. high yield bond universe amounted to about $2 billion when I first got involved, and today it stands at roughly $1.2 trillion.This clearly represented a major change in direction for the business of investing.  But that’s not the end of it.  Prior to the inception of high yield bond issuance, companies could only be acquired by larger firms – those that were able to pay with cash on hand or borrow large amounts of money and still retain their investment grade ratings.  But with the ability to issue high yield bonds, smaller firms could now acquire larger ones by using heavy leverage, since there was no longer a need to possess or maintain an investment grade rating.  This change permitted, in particular, the growth of leveraged buyouts and what’s now called the private equity industry.However, the most important aspect of this change didn’t relate to high yield bonds, or to private equity, but rather to the adoption of anew investor mentality.  Now risk wasn’t necessarily avoided, but rather considered relative to return and hopefully borne intelligently. This new risk/return mindset was critical in the development of many new types of investment, such as distressed debt, mortgage backed securities, structured credit, and private lending.  It’s no exaggeration to say today’s investment world bears almost no resemblance to that of 50 years ago. Young people joining the industry today would likely be shocked to learn that, back then, investors didn’t think in risk/return terms.  Now that’s all we do.  Ergo, a sea change.At roughly the same time, big changes were underway in the macroeconomic world.  I think it all started with the OPEC oil embargo of 1973-74, which caused the price of a barrel of oil to jump from roughly $24 to almost $65 in less than a year.  This spike raised the cost of many goods and ignited rapid inflation.  Because the U.S. private sector in the 1970s was much more unionized than it is now and many collective bargaining agreements contained automatic cost-of-living adjustments, rising inflation triggered wage increases, which exacerbated inflation and led to yet more wage increases.  This seemingly unstoppable upward spiral kindled strong inflationary expectations, which in many cases became self-fulfilling, as is their nature.The year-over-year increase in the Consumer Price Index, which was 3.2% in 1972, rose to 11.0% by 1974, receded to the range of 6-9% for four years, and then rebounded to 11.4% in 1979 and 13.5% in 1980.  There was great despair, as no relief was forthcoming from inflation-fighting tools ranging from WIN (“Whip Inflation Now”) buttons to price controls to a federal funds rate that reached 13% in 1974.  It took the appointment of Paul Volcker as Fed chairman in 1979 and the determination he showed in raising the fed funds rate to 20% in 1980 to get inflation under control and extinguish inflationary psychology.  As a result, inflation was back down to 3.2% by the end of 1983.Volcker’s success in bringing inflation under control allowed the Fed to reduce the fed funds rate to the high single digits and keep it there over the rest of the 1980s, before dropping it to the mid-single digits in the ’90s. His actions ushered in a declining-interest-rate environment that prevailed for four decades(much more on this in the section that follows). I consider this the second sea change I’ve seen in my career.The long-term decline in interest rates began just a few years after the advent of risk/return thinking, and I view the combination of the two as having given rise to (a) the rebirth of optimism among investors, (b) the pursuit of profit through aggressive investment vehicles, and (c) an incredible four decades for the stock market. The S&P 500 Index rose from a low of 102 in August 1982 to 4,796 at the beginning of 2022, for a compound annual return of 10.3% per year.  What a period!  There can be no greater financial and investment career luck than to have participated in it.An Incredible TailwindWhat are the factors that gave rise to investors’ success over the last 40 years?  We saw major contributions from (a) the economic growth and preeminence of the U.S.; (b) the incredible performance of our greatest companies; (c) gains in technology, productivity and management techniques; and (d) the benefits of globalization. However, I’d be surprised if 40 years of declining interest rates didn’t play the greatest role of all.In the 1970s, I had a loan from a Chicago bank, with an interest rate of “three-quarters over prime.”  (We don’t hear much about the prime rate anymore, but it was the benchmark interest rate – the predecessor of LIBOR – at which the money-center banks would lend to their best customers.)  I received a notice from the bank each time my rate changed, and I framed the one that marked the high point in December 1980: It told me the interest rate on my loan had risen to 22.25%!  Four decades later, I was able to borrow at just 2.25%, fixed for 10 years.  This represented a decline of 2,000 basis points.  Miraculous!What are the effects of declining interest rates?They accelerate the growth of the economy by making it cheaper for consumers to buy on credit and for companies to invest in facilities, equipment, and inventory.They provide a subsidy to borrowers (at the expense of lenders and savers).They reduce businesses’ cost of capital and thus increase their profitability.They increase the fair value of assets.  (The theoretical value of an asset is defined as the discounted present value of its future cash flows.  The lower the discount rate, the higher the present value.)  Thus, as interest rates fall, valuation parameters such as p/e ratios and enterprise values rise, and cap rates on real estate decline.They reduce the prospective returns investors demand from investments they’re considering, thereby increasing the prices they’ll pay.  This can be seen most directly in the bond market – everyone knows it’s “rates down; prices up” – but it works throughout the investment world.By lifting asset prices, they create a “wealth effect” that makes people feel richer and thus more willing to spend.Finally, by simultaneously increasing asset values and reducing borrowing costs, they produce a bonanza for those who buy assets using leverage.I want to spend more time on that last point.  Think about a buyer who employs leverage in a declining-rate environment:He analyzes a company, concludes that he can make 10% a year on it, and decides to buy it.Then he asks his head of capital markets how much it would cost to borrow 75% of the money.  When he’s told it’s 8%, it’s full speed ahead.  Earning 10% on three-quarters of the capital that’s borrowed at 8% would lever up the return on the other one-quarter (his equity) to 16%.Banks compete to make the loan, and the result is an interest rate of 7% instead of 8%, making the investment even more profitable (a 19% levered return).The interest cost on his floating-rate debt declines over time, and when his fixed-rate debt matures, he finds he can roll it over at 5%.  Now the deal is a home run (a 25% levered return, all else being equal).This narrative ignores the beneficial impact of declining interest rates on both the profitability of the company he bought and the market value of that company.  Is it any wonder then that private equity and other levered strategies enjoyed great success over the last 40 years?In a recent visit with clients, I came up with a bit of imagery to convey my view of the effect of the prolonged decline in interest rates: At some airports, there’s a moving walkway, and standing on it makes life easier for the weary traveler.  But if rather than stand still on it, you walk at your normal pace, you move ahead rapidly.  That’s because your rate of travel over the ground is the sum of the speed at which you’re walkingplusthe speed at which the walkway is moving.That’s what I think happened to investors over the last 40 years.  They enjoyed the growth of the economy and the companies they invested in, as well as the resulting increase in the value of their ownership stakes.  But in addition, they were on a moving walkway, carried along by declining interest rates.  The results have been great, but I doubt many people fully understand where they came from. It seems to me that a significant portion of all the money investors made over this period resulted from the tailwind generated by the massive drop in interest rates.  I consider it nearly impossible to overstate the influence of declining rates over the last four decades.The Recent ExperienceThe period between the end of the Global Financial Crisis in late 2009 and the onset of the pandemic in early 2020 was marked by ultra-low interest rates, and the macroeconomic environment – and its effects – were highly unusual.An all-time low in interest rates was reached when the Fed cut the fed funds rate to approximately zero in late 2008 in an effort to pull the economy out of the GFC.  The low rates were accompanied by quantitative easing: purchases of bonds undertaken by the Fed to inject liquidity into the economy (and perhaps to keep investors from panicking).  The effects were dramatic:The low rates and vast amounts of liquidity stimulated the economy and triggered explosive gains in the markets.Strong economic growth and lower interest costs added to corporate profits.Valuation parameters rose, as described above, lifting asset prices.  Stocks increased non-stop for more than ten years, except for a handful of downdrafts that each lasted a few months.  From a low of 667 in March 2009, the S&P 500 reached a high of 3,386 in February 2020, for a compound return of 16% per year.The markets’ strength encouraged investors to drop their crisis-inspired risk aversion and return to risk taking much sooner than expected.  It also made FOMO – the fear of missing out – the prevalent emotion among investors.  Buyers were eager to buy, and holders weren’t motivated to sell.Investors’ revived desire to buy caused the capital markets to reopen, making it cheap and easy for companies to obtain financing.  Lenders’ eagerness to put money to work enabled borrowers to pay low interest rates under less-restrictive documentation that reduced lender protections.The paltry yields on safe investments drove investors to buy riskier assets.Thanks to economic growth and plentiful liquidity, there were few defaults and bankruptcies.The main exogenous influences were increasing globalization and the limited extent of armed conflict around the world.  Both influences were clearly salutary.As a result, in this period, the U.S. enjoyed its longest economic recovery in history (albeit also one of its slowest) and its longest bull market, exceeding ten years in both cases.When the Covid-19 pandemic caused much of the world’s economy to be shut down, the Fed dusted off the rescue plan that had taken months to formulate and implement during the GFC and put it into effect in a matter of weeks at a much larger scale than its earlier version.  The U.S. government chipped in with loans and vast relief payments (on top of its customary deficit spending).  The result in the period from March 2020 to the end of 2021 was a complete replay of the post-GFC developments enumerated above, including a quick economic bounce and an even quicker market recovery.  (The S&P 500 rose from its low of 2,237 in March 2020 to 4,796 on the first day of 2022, up 114% in less than two years.)For what felt like eons – from October 2012 to February 2020 – my standard presentation was titled “Investing in a Low Return World,” because that’s what our circumstances were. With the prospective returns on many asset classes – especially credit – at all-time lows, I enumerated the principal options available to investors:invest as you previously have, and accept that your returns will be lower than they used to be;reduce risk to prepare for a market correction, and accept a return that is lower still;go to cash and earn a return of zero, hoping the market will decline and thus offer higher returns (and do it soon); orramp up your risk in pursuit of higher returns.Each of these choices had serious flaws, and there’s a good reason for that. By definition, it’s hard to achieve good returns dependably and safely in a low-return world.Regular readers of my memos know that my observations regarding the investment environment are primarily based on impressions and inferences rather than data.  Thus, in recent meetings, I’ve been using the following list of properties to describe the period in question.  (Think about whether you agree with this description.  I’ll return to it later.)The overall period from 2009 through 2021 (with the exception of a few months in 2020) was one in which optimism prevailed among investors and worry was minimal.  Low inflation allowed central bankers to maintain generous monetary policies.  These were golden times for corporations and asset owners thanks to good economic growth, cheap and easily accessible capital, and freedom from distress. This was an asset owner’s market and a borrower’s market. With the risk-free rate at zero, fear of loss absent, and people eager to make risky investments, it was a frustrating period for lenders and bargain hunters.On recent visits with clients, I’ve been describing Oaktree as having spent the years 2009 through 2019 “in the wilderness” given our focus on credit and our heavy emphasis on value investing and risk control.  To illustrate, after raising our largest fund up to that time in 2007-08 and putting most of it to work very successfully in the wake of the Lehman Brothers bankruptcy, we thought it appropriate, given the investment environment, to cut the amount in half for its successor fund and halve it again for the fund after that.  Oaktree’s total assets under management grew relatively little during this period, and the returns on most of our closed-end funds, although fine, were moderate by our standards. It felt like a long slog.That Was Then.  This Is Now.Of course, all of the above flipped in the last year or so.  Most importantly, inflation began to rear its head in early 2021, when our emergence from isolation permitted too much money (savings amassed by people shut in at home, including distributions from massive Covid-19 relief programs) to chase too few goods and services (with supply hampered by the uneven restart of manufacturing and transportation).  Because the Fed deemed the inflation “transitory,” it continued its policies of low interest rates and quantitative easing, keeping money loose.  These policies further stimulated demand (especially for homes) at a time when it didn’t need stimulating.Inflation worsened as 2021 wore on, and late in the year, the Fed acknowledged that it wasn’t likely to be short-lived.  Thus, the Fed started reducing its purchases of bonds in November and began raising interest rates in March 2022, kicking off one of the quickest rate-hiking cycles on record.  The stock market, which had ignored inflation and rising interest rates for most of 2021, began to fall around year-end.From there, events followed a predictable course. As I wrote in the memo On the Couch (January 2016), whereas events in the real world fluctuate between “pretty good” and “not so hot,” investor sentiment often careens from “flawless” to “hopeless” as events that were previously viewed as benign come to be interpreted as catastrophic.Higher interest rates led to higher demanded returns.  Thus, stocks that had seemed fairly valued when interest rates were minimal fell to lower p/e ratios that were commensurate with higher rates.Likewise, the massive increase in interest rates had its usual depressing effect on bond prices.Falling stock and bond prices caused FOMO to dry up and fear of loss to replace it.The markets’ decline gathered steam, and the things that had done best in 2020 and 2021 (tech, software, SPACs, and cryptocurrency) now did the worst, further dampening psychology.Exogenous events have the ability to undercut the market’s mood, especially in tougher times, and in 2022 the biggest such event was Russia’s invasion of Ukraine.The Ukraine conflict reduced supplies of grain and oil & gas, adding to inflationary pressures.Since the tighter monetary policies were designed to slow the economy, investors focused on the difficulty the Fed would likely have achieving a soft landing, and thus the strong likelihood of a recession.The anticipated effect of that recession on earnings dampened investors’ spirits.  Thus, the fall of the S&P 500 over the first nine months of 2022 rivaled the greatest full-year declines of the last century.  (It has now recovered a fair bit.)The expectation of a recession also increased the fear of rising debt defaults.New security issuance became difficult.Having committed to fund buyouts in a lower-interest-rate environment, banks found themselves with many billions of dollars of “hung” bridge loans unsaleable at par.  These loans have saddled the banks with big losses.These hung loans forced banks to reduce the amounts they could commit to new deals, making it harder for buyers to finance acquisitions.The progression of events described above caused pessimism to take over from optimism.  The market characterized by easy money and upbeat borrowers and asset owners disappeared; now lenders and buyers held better cards.  Credit investors became able to demand higher returns and better creditor protections.  The list of candidates for distress – loans and bonds offering yield spreads of more than 1,000 basis points over Treasurys – grew from dozens to hundreds.  Here’s how the change in the environment looks to me:If the right-hand column accurately describes the new environment, as I believe it does, then we’re witnessing a complete reversal of the conditions in the middle column, which prevailed in 2021 and late 2020, throughout the 2009-19 period, and for much of the last 40 years.How has this change manifested itself in investment options?  Here’s one example: In the low-return world of just one year ago, high yield bonds offered yields of 4-5%.  A lot of issuance was at yields in the 3s, and at least one new bond came to the market with a “handle” of 2.  The usefulness of these bonds for institutions needing returns of 6 or 7% was quite limited.  Today these securities yield roughly 8%, meaning even after allowing for some defaults, they’re likely to deliver equity-like returns, sourced from contractual cash flows on public securities.  Credit instruments of all kinds are potentially poised to deliver performance that can help investors accomplish their goals.The OutlookInflation and interest rates are highly likely to remain the dominant considerations influencing the investment environment for the next several years.  While history shows that no one can predict inflation, it seems likely to remain higher than what we became used to after the GFC, at least for a while.  The course of interest rates will largely be determined by the Fed’s progress in bringing inflation under control.  If rates go much higher in that process, they’re likely to come back down afterward, but no one can predict the timing or the extent of the decrease.While everyone knows how little I think of macro forecasts, a number of clients have asked recently about my views regarding the future of interest rates.  Thus, I’ll provide a brief overview.  (Oaktree’s investment philosophy doesn’t prohibit having opinions, just acting as if they’re right.)  In my view, the buyers who’ve driven the S&P 500’s recent 10% rally from the October low have been motivated by their beliefs that (a) inflation is easing, (b) the Fed will soon pivot from restrictive policy back toward stimulative, (c) interest rates will return to lower levels, (d) a recession will be averted, or it will be modest and brief, and (e) the economy and markets will return to halcyon days.In contrast, here’s what I think:The underlying causes of today’s inflation will probably abate as relief-swollen savings are spent and as supply catches up with demand.While some recent inflation readings have been encouraging in this regard, the labor market is still very tight, wages are rising, and the economy is growing strongly.Globalization is slowing or reversing.  If this trend continues, we will lose its significant deflationary influence.  (Importantly, consumer durables prices declined by 40% over the years 1995-2020, no doubt thanks to less-expensive imports.  I estimate that this took 0.6% per year off the rate of inflation.)Before declaring victory on inflation, the Fed will need to be convinced not only that inflation has settled near the 2% target, but also that inflationary psychology has been extinguished.  To accomplish this, the Fed will likely want to see a positive real fed funds rate – at present it’s minus 2.2%.Thus, while the Fed appears likely to slow the pace of its interest rate increases, it’s unlikely to return to stimulative policies any time soon.The Fed has to maintain credibility (or regain it after having claimed for too long that inflation was “transitory”).  It can’t appear to be inconstant by becoming stimulative too soon after having turned restrictive.The Fed faces the question of what to do about its balance sheet, which grew from $4 trillion to almost $9 trillion due to its purchases of bonds.  Allowing its holdings of bonds to mature and roll off (or, somewhat less likely, making sales) would withdraw significant liquidity from the economy, restricting growth.Rather than be in a stimulative posture on a perpetual basis, one might imagine the Fed would prefer to normally maintain a “neutral interest rate,” which is defined as neither stimulative nor restrictive.  (I know I would.)  Most recently – last summer – that rate was estimated at 2.5%.Similarly, although most of us believe the free market is the best allocator of economic resources, we haven’t had a free market in money for well over a decade.  The Fed might prefer to reduce its role in capital allocation by being less active in controlling rates and holding mortgage bonds.There must be risks associated with the Fed keeping interest rates stimulative on a long-term basis.  Arguably, we’ve seen most recently that doing so can bring on inflation, though the inflation of the last two years can be attributed largely to one-off events related to the pandemic.The Fed would probably like to see normal interest rates high enough to provide it with room to cut if it needs to stimulate the economy in the future.People who came into the business world after 2008 – or veteran investors with short memories – might think of today’s interest rates as elevated.  But they’re not in the longer sweep of history, meaning there’s no obvious reason why they should be lower.These are the reasons why I believe that the base interest rate over the next several years is more likely to average 2-4% (i.e., not far from where it is now) than 0-2%. Of course, there are counterarguments.  But, for me, the bottom line is that highly stimulative rates are likely not in the cards for the next several years, barring a serious recession from which we need rescuing (and that would have ramifications of its own). But I assure you Oaktree isn’t going to bet money on that belief.What we do know is that inflation and interest rates are higher today than they’ve been for 40 and 13 years, respectively.  No one knows how long the items in the right-hand column above will continue to accurately describe the environment.  They’ll be influenced by economic growth, inflation, and interest rates, as well as exogenous events, all of which are unpredictable.  Regardless, I think things will generally be less rosy in the years immediately ahead:A recession in the next 12-18 months appears to be a foregone conclusion among economists and investors.That recession is likely to coincide with deterioration of corporate earnings and investor psychology.Credit market conditions for new financings seem unlikely to soon become as accommodative as they were in recent years.No one can foretell how high the debt default rate will rise or how long it’ll stay there.  It’s worth noting in this context that the annual default rate on high yield bonds averaged 3.6% from 1978 through 2009, but an unusually low 2.1% under the “just-right” conditions that prevailed for the decade 2010-19.  In fact, there was only one year in that decade in which defaults reached the historical average.Lastly, there is a forecast I’m confident of: Interest rates aren’t about to decline by another 2,000 basis points from here.As I’ve written many times about the economy and markets, we never know where we’re going, but we ought to know where we are. The bottom line for me is that, in many ways, conditions at this moment are overwhelmingly different from – and mostly less favorable than – those of the post-GFC climate described above.  These changes may be long-lasting, or they may wear off over time.  But in my view, we’re unlikely to quickly see the same optimism and ease that marked the post-GFC period.We’ve gone from the low-return world of 2009-21 to a full-return world, and it may become more so in the near term.  Investors can now potentially get solid returns from credit instruments, meaning they no longer have to rely as heavily on riskier investments to achieve their overall return targets.  Lenders and bargain hunters face much better prospects in this changed environment than they did in 2009-21.  And importantly, if you grant that the environment is and may continue to be very different from what it was over the last 13 years – and most of the last 40 years – it should follow that the investment strategies that worked best over those periods may not be the ones that outperform in the years ahead.That’s the sea change I’m talking about.December 13, 2022Howard Stanley Marks (born April 23, 1946) is an American investor and writer. He is the co-founder and co-chairman of Oaktree Capital Management, the largest investor in distressed securities worldwide. In 2022, with a net worth of $2.2 billion, Marks was ranked No. 1365 on the Forbes list of billionaires.Marks is admired in the investment community for his \"memos\", which detail his investment strategies and insight into the economy and are posted publicly on the Oaktree website. He has also published 3 books on investing. According to Warren Buffett, \"When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book.\"","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":6097,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9901386903,"gmtCreate":1659139755702,"gmtModify":1676536262483,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"A first rate analysis from a first rate mind!&nbsp;","listText":"A first rate analysis from a first rate mind!&nbsp;","text":"A first rate analysis from a first rate mind!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901386903","repostId":"1114809450","repostType":4,"isVote":1,"tweetType":1,"viewCount":5726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018574372,"gmtCreate":1649073412150,"gmtModify":1676534445061,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Looks like Elon can move anything on earth, mountains, twitter …&nbsp;","listText":"Looks like Elon can move anything on earth, mountains, twitter …&nbsp;","text":"Looks like Elon can move anything on earth, mountains, twitter …","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018574372","repostId":"1166573354","repostType":4,"isVote":1,"tweetType":1,"viewCount":4938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9008629692,"gmtCreate":1641433770768,"gmtModify":1676533615065,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"The descent of ARK will continue. Time to buySARK now?&nbsp;","listText":"The descent of ARK will continue. Time to buySARK now?&nbsp;","text":"The descent of ARK will continue. Time to buySARK now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008629692","repostId":"1100831214","repostType":4,"repost":{"id":"1100831214","kind":"news","pubTimestamp":1641432481,"share":"https://ttm.financial/m/news/1100831214?lang=en_US&edition=fundamental","pubTime":"2022-01-06 09:28","market":"us","language":"en","title":"Cathie Wood’s ARK ETFs Are in a Deep Hole—Already","url":"https://stock-news.laohu8.com/highlight/detail?id=1100831214","media":"Barrons","summary":"The new year did not bring a fresh start for Cathie Wood’s ARK Invest, a fund company known for its ","content":"<html><head></head><body><p>The new year did not bring a fresh start for Cathie Wood’s ARK Invest, a fund company known for its focus on innovation stocks and high price targets.</p><p>The firm’s flagship ARK Innovation exchange-traded fund (ARKK) plunged 7.1% in Wednesday trading, marking its worst day since Sept 3, 2020. All of ARK’s other ETFs, including the latest ARK Transparency ETF (CTRU) launched just last December, are also deep in the negative territory.</p><p>Growth stocks fell on Wednesday after the latest minutes from the Federal Reserve’s December policy meeting was released, suggesting that the central bank’s rate increases might be earlier and faster than market has expected.</p><p>Investors were spooked as Fed Chairman Jerome Powell shifted his tone to emphasize the risks of inflation—after months of describing the rising prices as “transitory”—as a new Covid-19 variant is rampaging across the country and causing supply-chain disruptions.</p><p>The S&amp;P 500 lost 2% in the last two hours of Wednesday’s trading, growth stocks within the index tumbled 3%, and the tech-heavy Nasdaq Composite dropped 3.3%.</p><p>But the ARK ETFs are some of the worst-performing funds amid Wednesday’s decline. Besides ARK Innovation, the ARK Genomic Revolution ETF (ARKG) is down 7.1%, the ARK Fintech Innovation ETF (ARKF) dropped 6.6%, and the ARK Next Generation Internet ETF (ARKW) fell by 6.2%. Other groups of growth stocks, such as blockchain, cannabis, clean energy, and technology, are also in deep red.</p><p>Wednesday’s loss was just the latest stretch of ARK funds’ year-long struggle. ARK ETFs were some of the best-performing funds in 2020, soaring an average of 150% as the pandemic accelerated the adoption of many emerging platforms and technologies that companies in its portfolios own.</p><p>Since peaking in February 2021, however, the funds have been tumbling downhill, shedding much of their gains from the year before. Rising inflation has made the future cash flow of growth-oriented innovation firms less valuable today, and investors were seeking returns from safer corners such as the cheaply-traded cyclical stocks.</p><p>With the Fed’s hawkish pivot, it looks like volatility in growth stocks and ARK funds will continue. But if inflation can be somewhat contained following the Fed’s tightening policy in 2022, innovation stocks might embrace some rebound—though that won’t be any time soon.</p></body></html>","source":"lsy1601382232898","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>Cathie Wood’s ARK ETFs Are in a Deep Hole—Already</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\">\nCathie Wood’s ARK ETFs Are in a Deep Hole—Already\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-06 09:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/ark-etf-funds-performance-51641424042?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The new year did not bring a fresh start for Cathie Wood’s ARK Invest, a fund company known for its focus on innovation stocks and high price targets.The firm’s flagship ARK Innovation exchange-traded...</p>\n\n<a href=\"https://www.barrons.com/articles/ark-etf-funds-performance-51641424042?mod=hp_LATEST\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKG":"ARK Genomic Revolution ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKK":"ARK Innovation ETF","ARKF":"ARK Fintech Innovation ETF","ARKO":"ARKO Corp"},"source_url":"https://www.barrons.com/articles/ark-etf-funds-performance-51641424042?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100831214","content_text":"The new year did not bring a fresh start for Cathie Wood’s ARK Invest, a fund company known for its focus on innovation stocks and high price targets.The firm’s flagship ARK Innovation exchange-traded fund (ARKK) plunged 7.1% in Wednesday trading, marking its worst day since Sept 3, 2020. All of ARK’s other ETFs, including the latest ARK Transparency ETF (CTRU) launched just last December, are also deep in the negative territory.Growth stocks fell on Wednesday after the latest minutes from the Federal Reserve’s December policy meeting was released, suggesting that the central bank’s rate increases might be earlier and faster than market has expected.Investors were spooked as Fed Chairman Jerome Powell shifted his tone to emphasize the risks of inflation—after months of describing the rising prices as “transitory”—as a new Covid-19 variant is rampaging across the country and causing supply-chain disruptions.The S&P 500 lost 2% in the last two hours of Wednesday’s trading, growth stocks within the index tumbled 3%, and the tech-heavy Nasdaq Composite dropped 3.3%.But the ARK ETFs are some of the worst-performing funds amid Wednesday’s decline. Besides ARK Innovation, the ARK Genomic Revolution ETF (ARKG) is down 7.1%, the ARK Fintech Innovation ETF (ARKF) dropped 6.6%, and the ARK Next Generation Internet ETF (ARKW) fell by 6.2%. Other groups of growth stocks, such as blockchain, cannabis, clean energy, and technology, are also in deep red.Wednesday’s loss was just the latest stretch of ARK funds’ year-long struggle. ARK ETFs were some of the best-performing funds in 2020, soaring an average of 150% as the pandemic accelerated the adoption of many emerging platforms and technologies that companies in its portfolios own.Since peaking in February 2021, however, the funds have been tumbling downhill, shedding much of their gains from the year before. Rising inflation has made the future cash flow of growth-oriented innovation firms less valuable today, and investors were seeking returns from safer corners such as the cheaply-traded cyclical stocks.With the Fed’s hawkish pivot, it looks like volatility in growth stocks and ARK funds will continue. But if inflation can be somewhat contained following the Fed’s tightening policy in 2022, innovation stocks might embrace some rebound—though that won’t be any time soon.","news_type":1,"symbols_score_info":{"ARKQ":0.9,"ARKO":0.9,"ARKK":0.9,"ARKG":0.9,"ARKF":0.9}},"isVote":1,"tweetType":1,"viewCount":4203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883450672,"gmtCreate":1631265614896,"gmtModify":1676530513539,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Apple maybe. PayPal? Not so sure.&nbsp;","listText":"Apple maybe. PayPal? Not so sure.&nbsp;","text":"Apple maybe. PayPal? Not so sure.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883450672","repostId":"2166120346","repostType":4,"isVote":1,"tweetType":1,"viewCount":4101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883427546,"gmtCreate":1631265538385,"gmtModify":1676530513531,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"I am Tiger! Hear me Roarrrr. By far the easiestand most informative platform. Better, cheaper, and more efficient than ifast or the local banks’ trading platform. Well done Tiger!&nbsp;","listText":"I am Tiger! Hear me Roarrrr. By far the easiestand most informative platform. Better, cheaper, and more efficient than ifast or the local banks’ trading platform. Well done Tiger!&nbsp;","text":"I am Tiger! Hear me Roarrrr. By far the easiestand most informative platform. Better, cheaper, and more efficient than ifast or the local banks’ trading platform. Well done Tiger!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/883427546","repostId":"1108076835","repostType":4,"repost":{"id":"1108076835","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631260909,"share":"https://ttm.financial/m/news/1108076835?lang=en_US&edition=fundamental","pubTime":"2021-09-10 16:01","market":"us","language":"en","title":"UP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1108076835","media":"Tiger Newspress","summary":"$Leading$ online brokerage firm, UP Fintech Holding Limited  , today reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.UP Fintech Holding Limited Reports Unaudit","content":"<p><a href=\"https://laohu8.com/S/LBIX\">Leading</a> online brokerage firm, UP Fintech Holding Limited (<a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>: TIGR) (“UP Fintech” or the “Company”), today reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.</p>\n<p><a href=\"https://ir.itiger.com/news-releases/news-release-details/fintech-holding-limited-reports-unaudited-second-quarter-2021\" target=\"_blank\"><b>UP Fintech Holding Limited Reports Unaudited Second Quarter 2021 Financial Results</b></a></p>\n<p>“We maintained our solid business momentum with a high client retention rate and increased operational synergies, ”commented Mr. Wu Tianhua, founder and CEO of UP Fintech. “I am confident in the positive outlook for our Company and our industry. Our singular focus is to employ technology to make investing more efficient and we are committed to increasing the breadth and diversity of our product offerings, as well as leveraging our leading position in underwriting and ESOP (Employee Share Ownership Plans) to attract new clients.”</p>\n<p>During the second quarter, the total number of funded accounts increased to 529,100. The Company added more funded accounts in the first six months of 2021 than it did in its entire cumulative operating history. The total account balance increased 188.9% year-over-year to US$23.9 billion as the Company continued to attract new clients from multiple international markets. In Singapore, UP Fintech’s local subsidiary, <a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a> (Singapore) Pte. Ltd., launched new products and in-APP functions such as an industry heatmap, Mini USD/CNH futures, and OSE futures, supplementing the wide range of analytical tools and securities trading functions available on the Company’s platform.</p>\n<p>The Company also recently announced that it has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Limited (CDP), and a trading member of Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited. These partnerships aim to improve the user experience and further strengthen the Company’s presence in the Singaporean market.</p>\n<p>The Company’s ESOP business continued to exhibit healthy growth with 51 new clients, up from 41 new clients in the previous quarter；ESOP adoption is accelerating and in the first six months of 2021 the Company added more new clients than it did in all of 2020. The Company is a leader in providing extensive expertise and guidance for start-ups at every stage of their ESOP from initial establishment through to execution and reporting. In addition, the Company is now offering its ESOP service to A-Share companies, further expanding its prospective client base.</p>\n<p>The Company served as an underwriter or member of the selling group in 17 IPOs, and in total provided subscriptions to 29 IPOs, including several high profile Hong Kong IPOs such as those of Angelalign (HK:6699) and Nayuki (HK:2150). In addition, The Company completed its own follow-on offering of 6.5 million <a href=\"https://laohu8.com/S/AFG\">American</a> Depository Shares in the second quarter and even&nbsp;offered retail investors the opportunity to subscribe through its flagship mobile trading APP, Tiger Trade.</p>\n<p>“While the market will have its ups and downs and competition will remain intense, our innovative platform and technology have been built to create long term value for our clients,” Wu stated. “User experience has always been our top priority and we see significant room for growth as we continue to broaden our global footprint in the near-term.”</p>\n<p></p>\n<p>Safe Harbor Statement</p>\n<p>This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. <a href=\"https://laohu8.com/S/FORD\">Forward</a>-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in <a href=\"https://laohu8.com/S/CAAS\">China</a> and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets</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\">\nUP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-09-10 16:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/LBIX\">Leading</a> online brokerage firm, UP Fintech Holding Limited (<a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>: TIGR) (“UP Fintech” or the “Company”), today reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.</p>\n<p><a href=\"https://ir.itiger.com/news-releases/news-release-details/fintech-holding-limited-reports-unaudited-second-quarter-2021\" target=\"_blank\"><b>UP Fintech Holding Limited Reports Unaudited Second Quarter 2021 Financial Results</b></a></p>\n<p>“We maintained our solid business momentum with a high client retention rate and increased operational synergies, ”commented Mr. Wu Tianhua, founder and CEO of UP Fintech. “I am confident in the positive outlook for our Company and our industry. Our singular focus is to employ technology to make investing more efficient and we are committed to increasing the breadth and diversity of our product offerings, as well as leveraging our leading position in underwriting and ESOP (Employee Share Ownership Plans) to attract new clients.”</p>\n<p>During the second quarter, the total number of funded accounts increased to 529,100. The Company added more funded accounts in the first six months of 2021 than it did in its entire cumulative operating history. The total account balance increased 188.9% year-over-year to US$23.9 billion as the Company continued to attract new clients from multiple international markets. In Singapore, UP Fintech’s local subsidiary, <a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a> (Singapore) Pte. Ltd., launched new products and in-APP functions such as an industry heatmap, Mini USD/CNH futures, and OSE futures, supplementing the wide range of analytical tools and securities trading functions available on the Company’s platform.</p>\n<p>The Company also recently announced that it has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Limited (CDP), and a trading member of Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited. These partnerships aim to improve the user experience and further strengthen the Company’s presence in the Singaporean market.</p>\n<p>The Company’s ESOP business continued to exhibit healthy growth with 51 new clients, up from 41 new clients in the previous quarter；ESOP adoption is accelerating and in the first six months of 2021 the Company added more new clients than it did in all of 2020. The Company is a leader in providing extensive expertise and guidance for start-ups at every stage of their ESOP from initial establishment through to execution and reporting. In addition, the Company is now offering its ESOP service to A-Share companies, further expanding its prospective client base.</p>\n<p>The Company served as an underwriter or member of the selling group in 17 IPOs, and in total provided subscriptions to 29 IPOs, including several high profile Hong Kong IPOs such as those of Angelalign (HK:6699) and Nayuki (HK:2150). In addition, The Company completed its own follow-on offering of 6.5 million <a href=\"https://laohu8.com/S/AFG\">American</a> Depository Shares in the second quarter and even&nbsp;offered retail investors the opportunity to subscribe through its flagship mobile trading APP, Tiger Trade.</p>\n<p>“While the market will have its ups and downs and competition will remain intense, our innovative platform and technology have been built to create long term value for our clients,” Wu stated. “User experience has always been our top priority and we see significant room for growth as we continue to broaden our global footprint in the near-term.”</p>\n<p></p>\n<p>Safe Harbor Statement</p>\n<p>This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. <a href=\"https://laohu8.com/S/FORD\">Forward</a>-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in <a href=\"https://laohu8.com/S/CAAS\">China</a> and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108076835","content_text":"Leading online brokerage firm, UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), today reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.\nUP Fintech Holding Limited Reports Unaudited Second Quarter 2021 Financial Results\n“We maintained our solid business momentum with a high client retention rate and increased operational synergies, ”commented Mr. Wu Tianhua, founder and CEO of UP Fintech. “I am confident in the positive outlook for our Company and our industry. Our singular focus is to employ technology to make investing more efficient and we are committed to increasing the breadth and diversity of our product offerings, as well as leveraging our leading position in underwriting and ESOP (Employee Share Ownership Plans) to attract new clients.”\nDuring the second quarter, the total number of funded accounts increased to 529,100. The Company added more funded accounts in the first six months of 2021 than it did in its entire cumulative operating history. The total account balance increased 188.9% year-over-year to US$23.9 billion as the Company continued to attract new clients from multiple international markets. In Singapore, UP Fintech’s local subsidiary, Tiger Brokers (Singapore) Pte. Ltd., launched new products and in-APP functions such as an industry heatmap, Mini USD/CNH futures, and OSE futures, supplementing the wide range of analytical tools and securities trading functions available on the Company’s platform.\nThe Company also recently announced that it has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Limited (CDP), and a trading member of Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited. These partnerships aim to improve the user experience and further strengthen the Company’s presence in the Singaporean market.\nThe Company’s ESOP business continued to exhibit healthy growth with 51 new clients, up from 41 new clients in the previous quarter；ESOP adoption is accelerating and in the first six months of 2021 the Company added more new clients than it did in all of 2020. The Company is a leader in providing extensive expertise and guidance for start-ups at every stage of their ESOP from initial establishment through to execution and reporting. In addition, the Company is now offering its ESOP service to A-Share companies, further expanding its prospective client base.\nThe Company served as an underwriter or member of the selling group in 17 IPOs, and in total provided subscriptions to 29 IPOs, including several high profile Hong Kong IPOs such as those of Angelalign (HK:6699) and Nayuki (HK:2150). In addition, The Company completed its own follow-on offering of 6.5 million American Depository Shares in the second quarter and even offered retail investors the opportunity to subscribe through its flagship mobile trading APP, Tiger Trade.\n“While the market will have its ups and downs and competition will remain intense, our innovative platform and technology have been built to create long term value for our clients,” Wu stated. “User experience has always been our top priority and we see significant room for growth as we continue to broaden our global footprint in the near-term.”\n\nSafe Harbor Statement\nThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":4972,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813058431,"gmtCreate":1630115963823,"gmtModify":1676530228321,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Interesting story. Bernard Ebbers was like the Emperor without clothes. A lesson there for allleaders of industry.&nbsp;","listText":"Interesting story. Bernard Ebbers was like the Emperor without clothes. A lesson there for allleaders of industry.&nbsp;","text":"Interesting story. Bernard Ebbers was like the Emperor without clothes. A lesson there for allleaders of industry.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/813058431","repostId":"1184130616","repostType":4,"repost":{"id":"1184130616","kind":"news","pubTimestamp":1630111537,"share":"https://ttm.financial/m/news/1184130616?lang=en_US&edition=fundamental","pubTime":"2021-08-28 08:45","market":"us","language":"en","title":"Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers","url":"https://stock-news.laohu8.com/highlight/detail?id=1184130616","media":"Benzinga","summary":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the head","content":"<div>\n<p>Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">Source Link</a>\n\n</div>\n","source":"lsy1606299360108","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>Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers</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\">\nWall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-28 08:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HRB":"H&R布洛克税务"},"source_url":"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184130616","content_text":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 head of WorldCom was dubbed the “telecom cowboy” thanks to his sartorial preference for jeans, cowboy boots and a 10-gallon hat.\nEbbers also stood out from his peers for tightly holding on to Luddite practices as the digital age dawned. He famously refused to communicate with his workforce via email. Even worse, he stood out thanks to a prickly personality that quickly seethed when confronted with unpleasant news. A 2002 profile in The Economist defined him as “parochial, stubborn, preoccupied with penny-pinching … a difficult man to work for.”\nBut ultimately, Ebbers stood out for being at the center of what was (at the time) the largest accounting fraud in U.S. history, which was followed by the harshest prison sentence ever imposed on a corporate executive for financial crimes.\nA Man In Search Of Himself: Bernard John Ebbers was born Aug. 27, 1941, in Edmonton, Alberta, the second of five children. His father John was a traveling salesman and his peripatetic profession brought the family down from Canada into California, where he jettisoned his sales work and became an auto mechanic. The family later relocated to Gallup, New Mexico, where Ebbers’ parents became teachers on the Navajo Nation Indian reservation.\nThe Ebbers clan was back in Canada when Ebbers was a teenager and Bernie (as he was commonly known) came into adulthood unable to determine a course for his life. He attended Canada’s University of Alberta and Michigan’s Calvin College before accepting a basketball scholarship to Mississippi College. But he was the victim of a robbery prior to his senior year that left him seriously injured and switched his attention from playing to coaching the junior varsity team.\nEbbers graduated in 1967 majoring in physical education and minoring in secondary education. He supported himself during his college years by taking on a variety of odd jobs including a bouncer and milk delivery driver. He married his college sweetheart,Linda Pigott,after graduating and landed work teaching science to middle-school students while coaching high school basketball.\nBut Ebbers didn’t stay very long in the school system. When his wife received a job offer as a teacher in another Mississippi town, the couple relocated and he found work managing a garment factory warehouse. By 1974, he tired of working for others and responded to a newspaper advertisement seeking a buyer for a motel in Columbia, Mississippi.\nEbbers’ approach to running a hospitality establishment sometimes bordered on the eccentric. He would distribute bathroom towels at the front desk and require guests to return them to avoid being charged for taking them. Nonetheless, he found a niche in hospitality management and by the early 1980s he owned and operated eight motels within Mississippi and Texas; he also picked up a car dealership that also proved profitable.\nCalling Out Around The World:Ebbers might have remained in the Mississippi hospitality industry had it not been for the 1982 breakup ofAT&T Inc.'s T 0.41%monopoly on the U.S. telephone system. This created a seismic shift in the telecommunications world by enabling other companies to begin reselling long-distance telephone services.\nIn 1983, Ebbers and three friends met at a diner in Hattiesburg, Mississippi, to consider the feasibility of pursuing this newly opened opportunity. Ebbers theorized that having control of his long-distance calling services could benefit his motel business. In the days before mobile phones, guests in lodging establishments in need of long-distance calling would either have to feed handfuls of quarters into payphones or make calls from their rooms, which usually came with extra fees.\nEbbers and his pals decided to get into the telecommunications business with Long Distance Discount Services, which they established in 1985 with headquarters in Jackson, Mississippi, with Ebbers as CEO.\nCarl J. Aycock,a Mississippi financial advisor who was among the early investors in LDDS, would later laugh at the unlikelihood of Ebbers running a telecom company.\n“The only experience Bernie had before operating a long-distance company was he used the phone,” Aycock quipped in a 1997 interview.\nMaybe Ebbers did not possess an encyclopedic knowledge of telecommunications technology, but the good fortune he enjoyed in the motel business transitioned to this unlikely setting. Within four years of its launch, LDDS was being publicly traded.\nWithin 10 years of its opening, LDDS took on an almost Pac Man-style persona of gobbling up telecom firms in sight of the company, acquiring more than 60 different telecommunications company. By 1995, the company renamed itself LDDS WorldCom.\nMany of the company’s acquisitions were on the small side, and the company was never considered a major player in the telecom industry until its $720 million acquisition of Advanced Telecommunications Corporation in 1992.\nThe unlikely acquisition came with Ebbers’ ability to outbid industry titans AT&T and Sprint Corporation,both considerably larger players in this field.\nThe one unfortunate development during this time was the end of Ebbers’ marriage in 1997. He remarried in 1999 to Kristie Webb.\nIn February 1998, Ebbers’ company launched its acquisition plans for CompuServe from H&R Block Inc.\nThis transaction was followed by an astonishing spin of assets: LDDS sold the CompuServe Information Service portion of its acquisition toAmerica Online,while retaining the CompuServe Network Services portion of the business. AOL simultaneously sold LDDS WorldCom its networking division, Advanced Network Services.\nIn September 1998, LDDS WorldCom sealed a $37 billion union with MCI Communications,which created the largest corporate merger in U.S. history. The combined entity became MCI WorldCom, and for Ebbers it seemed that the sky was the limit — except that Ebbers’ ability to soar in the corporate skies resulted in an Icarus-worthy predicament.\nA Little Out Of Touch:One year after the CompuServe and MCI deals, Ebbers’ company boasted an 80,000-person workforce, a market capitalization of roughly $185 billion and its shares were trading at a peak of nearly $62.\nAt the peak of the company’s success, Ebbers granted an interview to The New York Times aboard his 130-yacht, which he berthed in the resort town of Hilton Head, South Carolina. He claimed that the secret of his success was “not as complicated as people make it out to be,” adding that he surrounded himself with experts who advised him on which moves to make.\n“I’m not an engineer by training,” he said. “I’m not an accountant by training. I’m the coach. I’m not the point guard who shoots the ball.”\nBut as the company grew larger, Ebbers penny-pinching behavior during his early motel management days became more extreme. WorldCom executives would later complain that Ebbers stopped providing free coffee within their offices and directed security guards fill the water coolers with tap water.\nAnd for the head of a telecommunications company, Ebbers was curiously distrustful of cutting-edge tech developments. He refused to communicate via email and would not carry a pager or a cell phone. He would explain his actions internally by repeating “That’s the way we did it at LDDS,” and in a 1997 Business Week interview about this behavior he claimed that “when you come to the table with a (physical education) degree like I do, you don't know a lot about the technical stuff.”\nWhile Ebbers’ arms-length distance from personal technology could have been attributed to a zany quirk, there was another problem that couldn’t be happily shrugged away. As the company expanded, operational problems began to permeate the multiple divisions. Ebbers would become impatient or worse when confronted with problems, to the point that he would angrily demand that he only wanted to be addressed with good news.\nIn retrospect, Ebbers’ refusal to acknowledge that his company was growing too fast and too large proved to be a fatal flaw, especially when the corporate culture began to manufacture good news in lieu of reporting problems. As a result, Ebbers’ XL-sized business empire was sustained by taking on massive amounts of debt and highly improper accounting.\nDetour Off The Cliff:The first cracks in this corporate story began in October 1999 when MCI WorldCom — which had become the second-largest long-distance telephone company in the country — announced a $129 billion merger with Sprint, the third-largest telecom carrier. Within nine months of this announcement, the merger was canceled in the face of pressure from U.S. and European regulators who feared a telecom monopoly would be born from this union. MCI WorldCom walked away from the failure by renaming itself as WorldCom.\nWith the rise of the new millennium came the fall of the dot-com industry, and almost any company that had a tech-related aspect found itself taking a financial tumble. When Ebbers’ company tried to cut corners and save money, it turned into an act of self-immolation.\nWorldcom’s network systems engineering division exhausted its annual capital expenditures budget by November 2000, with a senior manager ordering a halt to processing payments for network systems vendors and suppliers until the beginning of 2001.\nThe company’s chief technical officer,Fred Briggs,then ordered all of the labor associated with the capital projects in the network systems division to be booked as an expense rather than a capital project — and his directive was shared with other divisions in the company.\nA WorldCom budget analyst named Kim Amighin the company’s Richardson, Texas, office recognized the legal ramifications of intentionally mischaracterizing capital expenses and lodged a protest against the order. The directive was canceled and so was Amigh — three months after his action, Amigh was abruptly laid off from the company.\nBut Vice President of Internal Audit Cynthia Cooper learned of Amigh’s findings and picked up his trail. Her department began combing through WorldCom’s accounts and found $2 billion that the company claimed in its public filings was spent on capital expenditures during the first three quarters of 2001 — except that the funds were never authorized for that purpose and were clearly operating costs moved into the capital expenditure accounting as a way to make WorldCom look more profitable.\nCooper could not find anyone in the WorldCom leadership ranks to explain the $2 billion discrepancy. Most executives said it was a “prepaid capacity,” a meaningless term which they couldn’t define when pressed by Cooper.\nAnd Cooper was not alone in her suspicions. The U.S. Securities and Exchange Commission could not fathom how WorldCom continued to claim robust profits during the dot-com period while its competitors were operating at a loss, and it sent forth a “Request for Information” to learn the secret of its success.\nAdding to this chaos were Ebbers’ personal financial woes, which became exacerbated during to dot-com crisis by margin calls on his WorldCom shares, which were tanking as the economy plummeted into a recession.\nTo alleviate his monetary pain, Ebbers borrowed $50 million from WorldCom in September 2000 — and then borrowed again and again. By April 2002, Ebbers was $400 million in debt to WorldCom and the board of directors demanded his resignation, which he provided.\nIn June 2002, WorldCom acknowledged its earnings reports contained $3.9 billion in accounting misstatements, with the figure later adjusted to $11 billion. In July 2002, the company declared bankruptcy and was delisted from public trading. Also during that month, Ebbers was called before the U.S. House of Representatives Committee on Financial Services to explain what happened. He pleaded the Fifth Amendment.\nRoad’s End:The efforts to bring Ebbers to trial got off to a weird start when the State of Oklahoma jumped the gun with a 15-count indictment, only to drop its charges in favor of federal prosecution.\nEbbers was indicted in May 2004 on seven counts of filing false statements with securities regulators plus one count each of conspiracy and securities fraud. Ebbers agreed to testify on his behalf, which many observers later considered to be a major mistake because he came across as evasive and unconvincing when insisting WorldCom’s downfall was solely the fault of his subordinates and that he was ignorant about how his company worked.\n“I know what I don’t know,” Ebbers said during his trial. “To this day, I don’t know technology, and I don’t know finance or accounting.”\nEbbers was found guilty on all counts and was sentenced to 25 years in prison, the longest sentence ever handed down in U.S. history for a financial fraud case against a corporate executive.\nHe remained free on bail while fighting to overturn the verdict, but the conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. Two months later, he drove himself in his luxury Mercedes-Benz to a low-security Louisiana prison to begin his sentence. Two years later, his wife Kristie successfully filed for divorce.\nAfter 13 years behind bars, Ebbers was granted a compassionate release on Dec. 21, 2019, due to a deteriorating state of health that included macular degeneration that left him legally blind, anemia, a weakened heart condition and the beginnings of dementia. He returned to his home in Brookhaven, Mississippi, and passed away on Feb. 2, 2020.\nIn defining his rise to the top, Ebbers harkened back to his basketball days by insisting, “The coach's job is to get the best players and get them to play together.” But in explaining his fall from grace, Ebbers forgot that the core of coaching is accepting responsibility for the team’s performance and he blamed his “best players” for not being able to “play together” while absolving himself from their errors.\nSaid Ebbers when confronted with his ultimate failure as the corporate equivalent of a coach: “I didn't have anything to apologize for.”","news_type":1,"symbols_score_info":{"HRB":0.9}},"isVote":1,"tweetType":1,"viewCount":4597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831893232,"gmtCreate":1629298337526,"gmtModify":1676529996744,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Interesting… Will charitable giving also be a&nbsp;subject&nbsp;of the regulatory framework for internet companies?&nbsp;","listText":"Interesting… Will charitable giving also be a&nbsp;subject&nbsp;of the regulatory framework for internet companies?&nbsp;","text":"Interesting… Will charitable giving also be a subject of the regulatory framework for internet companies?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/831893232","repostId":"1173987909","repostType":4,"repost":{"id":"1173987909","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629297237,"share":"https://ttm.financial/m/news/1173987909?lang=en_US&edition=fundamental","pubTime":"2021-08-18 22:33","market":"hk","language":"en","title":"The Tertiary Distribution – What Can Chinese Tech Companies Learn from Apple?","url":"https://stock-news.laohu8.com/highlight/detail?id=1173987909","media":"Tiger Newspress","summary":"According to the latest policy directives issued in China, “The Tertiary Distribution” is about to b","content":"<p>According to the latest policy directives issued in China, “The Tertiary&nbsp;Distribution” is about to be put into effect. Citing various sources, the so-called “The Tertiary Distribution” refers to the further adjustment of social income distribution through social entities’ (enterprises and individuals) voluntary, charitable donations, which is in the stage of micro-adjustment. In the meantime, the policy also clearly instructs that the country should encourage high-income groups and enterprises to give back to society to a greater extent.</p>\n<p>There are many high-income groups, including celebrities and real estate speculators. And, high-income companies, in terms of financial reports, include leading Internet companies, China’s top five banks, and other state-owned enterprises. Here, we will discuss what Internet companies should do in “The&nbsp;Tertiary Distribution.”</p>\n<p>From the view of current beneficial donations, Internet companies have played an increasingly important role. Let’s take the flood disaster that recently occurred in Henan as an example. <a href=\"https://laohu8.com/S/00700\">TENCENT</a> donated 100 million yuan, <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> donated 100 million yuan, and Xiaomi donated 50 million yuan... But there are problems with the current way of donating by Internet companies.</p>\n<p><b>1. The burden born by Internet companies is heavy.</b> Although the leading Internet companies have made plenty of profits, many companies are not profitable or even in the red. After the flood disaster of Henan province, Pinduoduo, the largest agriculture-focused technology platform in China, also announced a donation of 100 million yuan. It should be noted that the company is at a loss. The large-scale donation will also deliver an illusion to society: These companies are capable of donating more money.</p>\n<p><b>2. There is a phenomenon of unrealistic comparison among Internet companies.</b> The beneficial donations conducted by Internet corporates have entered the stage of comparison, which is related to Chinese cultural traditions. The donation amount of BAT (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, Alibaba, and Tencent) is in one echelon, while that of <a href=\"https://laohu8.com/S/01810\">XIAOMI-W</a> and OmniVision is in another echelon. The comparison on donation amount makes companies complain, and it also makes the public feel that Internet companies are flaunting the considerable wealth.</p>\n<p><b>3. Public beneficial donations are not sustainable.</b> Tencent donated 100 million yuan to help people in Henan fight the natural calamity. What should Tencent do if there is another city suffering from disaster? How much should Tencent donate if there are more natural calamities? Global warming will give rise to more and more disasters. Therefore, the immoderate, planless donations will become a big unknown for the future operation of these enterprises.</p>\n<p>The United States is the country that has done the best in public welfare. As a leading conglomerate in the United States, how does <a href=\"https://laohu8.com/S/AAPL\">Apple</a> deal with “The Tertiary Distributions?”</p>\n<p>Apple has partly disclosed the information on its charitable donations. According to the disclosure, charitable donations completed by Apple can be divided into three parts: <b>a. Employee Giving Program; b. Community Investment Team; c. Grant Program</b>.</p>\n<p>The second public welfare plan, namely “Community Investment Team,” is for NGOs across the globe. Since the amount has not been disclosed, it is estimated that the amount of donation is not much. The third plan “Grant Program” is for the locations of Apple/groups, with an annual quota of $1 million. Only the first plan is the focus of Apple’s philanthropy.</p>\n<p>Apple’s Employee Giving Program is based on employee donations, and the company conducts a match rate of 1:1. Beyond that, Apple will also match the time spent by employees in public welfare activities at $25 per hour. Since the implementation of the project in 2011, more than $600 million has been donated by the company and its employees, benefiting 34,000 organizations worldwide, and employees have together contributed 1.6 million hours of work.</p>\n<p>The advantages are listed as follows:</p>\n<p><b>1. The company can be better protected. </b>The company’s move of placing employees on the front line of public welfare undertakings can arouse the enthusiasm of employees and also hide the company behind them. Apple will never get caught up in public opinions like “Why don’t Apple donate as much as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>?”.</p>\n<p><b>2. Tax avoidance is best realized.</b> Donations made by enterprises to public welfare undertakings will always be suspected of tax avoidance and will also be questioned by the public. However, if the donation amount of an enterprise is matched by that of employees, the company’s expenditure can be figured in the employee’s expense item (salary) in the company’s financial report, which reduces the tax base.</p>\n<p><b>3. The scope of charity is wider.</b> Apple has a large number of employees spreading widely around the world. The charity projects they seek on their own are far more than those concerned by the media. Apple’s philanthropy spreads to all corners of society, which will be pretty good for the overall image of Apple. Compared with the recently happened disaster in Henan province which attracted countless donations, there are more other public welfare undertakings that have not been reported by media and paid attention to by both individuals and companies. If employees of Tencent, Alibaba, and Xiaomi can be mobilized to explore more public welfare projects, the inclusive work for society will be much better.</p>\n<p>To my point of view, Chinese Internet companies should learn from Apple’s experience and earnestly welcome “The Tertiary Distribution.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Tertiary Distribution – What Can Chinese Tech Companies Learn from Apple?</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\">\nThe Tertiary Distribution – What Can Chinese Tech Companies Learn from Apple?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-18 22:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>According to the latest policy directives issued in China, “The Tertiary&nbsp;Distribution” is about to be put into effect. Citing various sources, the so-called “The Tertiary Distribution” refers to the further adjustment of social income distribution through social entities’ (enterprises and individuals) voluntary, charitable donations, which is in the stage of micro-adjustment. In the meantime, the policy also clearly instructs that the country should encourage high-income groups and enterprises to give back to society to a greater extent.</p>\n<p>There are many high-income groups, including celebrities and real estate speculators. And, high-income companies, in terms of financial reports, include leading Internet companies, China’s top five banks, and other state-owned enterprises. Here, we will discuss what Internet companies should do in “The&nbsp;Tertiary Distribution.”</p>\n<p>From the view of current beneficial donations, Internet companies have played an increasingly important role. Let’s take the flood disaster that recently occurred in Henan as an example. <a href=\"https://laohu8.com/S/00700\">TENCENT</a> donated 100 million yuan, <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> donated 100 million yuan, and Xiaomi donated 50 million yuan... But there are problems with the current way of donating by Internet companies.</p>\n<p><b>1. The burden born by Internet companies is heavy.</b> Although the leading Internet companies have made plenty of profits, many companies are not profitable or even in the red. After the flood disaster of Henan province, Pinduoduo, the largest agriculture-focused technology platform in China, also announced a donation of 100 million yuan. It should be noted that the company is at a loss. The large-scale donation will also deliver an illusion to society: These companies are capable of donating more money.</p>\n<p><b>2. There is a phenomenon of unrealistic comparison among Internet companies.</b> The beneficial donations conducted by Internet corporates have entered the stage of comparison, which is related to Chinese cultural traditions. The donation amount of BAT (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, Alibaba, and Tencent) is in one echelon, while that of <a href=\"https://laohu8.com/S/01810\">XIAOMI-W</a> and OmniVision is in another echelon. The comparison on donation amount makes companies complain, and it also makes the public feel that Internet companies are flaunting the considerable wealth.</p>\n<p><b>3. Public beneficial donations are not sustainable.</b> Tencent donated 100 million yuan to help people in Henan fight the natural calamity. What should Tencent do if there is another city suffering from disaster? How much should Tencent donate if there are more natural calamities? Global warming will give rise to more and more disasters. Therefore, the immoderate, planless donations will become a big unknown for the future operation of these enterprises.</p>\n<p>The United States is the country that has done the best in public welfare. As a leading conglomerate in the United States, how does <a href=\"https://laohu8.com/S/AAPL\">Apple</a> deal with “The Tertiary Distributions?”</p>\n<p>Apple has partly disclosed the information on its charitable donations. According to the disclosure, charitable donations completed by Apple can be divided into three parts: <b>a. Employee Giving Program; b. Community Investment Team; c. Grant Program</b>.</p>\n<p>The second public welfare plan, namely “Community Investment Team,” is for NGOs across the globe. Since the amount has not been disclosed, it is estimated that the amount of donation is not much. The third plan “Grant Program” is for the locations of Apple/groups, with an annual quota of $1 million. Only the first plan is the focus of Apple’s philanthropy.</p>\n<p>Apple’s Employee Giving Program is based on employee donations, and the company conducts a match rate of 1:1. Beyond that, Apple will also match the time spent by employees in public welfare activities at $25 per hour. Since the implementation of the project in 2011, more than $600 million has been donated by the company and its employees, benefiting 34,000 organizations worldwide, and employees have together contributed 1.6 million hours of work.</p>\n<p>The advantages are listed as follows:</p>\n<p><b>1. The company can be better protected. </b>The company’s move of placing employees on the front line of public welfare undertakings can arouse the enthusiasm of employees and also hide the company behind them. Apple will never get caught up in public opinions like “Why don’t Apple donate as much as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>?”.</p>\n<p><b>2. Tax avoidance is best realized.</b> Donations made by enterprises to public welfare undertakings will always be suspected of tax avoidance and will also be questioned by the public. However, if the donation amount of an enterprise is matched by that of employees, the company’s expenditure can be figured in the employee’s expense item (salary) in the company’s financial report, which reduces the tax base.</p>\n<p><b>3. The scope of charity is wider.</b> Apple has a large number of employees spreading widely around the world. The charity projects they seek on their own are far more than those concerned by the media. Apple’s philanthropy spreads to all corners of society, which will be pretty good for the overall image of Apple. Compared with the recently happened disaster in Henan province which attracted countless donations, there are more other public welfare undertakings that have not been reported by media and paid attention to by both individuals and companies. If employees of Tencent, Alibaba, and Xiaomi can be mobilized to explore more public welfare projects, the inclusive work for society will be much better.</p>\n<p>To my point of view, Chinese Internet companies should learn from Apple’s experience and earnestly welcome “The Tertiary Distribution.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01810":"小米集团-W","00700":"腾讯控股","AAPL":"苹果","PDD":"拼多多","BABA":"阿里巴巴","BIDU":"百度"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173987909","content_text":"According to the latest policy directives issued in China, “The Tertiary Distribution” is about to be put into effect. Citing various sources, the so-called “The Tertiary Distribution” refers to the further adjustment of social income distribution through social entities’ (enterprises and individuals) voluntary, charitable donations, which is in the stage of micro-adjustment. In the meantime, the policy also clearly instructs that the country should encourage high-income groups and enterprises to give back to society to a greater extent.\nThere are many high-income groups, including celebrities and real estate speculators. And, high-income companies, in terms of financial reports, include leading Internet companies, China’s top five banks, and other state-owned enterprises. Here, we will discuss what Internet companies should do in “The Tertiary Distribution.”\nFrom the view of current beneficial donations, Internet companies have played an increasingly important role. Let’s take the flood disaster that recently occurred in Henan as an example. TENCENT donated 100 million yuan, Alibaba donated 100 million yuan, and Xiaomi donated 50 million yuan... But there are problems with the current way of donating by Internet companies.\n1. The burden born by Internet companies is heavy. Although the leading Internet companies have made plenty of profits, many companies are not profitable or even in the red. After the flood disaster of Henan province, Pinduoduo, the largest agriculture-focused technology platform in China, also announced a donation of 100 million yuan. It should be noted that the company is at a loss. The large-scale donation will also deliver an illusion to society: These companies are capable of donating more money.\n2. There is a phenomenon of unrealistic comparison among Internet companies. The beneficial donations conducted by Internet corporates have entered the stage of comparison, which is related to Chinese cultural traditions. The donation amount of BAT (Baidu, Alibaba, and Tencent) is in one echelon, while that of XIAOMI-W and OmniVision is in another echelon. The comparison on donation amount makes companies complain, and it also makes the public feel that Internet companies are flaunting the considerable wealth.\n3. Public beneficial donations are not sustainable. Tencent donated 100 million yuan to help people in Henan fight the natural calamity. What should Tencent do if there is another city suffering from disaster? How much should Tencent donate if there are more natural calamities? Global warming will give rise to more and more disasters. Therefore, the immoderate, planless donations will become a big unknown for the future operation of these enterprises.\nThe United States is the country that has done the best in public welfare. As a leading conglomerate in the United States, how does Apple deal with “The Tertiary Distributions?”\nApple has partly disclosed the information on its charitable donations. According to the disclosure, charitable donations completed by Apple can be divided into three parts: a. Employee Giving Program; b. Community Investment Team; c. Grant Program.\nThe second public welfare plan, namely “Community Investment Team,” is for NGOs across the globe. Since the amount has not been disclosed, it is estimated that the amount of donation is not much. The third plan “Grant Program” is for the locations of Apple/groups, with an annual quota of $1 million. Only the first plan is the focus of Apple’s philanthropy.\nApple’s Employee Giving Program is based on employee donations, and the company conducts a match rate of 1:1. Beyond that, Apple will also match the time spent by employees in public welfare activities at $25 per hour. Since the implementation of the project in 2011, more than $600 million has been donated by the company and its employees, benefiting 34,000 organizations worldwide, and employees have together contributed 1.6 million hours of work.\nThe advantages are listed as follows:\n1. The company can be better protected. The company’s move of placing employees on the front line of public welfare undertakings can arouse the enthusiasm of employees and also hide the company behind them. Apple will never get caught up in public opinions like “Why don’t Apple donate as much as Alphabet?”.\n2. Tax avoidance is best realized. Donations made by enterprises to public welfare undertakings will always be suspected of tax avoidance and will also be questioned by the public. However, if the donation amount of an enterprise is matched by that of employees, the company’s expenditure can be figured in the employee’s expense item (salary) in the company’s financial report, which reduces the tax base.\n3. The scope of charity is wider. Apple has a large number of employees spreading widely around the world. The charity projects they seek on their own are far more than those concerned by the media. Apple’s philanthropy spreads to all corners of society, which will be pretty good for the overall image of Apple. Compared with the recently happened disaster in Henan province which attracted countless donations, there are more other public welfare undertakings that have not been reported by media and paid attention to by both individuals and companies. If employees of Tencent, Alibaba, and Xiaomi can be mobilized to explore more public welfare projects, the inclusive work for society will be much better.\nTo my point of view, Chinese Internet companies should learn from Apple’s experience and earnestly welcome “The Tertiary Distribution.”","news_type":1,"symbols_score_info":{"PDD":0.9,"BABA":0.9,"01810":0.9,"AAPL":0.9,"BIDU":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":3919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894538146,"gmtCreate":1628837166885,"gmtModify":1676529870409,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"If you catch falling knives you will bleed more.Exercise due diligence before buying falling stocks&nbsp;","listText":"If you catch falling knives you will bleed more.Exercise due diligence before buying falling stocks&nbsp;","text":"If you catch falling knives you will bleed more.Exercise due diligence before buying falling stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894538146","repostId":"2158225219","repostType":4,"isVote":1,"tweetType":1,"viewCount":1882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895411741,"gmtCreate":1628764699183,"gmtModify":1676529846653,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Good results. Hoping the price will rise&nbsp;","listText":"Good results. Hoping the price will rise&nbsp;","text":"Good results. Hoping the price will rise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/895411741","repostId":"2158256229","repostType":4,"repost":{"id":"2158256229","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1628762054,"share":"https://ttm.financial/m/news/2158256229?lang=en_US&edition=fundamental","pubTime":"2021-08-12 17:54","market":"us","language":"en","title":"Baidu revenue tops estimates on ad sales rebound","url":"https://stock-news.laohu8.com/highlight/detail?id=2158256229","media":"Reuters","summary":"(Reuters) -China's Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buo","content":"<p>(Reuters) -China's Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buoyed by a rebound in advertising sales and higher demand for its artificial intelligence and cloud products.</p>\n<p>Baidu also said Chief Financial Officer (CFO) Herman Yu has been appointed as the company's chief strategy officer and will continue to serve as CFO until a successor is appointed.</p>\n<p>Demand for the company's rapidly growing autonomous driving service and artificial intelligence-powered cloud products has helped diversify its revenue sources and offset competition from giants like Alibaba and ByteDance in its core search platform.</p>\n<p>The company, also known as China's Google, said total revenue rose to 31.35 billion yuan ($4.84 billion) from 26.03 billion yuan in the second quarter ended June 30, topping analysts' average estimate of 30.96 billion yuan, according to IBES data from Refinitiv.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Baidu revenue tops estimates on ad sales rebound</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\">\nBaidu revenue tops estimates on ad sales rebound\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-08-12 17:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Reuters) -China's Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buoyed by a rebound in advertising sales and higher demand for its artificial intelligence and cloud products.</p>\n<p>Baidu also said Chief Financial Officer (CFO) Herman Yu has been appointed as the company's chief strategy officer and will continue to serve as CFO until a successor is appointed.</p>\n<p>Demand for the company's rapidly growing autonomous driving service and artificial intelligence-powered cloud products has helped diversify its revenue sources and offset competition from giants like Alibaba and ByteDance in its core search platform.</p>\n<p>The company, also known as China's Google, said total revenue rose to 31.35 billion yuan ($4.84 billion) from 26.03 billion yuan in the second quarter ended June 30, topping analysts' average estimate of 30.96 billion yuan, according to IBES data from Refinitiv.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09888":"百度集团-SW","BIDU":"百度"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158256229","content_text":"(Reuters) -China's Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buoyed by a rebound in advertising sales and higher demand for its artificial intelligence and cloud products.\nBaidu also said Chief Financial Officer (CFO) Herman Yu has been appointed as the company's chief strategy officer and will continue to serve as CFO until a successor is appointed.\nDemand for the company's rapidly growing autonomous driving service and artificial intelligence-powered cloud products has helped diversify its revenue sources and offset competition from giants like Alibaba and ByteDance in its core search platform.\nThe company, also known as China's Google, said total revenue rose to 31.35 billion yuan ($4.84 billion) from 26.03 billion yuan in the second quarter ended June 30, topping analysts' average estimate of 30.96 billion yuan, according to IBES data from Refinitiv.","news_type":1,"symbols_score_info":{"BIDU":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":1813,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177711272,"gmtCreate":1627261469096,"gmtModify":1703486141041,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Wonder if the Welcome&nbsp;charity trust made money from its investment in a speculative stock likeDoorDash?&nbsp;","listText":"Wonder if the Welcome&nbsp;charity trust made money from its investment in a speculative stock likeDoorDash?&nbsp;","text":"Wonder if the Welcome charity trust made money from its investment in a speculative stock likeDoorDash?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177711272","repostId":"1103373914","repostType":4,"repost":{"id":"1103373914","kind":"news","pubTimestamp":1627259726,"share":"https://ttm.financial/m/news/1103373914?lang=en_US&edition=fundamental","pubTime":"2021-07-26 08:35","market":"us","language":"en","title":"A British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings","url":"https://stock-news.laohu8.com/highlight/detail?id=1103373914","media":"Benzinga","summary":"What happened:A British medical charity that manages $39 billion in assets has disclosed changes to ","content":"<div>\n<p>What happened:A British medical charity that manages $39 billion in assets has disclosed changes to its U.S. traded stock holdings during the second quarter.\nA filing with the Securities and Exchange ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">Source Link</a>\n\n</div>\n","source":"lsy1606299360108","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 British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings</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 British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-26 08:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What happened:A British medical charity that manages $39 billion in assets has disclosed changes to its U.S. traded stock holdings during the second quarter.\nA filing with the Securities and Exchange ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOW":"ServiceNow","LIN":"林德气体","VMW":"威睿","DASH":"DoorDash, Inc."},"source_url":"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103373914","content_text":"What happened:A British medical charity that manages $39 billion in assets has disclosed changes to its U.S. traded stock holdings during the second quarter.\nA filing with the Securities and Exchange Commission shows Wellcome Trust significantly reduced its investment in DoorDash , and sold off holdings in VMware , while buying more Linde shares, and taking a new position in ServiceNow , according toBarron's.\nWhy it’s important:London-based Wellcome Trust is one of the largest foundations in the world and is known for its investment expertise, and insight into the healthcare industry. The director of the trust, Jeremy Farrar, provided a warning to a group of money managers in January of 2020 that the coronavirus would have a dramatic impact world markets.\nWellcome sold 2.8 million shares of DoorDash shares in the second quarter, and now holds 7.3 million shares of the company's stock.\nThe trust also sold all 1.7 million VMware shares it had owned at the end of March. Dell Technologies Inc owns 80.6% of the cloud-software firm, and plans to spin off those shares to its shareholders in the fourth quarter.\nWhat’s next:The filing indicates Wellcome purchased 2.8 million more shares of Lindefor a total investment of 3.3 million shares. The foundation also initiated a stake of 456,927 ServiceNowshares in the second quarter. The company is a provider of workflow-management software.","news_type":1,"symbols_score_info":{"NOW":0.9,"DASH":0.9,"LIN":0.9,"VMW":0.9}},"isVote":1,"tweetType":1,"viewCount":1436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147845495,"gmtCreate":1626352988017,"gmtModify":1703758456661,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585101491648845","idStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Only time will tell. Jimmy Dimon is honest enough to say that he doesn’t know how the stock market will pan out. Keep some cash in case….","listText":"Only time will tell. Jimmy Dimon is honest enough to say that he doesn’t know how the stock market will pan out. Keep some cash in case….","text":"Only time will tell. Jimmy Dimon is honest enough to say that he doesn’t know how the stock market will pan out. Keep some cash in case….","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147845495","repostId":"2151529580","repostType":4,"isVote":1,"tweetType":1,"viewCount":1806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":511062627815856,"gmtCreate":1765804771050,"gmtModify":1765804774811,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/MXNU.SI\">$EliteUKREIT GBP(MXNU.SI)$</a> May I ask why there is no dividend history information for this stock i","listText":"<a href=\"https://ttm.financial/S/MXNU.SI\">$EliteUKREIT GBP(MXNU.SI)$</a> May I ask why there is no dividend history information for this stock i","text":"$EliteUKREIT GBP(MXNU.SI)$ May I ask why there is no dividend history information for this stock i","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/511062627815856","isVote":1,"tweetType":1,"viewCount":2002,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"content":"I have the same question. Why no Dividend data?","text":"I have the same question. Why no Dividend data?","html":"I have the same question. Why no Dividend data?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813058431,"gmtCreate":1630115963823,"gmtModify":1676530228321,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Interesting story. Bernard Ebbers was like the Emperor without clothes. A lesson there for allleaders of industry.&nbsp;","listText":"Interesting story. Bernard Ebbers was like the Emperor without clothes. A lesson there for allleaders of industry.&nbsp;","text":"Interesting story. Bernard Ebbers was like the Emperor without clothes. A lesson there for allleaders of industry.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/813058431","repostId":"1184130616","repostType":4,"repost":{"id":"1184130616","kind":"news","pubTimestamp":1630111537,"share":"https://ttm.financial/m/news/1184130616?lang=en_US&edition=fundamental","pubTime":"2021-08-28 08:45","market":"us","language":"en","title":"Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers","url":"https://stock-news.laohu8.com/highlight/detail?id=1184130616","media":"Benzinga","summary":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the head","content":"<div>\n<p>Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">Source Link</a>\n\n</div>\n","source":"lsy1606299360108","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>Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-28 08:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HRB":"H&R布洛克税务"},"source_url":"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184130616","content_text":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 head of WorldCom was dubbed the “telecom cowboy” thanks to his sartorial preference for jeans, cowboy boots and a 10-gallon hat.\nEbbers also stood out from his peers for tightly holding on to Luddite practices as the digital age dawned. He famously refused to communicate with his workforce via email. Even worse, he stood out thanks to a prickly personality that quickly seethed when confronted with unpleasant news. A 2002 profile in The Economist defined him as “parochial, stubborn, preoccupied with penny-pinching … a difficult man to work for.”\nBut ultimately, Ebbers stood out for being at the center of what was (at the time) the largest accounting fraud in U.S. history, which was followed by the harshest prison sentence ever imposed on a corporate executive for financial crimes.\nA Man In Search Of Himself: Bernard John Ebbers was born Aug. 27, 1941, in Edmonton, Alberta, the second of five children. His father John was a traveling salesman and his peripatetic profession brought the family down from Canada into California, where he jettisoned his sales work and became an auto mechanic. The family later relocated to Gallup, New Mexico, where Ebbers’ parents became teachers on the Navajo Nation Indian reservation.\nThe Ebbers clan was back in Canada when Ebbers was a teenager and Bernie (as he was commonly known) came into adulthood unable to determine a course for his life. He attended Canada’s University of Alberta and Michigan’s Calvin College before accepting a basketball scholarship to Mississippi College. But he was the victim of a robbery prior to his senior year that left him seriously injured and switched his attention from playing to coaching the junior varsity team.\nEbbers graduated in 1967 majoring in physical education and minoring in secondary education. He supported himself during his college years by taking on a variety of odd jobs including a bouncer and milk delivery driver. He married his college sweetheart,Linda Pigott,after graduating and landed work teaching science to middle-school students while coaching high school basketball.\nBut Ebbers didn’t stay very long in the school system. When his wife received a job offer as a teacher in another Mississippi town, the couple relocated and he found work managing a garment factory warehouse. By 1974, he tired of working for others and responded to a newspaper advertisement seeking a buyer for a motel in Columbia, Mississippi.\nEbbers’ approach to running a hospitality establishment sometimes bordered on the eccentric. He would distribute bathroom towels at the front desk and require guests to return them to avoid being charged for taking them. Nonetheless, he found a niche in hospitality management and by the early 1980s he owned and operated eight motels within Mississippi and Texas; he also picked up a car dealership that also proved profitable.\nCalling Out Around The World:Ebbers might have remained in the Mississippi hospitality industry had it not been for the 1982 breakup ofAT&T Inc.'s T 0.41%monopoly on the U.S. telephone system. This created a seismic shift in the telecommunications world by enabling other companies to begin reselling long-distance telephone services.\nIn 1983, Ebbers and three friends met at a diner in Hattiesburg, Mississippi, to consider the feasibility of pursuing this newly opened opportunity. Ebbers theorized that having control of his long-distance calling services could benefit his motel business. In the days before mobile phones, guests in lodging establishments in need of long-distance calling would either have to feed handfuls of quarters into payphones or make calls from their rooms, which usually came with extra fees.\nEbbers and his pals decided to get into the telecommunications business with Long Distance Discount Services, which they established in 1985 with headquarters in Jackson, Mississippi, with Ebbers as CEO.\nCarl J. Aycock,a Mississippi financial advisor who was among the early investors in LDDS, would later laugh at the unlikelihood of Ebbers running a telecom company.\n“The only experience Bernie had before operating a long-distance company was he used the phone,” Aycock quipped in a 1997 interview.\nMaybe Ebbers did not possess an encyclopedic knowledge of telecommunications technology, but the good fortune he enjoyed in the motel business transitioned to this unlikely setting. Within four years of its launch, LDDS was being publicly traded.\nWithin 10 years of its opening, LDDS took on an almost Pac Man-style persona of gobbling up telecom firms in sight of the company, acquiring more than 60 different telecommunications company. By 1995, the company renamed itself LDDS WorldCom.\nMany of the company’s acquisitions were on the small side, and the company was never considered a major player in the telecom industry until its $720 million acquisition of Advanced Telecommunications Corporation in 1992.\nThe unlikely acquisition came with Ebbers’ ability to outbid industry titans AT&T and Sprint Corporation,both considerably larger players in this field.\nThe one unfortunate development during this time was the end of Ebbers’ marriage in 1997. He remarried in 1999 to Kristie Webb.\nIn February 1998, Ebbers’ company launched its acquisition plans for CompuServe from H&R Block Inc.\nThis transaction was followed by an astonishing spin of assets: LDDS sold the CompuServe Information Service portion of its acquisition toAmerica Online,while retaining the CompuServe Network Services portion of the business. AOL simultaneously sold LDDS WorldCom its networking division, Advanced Network Services.\nIn September 1998, LDDS WorldCom sealed a $37 billion union with MCI Communications,which created the largest corporate merger in U.S. history. The combined entity became MCI WorldCom, and for Ebbers it seemed that the sky was the limit — except that Ebbers’ ability to soar in the corporate skies resulted in an Icarus-worthy predicament.\nA Little Out Of Touch:One year after the CompuServe and MCI deals, Ebbers’ company boasted an 80,000-person workforce, a market capitalization of roughly $185 billion and its shares were trading at a peak of nearly $62.\nAt the peak of the company’s success, Ebbers granted an interview to The New York Times aboard his 130-yacht, which he berthed in the resort town of Hilton Head, South Carolina. He claimed that the secret of his success was “not as complicated as people make it out to be,” adding that he surrounded himself with experts who advised him on which moves to make.\n“I’m not an engineer by training,” he said. “I’m not an accountant by training. I’m the coach. I’m not the point guard who shoots the ball.”\nBut as the company grew larger, Ebbers penny-pinching behavior during his early motel management days became more extreme. WorldCom executives would later complain that Ebbers stopped providing free coffee within their offices and directed security guards fill the water coolers with tap water.\nAnd for the head of a telecommunications company, Ebbers was curiously distrustful of cutting-edge tech developments. He refused to communicate via email and would not carry a pager or a cell phone. He would explain his actions internally by repeating “That’s the way we did it at LDDS,” and in a 1997 Business Week interview about this behavior he claimed that “when you come to the table with a (physical education) degree like I do, you don't know a lot about the technical stuff.”\nWhile Ebbers’ arms-length distance from personal technology could have been attributed to a zany quirk, there was another problem that couldn’t be happily shrugged away. As the company expanded, operational problems began to permeate the multiple divisions. Ebbers would become impatient or worse when confronted with problems, to the point that he would angrily demand that he only wanted to be addressed with good news.\nIn retrospect, Ebbers’ refusal to acknowledge that his company was growing too fast and too large proved to be a fatal flaw, especially when the corporate culture began to manufacture good news in lieu of reporting problems. As a result, Ebbers’ XL-sized business empire was sustained by taking on massive amounts of debt and highly improper accounting.\nDetour Off The Cliff:The first cracks in this corporate story began in October 1999 when MCI WorldCom — which had become the second-largest long-distance telephone company in the country — announced a $129 billion merger with Sprint, the third-largest telecom carrier. Within nine months of this announcement, the merger was canceled in the face of pressure from U.S. and European regulators who feared a telecom monopoly would be born from this union. MCI WorldCom walked away from the failure by renaming itself as WorldCom.\nWith the rise of the new millennium came the fall of the dot-com industry, and almost any company that had a tech-related aspect found itself taking a financial tumble. When Ebbers’ company tried to cut corners and save money, it turned into an act of self-immolation.\nWorldcom’s network systems engineering division exhausted its annual capital expenditures budget by November 2000, with a senior manager ordering a halt to processing payments for network systems vendors and suppliers until the beginning of 2001.\nThe company’s chief technical officer,Fred Briggs,then ordered all of the labor associated with the capital projects in the network systems division to be booked as an expense rather than a capital project — and his directive was shared with other divisions in the company.\nA WorldCom budget analyst named Kim Amighin the company’s Richardson, Texas, office recognized the legal ramifications of intentionally mischaracterizing capital expenses and lodged a protest against the order. The directive was canceled and so was Amigh — three months after his action, Amigh was abruptly laid off from the company.\nBut Vice President of Internal Audit Cynthia Cooper learned of Amigh’s findings and picked up his trail. Her department began combing through WorldCom’s accounts and found $2 billion that the company claimed in its public filings was spent on capital expenditures during the first three quarters of 2001 — except that the funds were never authorized for that purpose and were clearly operating costs moved into the capital expenditure accounting as a way to make WorldCom look more profitable.\nCooper could not find anyone in the WorldCom leadership ranks to explain the $2 billion discrepancy. Most executives said it was a “prepaid capacity,” a meaningless term which they couldn’t define when pressed by Cooper.\nAnd Cooper was not alone in her suspicions. The U.S. Securities and Exchange Commission could not fathom how WorldCom continued to claim robust profits during the dot-com period while its competitors were operating at a loss, and it sent forth a “Request for Information” to learn the secret of its success.\nAdding to this chaos were Ebbers’ personal financial woes, which became exacerbated during to dot-com crisis by margin calls on his WorldCom shares, which were tanking as the economy plummeted into a recession.\nTo alleviate his monetary pain, Ebbers borrowed $50 million from WorldCom in September 2000 — and then borrowed again and again. By April 2002, Ebbers was $400 million in debt to WorldCom and the board of directors demanded his resignation, which he provided.\nIn June 2002, WorldCom acknowledged its earnings reports contained $3.9 billion in accounting misstatements, with the figure later adjusted to $11 billion. In July 2002, the company declared bankruptcy and was delisted from public trading. Also during that month, Ebbers was called before the U.S. House of Representatives Committee on Financial Services to explain what happened. He pleaded the Fifth Amendment.\nRoad’s End:The efforts to bring Ebbers to trial got off to a weird start when the State of Oklahoma jumped the gun with a 15-count indictment, only to drop its charges in favor of federal prosecution.\nEbbers was indicted in May 2004 on seven counts of filing false statements with securities regulators plus one count each of conspiracy and securities fraud. Ebbers agreed to testify on his behalf, which many observers later considered to be a major mistake because he came across as evasive and unconvincing when insisting WorldCom’s downfall was solely the fault of his subordinates and that he was ignorant about how his company worked.\n“I know what I don’t know,” Ebbers said during his trial. “To this day, I don’t know technology, and I don’t know finance or accounting.”\nEbbers was found guilty on all counts and was sentenced to 25 years in prison, the longest sentence ever handed down in U.S. history for a financial fraud case against a corporate executive.\nHe remained free on bail while fighting to overturn the verdict, but the conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. Two months later, he drove himself in his luxury Mercedes-Benz to a low-security Louisiana prison to begin his sentence. Two years later, his wife Kristie successfully filed for divorce.\nAfter 13 years behind bars, Ebbers was granted a compassionate release on Dec. 21, 2019, due to a deteriorating state of health that included macular degeneration that left him legally blind, anemia, a weakened heart condition and the beginnings of dementia. He returned to his home in Brookhaven, Mississippi, and passed away on Feb. 2, 2020.\nIn defining his rise to the top, Ebbers harkened back to his basketball days by insisting, “The coach's job is to get the best players and get them to play together.” But in explaining his fall from grace, Ebbers forgot that the core of coaching is accepting responsibility for the team’s performance and he blamed his “best players” for not being able to “play together” while absolving himself from their errors.\nSaid Ebbers when confronted with his ultimate failure as the corporate equivalent of a coach: “I didn't have anything to apologize for.”","news_type":1,"symbols_score_info":{"HRB":0.9}},"isVote":1,"tweetType":1,"viewCount":4597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152673002,"gmtCreate":1625291599606,"gmtModify":1703740109670,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Mosaic for fertilizer! Goodyear for rubber tyres! The world always needs these.&nbsp;","listText":"Mosaic for fertilizer! Goodyear for rubber tyres! The world always needs these.&nbsp;","text":"Mosaic for fertilizer! Goodyear for rubber tyres! The world always needs these.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152673002","repostId":"1122056398","repostType":4,"repost":{"id":"1122056398","kind":"news","pubTimestamp":1625280707,"share":"https://ttm.financial/m/news/1122056398?lang=en_US&edition=fundamental","pubTime":"2021-07-03 10:51","market":"us","language":"en","title":"These 15 stocks -- June's biggest losers -- could become July's winners","url":"https://stock-news.laohu8.com/highlight/detail?id=1122056398","media":"MarketWatch","summary":"‘Short-term reversal strategy’ often does particularly well in July.\n\nJune’s worst stocks are good b","content":"<blockquote>\n <b>‘Short-term reversal strategy’ often does particularly well in July.</b>\n</blockquote>\n<p>June’s worst stocks are good bets to beat the U.S. market in in July.</p>\n<p>That’s because portfolio window-dressing at the end of June will have made that month’s poor performers fall even further than they would have otherwise. It’s likely that once this artificial selling pressure disappears, these stocks will bounce back.</p>\n<p>To be sure, window dressing is a powerful force on several occasions throughout the calendar, not just at this time of year. It should have the biggest impact at the end of December, since more investors look at their portfolio holdings in early January than in any other month of the year. Fund managers therefore go out of their way to sell their losers prior to Dec. 31 in order to avoid the embarrassment of having to report that they had ever owned them.</p>\n<p>Just the opposite is the case for stocks that managers buy for window dressing. These are the stocks that already have been performing well and which managers want to show in their end-of-quarter holdings report. Their cosmetic buying will cause these stocks to perform even better — which, in turn, results in them falling back to earth once the new quarter comes around.</p>\n<p>As expected, January is the month in which the previous month’s worst performers fare best relative to the previous month’s best performers — a pattern known as the “short term reversal effect.” This is illustrated in the chart below, which reflects monthly data back to 1926. July is the second-most powerful month for this pattern. That also makes sense because, after January, July is the next most common time for investors to read through their brokerage statements.</p>\n<p><img src=\"https://static.tigerbbs.com/6ac3a509127efd603df1d98de04774e7\" tg-width=\"620\" tg-height=\"418\" referrerpolicy=\"no-referrer\"></p>\n<p>Also as expected, end-of-quarter window dressing is less of a factor at the end of the first- and third quarters. In fact, as you can see from the chart, the short-term reversal effect is even less dominant in April than in non-quarter-end months.</p>\n<p><b>How to play the short-term reversal in July</b></p>\n<p>As is often the case, an exchange-traded fund has been created to exploit the short-term reversal effect. Vesper US Large Cap Short-Term Reversal Strategy ETFUTRN,“seeks to capitalize on the tendency for stocks that have experienced sharp recent sell-offs to experience near-term rebounds.”</p>\n<p>Because the fund was only recently created, in September 2018, the ETF’s average monthly returns since then are only suggestive of the long-term pattern. But its average return in July has been better (4.1%) than in any other month.</p>\n<p>For anyone interested in the individual stocks that performed the worst in June, I constructed the following list. I started with the 50 stocks in the S&amp;P 1500 index with the worst June returns, and then eliminated ones not currently recommended by any of the top-performing newsletters monitored by my newsletter-performance-tracking service.</p>\n<p>The 15 stocks listed below survived this winnowing process. I note that, on average, these 15 lost 15.4% during the month of June, versus a gain of 2.3% for the S&amp;P 500SPX.</p>\n<ul>\n <li>Adient PLC&nbsp;ADNT</li>\n <li>Alaska Air Group&nbsp;ALK</li>\n <li>Alliance Data Systems&nbsp;ADS</li>\n <li>America’s Car Mart&nbsp;CRMT</li>\n <li>ArcBest&nbsp;ARCB</li>\n <li>Goodyear Tire &amp; Rubber&nbsp;GT</li>\n <li>KB Home&nbsp;KBH</li>\n <li>LCI Industries&nbsp;LCII</li>\n <li>Mosaic &amp; Co&nbsp;.MOS</li>\n <li>Medifast&nbsp;MED</li>\n <li>Newmont Corp.&nbsp;NEM</li>\n <li>Organon &amp; Co.&nbsp;OGN</li>\n <li>Patrick Industries&nbsp;PATK</li>\n <li>Regions Financial&nbsp;RF</li>\n <li>Sabre&nbsp;SABR</li>\n</ul>\n<p>I also note that these stocks have an average price/book value ratio of 3.3, which is well-below the 4.7 ratio for the S&amp;P 500. Having a below-average price/book ratio is the hallmark of a value stock, and it makes sense that value stocks will be favored by the short-term reversal strategy. That’s because value stocks significantly underperformed growth stocks in June — but their fortunes may soon change.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These 15 stocks -- June's biggest losers -- could become July's winners</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\">\nThese 15 stocks -- June's biggest losers -- could become July's winners\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 10:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/these-15-stocks-junes-biggest-losers-could-become-julys-winners-11625238769?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>‘Short-term reversal strategy’ often does particularly well in July.\n\nJune’s worst stocks are good bets to beat the U.S. market in in July.\nThat’s because portfolio window-dressing at the end of June ...</p>\n\n<a href=\"https://www.marketwatch.com/story/these-15-stocks-junes-biggest-losers-could-become-julys-winners-11625238769?mod=home-page\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MED":"快验保","GT":"固特异轮胎橡胶公司","ADNT":"Adient PLC","ALK":"阿拉斯加航空集团有限公司","MOS":"美国美盛","NEM":"纽曼矿业","KBH":"KB Home","ARCB":"ArcBest Corporation","RF":"地区金融","OGN":"Organon & Co","CRMT":"美国汽车行","PATK":"Patrick Industries","LCII":"LCI Industries","SABR":"Sabre Corporation"},"source_url":"https://www.marketwatch.com/story/these-15-stocks-junes-biggest-losers-could-become-julys-winners-11625238769?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122056398","content_text":"‘Short-term reversal strategy’ often does particularly well in July.\n\nJune’s worst stocks are good bets to beat the U.S. market in in July.\nThat’s because portfolio window-dressing at the end of June will have made that month’s poor performers fall even further than they would have otherwise. It’s likely that once this artificial selling pressure disappears, these stocks will bounce back.\nTo be sure, window dressing is a powerful force on several occasions throughout the calendar, not just at this time of year. It should have the biggest impact at the end of December, since more investors look at their portfolio holdings in early January than in any other month of the year. Fund managers therefore go out of their way to sell their losers prior to Dec. 31 in order to avoid the embarrassment of having to report that they had ever owned them.\nJust the opposite is the case for stocks that managers buy for window dressing. These are the stocks that already have been performing well and which managers want to show in their end-of-quarter holdings report. Their cosmetic buying will cause these stocks to perform even better — which, in turn, results in them falling back to earth once the new quarter comes around.\nAs expected, January is the month in which the previous month’s worst performers fare best relative to the previous month’s best performers — a pattern known as the “short term reversal effect.” This is illustrated in the chart below, which reflects monthly data back to 1926. July is the second-most powerful month for this pattern. That also makes sense because, after January, July is the next most common time for investors to read through their brokerage statements.\n\nAlso as expected, end-of-quarter window dressing is less of a factor at the end of the first- and third quarters. In fact, as you can see from the chart, the short-term reversal effect is even less dominant in April than in non-quarter-end months.\nHow to play the short-term reversal in July\nAs is often the case, an exchange-traded fund has been created to exploit the short-term reversal effect. Vesper US Large Cap Short-Term Reversal Strategy ETFUTRN,“seeks to capitalize on the tendency for stocks that have experienced sharp recent sell-offs to experience near-term rebounds.”\nBecause the fund was only recently created, in September 2018, the ETF’s average monthly returns since then are only suggestive of the long-term pattern. But its average return in July has been better (4.1%) than in any other month.\nFor anyone interested in the individual stocks that performed the worst in June, I constructed the following list. I started with the 50 stocks in the S&P 1500 index with the worst June returns, and then eliminated ones not currently recommended by any of the top-performing newsletters monitored by my newsletter-performance-tracking service.\nThe 15 stocks listed below survived this winnowing process. I note that, on average, these 15 lost 15.4% during the month of June, versus a gain of 2.3% for the S&P 500SPX.\n\nAdient PLC ADNT\nAlaska Air Group ALK\nAlliance Data Systems ADS\nAmerica’s Car Mart CRMT\nArcBest ARCB\nGoodyear Tire & Rubber GT\nKB Home KBH\nLCI Industries LCII\nMosaic & Co .MOS\nMedifast MED\nNewmont Corp. NEM\nOrganon & Co. OGN\nPatrick Industries PATK\nRegions Financial RF\nSabre SABR\n\nI also note that these stocks have an average price/book value ratio of 3.3, which is well-below the 4.7 ratio for the S&P 500. Having a below-average price/book ratio is the hallmark of a value stock, and it makes sense that value stocks will be favored by the short-term reversal strategy. That’s because value stocks significantly underperformed growth stocks in June — but their fortunes may soon change.","news_type":1,"symbols_score_info":{"LCII":0.9,"GT":0.9,"RF":0.9,"ADS":0.9,"ARCB":0.9,"ADNT":0.9,"MED":0.9,"MOS":0.9,"NEM":0.9,"OGN":0.9,"SABR":0.9,"CRMT":0.9,"KBH":0.9,"PATK":0.9,"ALK":0.9}},"isVote":1,"tweetType":1,"viewCount":1937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831893232,"gmtCreate":1629298337526,"gmtModify":1676529996744,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Interesting… Will charitable giving also be a&nbsp;subject&nbsp;of the regulatory framework for internet companies?&nbsp;","listText":"Interesting… Will charitable giving also be a&nbsp;subject&nbsp;of the regulatory framework for internet companies?&nbsp;","text":"Interesting… Will charitable giving also be a subject of the regulatory framework for internet companies?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/831893232","repostId":"1173987909","repostType":4,"repost":{"id":"1173987909","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629297237,"share":"https://ttm.financial/m/news/1173987909?lang=en_US&edition=fundamental","pubTime":"2021-08-18 22:33","market":"hk","language":"en","title":"The Tertiary Distribution – What Can Chinese Tech Companies Learn from Apple?","url":"https://stock-news.laohu8.com/highlight/detail?id=1173987909","media":"Tiger Newspress","summary":"According to the latest policy directives issued in China, “The Tertiary Distribution” is about to b","content":"<p>According to the latest policy directives issued in China, “The Tertiary&nbsp;Distribution” is about to be put into effect. Citing various sources, the so-called “The Tertiary Distribution” refers to the further adjustment of social income distribution through social entities’ (enterprises and individuals) voluntary, charitable donations, which is in the stage of micro-adjustment. In the meantime, the policy also clearly instructs that the country should encourage high-income groups and enterprises to give back to society to a greater extent.</p>\n<p>There are many high-income groups, including celebrities and real estate speculators. And, high-income companies, in terms of financial reports, include leading Internet companies, China’s top five banks, and other state-owned enterprises. Here, we will discuss what Internet companies should do in “The&nbsp;Tertiary Distribution.”</p>\n<p>From the view of current beneficial donations, Internet companies have played an increasingly important role. Let’s take the flood disaster that recently occurred in Henan as an example. <a href=\"https://laohu8.com/S/00700\">TENCENT</a> donated 100 million yuan, <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> donated 100 million yuan, and Xiaomi donated 50 million yuan... But there are problems with the current way of donating by Internet companies.</p>\n<p><b>1. The burden born by Internet companies is heavy.</b> Although the leading Internet companies have made plenty of profits, many companies are not profitable or even in the red. After the flood disaster of Henan province, Pinduoduo, the largest agriculture-focused technology platform in China, also announced a donation of 100 million yuan. It should be noted that the company is at a loss. The large-scale donation will also deliver an illusion to society: These companies are capable of donating more money.</p>\n<p><b>2. There is a phenomenon of unrealistic comparison among Internet companies.</b> The beneficial donations conducted by Internet corporates have entered the stage of comparison, which is related to Chinese cultural traditions. The donation amount of BAT (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, Alibaba, and Tencent) is in one echelon, while that of <a href=\"https://laohu8.com/S/01810\">XIAOMI-W</a> and OmniVision is in another echelon. The comparison on donation amount makes companies complain, and it also makes the public feel that Internet companies are flaunting the considerable wealth.</p>\n<p><b>3. Public beneficial donations are not sustainable.</b> Tencent donated 100 million yuan to help people in Henan fight the natural calamity. What should Tencent do if there is another city suffering from disaster? How much should Tencent donate if there are more natural calamities? Global warming will give rise to more and more disasters. Therefore, the immoderate, planless donations will become a big unknown for the future operation of these enterprises.</p>\n<p>The United States is the country that has done the best in public welfare. As a leading conglomerate in the United States, how does <a href=\"https://laohu8.com/S/AAPL\">Apple</a> deal with “The Tertiary Distributions?”</p>\n<p>Apple has partly disclosed the information on its charitable donations. According to the disclosure, charitable donations completed by Apple can be divided into three parts: <b>a. Employee Giving Program; b. Community Investment Team; c. Grant Program</b>.</p>\n<p>The second public welfare plan, namely “Community Investment Team,” is for NGOs across the globe. Since the amount has not been disclosed, it is estimated that the amount of donation is not much. The third plan “Grant Program” is for the locations of Apple/groups, with an annual quota of $1 million. Only the first plan is the focus of Apple’s philanthropy.</p>\n<p>Apple’s Employee Giving Program is based on employee donations, and the company conducts a match rate of 1:1. Beyond that, Apple will also match the time spent by employees in public welfare activities at $25 per hour. Since the implementation of the project in 2011, more than $600 million has been donated by the company and its employees, benefiting 34,000 organizations worldwide, and employees have together contributed 1.6 million hours of work.</p>\n<p>The advantages are listed as follows:</p>\n<p><b>1. The company can be better protected. </b>The company’s move of placing employees on the front line of public welfare undertakings can arouse the enthusiasm of employees and also hide the company behind them. Apple will never get caught up in public opinions like “Why don’t Apple donate as much as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>?”.</p>\n<p><b>2. Tax avoidance is best realized.</b> Donations made by enterprises to public welfare undertakings will always be suspected of tax avoidance and will also be questioned by the public. However, if the donation amount of an enterprise is matched by that of employees, the company’s expenditure can be figured in the employee’s expense item (salary) in the company’s financial report, which reduces the tax base.</p>\n<p><b>3. The scope of charity is wider.</b> Apple has a large number of employees spreading widely around the world. The charity projects they seek on their own are far more than those concerned by the media. Apple’s philanthropy spreads to all corners of society, which will be pretty good for the overall image of Apple. Compared with the recently happened disaster in Henan province which attracted countless donations, there are more other public welfare undertakings that have not been reported by media and paid attention to by both individuals and companies. If employees of Tencent, Alibaba, and Xiaomi can be mobilized to explore more public welfare projects, the inclusive work for society will be much better.</p>\n<p>To my point of view, Chinese Internet companies should learn from Apple’s experience and earnestly welcome “The Tertiary Distribution.”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Tertiary Distribution – What Can Chinese Tech Companies Learn from Apple?</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\">\nThe Tertiary Distribution – What Can Chinese Tech Companies Learn from Apple?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-18 22:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>According to the latest policy directives issued in China, “The Tertiary&nbsp;Distribution” is about to be put into effect. Citing various sources, the so-called “The Tertiary Distribution” refers to the further adjustment of social income distribution through social entities’ (enterprises and individuals) voluntary, charitable donations, which is in the stage of micro-adjustment. In the meantime, the policy also clearly instructs that the country should encourage high-income groups and enterprises to give back to society to a greater extent.</p>\n<p>There are many high-income groups, including celebrities and real estate speculators. And, high-income companies, in terms of financial reports, include leading Internet companies, China’s top five banks, and other state-owned enterprises. Here, we will discuss what Internet companies should do in “The&nbsp;Tertiary Distribution.”</p>\n<p>From the view of current beneficial donations, Internet companies have played an increasingly important role. Let’s take the flood disaster that recently occurred in Henan as an example. <a href=\"https://laohu8.com/S/00700\">TENCENT</a> donated 100 million yuan, <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> donated 100 million yuan, and Xiaomi donated 50 million yuan... But there are problems with the current way of donating by Internet companies.</p>\n<p><b>1. The burden born by Internet companies is heavy.</b> Although the leading Internet companies have made plenty of profits, many companies are not profitable or even in the red. After the flood disaster of Henan province, Pinduoduo, the largest agriculture-focused technology platform in China, also announced a donation of 100 million yuan. It should be noted that the company is at a loss. The large-scale donation will also deliver an illusion to society: These companies are capable of donating more money.</p>\n<p><b>2. There is a phenomenon of unrealistic comparison among Internet companies.</b> The beneficial donations conducted by Internet corporates have entered the stage of comparison, which is related to Chinese cultural traditions. The donation amount of BAT (<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, Alibaba, and Tencent) is in one echelon, while that of <a href=\"https://laohu8.com/S/01810\">XIAOMI-W</a> and OmniVision is in another echelon. The comparison on donation amount makes companies complain, and it also makes the public feel that Internet companies are flaunting the considerable wealth.</p>\n<p><b>3. Public beneficial donations are not sustainable.</b> Tencent donated 100 million yuan to help people in Henan fight the natural calamity. What should Tencent do if there is another city suffering from disaster? How much should Tencent donate if there are more natural calamities? Global warming will give rise to more and more disasters. Therefore, the immoderate, planless donations will become a big unknown for the future operation of these enterprises.</p>\n<p>The United States is the country that has done the best in public welfare. As a leading conglomerate in the United States, how does <a href=\"https://laohu8.com/S/AAPL\">Apple</a> deal with “The Tertiary Distributions?”</p>\n<p>Apple has partly disclosed the information on its charitable donations. According to the disclosure, charitable donations completed by Apple can be divided into three parts: <b>a. Employee Giving Program; b. Community Investment Team; c. Grant Program</b>.</p>\n<p>The second public welfare plan, namely “Community Investment Team,” is for NGOs across the globe. Since the amount has not been disclosed, it is estimated that the amount of donation is not much. The third plan “Grant Program” is for the locations of Apple/groups, with an annual quota of $1 million. Only the first plan is the focus of Apple’s philanthropy.</p>\n<p>Apple’s Employee Giving Program is based on employee donations, and the company conducts a match rate of 1:1. Beyond that, Apple will also match the time spent by employees in public welfare activities at $25 per hour. Since the implementation of the project in 2011, more than $600 million has been donated by the company and its employees, benefiting 34,000 organizations worldwide, and employees have together contributed 1.6 million hours of work.</p>\n<p>The advantages are listed as follows:</p>\n<p><b>1. The company can be better protected. </b>The company’s move of placing employees on the front line of public welfare undertakings can arouse the enthusiasm of employees and also hide the company behind them. Apple will never get caught up in public opinions like “Why don’t Apple donate as much as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>?”.</p>\n<p><b>2. Tax avoidance is best realized.</b> Donations made by enterprises to public welfare undertakings will always be suspected of tax avoidance and will also be questioned by the public. However, if the donation amount of an enterprise is matched by that of employees, the company’s expenditure can be figured in the employee’s expense item (salary) in the company’s financial report, which reduces the tax base.</p>\n<p><b>3. The scope of charity is wider.</b> Apple has a large number of employees spreading widely around the world. The charity projects they seek on their own are far more than those concerned by the media. Apple’s philanthropy spreads to all corners of society, which will be pretty good for the overall image of Apple. Compared with the recently happened disaster in Henan province which attracted countless donations, there are more other public welfare undertakings that have not been reported by media and paid attention to by both individuals and companies. If employees of Tencent, Alibaba, and Xiaomi can be mobilized to explore more public welfare projects, the inclusive work for society will be much better.</p>\n<p>To my point of view, Chinese Internet companies should learn from Apple’s experience and earnestly welcome “The Tertiary Distribution.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01810":"小米集团-W","00700":"腾讯控股","AAPL":"苹果","PDD":"拼多多","BABA":"阿里巴巴","BIDU":"百度"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173987909","content_text":"According to the latest policy directives issued in China, “The Tertiary Distribution” is about to be put into effect. Citing various sources, the so-called “The Tertiary Distribution” refers to the further adjustment of social income distribution through social entities’ (enterprises and individuals) voluntary, charitable donations, which is in the stage of micro-adjustment. In the meantime, the policy also clearly instructs that the country should encourage high-income groups and enterprises to give back to society to a greater extent.\nThere are many high-income groups, including celebrities and real estate speculators. And, high-income companies, in terms of financial reports, include leading Internet companies, China’s top five banks, and other state-owned enterprises. Here, we will discuss what Internet companies should do in “The Tertiary Distribution.”\nFrom the view of current beneficial donations, Internet companies have played an increasingly important role. Let’s take the flood disaster that recently occurred in Henan as an example. TENCENT donated 100 million yuan, Alibaba donated 100 million yuan, and Xiaomi donated 50 million yuan... But there are problems with the current way of donating by Internet companies.\n1. The burden born by Internet companies is heavy. Although the leading Internet companies have made plenty of profits, many companies are not profitable or even in the red. After the flood disaster of Henan province, Pinduoduo, the largest agriculture-focused technology platform in China, also announced a donation of 100 million yuan. It should be noted that the company is at a loss. The large-scale donation will also deliver an illusion to society: These companies are capable of donating more money.\n2. There is a phenomenon of unrealistic comparison among Internet companies. The beneficial donations conducted by Internet corporates have entered the stage of comparison, which is related to Chinese cultural traditions. The donation amount of BAT (Baidu, Alibaba, and Tencent) is in one echelon, while that of XIAOMI-W and OmniVision is in another echelon. The comparison on donation amount makes companies complain, and it also makes the public feel that Internet companies are flaunting the considerable wealth.\n3. Public beneficial donations are not sustainable. Tencent donated 100 million yuan to help people in Henan fight the natural calamity. What should Tencent do if there is another city suffering from disaster? How much should Tencent donate if there are more natural calamities? Global warming will give rise to more and more disasters. Therefore, the immoderate, planless donations will become a big unknown for the future operation of these enterprises.\nThe United States is the country that has done the best in public welfare. As a leading conglomerate in the United States, how does Apple deal with “The Tertiary Distributions?”\nApple has partly disclosed the information on its charitable donations. According to the disclosure, charitable donations completed by Apple can be divided into three parts: a. Employee Giving Program; b. Community Investment Team; c. Grant Program.\nThe second public welfare plan, namely “Community Investment Team,” is for NGOs across the globe. Since the amount has not been disclosed, it is estimated that the amount of donation is not much. The third plan “Grant Program” is for the locations of Apple/groups, with an annual quota of $1 million. Only the first plan is the focus of Apple’s philanthropy.\nApple’s Employee Giving Program is based on employee donations, and the company conducts a match rate of 1:1. Beyond that, Apple will also match the time spent by employees in public welfare activities at $25 per hour. Since the implementation of the project in 2011, more than $600 million has been donated by the company and its employees, benefiting 34,000 organizations worldwide, and employees have together contributed 1.6 million hours of work.\nThe advantages are listed as follows:\n1. The company can be better protected. The company’s move of placing employees on the front line of public welfare undertakings can arouse the enthusiasm of employees and also hide the company behind them. Apple will never get caught up in public opinions like “Why don’t Apple donate as much as Alphabet?”.\n2. Tax avoidance is best realized. Donations made by enterprises to public welfare undertakings will always be suspected of tax avoidance and will also be questioned by the public. However, if the donation amount of an enterprise is matched by that of employees, the company’s expenditure can be figured in the employee’s expense item (salary) in the company’s financial report, which reduces the tax base.\n3. The scope of charity is wider. Apple has a large number of employees spreading widely around the world. The charity projects they seek on their own are far more than those concerned by the media. Apple’s philanthropy spreads to all corners of society, which will be pretty good for the overall image of Apple. Compared with the recently happened disaster in Henan province which attracted countless donations, there are more other public welfare undertakings that have not been reported by media and paid attention to by both individuals and companies. If employees of Tencent, Alibaba, and Xiaomi can be mobilized to explore more public welfare projects, the inclusive work for society will be much better.\nTo my point of view, Chinese Internet companies should learn from Apple’s experience and earnestly welcome “The Tertiary Distribution.”","news_type":1,"symbols_score_info":{"PDD":0.9,"BABA":0.9,"01810":0.9,"AAPL":0.9,"BIDU":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":3919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115544933,"gmtCreate":1623024773122,"gmtModify":1704194409837,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Need to be nimble with Inflation lurking in the corner !&nbsp;","listText":"Need to be nimble with Inflation lurking in the corner !&nbsp;","text":"Need to be nimble with Inflation lurking in the corner !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/115544933","repostId":"1149058445","repostType":4,"isVote":1,"tweetType":1,"viewCount":846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895411741,"gmtCreate":1628764699183,"gmtModify":1676529846653,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Good results. Hoping the price will rise&nbsp;","listText":"Good results. Hoping the price will rise&nbsp;","text":"Good results. Hoping the price will rise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/895411741","repostId":"2158256229","repostType":4,"repost":{"id":"2158256229","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1628762054,"share":"https://ttm.financial/m/news/2158256229?lang=en_US&edition=fundamental","pubTime":"2021-08-12 17:54","market":"us","language":"en","title":"Baidu revenue tops estimates on ad sales rebound","url":"https://stock-news.laohu8.com/highlight/detail?id=2158256229","media":"Reuters","summary":"(Reuters) -China's Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buo","content":"<p>(Reuters) -China's Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buoyed by a rebound in advertising sales and higher demand for its artificial intelligence and cloud products.</p>\n<p>Baidu also said Chief Financial Officer (CFO) Herman Yu has been appointed as the company's chief strategy officer and will continue to serve as CFO until a successor is appointed.</p>\n<p>Demand for the company's rapidly growing autonomous driving service and artificial intelligence-powered cloud products has helped diversify its revenue sources and offset competition from giants like Alibaba and ByteDance in its core search platform.</p>\n<p>The company, also known as China's Google, said total revenue rose to 31.35 billion yuan ($4.84 billion) from 26.03 billion yuan in the second quarter ended June 30, topping analysts' average estimate of 30.96 billion yuan, according to IBES data from Refinitiv.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Baidu revenue tops estimates on ad sales rebound</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\">\nBaidu revenue tops estimates on ad sales rebound\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-08-12 17:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Reuters) -China's Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buoyed by a rebound in advertising sales and higher demand for its artificial intelligence and cloud products.</p>\n<p>Baidu also said Chief Financial Officer (CFO) Herman Yu has been appointed as the company's chief strategy officer and will continue to serve as CFO until a successor is appointed.</p>\n<p>Demand for the company's rapidly growing autonomous driving service and artificial intelligence-powered cloud products has helped diversify its revenue sources and offset competition from giants like Alibaba and ByteDance in its core search platform.</p>\n<p>The company, also known as China's Google, said total revenue rose to 31.35 billion yuan ($4.84 billion) from 26.03 billion yuan in the second quarter ended June 30, topping analysts' average estimate of 30.96 billion yuan, according to IBES data from Refinitiv.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09888":"百度集团-SW","BIDU":"百度"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158256229","content_text":"(Reuters) -China's Baidu Inc reported quarterly revenue above Wall Street estimates on Thursday, buoyed by a rebound in advertising sales and higher demand for its artificial intelligence and cloud products.\nBaidu also said Chief Financial Officer (CFO) Herman Yu has been appointed as the company's chief strategy officer and will continue to serve as CFO until a successor is appointed.\nDemand for the company's rapidly growing autonomous driving service and artificial intelligence-powered cloud products has helped diversify its revenue sources and offset competition from giants like Alibaba and ByteDance in its core search platform.\nThe company, also known as China's Google, said total revenue rose to 31.35 billion yuan ($4.84 billion) from 26.03 billion yuan in the second quarter ended June 30, topping analysts' average estimate of 30.96 billion yuan, according to IBES data from Refinitiv.","news_type":1,"symbols_score_info":{"BIDU":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":1813,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894538146,"gmtCreate":1628837166885,"gmtModify":1676529870409,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"If you catch falling knives you will bleed more.Exercise due diligence before buying falling stocks&nbsp;","listText":"If you catch falling knives you will bleed more.Exercise due diligence before buying falling stocks&nbsp;","text":"If you catch falling knives you will bleed more.Exercise due diligence before buying falling stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894538146","repostId":"2158225219","repostType":4,"isVote":1,"tweetType":1,"viewCount":1882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147845495,"gmtCreate":1626352988017,"gmtModify":1703758456661,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Only time will tell. Jimmy Dimon is honest enough to say that he doesn’t know how the stock market will pan out. Keep some cash in case….","listText":"Only time will tell. Jimmy Dimon is honest enough to say that he doesn’t know how the stock market will pan out. Keep some cash in case….","text":"Only time will tell. Jimmy Dimon is honest enough to say that he doesn’t know how the stock market will pan out. Keep some cash in case….","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147845495","repostId":"2151529580","repostType":4,"isVote":1,"tweetType":1,"viewCount":1806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144582289,"gmtCreate":1626306307941,"gmtModify":1703757408675,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Way to go Baba and Tencent!! And about timetoo!!&nbsp;","listText":"Way to go Baba and Tencent!! And about timetoo!!&nbsp;","text":"Way to go Baba and Tencent!! And about timetoo!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/144582289","repostId":"2151548801","repostType":4,"isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018574372,"gmtCreate":1649073412150,"gmtModify":1676534445061,"author":{"id":"3585101491648845","authorId":"3585101491648845","name":"Jade78","avatar":"https://static.tigerbbs.com/f26e58f5bba53d1668344992fa948f50","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585101491648845","authorIdStr":"3585101491648845"},"themes":[],"title":"","htmlText":"Looks like Elon can move anything on earth, mountains, twitter …&nbsp;","listText":"Looks like Elon can move anything on earth, mountains, twitter …&nbsp;","text":"Looks like Elon can move anything on earth, mountains, twitter …","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018574372","repostId":"1166573354","repostType":4,"isVote":1,"tweetType":1,"viewCount":4938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}