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JPStudio

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2022-11-18

I'm thankful for all the challenges past 2 years that allow me and fellow investors to grow in wisdom and more mature in our investing journey. Without the sharing and support from Tiger community, this would be a lonely journey. Shout out to Tiger team for the continuous effort to improve users experience and help us to become better investor.

2022-03-06

I still cant understand people moves towards paying and owning virtual luxury goods, but is a good sign company venturing into other revenue stream.

3 Luxury Stocks to Buy to Profit From Metaverse Mania

2022-04-01

Action - reaction. There is no end to the events

Stocks Set for First Losing Quarter in Two Years: Markets Wrap

2022-11-16

Ok. Will also watch how TSMC reposition their production due to AAPL desire to manufacture or buy from internal domestic market.

Taiwan Semiconductor: Warren Buffett Is Right On The Money

2022-02-27

Always a pleasure to read BRK letters. Full of business wisdom, and most importantly his business principles. In each of his letter, always highlight and homnor the people and team that he has partner with for the success of BRK. My salute to Mr Bufffet and his team.

Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value

2022-02-24

Opportunity in crisis

Russian Military Operation in Ukraine Roils Markets

2022-01-17

Nice

Get Ready for the Climb. Here’s What History Says about Stock-Market Returns during Fed Rate-hike Cycles.

2022-09-27

I want to be millionaire

Investing in This ETF Right Now Could Make You a Millionaire Retiree

2022-07-18

Nice

Sorry, the original content has been removed

2022-05-17

Light end of tunnel?

U.S. Stocks Remained High in Morning Trading, Nasdaq Index and S&P500 Surged Over 1%

Go to Tiger App to see more news

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Have a good, deep sleep.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/267807029547248","isVote":1,"tweetType":1,"viewCount":3459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":263142690398504,"gmtCreate":1705277868597,"gmtModify":1705277873388,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"No. Each individual have different preference of investment instruments and risk tolerance. Still need DYOD. unless this is a family's mutual fund entrusted to me to invest... [Happy]","listText":"No. Each individual have different preference of investment instruments and risk tolerance. 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elevated costs, REITs could see their distribution per unit (DPU) come under pressure.</p><p>Here are three red flags that could indicate a potential DPU decline.</p><h3>A decline in portfolio valuation</h3><p>All REITs revalue their property portfolios once a year when their fiscal year-end arrives.</p><p>Property valuation is performed by independent real estate valuation companies based on factors such as discount and capitalisation rates as well as occupancy rates and prospects.</p><p>REITs could see their properties being revalued downwards if property fundamentals weaken or occupancy rates decline.</p><p>A recent example is <a href=\"https://laohu8.com/S/BTOU.SI\">Manulife US REIT</a>, or MUST.</p><p>The US commercial REIT reported that its portfolio’s valuation had declined by 10.9% year on year from US$2.18 billion in 2021 to S$1.95 billion as of the end of 2022.</p><p>The reasons were varied – MUST disclosed that higher discount rates were used to value properties that reflected heightened risks at both the macroeconomic and property levels.</p><p>Certain properties also saw weaker occupational performance because of slowdowns in demand and leasing activity.</p><p>As a result of the reduced valuations, MUST’s aggregate leverage will hit approximately 49%, just below the maximum threshold of 50% set by the Monetary Authority of Singapore.</p><p>While the REIT manager assures investors that no financial covenants have been breached, the REIT must find ways to reduce its aggregate leverage.</p><p>Some methods may involve the sale of assets to generate cash that can pay down some of its loans, which will ultimately lead to a decline in DPU.</p><h3>Currency weakness</h3><p>Currency movements may also present a challenge for REITs that derive rental income in foreign currencies.</p><p>As DPU is paid out in Singapore dollars (SGD), the translation of rental income from a foreign currency to SGD may be impacted by currency weakness.</p><p>An example is Daiwa House Logistics Trust (SGX: DHLU), or DHLT, which owns a portfolio of 14 logistics properties across Japan.</p><p>For the first nine months of 2022 (9M2022), DHLT reported that actual net property income (NPI) was 6.3% lower at S$41.8 million compared with its forecast of S$44.6 million.</p><p>The difference was due to foreign exchange volatility, as the Japanese Yen (JPY) had declined by 15% against the SGD in the past year.</p><p>A similar situation can be found in Elite Commercial REIT (SGX: MXNU).</p><p>The UK commercial REIT reported a DPU of £0.0379 for 9M2022, down 7.8% year on year.</p><p>With the roughly 12% depreciation of the British Pound against the SGD in the past year, the DPU when translated to SGD will be further negatively impacted.</p><h3>A rise in finance costs</h3><p>With interest rates shooting up, REIT investors should also keep an eye on the all-in financing cost for the REITs that they own.</p><p>Should the cost of debt continue rising, higher finance expenses could signal lower future distributable income.</p><p>For <a href=\"https://laohu8.com/S/ME8U.SI\">Mapletree Industrial Trust</a>, its funding cost rose from 2.5% as of 30 June last year to 2.9% as of 30 September.</p><p>The higher cost of debt could be a precursor for the REIT to report lower year on year DPU in future quarters.</p><p><a href=\"https://laohu8.com/S/T82U.SI\">Suntec REIT</a> reported a 5.8% year on year fall in distributable income for its fiscal 2022’s third quarter (3Q2022) and a 6.6% year on year dip in DPU due, in part, to higher finance costs.</p><p>The retail cum commercial REIT’s all-in financing cost rose from 2.51% as of 30 June to 2.76% as of 30 September.</p><h3>Get Smart: Keep the faith</h3><p>Some REITs may see their DPU come under pressure in the coming quarters.</p><p>But all is not lost.</p><p>Well-managed REITs with strong sponsors can help mitigate the DPU decline through acquisitions, organic growth and asset enhancement initiatives.</p><p>2023 may turn out to be a rocky year, but if a REIT owns high-quality assets, it should turn out fine in the long run.</p></body></html>","source":"lsy1602567310727","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>Singapore REIT Investors Beware: 3 Red Flags That Could Lead to a DPU Decline</title>\n<style 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}\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\">\nSingapore REIT Investors Beware: 3 Red Flags That Could Lead to a DPU Decline\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-16 09:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/singapore-reit-investors-beware-3-red-flags-that-could-lead-to-a-dpu-decline/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>REIT investors faced a turbulent year in 2022 as the asset class was hit by a combination of high inflation and rising interest rates.Sentiment remained weak with the unit prices of popular REITs such...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/singapore-reit-investors-beware-3-red-flags-that-could-lead-to-a-dpu-decline/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"M44U.SI":"丰树物流信托","BTOU.SI":"宏利美国房地产投资信托","C2PU.SI":"百汇生命产业信托"},"source_url":"https://thesmartinvestor.com.sg/singapore-reit-investors-beware-3-red-flags-that-could-lead-to-a-dpu-decline/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182165784","content_text":"REIT investors faced a turbulent year in 2022 as the asset class was hit by a combination of high inflation and rising interest rates.Sentiment remained weak with the unit prices of popular REITs such as Mapletree Logistics Trust and Parkway Life REIT touching a 52-week low.Despite the dour sentiment, REITs have done an admirable job of paying out steady, predictable dividends to income-seeking investors.However, investors need to remain vigilant.With a bumpy path ahead amid economic uncertainties and elevated costs, REITs could see their distribution per unit (DPU) come under pressure.Here are three red flags that could indicate a potential DPU decline.A decline in portfolio valuationAll REITs revalue their property portfolios once a year when their fiscal year-end arrives.Property valuation is performed by independent real estate valuation companies based on factors such as discount and capitalisation rates as well as occupancy rates and prospects.REITs could see their properties being revalued downwards if property fundamentals weaken or occupancy rates decline.A recent example is Manulife US REIT, or MUST.The US commercial REIT reported that its portfolio’s valuation had declined by 10.9% year on year from US$2.18 billion in 2021 to S$1.95 billion as of the end of 2022.The reasons were varied – MUST disclosed that higher discount rates were used to value properties that reflected heightened risks at both the macroeconomic and property levels.Certain properties also saw weaker occupational performance because of slowdowns in demand and leasing activity.As a result of the reduced valuations, MUST’s aggregate leverage will hit approximately 49%, just below the maximum threshold of 50% set by the Monetary Authority of Singapore.While the REIT manager assures investors that no financial covenants have been breached, the REIT must find ways to reduce its aggregate leverage.Some methods may involve the sale of assets to generate cash that can pay down some of its loans, which will ultimately lead to a decline in DPU.Currency weaknessCurrency movements may also present a challenge for REITs that derive rental income in foreign currencies.As DPU is paid out in Singapore dollars (SGD), the translation of rental income from a foreign currency to SGD may be impacted by currency weakness.An example is Daiwa House Logistics Trust (SGX: DHLU), or DHLT, which owns a portfolio of 14 logistics properties across Japan.For the first nine months of 2022 (9M2022), DHLT reported that actual net property income (NPI) was 6.3% lower at S$41.8 million compared with its forecast of S$44.6 million.The difference was due to foreign exchange volatility, as the Japanese Yen (JPY) had declined by 15% against the SGD in the past year.A similar situation can be found in Elite Commercial REIT (SGX: MXNU).The UK commercial REIT reported a DPU of £0.0379 for 9M2022, down 7.8% year on year.With the roughly 12% depreciation of the British Pound against the SGD in the past year, the DPU when translated to SGD will be further negatively impacted.A rise in finance costsWith interest rates shooting up, REIT investors should also keep an eye on the all-in financing cost for the REITs that they own.Should the cost of debt continue rising, higher finance expenses could signal lower future distributable income.For Mapletree Industrial Trust, its funding cost rose from 2.5% as of 30 June last year to 2.9% as of 30 September.The higher cost of debt could be a precursor for the REIT to report lower year on year DPU in future quarters.Suntec REIT reported a 5.8% year on year fall in distributable income for its fiscal 2022’s third quarter (3Q2022) and a 6.6% year on year dip in DPU due, in part, to higher finance costs.The retail cum commercial REIT’s all-in financing cost rose from 2.51% as of 30 June to 2.76% as of 30 September.Get Smart: Keep the faithSome REITs may see their DPU come under pressure in the coming quarters.But all is not lost.Well-managed REITs with strong sponsors can help mitigate the DPU decline through acquisitions, organic growth and asset enhancement initiatives.2023 may turn out to be a rocky year, but if a REIT owns high-quality assets, it should turn out fine in the long run.","news_type":1,"symbols_score_info":{"M44U.SI":0.9,"BTOU.SI":0.9,"C2PU.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9925363867,"gmtCreate":1671933085959,"gmtModify":1676538612296,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925363867","repostId":"2293560402","repostType":4,"repost":{"id":"2293560402","kind":"highlight","pubTimestamp":1671850980,"share":"https://ttm.financial/m/news/2293560402?lang=en_US&edition=fundamental","pubTime":"2022-12-24 11:03","market":"us","language":"en","title":"Warren Buffett Is Raking in $2.8 Billion in Annual Dividend Income From Just 3 Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=2293560402","media":"Motley Fool","summary":"Berkshire Hathaway should generate more than $6 billion in dividend income over the next 12 months. Nearly half of it will come from three stocks.","content":"<div>\n<p>As much as 2021 might have led you to believe that the stock market only goes up, 2022 has served as an abrupt reminder that this path to prosperity isn't a straight line. All three major U.S. stock ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/12/23/warren-buffett-28-billion-dividend-income-3-stocks/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett Is Raking in $2.8 Billion in Annual Dividend Income From Just 3 Stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett Is Raking in $2.8 Billion in Annual Dividend Income From Just 3 Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-24 11:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/12/23/warren-buffett-28-billion-dividend-income-3-stocks/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As much as 2021 might have led you to believe that the stock market only goes up, 2022 has served as an abrupt reminder that this path to prosperity isn't a straight line. All three major U.S. stock ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/12/23/warren-buffett-28-billion-dividend-income-3-stocks/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OXY":"西方石油","CVX":"雪佛龙","BAC":"美国银行"},"source_url":"https://www.fool.com/investing/2022/12/23/warren-buffett-28-billion-dividend-income-3-stocks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2293560402","content_text":"As much as 2021 might have led you to believe that the stock market only goes up, 2022 has served as an abrupt reminder that this path to prosperity isn't a straight line. All three major U.S. stock indexes have plunged into a bear market, with growth stocks really taking it on the chin.But don't tell that to Berkshire Hathaway CEO Warren Buffett. When the closing bell rang last week, shares of the Oracle of Omaha's company were outperforming the benchmark S&P 500 by 20 percentage points and were higher on the year by 1%.One of Buffett's keys to outperforming in turbulent environments is to lean on the safety of dividend stocks. Companies that pay a regular dividend are almost always profitable and have stood the test of time.Over the next 12 months, Buffett's company is on track to collect more than $6 billion in dividend income. The shocker is that $2.8 billion of this annual dividend income is slated to come from just three stocks.Chevron: $964,107,966 in annual dividend incomeThe leading dividend stock for Berkshire Hathaway is none other than global energy giant Chevron. Chevron is a dividend stock that has increased its base annual payout for 35 consecutive years, and is currently doling out $5.68 a share, which is good enough for a market-topping yield of almost 3.4%. Including the Chevron shares owned by Buffett's secret portfolio, New England Asset Management, this position is generating more than $964 million in annual dividend income for Berkshire Hathaway.Let's be clear: Buffett and his investment team wouldn't have plowed into energy stocks in 2022 if they didn't strongly believe that energy commodity prices would remain above their historic averages for the coming years. Certain global dynamics do support this thesis, although a U.S. recession would likely weigh on near-term oil and gas demand.The biggest positive for crude oil and natural gas prices has been the underinvestment in drilling, exploration, and infrastructure by most energy majors during the COVID-19 pandemic. Paring back capital expenditures means it'll be difficult to quickly increase energy commodity supply anytime soon. When coupled with Russia's invasion of Ukraine, which has cast doubt on Europe's energy supply needs, there's a real likelihood that crude oil and natural gas prices will stick above their historic norms.Buffett's fascination with Chevron probably also involves its integrated operating model. \"Integrated\" oil and gas companies operate midstream assets, such as pipelines, and downstream assets, like chemical plants and refineries. These midstream and downstream assets help provide predictable cash flow and can be used to hedge against energy commodity price weakness.Big oil is also known for its hefty capital-return programs. In addition to its juicy dividend, Chevron has pledged to repurchase up to $15 billion worth of its common stock this year.Occidental Petroleum: $901,062,858 in annual dividend incomeHave I mentioned that energy stocks are playing a big role in anchoring Berkshire Hathaway's portfolio in 2022 and bolstering its dividend income?Since the year began, the Oracle of Omaha and his team have purchased more than 194 million shares of Occidental Petroleum. This common stock is providing more than $101 million in annual income. However, Berkshire Hathaway also owns $10 billion worth of Occidental Petroleum preferred stock that doles out an 8% yield ($800 million a year). Altogether, Buffett is collecting north of $901 million in annual dividend income from Occidental.As you can probably imagine, the catalysts fueling Occidental Petroleum are really similar to Chevron. Years of underinvestment in drilling and infrastructure (for the energy sector when examined as a whole) combined with Russia's actions in Ukraine create a scenario where higher energy prices can significantly boost operating cash flow. But there are some differences between the two companies.For example, even though Occidental is an integrated operator like Chevron, more of its annual revenue is tied to its higher-margin drilling operations. If crude oil and natural gas remain elevated, Occidental can reap the rewards even more so than Chevron.But there's a flip side to this benefit. Whereas Chevron has what can arguably be described as the best balance sheet among large oil and gas companies, Occidental was sitting on more than $35 billion in net debt less than two years ago. The good news is the company has whittled away $15 billion in net debt and reignited its share repurchase program as oil prices soared. Whether a tidier balance sheet allows for earnings multiple expansion remains to be seen.Bank of America: $908,909,765 in annual dividend incomeThe third high-octane income stock in Berkshire Hathaway's portfolio is Bank of America. Including shares owned by New England Asset Management, the more than 1.03 billion shares of BofA held by Berkshire will help Buffett and his team rake in close to $909 million in annual dividend income.Usually, bank stocks perform poorly during bear markets and struggle when U.S. economic growth slows or shifts into reverse. But this time could really be different. Whereas the Federal Reserve often comes to Wall Street's rescue by lowering interest rates to spur lending, the nation's central bank is, instead, raising interest rates at the fastest pace in decades to combat historically high inflation. Even if a recession were to occur in the U.S., the benefit of rapidly rising rates on Bank of America's outstanding variable-rate loans should more than offset loan losses.Among money-center banks, Bank of America is the most interest-sensitive. Not only did its net interest income jump 24% to $13.9 billion during the third quarter, but BofA has estimated that a 100-basis-point parallel shift in the interest rate yield curve will produce $4.2 billion in added net interest income over the next 12 months.Despite its size, Bank of America is making headway with its digital transformation as well. More than 70% of its 56 million verified digital users are active customers. As a result, 48% of total sales were completed online or via mobile app, and 51 million more transactions were completed via digital peer-to-peer app Zelle (167 million) than traditional check (116 million) in the September-ended quarter. Digital transactions cost banks just a fraction of what in-person interactions run.And to keep with the theme of this list, bank stocks like BofA have a storied history of sizable capital-return programs. When the U.S. economy is firing on all cylinders, Bank of America can often be counted on to return well in excess of $20 billion to its shareholders via share buybacks and dividends.","news_type":1,"symbols_score_info":{"OXY":0.9,"BAC":0.9,"CVX":0.9}},"isVote":1,"tweetType":1,"viewCount":2830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9922927613,"gmtCreate":1671675667132,"gmtModify":1676538574222,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9922927613","repostId":"2293036348","repostType":4,"repost":{"id":"2293036348","kind":"highlight","pubTimestamp":1671579887,"share":"https://ttm.financial/m/news/2293036348?lang=en_US&edition=fundamental","pubTime":"2022-12-21 07:44","market":"us","language":"en","title":"Video Gamers Sue Microsoft in U.S. Court to Stop Activision Takeover","url":"https://stock-news.laohu8.com/highlight/detail?id=2293036348","media":"Reuters","summary":"Microsoft Corp was hit on Tuesday in U.S. court with a private consumer lawsuit claiming the technol","content":"<html><head></head><body><p>Microsoft Corp was hit on Tuesday in U.S. court with a private consumer lawsuit claiming the technology company&#39;s $69 billion bid to purchase &#34;Call of Duty&#34; maker Activision Blizzard Inc will unlawfully squelch competition in the video game industry.</p><p>The complaint filed in federal court in California comes about two weeks after the U.S. Federal Trade Commission filed a case with an administrative law judge seeking to stop Microsoft, owner of the Xbox console, from completing the largest-ever acquisition in the video-gaming market.</p><p>The private lawsuit also seeks an order blocking Microsoft from acquiring Activision. It was filed on behalf of 10 video game players in California, New Mexico and New Jersey.</p><p>The proposed acquisition would give Microsoft &#34;far-outsized market power in the video game industry,&#34; the complaint alleged, &#34;with the ability to foreclose rivals, limit output, reduce consumer choice, raise prices, and further inhibit competition.&#34;</p><p>A Microsoft representative on Tuesday defended the deal, saying in a statement that it &#34;will expand competition and create more opportunities for gamers and game developers.&#34; After the FTC sued, Microsoft President Brad Smith said, &#34;We have complete confidence in our case and welcome the opportunity to present our case in court.&#34;</p><p>In a statement, plaintiffs&#39; attorney Joseph Saveri in San Francisco said, &#34;As the video game industry continues to grow and evolve, it&#39;s critical that we protect the market from monopolistic mergers that will harm consumers in the long run.&#34;</p><p>Private plaintiffs can pursue antitrust claims in U.S. court, even while a related U.S. agency case is pending. The takeover, announced in January, also faces antitrust scrutiny in the European Union.</p><p>The FTC previously said it sued to stop &#34;Microsoft from gaining control over a leading independent game studio.&#34; The agency said the merger would harm competition among rival gaming platforms from Nintendo Co Ltd and Sony Group Corp.</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>Video Gamers Sue Microsoft in U.S. Court to Stop Activision Takeover</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\">\nVideo Gamers Sue Microsoft in U.S. Court to Stop Activision Takeover\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-21 07:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/1-video-gamers-sue-microsoft-212403894.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Microsoft Corp was hit on Tuesday in U.S. court with a private consumer lawsuit claiming the technology company's $69 billion bid to purchase \"Call of Duty\" maker Activision Blizzard Inc will ...</p>\n\n<a href=\"https://finance.yahoo.com/news/1-video-gamers-sue-microsoft-212403894.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ATVI":"动视暴雪","MSFT":"微软"},"source_url":"https://finance.yahoo.com/news/1-video-gamers-sue-microsoft-212403894.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2293036348","content_text":"Microsoft Corp was hit on Tuesday in U.S. court with a private consumer lawsuit claiming the technology company's $69 billion bid to purchase \"Call of Duty\" maker Activision Blizzard Inc will unlawfully squelch competition in the video game industry.The complaint filed in federal court in California comes about two weeks after the U.S. Federal Trade Commission filed a case with an administrative law judge seeking to stop Microsoft, owner of the Xbox console, from completing the largest-ever acquisition in the video-gaming market.The private lawsuit also seeks an order blocking Microsoft from acquiring Activision. It was filed on behalf of 10 video game players in California, New Mexico and New Jersey.The proposed acquisition would give Microsoft \"far-outsized market power in the video game industry,\" the complaint alleged, \"with the ability to foreclose rivals, limit output, reduce consumer choice, raise prices, and further inhibit competition.\"A Microsoft representative on Tuesday defended the deal, saying in a statement that it \"will expand competition and create more opportunities for gamers and game developers.\" After the FTC sued, Microsoft President Brad Smith said, \"We have complete confidence in our case and welcome the opportunity to present our case in court.\"In a statement, plaintiffs' attorney Joseph Saveri in San Francisco said, \"As the video game industry continues to grow and evolve, it's critical that we protect the market from monopolistic mergers that will harm consumers in the long run.\"Private plaintiffs can pursue antitrust claims in U.S. court, even while a related U.S. agency case is pending. The takeover, announced in January, also faces antitrust scrutiny in the European Union.The FTC previously said it sued to stop \"Microsoft from gaining control over a leading independent game studio.\" The agency said the merger would harm competition among rival gaming platforms from Nintendo Co Ltd and Sony Group Corp.","news_type":1,"symbols_score_info":{"ATVI":1,"MSFT":1}},"isVote":1,"tweetType":1,"viewCount":3291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963433387,"gmtCreate":1668733910950,"gmtModify":1676538104079,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"I'm thankful for all the challenges past 2 years that allow me and fellow investors to grow in wisdom and more mature in our investing journey. Without the sharing and support from Tiger community, this would be a lonely journey.&nbsp;Shout out to Tiger team for the continuous effort to improve users experience and help us to become better investor.","listText":"I'm thankful for all the challenges past 2 years that allow me and fellow investors to grow in wisdom and more mature in our investing journey. Without the sharing and support from Tiger community, this would be a lonely journey.&nbsp;Shout out to Tiger team for the continuous effort to improve users experience and help us to become better investor.","text":"I'm thankful for all the challenges past 2 years that allow me and fellow investors to grow in wisdom and more mature in our investing journey. Without the sharing and support from Tiger community, this would be a lonely journey. Shout out to Tiger team for the continuous effort to improve users experience and help us to become better investor.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":22,"commentSize":20,"repostSize":2,"link":"https://ttm.financial/post/9963433387","isVote":1,"tweetType":1,"viewCount":4103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963666733,"gmtCreate":1668665176523,"gmtModify":1676538093794,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963666733","repostId":"1107675392","repostType":4,"repost":{"id":"1107675392","kind":"news","pubTimestamp":1668651087,"share":"https://ttm.financial/m/news/1107675392?lang=en_US&edition=fundamental","pubTime":"2022-11-17 10:11","market":"sg","language":"en","title":"3 Singapore REITs That Announced Acquisitions to Boost Their DPU","url":"https://stock-news.laohu8.com/highlight/detail?id=1107675392","media":"The Smart Investor","summary":"It’s always a great feeling when you receive moredividends.AndREITsare an asset class that has delivered a steady stream of distributions to its unitholders since the very first REIT, CapitaMall Trust","content":"<html><head></head><body><p>It’s always a great feeling when you receive more dividends.</p><p>AndREITsare an asset class that has delivered a steady stream of distributions to its unitholders since the very first REIT, CapitaMall Trust, was listed in Singapore two decades ago.</p><p>Not only can REITs provide you with a flow of passive income to sustain your retirement, but these distributions may also rise over time.</p><p>There are three main methods that REITs use to grow their distribution per unit (DPU).</p><p>The first, and by far most popular, relates to acquisitions that can boost both their asset base and DPU.</p><p>The other two are organic and involve positive rental reversions and the use of asset enhancement initiatives (AEI) to attract higher rental income.</p><p>We tease out three Singapore REITs that recently conducted DPU-accretive acquisitions and also peer into their latest set of financials.</p><p><b>First REIT (SGX: AW9U)</b></p><p>First REIT is a healthcare REIT that owns a portfolio of hospitals and nursing homes.</p><p>Its portfolio comprises 12 hospitals, two integrated hospitals and malls, one integrated hospital and hotel and a hotel cum country club in Indonesia.</p><p>Elsewhere, the REIT also owns three hospitals in Singapore along with 12 nursing homes in Japan.</p><p>First REIT announced the acquisition of two nursing homes in Japan for around S$26.3 million.</p><p>This purchase is in line with its 2.0 Growth Strategy to boost its assets under management (AUM) in developed markets to more than half of its portfolio.</p><p>Both properties have a combined net property income (NPI) yield of 5.2% and are projected to be DPU-accretive.</p><p>First REIT also released its business update for the first nine months of 2022 (9M2022).</p><p>Total revenue jumped 39.2% year on year to S$80.9 million while NPI climbed 40.1% year on year to S$79.1 million.</p><p>DPU inched up 1.5% year on year to S$0.0198.</p><p>With a gearing ratio of 35.6% as of 30 September 2022, the healthcare REIT has sufficient room to tap into debt financing for more DPU-accretive acquisitions.</p><p>First REIT intends to recycle capital from non-core, non-healthcare assets and has identified two assets in Indonesia slated for sale.</p><p>It is also diversifying its funding sources and recently secured a JPY 1.66 billion social loan from a Japanese bank.</p><p><b>Keppel REIT (SGX: K71U)</b></p><p>Keppel REIT owns a portfolio of 11 commercial properties located in Singapore, Australia and South Korea with an AUM of S$9 billion as of 30 September 2022.</p><p>Late last month, the REIT announced the acquisition of a freehold boutique office building in Ginza, Japan.</p><p>This purchase marks the REIT’s first entry into Japan, which is Asia’s largest developed market.</p><p>Keppel REIT will fork out around S$84.4 million for a 98.47% effective interest in the property.</p><p>The property, Ginza 2-chome, consists of eight storeys of office space with a retail unit on the ground floor and is anchored by Netyear Group Corporation, a subsidiary of <b>NTT Data Corporation</b>(TYO: 9613).</p><p>The property is expected to have an NPI yield of 3.1% when fully leased and will bump up DPU by 0.5%.</p><p>Meanwhile, Keppel REIT’s 9M2022 business update saw the office REIT report an encouraging set of financial numbers.</p><p>NPI inched up 2.7% year on year to S$119.9 million while distributable income rose 3.4% year on year to S$165.4 million.</p><p><b>Digital Core REIT (SGX: DCRU)</b></p><p>Digital Core REIT is a data centre REIT that owns 10 fully-occupied data centres with an AUM of US41.45 billion.</p><p>The REIT is proposing the acquisition of a 25% stake in a data centre in Frankfurt, Germany for a total acquisition cost of US$146 million using purely debt to finance the transaction.</p><p>If successful, the DPU for fiscal 2022’s first half (1H2022) will rise by 2% from US$0.0206 to US$0.021.</p><p>Aggregate leverage will rise from 25.7% to 33%.</p><p>The REIT is also proposing an equity-funded scenario where the REIT will acquire an 89.9% interest in the Frankfurt data centre along with a 90% interest in a data centre in Dallas, USA.</p><p>The total acquisition cost under this scenario will be US$700 million.</p><p>The second option will raise DPU by 3.1% to US$0.0212.</p><p>Digital Core REIT has yet to decide if it will proceed with the equity fund-raising option but will hold an extraordinary general meeting soon to approve the transactions.</p><p>Meanwhile, the data centre REIT reported a healthy set of financials for 9M2022.</p><p>NPI came in at US$53 million, 5.7% above forecast.</p><p>However, distributable income was 3.4% lower than forecast due to higher-than-expected expenses.</p></body></html>","source":"lsy1602567310727","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Singapore REITs That Announced Acquisitions to Boost Their DPU</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Singapore REITs That Announced Acquisitions to Boost Their DPU\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-17 10:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/3-singapore-reits-that-announced-acquisitions-to-boost-their-dpu/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It’s always a great feeling when you receive more dividends.AndREITsare an asset class that has delivered a steady stream of distributions to its unitholders since the very first REIT, CapitaMall ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/3-singapore-reits-that-announced-acquisitions-to-boost-their-dpu/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AW9U.SI":"先锋医疗产业信托","DCRU.SI":"DigiCore Reit USD","K71U.SI":"吉宝房地产信托"},"source_url":"https://thesmartinvestor.com.sg/3-singapore-reits-that-announced-acquisitions-to-boost-their-dpu/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107675392","content_text":"It’s always a great feeling when you receive more dividends.AndREITsare an asset class that has delivered a steady stream of distributions to its unitholders since the very first REIT, CapitaMall Trust, was listed in Singapore two decades ago.Not only can REITs provide you with a flow of passive income to sustain your retirement, but these distributions may also rise over time.There are three main methods that REITs use to grow their distribution per unit (DPU).The first, and by far most popular, relates to acquisitions that can boost both their asset base and DPU.The other two are organic and involve positive rental reversions and the use of asset enhancement initiatives (AEI) to attract higher rental income.We tease out three Singapore REITs that recently conducted DPU-accretive acquisitions and also peer into their latest set of financials.First REIT (SGX: AW9U)First REIT is a healthcare REIT that owns a portfolio of hospitals and nursing homes.Its portfolio comprises 12 hospitals, two integrated hospitals and malls, one integrated hospital and hotel and a hotel cum country club in Indonesia.Elsewhere, the REIT also owns three hospitals in Singapore along with 12 nursing homes in Japan.First REIT announced the acquisition of two nursing homes in Japan for around S$26.3 million.This purchase is in line with its 2.0 Growth Strategy to boost its assets under management (AUM) in developed markets to more than half of its portfolio.Both properties have a combined net property income (NPI) yield of 5.2% and are projected to be DPU-accretive.First REIT also released its business update for the first nine months of 2022 (9M2022).Total revenue jumped 39.2% year on year to S$80.9 million while NPI climbed 40.1% year on year to S$79.1 million.DPU inched up 1.5% year on year to S$0.0198.With a gearing ratio of 35.6% as of 30 September 2022, the healthcare REIT has sufficient room to tap into debt financing for more DPU-accretive acquisitions.First REIT intends to recycle capital from non-core, non-healthcare assets and has identified two assets in Indonesia slated for sale.It is also diversifying its funding sources and recently secured a JPY 1.66 billion social loan from a Japanese bank.Keppel REIT (SGX: K71U)Keppel REIT owns a portfolio of 11 commercial properties located in Singapore, Australia and South Korea with an AUM of S$9 billion as of 30 September 2022.Late last month, the REIT announced the acquisition of a freehold boutique office building in Ginza, Japan.This purchase marks the REIT’s first entry into Japan, which is Asia’s largest developed market.Keppel REIT will fork out around S$84.4 million for a 98.47% effective interest in the property.The property, Ginza 2-chome, consists of eight storeys of office space with a retail unit on the ground floor and is anchored by Netyear Group Corporation, a subsidiary of NTT Data Corporation(TYO: 9613).The property is expected to have an NPI yield of 3.1% when fully leased and will bump up DPU by 0.5%.Meanwhile, Keppel REIT’s 9M2022 business update saw the office REIT report an encouraging set of financial numbers.NPI inched up 2.7% year on year to S$119.9 million while distributable income rose 3.4% year on year to S$165.4 million.Digital Core REIT (SGX: DCRU)Digital Core REIT is a data centre REIT that owns 10 fully-occupied data centres with an AUM of US41.45 billion.The REIT is proposing the acquisition of a 25% stake in a data centre in Frankfurt, Germany for a total acquisition cost of US$146 million using purely debt to finance the transaction.If successful, the DPU for fiscal 2022’s first half (1H2022) will rise by 2% from US$0.0206 to US$0.021.Aggregate leverage will rise from 25.7% to 33%.The REIT is also proposing an equity-funded scenario where the REIT will acquire an 89.9% interest in the Frankfurt data centre along with a 90% interest in a data centre in Dallas, USA.The total acquisition cost under this scenario will be US$700 million.The second option will raise DPU by 3.1% to US$0.0212.Digital Core REIT has yet to decide if it will proceed with the equity fund-raising option but will hold an extraordinary general meeting soon to approve the transactions.Meanwhile, the data centre REIT reported a healthy set of financials for 9M2022.NPI came in at US$53 million, 5.7% above forecast.However, distributable income was 3.4% lower than forecast due to higher-than-expected expenses.","news_type":1,"symbols_score_info":{"DCRU.SI":0.9,"K71U.SI":0.9,"AW9U.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963944517,"gmtCreate":1668576350139,"gmtModify":1676538079052,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Ok. Will also watch how TSMC reposition their production due to AAPL desire to&nbsp; manufacture or buy from internal domestic market.","listText":"Ok. Will also watch how TSMC reposition their production due to AAPL desire to&nbsp; manufacture or buy from internal domestic market.","text":"Ok. Will also watch how TSMC reposition their production due to AAPL desire to manufacture or buy from internal domestic market.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9963944517","repostId":"2283242141","repostType":2,"repost":{"id":"2283242141","kind":"highlight","pubTimestamp":1668569026,"share":"https://ttm.financial/m/news/2283242141?lang=en_US&edition=fundamental","pubTime":"2022-11-16 11:23","market":"us","language":"en","title":"Taiwan Semiconductor: Warren Buffett Is Right On The Money","url":"https://stock-news.laohu8.com/highlight/detail?id=2283242141","media":"Seeking Alpha","summary":"Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) recently purchased $4.1 billion worth of sha","content":"<html><head></head><body><p>Warren Buffett&#39;s Berkshire Hathaway Inc. (BRK.A, BRK.B) recently purchased $4.1 billion worth of shares of $Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) (&#34;TSMC&#34;), as shown in its Q3 13F filing. While Buffett is not exactly the most tech-savvy investor, and the decision could&#39;ve been made by his top lieutenants Todd Combs and Ted Weschler, Buffett is very well known as a value investor who knows how to spot companies with favorable long-term prospects, strong financials, and an attractive valuation. Let&#39;s go through each of these qualities to understand why TSMC made Berkshire&#39;s buy list.</p><h2>1. Favorable long-term prospects</h2><p>TSMC is the world&#39;s largest contract chip manufacturer and commands over 55% of the foundry market. At the leading edge, TSMC is the undisputed leader (competitive analysis here), with an 85% market share in the 7nm process node and 90% in the 5nm process. The most advanced 3nm process is already in volume production in the current quarter, with revenue contribution expected in 2023 (3Q22 earnings analysis here). Should its closest competitor Samsung (OTCPK:SSNLF) continue to struggle with yield issues at the most leading edge, TSMC could virtually have a monopoly in the 3nm process node, where Apple (AAPL) is expected to be the first major customer.</p><p>While the industry is currently going through an inventory correction phase where smartphone and PC customers have been cutting orders, TSMC&#39;s technology leadership puts the company in a favorable spot to benefit from the secular trend towards higher silicon content in almost all digital devices, from laptops to server network processors. In 2022, the HPC platform as a percentage of total revenue exceeded the Smartphone platform for the first time in Q1.</p><p>Despite Gartner forecasts that the semiconductor industry will contract by 2.5% in 2023, TSMC sees 2023 as a growth year given that HPC is expected to be the major growth driver thanks to applications in AI, 5G, datacenters, smart cars, VR/AR, and connected devices. While the Automotive platform is still early at 5% of TSMC&#39;s revenue, this could potentially become a meaningful growth contributor as automakers embrace more semiconductor chips in the transition towards electric vehicles (&#34;EVs&#34;). All told, digital transformation is here to stay post-Covid, and the demand for higher silicon content and faster computing power remains a structural vs. cyclical tailwind for TSMC.</p><h2>2. Strong financials</h2><p>TSMC is an extremely well-managed business with a strong margin profile and a solid balance sheet. As an industry-leader in semiconductor manufacturing, TSMC boasts an average gross margin of 50% over the last 5 years and is expected to deliver GM of 55% in 2022. While management&#39;s longer-term GM target of 53%+ may face some downward pressure in 2023 due to higher N3 depreciation (2-3% impact) and lower N7 capacity utilization amidst inventory adjustments in the consumer electronics market, anywhere above 50% in the current down cycle is highly respectable.</p><p>During the 2008 financial crisis, TSMC was able to maintain a very strong margin profile where GM fell just 1.5 points from 44% in 2007 to 42.5% in 2008 and subsequently recovered to 43.7% in 2009 and 49.4% in 2010. On the bottom line, net margin fell from 33.8% in 2007 to 30% in 2008/09, but saw a strong recovery to 38.5% in 2010. While history does not guarantee future results, it should give investors a sense of how TSMC will manage through the next recession.</p><p>Turning to the balance sheet, TSMC is by no means an asset-light business considering hard assets (net property, plant &amp; equipment) make up 55% of total assets. While chip manufacturing is a capital-intensive activity where tens of billions must be spent on developing new technology and building new capacity, TSMC has historically maintained a highly liquid balance sheet where cash easily represents over 25% of total asset. The company also exited Q3 with $47 billion in cash and short-term investments against $27 billion in total debt. Needless to say, TSMC is in an extremely strong financial position as the industry enters a downturn.</p><h2>3. Attractive valuation</h2><p>Let me start this section by asking how many companies can be the absolute leaders in their respective space, command a 50%+/35%+ gross/net margin, own a fortress balance sheet, yet still trade at a significant discount to peers? The answer is not many, and TSMC certainly belongs to the list. Prior to Berkshire&#39;s disclosure, TSMC was trading at 12x 2023 consensus EPS of $6.00, which is a massive discount to Western semiconductor names like ASML (ASML)/Nvidia (NVDA)/AMD (AMD)/Intel (INTC) at 30x/37x/20x/15x.</p><h2>Conclusion</h2><p>Warren Buffett is famously known for buying companies with favorable long-term prospects, strong profitability, a healthy balance sheet, and an attractive valuation. TSMC deservedly passed all the tests when shares suffered a massive selloff in Q3, and it&#39;s my view that Berkshire Hathaway will be handsomely rewarded once the market gets through the current industry downturn and fears over the geopolitical side of the story.</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>Taiwan Semiconductor: Warren Buffett Is Right On The Money</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\">\nTaiwan Semiconductor: Warren Buffett Is Right On The Money\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-16 11:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4558091-taiwan-semiconductor-warren-buffett-is-right-on-the-money><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) recently purchased $4.1 billion worth of shares of $Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) (\"TSMC\"), as shown in its Q3 ...</p>\n\n<a href=\"https://seekingalpha.com/article/4558091-taiwan-semiconductor-warren-buffett-is-right-on-the-money\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","TSM":"台积电"},"source_url":"https://seekingalpha.com/article/4558091-taiwan-semiconductor-warren-buffett-is-right-on-the-money","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2283242141","content_text":"Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) recently purchased $4.1 billion worth of shares of $Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) (\"TSMC\"), as shown in its Q3 13F filing. While Buffett is not exactly the most tech-savvy investor, and the decision could've been made by his top lieutenants Todd Combs and Ted Weschler, Buffett is very well known as a value investor who knows how to spot companies with favorable long-term prospects, strong financials, and an attractive valuation. Let's go through each of these qualities to understand why TSMC made Berkshire's buy list.1. Favorable long-term prospectsTSMC is the world's largest contract chip manufacturer and commands over 55% of the foundry market. At the leading edge, TSMC is the undisputed leader (competitive analysis here), with an 85% market share in the 7nm process node and 90% in the 5nm process. The most advanced 3nm process is already in volume production in the current quarter, with revenue contribution expected in 2023 (3Q22 earnings analysis here). Should its closest competitor Samsung (OTCPK:SSNLF) continue to struggle with yield issues at the most leading edge, TSMC could virtually have a monopoly in the 3nm process node, where Apple (AAPL) is expected to be the first major customer.While the industry is currently going through an inventory correction phase where smartphone and PC customers have been cutting orders, TSMC's technology leadership puts the company in a favorable spot to benefit from the secular trend towards higher silicon content in almost all digital devices, from laptops to server network processors. In 2022, the HPC platform as a percentage of total revenue exceeded the Smartphone platform for the first time in Q1.Despite Gartner forecasts that the semiconductor industry will contract by 2.5% in 2023, TSMC sees 2023 as a growth year given that HPC is expected to be the major growth driver thanks to applications in AI, 5G, datacenters, smart cars, VR/AR, and connected devices. While the Automotive platform is still early at 5% of TSMC's revenue, this could potentially become a meaningful growth contributor as automakers embrace more semiconductor chips in the transition towards electric vehicles (\"EVs\"). All told, digital transformation is here to stay post-Covid, and the demand for higher silicon content and faster computing power remains a structural vs. cyclical tailwind for TSMC.2. Strong financialsTSMC is an extremely well-managed business with a strong margin profile and a solid balance sheet. As an industry-leader in semiconductor manufacturing, TSMC boasts an average gross margin of 50% over the last 5 years and is expected to deliver GM of 55% in 2022. While management's longer-term GM target of 53%+ may face some downward pressure in 2023 due to higher N3 depreciation (2-3% impact) and lower N7 capacity utilization amidst inventory adjustments in the consumer electronics market, anywhere above 50% in the current down cycle is highly respectable.During the 2008 financial crisis, TSMC was able to maintain a very strong margin profile where GM fell just 1.5 points from 44% in 2007 to 42.5% in 2008 and subsequently recovered to 43.7% in 2009 and 49.4% in 2010. On the bottom line, net margin fell from 33.8% in 2007 to 30% in 2008/09, but saw a strong recovery to 38.5% in 2010. While history does not guarantee future results, it should give investors a sense of how TSMC will manage through the next recession.Turning to the balance sheet, TSMC is by no means an asset-light business considering hard assets (net property, plant & equipment) make up 55% of total assets. While chip manufacturing is a capital-intensive activity where tens of billions must be spent on developing new technology and building new capacity, TSMC has historically maintained a highly liquid balance sheet where cash easily represents over 25% of total asset. The company also exited Q3 with $47 billion in cash and short-term investments against $27 billion in total debt. Needless to say, TSMC is in an extremely strong financial position as the industry enters a downturn.3. Attractive valuationLet me start this section by asking how many companies can be the absolute leaders in their respective space, command a 50%+/35%+ gross/net margin, own a fortress balance sheet, yet still trade at a significant discount to peers? The answer is not many, and TSMC certainly belongs to the list. Prior to Berkshire's disclosure, TSMC was trading at 12x 2023 consensus EPS of $6.00, which is a massive discount to Western semiconductor names like ASML (ASML)/Nvidia (NVDA)/AMD (AMD)/Intel (INTC) at 30x/37x/20x/15x.ConclusionWarren Buffett is famously known for buying companies with favorable long-term prospects, strong profitability, a healthy balance sheet, and an attractive valuation. TSMC deservedly passed all the tests when shares suffered a massive selloff in Q3, and it's my view that Berkshire Hathaway will be handsomely rewarded once the market gets through the current industry downturn and fears over the geopolitical side of the story.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"TSM":1}},"isVote":1,"tweetType":1,"viewCount":3611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9911581460,"gmtCreate":1664235820750,"gmtModify":1676537413922,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"I want to be millionaire&nbsp;","listText":"I want to be millionaire&nbsp;","text":"I want to be millionaire","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9911581460","repostId":"2270505400","repostType":2,"repost":{"id":"2270505400","kind":"highlight","pubTimestamp":1664205741,"share":"https://ttm.financial/m/news/2270505400?lang=en_US&edition=fundamental","pubTime":"2022-09-26 23:22","market":"us","language":"en","title":"Investing in This ETF Right Now Could Make You a Millionaire Retiree","url":"https://stock-news.laohu8.com/highlight/detail?id=2270505400","media":"MotleyFool","summary":"The SPDR S&P 500 ETF Trust is a low-cost index ETF that attempts to track the S&P 500 index, which is often used as a proxy for the overall US stock market. With itd expense ratio of 0.09%, investors in that ETF can get returns that nearly perfectly match that index, while losing almost nothing to fund management fees.That combination of stock market like returns with very low internal costs makes the SPDR S&P 500 ETF trust a simple, one-stop shop for investors. It's especially potent for invest","content":"<div>\n<p>With the market down substantially from its all-time highs, the benefits of dollar-cost averaging into a low-cost, broad-based stock index fund are becoming quite clear. By making regular investments ...</p>\n\n<a href=\"https://www.fool.com.au/2022/09/26/investing-in-this-etf-right-now-could-make-you-a-millionaire-retiree-usfeed/\">Source Link</a>\n\n</div>\n","source":"motleyfoolau_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Investing in This ETF Right Now Could Make You a Millionaire Retiree</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\">\nInvesting in This ETF Right Now Could Make You a Millionaire Retiree\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-26 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com.au/2022/09/26/investing-in-this-etf-right-now-could-make-you-a-millionaire-retiree-usfeed/><strong>MotleyFool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>With the market down substantially from its all-time highs, the benefits of dollar-cost averaging into a low-cost, broad-based stock index fund are becoming quite clear. By making regular investments ...</p>\n\n<a href=\"https://www.fool.com.au/2022/09/26/investing-in-this-etf-right-now-could-make-you-a-millionaire-retiree-usfeed/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF"},"source_url":"https://www.fool.com.au/2022/09/26/investing-in-this-etf-right-now-could-make-you-a-millionaire-retiree-usfeed/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2270505400","content_text":"With the market down substantially from its all-time highs, the benefits of dollar-cost averaging into a low-cost, broad-based stock index fund are becoming quite clear. By making regular investments every payday in this market, each dollar you're investing buys that many more shares while stocks are down. That may not seem like much benefit now, but it means you've got that many more shares available to compound in any recovery that follows.It's with that backdrop that making regular investments in the SPDR S&P 500 ETF Trust starting now could make you a millionaire retiree. It's a process that takes time no matter what the market is doing, which is a great reason to consider starting those investments now, even if the market continues to fall.Why invest in the SPDR S&P 500 ETF Trust?The SPDR S&P 500 ETF Trust is a low-cost index ETF that attempts to track the S&P 500 index, which is often used as a proxy for the overall US stock market. With itd expense ratio of 0.09%, investors in that ETF can get returns that nearly perfectly match that index, while losing almost nothing to fund management fees.That combination of stock market like returns with very low internal costs makes the SPDR S&P 500 ETF trust a simple, one-stop shop for investors. It's especially potent for investors who don't want or are otherwise unable to put a lot of time and effort into digging through financial reports to pick individual stocks. When you add the fact that index investing tends to beat funds managed by Wall Street's best and brightest over time, the SPDR S&P 500 ETF Trust become an even more compelling option.How long will it take to become a millionaire?The path from $0 to $1 million depends heavily on two key factors: how much you're able to invest every month and what rate of return you earn along the way. The good news is that if you've got a long enough time horizon, reaching millionaire status by retirement age is feasible, even for people with modest incomes.The following table shows how many years it takes to reach that millionaire status, depending on what you can save each month and what annual rate of return you earn along the way.Data source: author.The top end of that savings rate -- $2,200 per month -- represents a savings rate that can be contributed to tax-advantaged, retirement-focused accounts for most people. Workers under age 50 can generally contribute up to $20,500 per year in a company-sponsored retirement plan like a 401(k). They can also typically sock away up to $6,000 per year in their own IRA.  (The contribution limits are even higher for workers ages 50 and up. )The bottom end of that savings rate -- $300 per month -- works out to around $10 per day. Even at that savings level, as long as you invest consistently throughout the length of a typical working career, you've got a decent shot at reaching millionaire status by the time you retire.Get started nowRegardless of where you are in your career, you'll never again have more time before you retire than you do right now. That makes today a great day to get your plan in place. The sooner you get started, the more of the cells in that table will be within your reach, improving your chances of retiring a millionaire.","news_type":1,"symbols_score_info":{"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":4011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9994301278,"gmtCreate":1661562388896,"gmtModify":1676536541269,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Nice article","listText":"Nice article","text":"Nice article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994301278","repostId":"1153153537","repostType":4,"repost":{"id":"1153153537","kind":"news","pubTimestamp":1661502349,"share":"https://ttm.financial/m/news/1153153537?lang=en_US&edition=fundamental","pubTime":"2022-08-26 16:25","market":"us","language":"en","title":"SPY: The World Of 4,818 Faces An Uncertain Future","url":"https://stock-news.laohu8.com/highlight/detail?id=1153153537","media":"Seeking Alpha","summary":"SummaryAfter a sharp decline, the U.S. stock market, in particular, has staged a powerful rally, wit","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>After a sharp decline, the U.S. stock market, in particular, has staged a powerful rally, with the S&amp;P and Nasdaq up 20% and 25% from the June lows.</li><li>In this article, I briefly review how we got to &#34;The world of 4,818.&#34; I then submit why I believe we aren&#39;t returning to that world anytime soon.</li><li>Finally, I offer a few observations as to what this might mean for your portfolio.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/848620917b37246e8700ad06034642a4\" tg-width=\"1080\" tg-height=\"1074\" referrerpolicy=\"no-referrer\"/><span>DNY59</span></p><p>This past May 15, I wrote an article based on a then-recent note from Credit Suisse Investment Strategist Zoltan Pozsar.</p><p>Here&#39;s just a tiny snippet of what I wrote inthat article.</p><blockquote>As Pozsar says, the message [of recent quotes from Bill Dudley, former President of the Federal Reserve Bank of New York], could not be clearer. What might this entail? <i>Pozsar suggests that the Fed could go as far as engineering &#34;a (covert) recession . . . in order to maintain price stability.</i>&#34; (Italics mine)</blockquote><p>Not long after that, in roughly mid-June, the S&amp;P index bottomed around the 3,636 range, and the Nasdaq at 10,565. Based on Pozsar&#39;s observations, I felt at the time that the market might experience a small relief rally but then fall back again, possibly even to the 3,400 range on the S&amp;P.</p><p>Sure enough, the market rallied. So far, so good. But then it<i>continued</i>to rally, doing so to a much greater extent than I would have thought possible. During the trading session of August 16, the S&amp;P briefly touched 4,325 and the Nasdaq 13,181, roughly 20% and 25% above those June lows.</p><p>Some of this powerful rally came after the July, 2022 inflation number came in at 8.5%, surprising to the downside for the first time in a while. This likely led to the thought that we may have been on our way &#34;out of the woods,&#34; so to speak, in the battle against inflation. As for me, I left money on the table during this rally. While I was fortunate enough to increase my weighting in stocks fairly close to those June lows, I sold that additional weighting far too soon into the upturn.</p><p>Certainly, this was a humbling experience, and it caused me to spend a fair amount of time reading analysis from qualified sources I respect. In short, that review only strengthened my belief that the strength of the recent rally was a mirage, and that we are in for some fairly challenging times ahead.</p><p><b>Revisiting The World Of 4,818</b></p><p>The S&amp;P 500 reached its all-time high of 4,818 during the trading session of January 4, 2022.</p><p>To properly understand some of the challenges ahead, it helps to take a brief look at how we got to 4,818 in the first place. Now, please do not take my reference to 4,818 to mean that there were no issues before January 4, far from it. At the same time, that high was achieved based on a set of economic circumstances that I will go on to argue may not repeat themselves in the foreseeable future.</p><p>Commentators on the recent rally have expressed the view that investors appear to believe that a &#34;Goldilocks&#34; financial environment can continue. Here&#39;s one example, from Morgan Stanley.</p><blockquote>These developments indicate markets may be counting on a &#34;Goldilocks&#34; scenario, where policymakers tame inflation with limited damage to economic growth and keep long-term rates low by historical standards.</blockquote><p>Very briefly, let&#39;s touch on the &#34;Goldilocks&#34; environment that got us to 4,818. We&#39;ll start at the point of the Global Financial Crisis (GFC) in 2009.</p><p>Following the Global Financial Crisis, or GFC, in addition to lowering short-term interest rates to zero the Fed engaged in what is known as quantitative easing (QE). Normally, monetary policy this stimulative in nature would have led to inflation. And yet, the U.S. inflation rate remained low.</p><p>Between 2010 and 2017, the Consumer Price Index CPI ranged between 0.12% to 3.1%, averaging roughly 2%. In Goldilocks&#39; terms, this can be considered &#34;just right&#34;.</p><p>In 2018, inflation experienced a small upwards blip, to 2.44%. However, in 2019, inflation slid back below the Fed&#39;s 2% target, dropping to 1.8%.</p><p>In 2020, COVID hit. This sudden shock to the economy caused yet more stimulus to be introduced. In combination, the effect of this was to both increase the money supply, as well as hold down longer-term interest rates.</p><p>In time, however, inflation started to raise its ugly head. The pandemic led to a drop in spending on services but a sharp increase in spending on goods, as people found themselves confined to their homes. Then came supply chain issues, followed by the war in Ukraine.</p><p>In spite of this, the Fed left monetary stimulus in place through the entirety of 2021, contending that such inflation would be &#34;transitory&#34; in nature. It was not until February 18, 2022 that the Fed approved a 1/4 percent interest rate hike.</p><p><b>However, the picture goes much deeper than the Fed</b>. There were many other factors that could be described in &#34;Goldilocks&#34; terms that led to 4,818. In large part, these were <b>geopolitical</b> in nature.</p><p>Here is how Zoltan Pozsar expressed this, in a very recent note. He started by referencing cheap immigrant labor keeping service sector wages stagnant in the U.S., cheap goods from China, and cheap Russian gas. He capped it with this marvelously-worded explanation.</p><blockquote>U.S. consumers were soaking up all the cheap stuff the world had to offer: the asset rich, benefiting from decades of QE, bought high-end stuff from Europe produced using cheap Russian gas, and lower-income households bought all the cheap stuff coming from China. All this has worked for decades,<i>until nativism, protectionism, and geopolitics destabilized the low inflation world</i>. (Italics mine, for emphasis)</blockquote><p>In short, in the biggest of all pictures, for the past few decades the world trended towards globalization. Taking advantage of cheap labor and resources, strong supply chains were built. Goods were produced as cheaply as possible, then transported efficiently to the ultimate consumer. In the quote above, Pozsar refers to this as the &#34;low inflation world.&#34;</p><p>With respect to geopolitics, certainly there were several wars and other conflicts in specific areas of the globe. Nevertheless, there was at least what might be described as mutually-beneficial tolerance between the world&#39;s major powers, notably the United States, China, and Russia.</p><p><b>The World of 4,818 Confronts Change</b></p><p>As investors, however, we must look forward as opposed to backwards, to the future instead of the past. Here, to me, is the million-dollar question (perhaps literally for some of us).</p><p><i>Do you believe the world of at least the near-term future will be the same world as the one that got us to 4,818</i>?</p><p>Let&#39;s briefly talk about two related reasons why it may be very difficult for this to be the case.</p><p><b>Challenge #1: Inflation - Including Monetary Inflation</b></p><p>Briefly, inflation becomes an enemy when the total funds available from money, income, and credit fuel an excess level of spending in relation to the quantity of goods and services that are available.</p><p>Think about that last sentence for just a minute. You have likely read about the sharp increase in the M2 money supply as a result of COVID-related stimulus. However, the contribution of excess<i>credit</i>at low interest rates must also be considered.</p><p>In short, an individual earns<i>income</i>from productive labor, whatever that may be. In addition to this, however, they may have access to<i>credit</i>. In the short term, this allows an individual to spend beyond his or her income. In total, all of that money chases goods and services. When there is an excess of this, inflation becomes an issue.</p><p>With that thought in mind, here is a look at the Q2 2022 report on total U.S. household debt, from the New York Fed.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf6b0d13c5a6650c2958181a32d51c0a\" tg-width=\"640\" tg-height=\"405\" referrerpolicy=\"no-referrer\"/><span>Total U.S. Household Debt (Federal Reserve Bank of New York)</span></p><p>Looking at the graphic, it becomes clear that the overall amount of U.S. household debt continues to rise. In fact, during Q2 it increased by $312 billion (2%) to $16.15 trillion. This is $2 trillion higher than at the end of 2019, before the COVID-19 pandemic.</p><p>In addition to income, then, this growing amount of<i>credit</i>has contributed to inflation. Sharply rising housing prices, perhaps even more so than the rising stock market, have contributed to the inflation of household balance sheets. In other words, people feel rich, so they spend. And spend. And spend.</p><p>Here&#39;s the specific issue, however, that seems troubling to me. It would appear that, whether spending on genuine needs or to maintain a desired lifestyle, the American consumer is turning to debt to an even greater degree.</p><p>Here&#39;s an excerpt from the written summary provided with the above graphic.</p><blockquote><i>Credit card balances saw a $46 billion increase since the first quarter - although seasonal patterns typically include an increase in the second quarter, the 13% year-over-year increase marked the largest in more than 20 years.</i>. . . Auto loan balances increased by $33 billion in the second quarter, continuing the upward trajectory that has been in place since 2011. Other balances, which include retail cards and other consumer loans, increased by a robust $25 billion.<i>In total, non-housing balances grew by $103 billion, a 2.4% increase from the previous quarter, the largest increase seen since 2016.</i>(Italics mine)</blockquote><p>Summarized, of the $312 billion increase in overall debt during the quarter, roughly one-third of that had nothing to do with housing, but related either to auto loans, credit cards, and other consumer loans.</p><p>How may this affect the stock market, and even the housing market, going forward? Simply put, it does not appear that the Pandora&#39;s box of inflation will be easily closed.</p><p>In the opening section of this article, I introduced the thought that some may believe that, after a quick round of tightening, the Fed will &#34;chicken out&#34; and cut interest rates, perhaps even in early-2023.</p><p>As it happens, Minneapolis Fed President Neel Kashkari recently participated in a panel discussion, &#34;Is the U.S. Headed for Stagflation?&#34; at the Aspen Economic Strategy Group&#39;s 2022 annual meeting in Aspen, Colorado.</p><p>I will simply say that, over the course of many comments,Kashkari painted that view as unrealistic. Here is just one brief snippet from his words:</p><blockquote><i>The idea that we are going to start cutting rates early next year, when inflation is very likely going to be well, well, well in excess of our target, I just think it&#39;s not realistic</i>. I think a much more likely scenario is that we will raise rates to some point and then we will sit there until we get convinced that inflation is well on its way back down to 2% before I would think about easing back on interest rates.&#34; (Italics mine)</blockquote><p>In summary, unless one believes that we will quickly get back to an environment of easy money, further stimulus, and cheap credit, it will be difficult to quickly return to the world of 4,818.</p><p><b>Challenge #2: Geopolitical Shocks</b></p><p>As featured earlier, for decades now, we have lived in a world of increasing globalization, improving supply chains, and cheap resources (labor, goods, and commodities).</p><p>I won&#39;t spend as much time dissecting this challenge as I did the previous challenge, that of inflation. All it takes is a couple of hours spent reading commentary from quality news sources to understand that this era is tremendously at risk, if not over for the foreseeable future.</p><p>In February, long-simmering tensions between Russia and the West (including NATO) became a &#34;hot war&#34; as Russia - Ukraine collision. Commentators suggest that this was inspired by Vladimir Putin&#39;s world view of a Russia that assumes its rightful place in the world, as leader of a Eurasian empire that stands in opposition to the &#34;decadent&#34; west.</p><p>These events have had significant economic ramifications, and not in a good way. Europe, in particular, may be headed for an extremely difficult winter.</p><p>Meanwhile, China appears to be bent on reversing what Chinese refer to as the &#34;Century of Humiliation&#34;. Following reforms initiated by Deng Xiaoping that led to an impressive economic and military ascent. Additionally, recent events in Taiwan have led to the highest level of tension between the U.S. and China in modern history.</p><p>In short, all of these developments wreak havoc with the deflationary environment that prevailed for many years, contributing instead to inflationary pressures, such as broken supply chains, COVID lockdowns in China, and the like.</p><p>These issues, then, form a second challenge in quickly returning to the world of 4,818.</p><p><b>Putting It All Together</b></p><p>I don&#39;t claim to know how all of this will play out any more than anyone else does. However, while I won&#39;t go as far as calling what got us to 4,818 as a bubble, at the very least it would appear to be a confluence of circumstances that are likely a thing of the past, at least in the foreseeable future.</p><p>However, here are a few things to consider.</p><p>We may well be in for a multi-year period of volatility, similar to what we have experienced in 2022. Growth may slow, and inflation may prove more persistent than any of us would like.</p><p>Ironically, after the worst start to a year for the traditional 60/40 portfolio since the 1970s, bonds and TIPS may be getting more attractive. The income level across the board is higher. If the actions of the Fed have the desired effect, and inflation gradually subsides, returns from bonds and TIPS may help to stabilize one&#39;s portfolio.</p><p>Finally, keep an eye on international stocks, and in particular those of emerging markets. While the road ahead will almost certainly be difficult, valuations are relatively low, offering the potential for gains for investors with a long-term perspective.</p><p>Thanks for taking the time to consider this somewhat lengthy article. I hope it has given you something to think about, and possibly even some things to argue about in the comments section below.</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>SPY: The World Of 4,818 Faces An Uncertain Future</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\">\nSPY: The World Of 4,818 Faces An Uncertain Future\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-26 16:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4536684-spy-the-world-of-4818-faces-an-uncertain-future><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAfter a sharp decline, the U.S. stock market, in particular, has staged a powerful rally, with the S&P and Nasdaq up 20% and 25% from the June lows.In this article, I briefly review how we got ...</p>\n\n<a href=\"https://seekingalpha.com/article/4536684-spy-the-world-of-4818-faces-an-uncertain-future\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4536684-spy-the-world-of-4818-faces-an-uncertain-future","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153153537","content_text":"SummaryAfter a sharp decline, the U.S. stock market, in particular, has staged a powerful rally, with the S&P and Nasdaq up 20% and 25% from the June lows.In this article, I briefly review how we got to \"The world of 4,818.\" I then submit why I believe we aren't returning to that world anytime soon.Finally, I offer a few observations as to what this might mean for your portfolio.DNY59This past May 15, I wrote an article based on a then-recent note from Credit Suisse Investment Strategist Zoltan Pozsar.Here's just a tiny snippet of what I wrote inthat article.As Pozsar says, the message [of recent quotes from Bill Dudley, former President of the Federal Reserve Bank of New York], could not be clearer. What might this entail? Pozsar suggests that the Fed could go as far as engineering \"a (covert) recession . . . in order to maintain price stability.\" (Italics mine)Not long after that, in roughly mid-June, the S&P index bottomed around the 3,636 range, and the Nasdaq at 10,565. Based on Pozsar's observations, I felt at the time that the market might experience a small relief rally but then fall back again, possibly even to the 3,400 range on the S&P.Sure enough, the market rallied. So far, so good. But then itcontinuedto rally, doing so to a much greater extent than I would have thought possible. During the trading session of August 16, the S&P briefly touched 4,325 and the Nasdaq 13,181, roughly 20% and 25% above those June lows.Some of this powerful rally came after the July, 2022 inflation number came in at 8.5%, surprising to the downside for the first time in a while. This likely led to the thought that we may have been on our way \"out of the woods,\" so to speak, in the battle against inflation. As for me, I left money on the table during this rally. While I was fortunate enough to increase my weighting in stocks fairly close to those June lows, I sold that additional weighting far too soon into the upturn.Certainly, this was a humbling experience, and it caused me to spend a fair amount of time reading analysis from qualified sources I respect. In short, that review only strengthened my belief that the strength of the recent rally was a mirage, and that we are in for some fairly challenging times ahead.Revisiting The World Of 4,818The S&P 500 reached its all-time high of 4,818 during the trading session of January 4, 2022.To properly understand some of the challenges ahead, it helps to take a brief look at how we got to 4,818 in the first place. Now, please do not take my reference to 4,818 to mean that there were no issues before January 4, far from it. At the same time, that high was achieved based on a set of economic circumstances that I will go on to argue may not repeat themselves in the foreseeable future.Commentators on the recent rally have expressed the view that investors appear to believe that a \"Goldilocks\" financial environment can continue. Here's one example, from Morgan Stanley.These developments indicate markets may be counting on a \"Goldilocks\" scenario, where policymakers tame inflation with limited damage to economic growth and keep long-term rates low by historical standards.Very briefly, let's touch on the \"Goldilocks\" environment that got us to 4,818. We'll start at the point of the Global Financial Crisis (GFC) in 2009.Following the Global Financial Crisis, or GFC, in addition to lowering short-term interest rates to zero the Fed engaged in what is known as quantitative easing (QE). Normally, monetary policy this stimulative in nature would have led to inflation. And yet, the U.S. inflation rate remained low.Between 2010 and 2017, the Consumer Price Index CPI ranged between 0.12% to 3.1%, averaging roughly 2%. In Goldilocks' terms, this can be considered \"just right\".In 2018, inflation experienced a small upwards blip, to 2.44%. However, in 2019, inflation slid back below the Fed's 2% target, dropping to 1.8%.In 2020, COVID hit. This sudden shock to the economy caused yet more stimulus to be introduced. In combination, the effect of this was to both increase the money supply, as well as hold down longer-term interest rates.In time, however, inflation started to raise its ugly head. The pandemic led to a drop in spending on services but a sharp increase in spending on goods, as people found themselves confined to their homes. Then came supply chain issues, followed by the war in Ukraine.In spite of this, the Fed left monetary stimulus in place through the entirety of 2021, contending that such inflation would be \"transitory\" in nature. It was not until February 18, 2022 that the Fed approved a 1/4 percent interest rate hike.However, the picture goes much deeper than the Fed. There were many other factors that could be described in \"Goldilocks\" terms that led to 4,818. In large part, these were geopolitical in nature.Here is how Zoltan Pozsar expressed this, in a very recent note. He started by referencing cheap immigrant labor keeping service sector wages stagnant in the U.S., cheap goods from China, and cheap Russian gas. He capped it with this marvelously-worded explanation.U.S. consumers were soaking up all the cheap stuff the world had to offer: the asset rich, benefiting from decades of QE, bought high-end stuff from Europe produced using cheap Russian gas, and lower-income households bought all the cheap stuff coming from China. All this has worked for decades,until nativism, protectionism, and geopolitics destabilized the low inflation world. (Italics mine, for emphasis)In short, in the biggest of all pictures, for the past few decades the world trended towards globalization. Taking advantage of cheap labor and resources, strong supply chains were built. Goods were produced as cheaply as possible, then transported efficiently to the ultimate consumer. In the quote above, Pozsar refers to this as the \"low inflation world.\"With respect to geopolitics, certainly there were several wars and other conflicts in specific areas of the globe. Nevertheless, there was at least what might be described as mutually-beneficial tolerance between the world's major powers, notably the United States, China, and Russia.The World of 4,818 Confronts ChangeAs investors, however, we must look forward as opposed to backwards, to the future instead of the past. Here, to me, is the million-dollar question (perhaps literally for some of us).Do you believe the world of at least the near-term future will be the same world as the one that got us to 4,818?Let's briefly talk about two related reasons why it may be very difficult for this to be the case.Challenge #1: Inflation - Including Monetary InflationBriefly, inflation becomes an enemy when the total funds available from money, income, and credit fuel an excess level of spending in relation to the quantity of goods and services that are available.Think about that last sentence for just a minute. You have likely read about the sharp increase in the M2 money supply as a result of COVID-related stimulus. However, the contribution of excesscreditat low interest rates must also be considered.In short, an individual earnsincomefrom productive labor, whatever that may be. In addition to this, however, they may have access tocredit. In the short term, this allows an individual to spend beyond his or her income. In total, all of that money chases goods and services. When there is an excess of this, inflation becomes an issue.With that thought in mind, here is a look at the Q2 2022 report on total U.S. household debt, from the New York Fed.Total U.S. Household Debt (Federal Reserve Bank of New York)Looking at the graphic, it becomes clear that the overall amount of U.S. household debt continues to rise. In fact, during Q2 it increased by $312 billion (2%) to $16.15 trillion. This is $2 trillion higher than at the end of 2019, before the COVID-19 pandemic.In addition to income, then, this growing amount ofcredithas contributed to inflation. Sharply rising housing prices, perhaps even more so than the rising stock market, have contributed to the inflation of household balance sheets. In other words, people feel rich, so they spend. And spend. And spend.Here's the specific issue, however, that seems troubling to me. It would appear that, whether spending on genuine needs or to maintain a desired lifestyle, the American consumer is turning to debt to an even greater degree.Here's an excerpt from the written summary provided with the above graphic.Credit card balances saw a $46 billion increase since the first quarter - although seasonal patterns typically include an increase in the second quarter, the 13% year-over-year increase marked the largest in more than 20 years.. . . Auto loan balances increased by $33 billion in the second quarter, continuing the upward trajectory that has been in place since 2011. Other balances, which include retail cards and other consumer loans, increased by a robust $25 billion.In total, non-housing balances grew by $103 billion, a 2.4% increase from the previous quarter, the largest increase seen since 2016.(Italics mine)Summarized, of the $312 billion increase in overall debt during the quarter, roughly one-third of that had nothing to do with housing, but related either to auto loans, credit cards, and other consumer loans.How may this affect the stock market, and even the housing market, going forward? Simply put, it does not appear that the Pandora's box of inflation will be easily closed.In the opening section of this article, I introduced the thought that some may believe that, after a quick round of tightening, the Fed will \"chicken out\" and cut interest rates, perhaps even in early-2023.As it happens, Minneapolis Fed President Neel Kashkari recently participated in a panel discussion, \"Is the U.S. Headed for Stagflation?\" at the Aspen Economic Strategy Group's 2022 annual meeting in Aspen, Colorado.I will simply say that, over the course of many comments,Kashkari painted that view as unrealistic. Here is just one brief snippet from his words:The idea that we are going to start cutting rates early next year, when inflation is very likely going to be well, well, well in excess of our target, I just think it's not realistic. I think a much more likely scenario is that we will raise rates to some point and then we will sit there until we get convinced that inflation is well on its way back down to 2% before I would think about easing back on interest rates.\" (Italics mine)In summary, unless one believes that we will quickly get back to an environment of easy money, further stimulus, and cheap credit, it will be difficult to quickly return to the world of 4,818.Challenge #2: Geopolitical ShocksAs featured earlier, for decades now, we have lived in a world of increasing globalization, improving supply chains, and cheap resources (labor, goods, and commodities).I won't spend as much time dissecting this challenge as I did the previous challenge, that of inflation. All it takes is a couple of hours spent reading commentary from quality news sources to understand that this era is tremendously at risk, if not over for the foreseeable future.In February, long-simmering tensions between Russia and the West (including NATO) became a \"hot war\" as Russia - Ukraine collision. Commentators suggest that this was inspired by Vladimir Putin's world view of a Russia that assumes its rightful place in the world, as leader of a Eurasian empire that stands in opposition to the \"decadent\" west.These events have had significant economic ramifications, and not in a good way. Europe, in particular, may be headed for an extremely difficult winter.Meanwhile, China appears to be bent on reversing what Chinese refer to as the \"Century of Humiliation\". Following reforms initiated by Deng Xiaoping that led to an impressive economic and military ascent. Additionally, recent events in Taiwan have led to the highest level of tension between the U.S. and China in modern history.In short, all of these developments wreak havoc with the deflationary environment that prevailed for many years, contributing instead to inflationary pressures, such as broken supply chains, COVID lockdowns in China, and the like.These issues, then, form a second challenge in quickly returning to the world of 4,818.Putting It All TogetherI don't claim to know how all of this will play out any more than anyone else does. However, while I won't go as far as calling what got us to 4,818 as a bubble, at the very least it would appear to be a confluence of circumstances that are likely a thing of the past, at least in the foreseeable future.However, here are a few things to consider.We may well be in for a multi-year period of volatility, similar to what we have experienced in 2022. Growth may slow, and inflation may prove more persistent than any of us would like.Ironically, after the worst start to a year for the traditional 60/40 portfolio since the 1970s, bonds and TIPS may be getting more attractive. The income level across the board is higher. If the actions of the Fed have the desired effect, and inflation gradually subsides, returns from bonds and TIPS may help to stabilize one's portfolio.Finally, keep an eye on international stocks, and in particular those of emerging markets. While the road ahead will almost certainly be difficult, valuations are relatively low, offering the potential for gains for investors with a long-term perspective.Thanks for taking the time to consider this somewhat lengthy article. I hope it has given you something to think about, and possibly even some things to argue about in the comments section below.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9996422299,"gmtCreate":1661212028714,"gmtModify":1676536473744,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9996422299","repostId":"1193710083","repostType":4,"repost":{"id":"1193710083","kind":"news","pubTimestamp":1661157878,"share":"https://ttm.financial/m/news/1193710083?lang=en_US&edition=fundamental","pubTime":"2022-08-22 16:44","market":"us","language":"en","title":"How Option Prices Can Help Predict Future Stock Prices","url":"https://stock-news.laohu8.com/highlight/detail?id=1193710083","media":"StockNews","summary":"Using an implied volatility based methodolgy to better time the best time to sell the QQQ.shuttersto","content":"<html><head></head><body><p>Using an implied volatility based methodolgy to better time the best time to sell the QQQ.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/382ffd9f9f0fe50d305e3a87f41eef1d\" tg-width=\"675\" tg-height=\"380\" referrerpolicy=\"no-referrer\"/><span>shutterstock.com - StockNews</span></p><p>I highlighted last week some reasons why I thought stocks, and particularly QQQ, had finally formed a significant top in my latest commentary for POWR Options.  One of the biggest reasons why the NASDAQ looks tired and toppy was complacency-which was reflected in the form of option prices.</p><p>Most of you are probably very familiar with the VIX-sometimes called the “Fear Index”. The VIX is a general measure of 30-day option prices on the S&amp;P 500. It tends to spike when stock prices fall sharply and usually falls when stock prices rise.</p><p>VXN, or Vixen, is a similar measure of 30-day option prices using the NASDAQ 100 (QQQ) instead of the S&amp;P 500 (SPY). Let’s take a look at how using the VXN as a market timing tool can help call significant short-term tops in the market. It is the equivalent of the Warren Buffett adage that says to “Be Fearful When Others Are Greedy.”</p><p>VXN sell signals are generated when VXN makes at least a 33% pullback from the previous high and then makes a reversal off the lows. Over the past 12 months there have been 6 such sell signals generated (highlighted in aqua on the chart below)</p><p><img src=\"https://static.tigerbbs.com/25f6afcb6b3bf3286f2be21e26d220a3\" tg-width=\"1870\" tg-height=\"921\" referrerpolicy=\"no-referrer\"/></p><p>Below is the same time period 1 year chart of the QQQ. Note how the bottoms in VXN correspond precisely with the tops in QQQ (highlighted in red) .</p><p><img src=\"https://static.tigerbbs.com/5af4d1834e97c6ad003e8fde0c9aab8a\" tg-width=\"1870\" tg-height=\"921\" referrerpolicy=\"no-referrer\"/></p><p>I put together a quick snapshot summary of the VXN based sell signal methodology over the past year shown in the table below.</p><p><img src=\"https://static.tigerbbs.com/71113db715db08930c7994ce57643370\" tg-width=\"1136\" tg-height=\"471\" referrerpolicy=\"no-referrer\"/></p><p>The average pullback over the past six sell signals has been just over 11%. It has taken about a month (29.83 days on average) for stocks to find a subsequent bottom after the sell signal was generated.</p><p>Just as importantly, the sell signals never really were too early or wrong in calling a short-term top. None of the prior six signals would have caused any subsequent angst by using the VXN methodology as a market timing tool. Indeed, only one of the signals had a minor unrealized loss after taking a short position in the QQQ. The other five were pretty much spot on in calling the top.</p><p>Using the VXN methodology means the market will tell you when it is time to act. This can be important as many time fundamental analysis and technical analysis can be way too early…which in this market environment makes it difficult to hang on to a losing position for too long.</p><p>That’s not to say that fundamentals and other factors aren’t important as confirming indicators to take a bearish stance.</p><p>Both valuations and seasonality are also pointing to the probabilities favoring a pullback.</p><p>The two biggest market cap stocks in the NASDAQ 100 (QQQ) are Apple (AAPL) and Microsoft (MSFT). Both reached the highest multiples on a Price/Sales basis over the past three months before softening. Plus having 2 trillion-dollar plus  market cap companies trading at such lofty valuations seems extreme unto itself. Further upside seems limited at best.</p><p><img src=\"https://static.tigerbbs.com/8557da441cea424c21a1cd8a26f4970a\" tg-width=\"1088\" tg-height=\"451\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/9233f0d95638aff532f271087c4cf67d\" tg-width=\"1103\" tg-height=\"445\" referrerpolicy=\"no-referrer\"/></p><p>Seasonality supports the bearish argument as well.</p><p><img src=\"https://static.tigerbbs.com/58bfcb90c1290833b291c5e478c81d19\" tg-width=\"853\" tg-height=\"613\" referrerpolicy=\"no-referrer\"/></p><p>Over the past twelve years September has been the only down month for QQQ. Shares have shown gains less than half the time with an average loss of 1%. Every other month is positive on both performance and number of up months versus down months.</p><p>Comparative performance is also favoring a bigger pullback for QQQ versus SPY. Normally QQQ and SPY tend to be highly correlated. Over the past few months, however, QQQ has out-performed SPY to a large degree. Look for this correlation to revert back to the mean with QQQ beginning to under-perform to close that gap.</p><p><img src=\"https://static.tigerbbs.com/f5edd1d60d62394eb94a34bc2af40b83\" tg-width=\"1845\" tg-height=\"712\" referrerpolicy=\"no-referrer\"/></p><p>Comparative lows in the VXN also means option prices on the QQQ are comparatively cheap. This favors buying puts to take a defined risk short position. Exactly the type of strategy we use week-in and week-out in the POWR Options Portfolio.</p><p>So, traders looking to take a short position for the short-term would be best served buying puts versus shorting QQQ outright. Limited risk with potentially explosive returns. Plus an increase in implied volatility generally will be a benefit to the long put position as well.</p><p>Tim Biggam</p><p>QQQ shares closed at $322.86 on Friday, down $-6.42 (-1.95%). Year-to-date, QQQ has declined -18.59%, versus a -10.46% rise in the benchmark S&amp;P 500 index during the same period.</p></body></html>","source":"lsy1661150310718","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Option Prices Can Help Predict Future Stock Prices</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Option Prices Can Help Predict Future Stock Prices\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-22 16:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://stocknews.com/news/qqq-aapl-msft-vxn-vix-how-option-prices-can-help-predict-future-stock-prices/><strong>StockNews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Using an implied volatility based methodolgy to better time the best time to sell the QQQ.shutterstock.com - StockNewsI highlighted last week some reasons why I thought stocks, and particularly QQQ, ...</p>\n\n<a href=\"https://stocknews.com/news/qqq-aapl-msft-vxn-vix-how-option-prices-can-help-predict-future-stock-prices/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","QQQ":"纳指100ETF"},"source_url":"https://stocknews.com/news/qqq-aapl-msft-vxn-vix-how-option-prices-can-help-predict-future-stock-prices/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193710083","content_text":"Using an implied volatility based methodolgy to better time the best time to sell the QQQ.shutterstock.com - StockNewsI highlighted last week some reasons why I thought stocks, and particularly QQQ, had finally formed a significant top in my latest commentary for POWR Options.  One of the biggest reasons why the NASDAQ looks tired and toppy was complacency-which was reflected in the form of option prices.Most of you are probably very familiar with the VIX-sometimes called the “Fear Index”. The VIX is a general measure of 30-day option prices on the S&P 500. It tends to spike when stock prices fall sharply and usually falls when stock prices rise.VXN, or Vixen, is a similar measure of 30-day option prices using the NASDAQ 100 (QQQ) instead of the S&P 500 (SPY). Let’s take a look at how using the VXN as a market timing tool can help call significant short-term tops in the market. It is the equivalent of the Warren Buffett adage that says to “Be Fearful When Others Are Greedy.”VXN sell signals are generated when VXN makes at least a 33% pullback from the previous high and then makes a reversal off the lows. Over the past 12 months there have been 6 such sell signals generated (highlighted in aqua on the chart below)Below is the same time period 1 year chart of the QQQ. Note how the bottoms in VXN correspond precisely with the tops in QQQ (highlighted in red) .I put together a quick snapshot summary of the VXN based sell signal methodology over the past year shown in the table below.The average pullback over the past six sell signals has been just over 11%. It has taken about a month (29.83 days on average) for stocks to find a subsequent bottom after the sell signal was generated.Just as importantly, the sell signals never really were too early or wrong in calling a short-term top. None of the prior six signals would have caused any subsequent angst by using the VXN methodology as a market timing tool. Indeed, only one of the signals had a minor unrealized loss after taking a short position in the QQQ. The other five were pretty much spot on in calling the top.Using the VXN methodology means the market will tell you when it is time to act. This can be important as many time fundamental analysis and technical analysis can be way too early…which in this market environment makes it difficult to hang on to a losing position for too long.That’s not to say that fundamentals and other factors aren’t important as confirming indicators to take a bearish stance.Both valuations and seasonality are also pointing to the probabilities favoring a pullback.The two biggest market cap stocks in the NASDAQ 100 (QQQ) are Apple (AAPL) and Microsoft (MSFT). Both reached the highest multiples on a Price/Sales basis over the past three months before softening. Plus having 2 trillion-dollar plus  market cap companies trading at such lofty valuations seems extreme unto itself. Further upside seems limited at best.Seasonality supports the bearish argument as well.Over the past twelve years September has been the only down month for QQQ. Shares have shown gains less than half the time with an average loss of 1%. Every other month is positive on both performance and number of up months versus down months.Comparative performance is also favoring a bigger pullback for QQQ versus SPY. Normally QQQ and SPY tend to be highly correlated. Over the past few months, however, QQQ has out-performed SPY to a large degree. Look for this correlation to revert back to the mean with QQQ beginning to under-perform to close that gap.Comparative lows in the VXN also means option prices on the QQQ are comparatively cheap. This favors buying puts to take a defined risk short position. Exactly the type of strategy we use week-in and week-out in the POWR Options Portfolio.So, traders looking to take a short position for the short-term would be best served buying puts versus shorting QQQ outright. Limited risk with potentially explosive returns. Plus an increase in implied volatility generally will be a benefit to the long put position as well.Tim BiggamQQQ shares closed at $322.86 on Friday, down $-6.42 (-1.95%). Year-to-date, QQQ has declined -18.59%, versus a -10.46% rise in the benchmark S&P 500 index during the same period.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"QQQ":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9996426945,"gmtCreate":1661211950789,"gmtModify":1676536473705,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Timely article","listText":"Timely article","text":"Timely article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9996426945","repostId":"2261576225","repostType":4,"repost":{"id":"2261576225","kind":"highlight","pubTimestamp":1661182417,"share":"https://ttm.financial/m/news/2261576225?lang=en_US&edition=fundamental","pubTime":"2022-08-22 23:33","market":"us","language":"en","title":"Never Buy the Dip if You See These Red Flags","url":"https://stock-news.laohu8.com/highlight/detail?id=2261576225","media":"Motley Fool","summary":"These two warning signs could be an indication you're trying to catch a falling knife.","content":"<div>\n<p>After you've been investing for a while, you begin to see the bright side of share-price declines, because they often present opportunities to buy great companies at discounted prices.Not every beaten...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/21/never-buy-the-dip-if-you-see-these-red-flags/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Never Buy the Dip if You See These Red Flags</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\">\nNever Buy the Dip if You See These Red Flags\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-22 23:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/08/21/never-buy-the-dip-if-you-see-these-red-flags/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After you've been investing for a while, you begin to see the bright side of share-price declines, because they often present opportunities to buy great companies at discounted prices.Not every beaten...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/21/never-buy-the-dip-if-you-see-these-red-flags/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PTON":"Peloton Interactive, Inc.",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.fool.com/investing/2022/08/21/never-buy-the-dip-if-you-see-these-red-flags/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2261576225","content_text":"After you've been investing for a while, you begin to see the bright side of share-price declines, because they often present opportunities to buy great companies at discounted prices.Not every beaten-down stock is a good investment, though. Sometimes, stocks fall for good reason, and buying them after a significant crash is actually a value trap instead of a bargain opportunity.To avoid catching falling knives, you have to be able to distinguish the quality companies the market is overlooking from the struggling businesses that will likely continue to face challenges. To that end, I never invest in beaten-down companies if I see these two red flags:The company will likely need to raise more money to fund operations.The business is facing secular headwinds.Let's unpack these two concepts by looking at an example: Peloton Interactive.Image source: Getty Images.Avoid zombies like the plagueA zombie company is a business that is on a path toward insolvency unless it manages to raise additional capital, either in the form of an additional equity offering (selling more stock) or by taking on new debt.These companies are completely dependent on new capital injections to survive, and when interest rates start to rise and the market becomes more averse to risk, they're often forced to take on new debt at very unfavorable interest rates, exacerbating their balance-sheet woes.Peloton has certainly struggled in the last year with demand dropping off a cliff and operating expenses rising.This led Dave Trainer, the CEO of the research firm New Constructs, to say the following in a recent publication: \"Peloton's issues are well telegraphed -- given the stock's decline over the past year -- but investors may not realize that the company only has a few months' worth of cash remaining to fund its operations, which puts the stock in danger of falling to $0 per share.\"Trainer's harsh comments are substantiated when you look at the company's shrinking cash position:MetricJune 30, 2020June 30, 2021March 21, 2022Cash*$1.75 billion$1.60 billion$879 millionData source: Peloton earnings reports. *Includes cash equivalents and short-term investments.The interactive fitness specialist is also burning cash at an accelerated rate, going from free-cash-flow positive in 2020 to reporting negative free cash flow for five straight quarters. And the fiscal third quarter saw the biggest outflow yet of $746.7 million.While Peloton's newly appointed CEO, Barry McCarthy, is hoping to pull off the comeback of the decade, Peloton is a company that may soon be raising capital in an environment where doing so is no longer cheap.Pass on businesses operating in declining marketsAnother major red flag is when a company operates in an industry with major secular headwinds. Peloton had a tremendous first-mover advantage which it cashed in during the pandemic as the connected-fitness industry enjoyed a surge in popularity. But as things have started returning to normal, the at-home fitness sector has experienced a complete reversal with waning demand, which is visible in Peloton's rapidly slowing revenue growth.MetricQ3 2021Q4 2021Q1 2022Q2 2022Q3 2022Revenue growth141%54%6%6%(15%)Data source: Peloton earnings reports.And Peloton is not alone. Rival fitness brand Nautilus recently announced a 70% decline in sales in the most recent quarter, while the parent company of NordicTrack scrapped its plans to go public this year among various rounds of layoffs.The at-home fitness equipment industry may eventually live up to the hype, but for the foreseeable future, it faces an uphill battle as fitness enthusiasts elect to return to gyms and outdoor activities.Buy the dip, but do it intelligently I'm a huge proponent of buying beaten-down stocks as long as they're high-quality companies. And to determine that, you need to be on the lookout for red flags.As you can see with Peloton, the potential need to raise capital to fund operations (especially when interest rates are rising) and major industry headwinds are two indications the stock could be a falling knife instead of a diamond in the rough.","news_type":1,"symbols_score_info":{"PTON":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9900449348,"gmtCreate":1658757485284,"gmtModify":1676536202639,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9900449348","repostId":"1171046243","repostType":4,"repost":{"id":"1171046243","kind":"news","pubTimestamp":1658739070,"share":"https://ttm.financial/m/news/1171046243?lang=en_US&edition=fundamental","pubTime":"2022-07-25 16:51","market":"other","language":"en","title":"Options Income Series: How To Earn High Income Consistently","url":"https://stock-news.laohu8.com/highlight/detail?id=1171046243","media":"Seeking Alpha","summary":"SummaryWe explain why selling cash-covered puts and covered calls are relatively safe choices to ear","content":"<html><head></head><body><p>Summary</p><ul><li>We explain why selling cash-covered puts and covered calls are relatively safe choices to earn a high income.</li><li>We will discuss how to formulate an options income strategy that&#39;s sustainable and repeatable.</li><li>In this monthly series, we present how to go about selecting the right kind of stocks for options income. We present two lists of 10 stocks and three scenarios, each with different goals that would be suitable to write (or sell) options to generate consistent income.</li></ul><p>With a real possibility of a recession, and a declining market, earning income by any means has become more challenging, and that would be true with Options as well. In the current market situation, which is highly volatile, we will urge extracaution and due diligence. For Options writing, always select dividend-paying stocks that you are willing to hold at least for a period of one to two years if you had to. Always keep an extra margin of safety and don&#39;t take the risk that you cannot afford. That said, with regards to Options income, an ideal market would be a rising or steady market for PUT options and a stagnant or flat market for CALL options. For PUT options, we should choose stocks from sectors that are currently favored, for example, energy, healthcare, electric, and gas utilities. Also, these stocks should display a high level of relative strength. For CALL options, we should select stocks that offer highly reliable and safe dividends besides being able to grow their earnings in spite of challenging times.</p><p>Please note that the options strategies discussed in this monthly series are limited to selling (or writing) the Covered Call options and cash-covered PUT options. We do not cover buying the Options as they are not only risky, but at the same time, they are not really suited for income strategies. The primary purpose of our options strategies is to generate income. As such, there are two sides to options. There&#39;s an option buyer for every seller of an option. When you sell an option, you earn an immediate premium, and you get to keep that premium irrespective of the outcome of the option. However, when you buy an option, you pay the premium upfront and basically buy the right to buy (or sell) the underlying security at a pre-set price (called the strike price). As an option buyer, you&#39;re essentially looking for a high gain, but your entire investment (the amount of premium paid) is at risk if the option expires worthless, which, by the way, happens the majority of the time. We believe the strategy of selling options (opposite of buying options) to generate income is the safer strategy. It&#39;s more akin to acting like an insurance provider, where you earn the premium upfront, and if you act conservatively, 80%-90% of options should expire worthless, thereby limiting your risk.</p><p>However, we do not intend to convey an impression, especially to the folks who are new to options, that there&#39;s no risk in selling options. In fact, there&#39;s plenty, especially if we are not careful. But there are ways we can minimize the risk by following certain time-tested principles.</p><ul><li>The first rule is that we should not use the margin (or borrowed) money to write or sell options. That should be a big &#39;no&#39; for conservative investors. We only recommend using cash-covered PUTs and covered CALL options.</li><li>Second, the stocks that we choose to write PUT options should be the ones that we would not mind holding for the long term. If a trade was to go against us and we&#39;re assigned the shares while the share price has dropped significantly, we could just hold the stock until the price recovers close to our buying cost.</li><li>Next, we should preferably use only dividend-paying and dividend-growing stocks for options. If we were forced to hold shares for the medium to long term, not only would we be paid for waiting, but the dividend growth stocks would have a much better chance of recovering quickly.</li><li>Lastly, but not least, we should not chase very high premium rates to avoid risk, as they&#39;re high for a reason. We should keep our expectations in check and aim to earn an average of 10% to 15% premium (annualized) on dividend stocks.</li></ul><p>Author&#39;s Note: This article is part of our periodic series that attempts to present three lists of stocks that could be suitable for writing options to generate safe income. Certain parts of the introduction, definitions and the section describing the selection process may have some commonality and repetitiveness with our other articles in the series. This is unavoidable as well as intentional to keep the entire series consistent and easy to follow for new readers. Regular readers who follow the series from month to month could skip such sections.</p><p>All tables in this article have been created by the author (unless explicitly specified). Most of the data in this article are sourced fromFidelity, Yahoo Finance, DripInvesting, andBarchart.com.</p><p><b>Options Income Strategy 101</b></p><p><i>Note: This section is for readers who do not have much prior exposure or experience with options. Other readers could skip this section.</i></p><p>You&#39;re basically acting as an insurance company and providing insurance to the buyer of the option for stock at a certain stock price for a limited period of time. There are obviously two types of options that you can sell (or write) to generate a premium.</p><ol><li>You already hold a stock (of at least 100 shares), or you buy 100 shares of a company. Then you turn around and sell (or write) a call option to guarantee the counterparty that you would sell your shares at a certain maximum price (called Strike-Price) until the expiry of a certain period (called expiration period). This type of call option is also called the covered call option since you already hold those shares. If the price of the underlying security goes above the strike price, the buyer of your call has the right to exercise the option and buy your shares at the strike price. If the share price of the underlying security does not go above the strike price, the buyer of the call would not have any incentive to exercise the call. There&#39;s one caveat here. If the stock has a dividend-ex date falling before the expiry date, the buyer could exercise the option even if the stock price is slightly below the strike price just to capture the dividend. So, prior to selling a call option, we need to be aware of ex-dividend dates so that we&#39;re not surprised later. Also, we should consider if the premium is good enough for this period.</li><li>You do not hold the stock. You sell (or write) a cash-covered put option on 100 shares of the stock (or one put option contract) at a certain price (called the strike price) for a certain period of time (called the expiry period) at a certain option premium. In other words, you agree to buy 100 shares of the stock at the strike price until the expiry date. You also provide your broker with enough cash reserve for the value of this contract. As long as the share price remains above the strike price until the expiry date, you would not be &#34;put&#34; the shares, and the option will expire worthlessly. But you will keep the premium that you earned at the time of selling the option. However, if the price falls below the strike price on or before the expiration date, the buyer of your option has the right to &#34;put&#34; the shares to you at the strike price. That means you will be required to buy those 100 shares (assuming one contract) at the strike price. Since you already had reserved the cash with your broker, you are covered for the purchase. So, now you own 100 shares of the underlying stock.</li></ol><p><b>Can it be a Sustainable and Repeatable Income Strategy?</b></p><p>We definitely think so. Any strategy that cannot be repeated with reasonable success on a consistent basis would not be much useful. However, we believe the strategy to write options on dividend stocks is both repeatable and sustainable. In fact, if you act conservatively and limit this strategy to only certain kinds of stocks, you can safely generate a 10%-12% average income and up to 12%-15% CAGR (Compound Annual Growth Rate). Sure, as with any strategy, there are a few downsides. The strategy needs some work on a regular basis, though depending upon the number of positions, just a few hours a month should be enough. You have to be very careful with the selection of stocks. As stated earlier, the first and most important rule is that the stocks that you choose are the ones that you do not mind holding for the long term. The second rule is consistency that we follow the discipline and follow the process as per the pre-determined rules.</p><p><b>Selection Strategy For Underlying Stocks</b></p><p>One of the most important aspects of writing or selling options is to select the right kind of stocks and to use the right kind of options strategy. What kind of stocks will be suitable will depend on the investor&#39;s goals and risk profile? In this monthly series, we will present three lists of 10 stocks, each with different characteristics. Please note that some stocks may appear in multiple lists. We will scan the complete universe of stocks and apply some broad-based filtering criteria to make our list smaller.</p><ol><li>Market cap of the company larger than $10 Billion</li><li>Daily volume for the underlying stock to be &gt; 100,000</li><li>Dividend yield preferably &gt; 1.20% (at least higher than the S&amp;P 500 yield); however, we would make some exceptions for well-established dividend stocks (for example, stocks like Apple, Microsoft, and many others).</li></ol><p>By applying the above criteria, we get roughly 600 stocks.</p><p>Since our goal is to look for companies that we do NOT mind owning for at least in the short to medium term, we will filter out the companies that have less than five years of dividend growth history. This filter leaves us roughly 275 companies that have a consistent record of paying growing dividends for at least five years, preferably longer.</p><p>Now, we will import financial data for each company in our list. We want to see the dividend safety of each company at least on a relative basis. So, we import the following data elements:</p><ol><li>Number of years of dividend growth history</li><li>Dividend growth during the last one year, three years, and five years</li><li>Dividend Payout Ratio (preferably based on cash-flow basis rather than EPS)</li><li>Debt/Capital</li><li>Return on Capital - ROC</li><li>Sales Growth during the last five years</li><li>Credit Rating (from S&amp;P)</li></ol><p>We will combine these factors and calculate a dividend safety score for each company. Sure, a high safety score would not guarantee absolute safety because business conditions can change over time, new competition can emerge, or the management can make some bad decisions destroying shareholder value. But it will at least provide a reasonable level of assurance that the company has the financial capability to continue making its dividend payments.</p><p>We also will import the data on price movements related to 1-week, 4-weeks, and 12-week price performance for the selected stocks.</p><p>We&#39;re going to use our proprietary formulas (as detailed below) to calculate the optimal strike prices for CALL and PUT options. However, there are many other ways to determine the appropriate strike prices. The readers are encouraged to try several methods before determining what works best for them. There are many other ways to determine the appropriate strike prices. Your brokerage provider may provide more information on variables like delta, gamma, theta, etc., and how they can be relevant to options.</p><p>We will also calculate the following ratios and factors:</p><ul><li><b>The Distance ratio:</b></li></ul><p>Distance-Ratio = (52-WK-HIGH - 52-WK-LOW)/((52-WK-HIGH + 52-WK-LOW)/2)</p><p>Distance-Ratio % = Distance-Ratio x 100</p><ul><li><b>Strike-Price Safe Distance</b></li></ul><p>Strike-Price-Safe-Distance % = [(Distance-Ratio %) x STPR-factor (STRIKE-PRICE-factor)] / 10</p><p>Whereas STPRC-factor = 1.2 (can vary from 1.0 to 1.5)</p><ul><li><b>CALL Option Strike-price</b>= Close-price + (Close-price x Strike-Price-Safe-Distance)</li></ul><p>This price may need to be rounded to the lowest dollar or half-dollar amount depending upon what strike prices are prevailing for the underlying stock for the specific strike date.</p><ul><li><b>PUT Option Strike-price</b>= Close-price - (Close-price x Strike-Price-Safe-Distance)</li></ul><p>This price may need to be rounded up to the nearest dollar or half-dollar amount depending upon what strike prices are prevailing for the underlying stock for the specific strike date.</p><p>Below, we present two lists of 10 stocks each, one for writing PUT options and the other one for writing CALL options. The second list is presented with two different options - the first one with stocks that you may want to own (or already own), whereas the second one is using the same stocks for the purpose of earning a high rate of income but possibly avoiding owning them. Please note that some stocks may appear in multiple lists as they may satisfy the criteria for more than one category.</p><p><b>10 Option Stocks Suitable For PUT Options</b></p><p>For PUT options with the primary objective of generating income, we would want to see them expire worthless. So, we will analyze the 1-week, 4-week, and 12-week price performance and try to see if it&#39;s a rising trend or a downward trend. For writing (or selling) PUT Options, we want to select stocks that have a rising trend. These are the stocks that generally would have high relative strength or momentum. That will help ensure that, more than likely, the PUT option will expire worthless. In the reverse situation, if the option was assigned and we were put the shares, the rising trend will help that we are able to write the CALL option immediately with a good premium.</p><p>In our list, we are careful not to put too many names from the same industry segment. We generally limit to two or three names from the same sector for the sake of avoiding too much concentration in one sector.</p><p>One important caveat for selling PUT options: Do not start a PUT option on a stock that you do not see yourself holding for an extended period of time.</p><p>Here are the top 10 large-cap stocks for PUT options:</p><p>(MRK), (GPC), (CSL), (LLY), (SYY), (CTRA), (BAH), (ADI), (HSY), (QCOM).</p><p>Table 1:</p><p><img src=\"https://static.tigerbbs.com/3d3e1945ba9b302ce9a2cc21d353dc4f\" tg-width=\"1517\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/>Below, we present the current PUT Options trades and current premiums that we can expect for the above ten stocks. Please note that due to the current market environment, we have selected very conservative strike prices and sacrificed a little bit of premium income. So, the average premium or annualized returns are slightly on the lower side.</p><p>Table 1A:</p><p><img src=\"https://static.tigerbbs.com/5ea1479b6be71809af4aa0b0568e825c\" tg-width=\"1137\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/><b>10 Option Stocks With Safe Dividends (PART-A)</b></p><p>In this category (part-A), we&#39;re assuming that you already own these stocks (or you will be happy to own them at the right price). So, we&#39;re aiming for an average of 2% dividend and roughly 10%-12% income by writing call options.</p><p>In this category, we will list ten large-cap stocks that are perceived to have very safe dividends. There&#39;s nothing that we can claim to be absolutely safe in the investing world - the same can be said about dividends. But based on various financial metrics, we can shortlist companies that have low payout ratios, low debt, high credit ratings, positive top-line growth, and have been consistently growing their dividends. We present ten such companies below:</p><p>Our Top 10 Stocks with Very Safe Dividends for (BUY-WRITE) CALL options:</p><p>(EXPD), (DHI), (CTRA), (MSFT), (JBHT), (LRCX), (TROW), (ALL), (BMY), (AMAT).</p><p>Table 2:</p><p><img src=\"https://static.tigerbbs.com/021a32ca617209dd0a17b5676189586d\" tg-width=\"1613\" tg-height=\"407\" referrerpolicy=\"no-referrer\"/>Note: The &#34;Net Dividend Rating&#34; (the last column above) is based on recent past parameters like 5-year dividend growth, number of years of dividend growth, Payout Ratio based on cash flow, ROC, Sales growth, and Debt/capital.</p><p>Below, we present the current CALL Option trades and current premiums that we can expect for the above ten stocks.</p><p>Table 2A:</p><p><img src=\"https://static.tigerbbs.com/acf3f73dc1db544fa660d61e2b0e4524\" tg-width=\"1170\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/>10 Option Stocks With Safe Dividends (PART-B)</p><p>In this part, we are assuming that you do not own these stocks to start with, and your goal is NOT to own these stocks but simply to earn a high income (&gt; 20% annualized rate). Even then, there is always a chance that we could end up owning these companies, so we want to make sure that their dividends are safe. Also, this option is good if you think that the market will fall further from the current levels.</p><p>To achieve this, we will use the buy-write CALL option (for one contract, buy 100 shares and sell one call-option contract at the same time). Since the goal is simply to earn a high income, we will sell call-option with a strike price that is either ITM (in-the-money) or NTM (near the money), meaning either below the current price or near the current market price. In fact, with the market going through a period of high volatility, we are writing call options deep in-the-money. In normal circumstances, odds will be very high that the shares will get called away, and we will earn a high premium. It&#39;s also possible in some cases that the shares are not called away as the price may fall substantially. In such a case, our cost basis will be much lower (roughly 5% lower than the current price due to the premium already earned), and we can write another set of call-option.</p><p>However, there&#39;s one caveat here, and it&#39;s an important one. In case you write such call options on a large number of stocks (10 different stocks in our example below), and if the market was to take a deep dive (&gt; 10% down) during the option period (which is always a possibility but more so in the current environment), the majority of our shares would NOT get called away, and you will end up owning most of these stocks, albeit at much-reduced cost basis. So, it&#39;s important to know how much capital you&#39;re willing to commit and if you can really afford to allocate it. Secondly, you always want to use this strategy with stocks that you do not mind owning and holding for an extended period of time.</p><p>This list of stocks is the same as in Part-A:</p><p>(EXPD), (DHI), (CTRA), (MSFT), (JBHT), (LRCX), (TROW), (ALL), (BMY), (AMAT).</p><p>Table 3:</p><p><img src=\"https://static.tigerbbs.com/2c74995ea119ec444d3ab012e94610cc\" tg-width=\"1198\" tg-height=\"465\" referrerpolicy=\"no-referrer\"/>Conclusion</p><p>We have presented two lists with ten stocks each. The second list is presented with two possible action strategies. Please review the goals of these two distinct strategies carefully. Each stock has been carefully selected based on the strategy. We think these lists could be great selections for writing/selling PUT or CALL options. We have tried to put relatively safe stocks in both groups; however, the stocks listed in the second list (parts A and B) for call options (or buy-write call options) have been specifically filtered based on the safety of the dividend.</p><p>We expect 70% to 80% of our options to expire worthless, earning us the upfront premium. But there will be times (just like the current market environment) when we are assigned a stock. Usually, it should not be a problem, as we can turn around and write a covered call option. But there will be times, especially during high volatility periods, the stock price may drop unexpectedly and much below our strike price. In such cases that are hard to predict, we will have to sell CALL options far out of money, earning us very little premium (or sometimes no premium at all) but still earning the dividends. This will reduce the overall premium yields by 2%-3% in the long term, but this can be easily offset by the capital gains we may earn from time to time. So, overall, it may be quite reasonable and realistic for us to expect 10% to 12% income on a consistent basis, as long as we play it wisely and conservatively.</p><p>As stated earlier, we usually aim for an average of 10%-12% annualized premium. In the current environment, meeting that target is not a problem, but we need to be extra diligent in what stocks and strike prices we choose. We have used our proprietary formulas to calculate the optimal strike prices. That said, there are many other ways to determine the appropriate strike prices.</p><p>In order to have a conservative strategy, we have limited our choices of stocks that are large-cap (cap above $10 billion), offer respectable yields, have at least five years of dividend growth history, and generate enough cash to cover their dividends.</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>Options Income Series: How To Earn High Income Consistently</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\">\nOptions Income Series: How To Earn High Income Consistently\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-25 16:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4524720-options-income-series-how-to-earn-high-income-consistently-july-2022><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryWe explain why selling cash-covered puts and covered calls are relatively safe choices to earn a high income.We will discuss how to formulate an options income strategy that's sustainable and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4524720-options-income-series-how-to-earn-high-income-consistently-july-2022\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4524720-options-income-series-how-to-earn-high-income-consistently-july-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171046243","content_text":"SummaryWe explain why selling cash-covered puts and covered calls are relatively safe choices to earn a high income.We will discuss how to formulate an options income strategy that's sustainable and repeatable.In this monthly series, we present how to go about selecting the right kind of stocks for options income. We present two lists of 10 stocks and three scenarios, each with different goals that would be suitable to write (or sell) options to generate consistent income.With a real possibility of a recession, and a declining market, earning income by any means has become more challenging, and that would be true with Options as well. In the current market situation, which is highly volatile, we will urge extracaution and due diligence. For Options writing, always select dividend-paying stocks that you are willing to hold at least for a period of one to two years if you had to. Always keep an extra margin of safety and don't take the risk that you cannot afford. That said, with regards to Options income, an ideal market would be a rising or steady market for PUT options and a stagnant or flat market for CALL options. For PUT options, we should choose stocks from sectors that are currently favored, for example, energy, healthcare, electric, and gas utilities. Also, these stocks should display a high level of relative strength. For CALL options, we should select stocks that offer highly reliable and safe dividends besides being able to grow their earnings in spite of challenging times.Please note that the options strategies discussed in this monthly series are limited to selling (or writing) the Covered Call options and cash-covered PUT options. We do not cover buying the Options as they are not only risky, but at the same time, they are not really suited for income strategies. The primary purpose of our options strategies is to generate income. As such, there are two sides to options. There's an option buyer for every seller of an option. When you sell an option, you earn an immediate premium, and you get to keep that premium irrespective of the outcome of the option. However, when you buy an option, you pay the premium upfront and basically buy the right to buy (or sell) the underlying security at a pre-set price (called the strike price). As an option buyer, you're essentially looking for a high gain, but your entire investment (the amount of premium paid) is at risk if the option expires worthless, which, by the way, happens the majority of the time. We believe the strategy of selling options (opposite of buying options) to generate income is the safer strategy. It's more akin to acting like an insurance provider, where you earn the premium upfront, and if you act conservatively, 80%-90% of options should expire worthless, thereby limiting your risk.However, we do not intend to convey an impression, especially to the folks who are new to options, that there's no risk in selling options. In fact, there's plenty, especially if we are not careful. But there are ways we can minimize the risk by following certain time-tested principles.The first rule is that we should not use the margin (or borrowed) money to write or sell options. That should be a big 'no' for conservative investors. We only recommend using cash-covered PUTs and covered CALL options.Second, the stocks that we choose to write PUT options should be the ones that we would not mind holding for the long term. If a trade was to go against us and we're assigned the shares while the share price has dropped significantly, we could just hold the stock until the price recovers close to our buying cost.Next, we should preferably use only dividend-paying and dividend-growing stocks for options. If we were forced to hold shares for the medium to long term, not only would we be paid for waiting, but the dividend growth stocks would have a much better chance of recovering quickly.Lastly, but not least, we should not chase very high premium rates to avoid risk, as they're high for a reason. We should keep our expectations in check and aim to earn an average of 10% to 15% premium (annualized) on dividend stocks.Author's Note: This article is part of our periodic series that attempts to present three lists of stocks that could be suitable for writing options to generate safe income. Certain parts of the introduction, definitions and the section describing the selection process may have some commonality and repetitiveness with our other articles in the series. This is unavoidable as well as intentional to keep the entire series consistent and easy to follow for new readers. Regular readers who follow the series from month to month could skip such sections.All tables in this article have been created by the author (unless explicitly specified). Most of the data in this article are sourced fromFidelity, Yahoo Finance, DripInvesting, andBarchart.com.Options Income Strategy 101Note: This section is for readers who do not have much prior exposure or experience with options. Other readers could skip this section.You're basically acting as an insurance company and providing insurance to the buyer of the option for stock at a certain stock price for a limited period of time. There are obviously two types of options that you can sell (or write) to generate a premium.You already hold a stock (of at least 100 shares), or you buy 100 shares of a company. Then you turn around and sell (or write) a call option to guarantee the counterparty that you would sell your shares at a certain maximum price (called Strike-Price) until the expiry of a certain period (called expiration period). This type of call option is also called the covered call option since you already hold those shares. If the price of the underlying security goes above the strike price, the buyer of your call has the right to exercise the option and buy your shares at the strike price. If the share price of the underlying security does not go above the strike price, the buyer of the call would not have any incentive to exercise the call. There's one caveat here. If the stock has a dividend-ex date falling before the expiry date, the buyer could exercise the option even if the stock price is slightly below the strike price just to capture the dividend. So, prior to selling a call option, we need to be aware of ex-dividend dates so that we're not surprised later. Also, we should consider if the premium is good enough for this period.You do not hold the stock. You sell (or write) a cash-covered put option on 100 shares of the stock (or one put option contract) at a certain price (called the strike price) for a certain period of time (called the expiry period) at a certain option premium. In other words, you agree to buy 100 shares of the stock at the strike price until the expiry date. You also provide your broker with enough cash reserve for the value of this contract. As long as the share price remains above the strike price until the expiry date, you would not be \"put\" the shares, and the option will expire worthlessly. But you will keep the premium that you earned at the time of selling the option. However, if the price falls below the strike price on or before the expiration date, the buyer of your option has the right to \"put\" the shares to you at the strike price. That means you will be required to buy those 100 shares (assuming one contract) at the strike price. Since you already had reserved the cash with your broker, you are covered for the purchase. So, now you own 100 shares of the underlying stock.Can it be a Sustainable and Repeatable Income Strategy?We definitely think so. Any strategy that cannot be repeated with reasonable success on a consistent basis would not be much useful. However, we believe the strategy to write options on dividend stocks is both repeatable and sustainable. In fact, if you act conservatively and limit this strategy to only certain kinds of stocks, you can safely generate a 10%-12% average income and up to 12%-15% CAGR (Compound Annual Growth Rate). Sure, as with any strategy, there are a few downsides. The strategy needs some work on a regular basis, though depending upon the number of positions, just a few hours a month should be enough. You have to be very careful with the selection of stocks. As stated earlier, the first and most important rule is that the stocks that you choose are the ones that you do not mind holding for the long term. The second rule is consistency that we follow the discipline and follow the process as per the pre-determined rules.Selection Strategy For Underlying StocksOne of the most important aspects of writing or selling options is to select the right kind of stocks and to use the right kind of options strategy. What kind of stocks will be suitable will depend on the investor's goals and risk profile? In this monthly series, we will present three lists of 10 stocks, each with different characteristics. Please note that some stocks may appear in multiple lists. We will scan the complete universe of stocks and apply some broad-based filtering criteria to make our list smaller.Market cap of the company larger than $10 BillionDaily volume for the underlying stock to be > 100,000Dividend yield preferably > 1.20% (at least higher than the S&P 500 yield); however, we would make some exceptions for well-established dividend stocks (for example, stocks like Apple, Microsoft, and many others).By applying the above criteria, we get roughly 600 stocks.Since our goal is to look for companies that we do NOT mind owning for at least in the short to medium term, we will filter out the companies that have less than five years of dividend growth history. This filter leaves us roughly 275 companies that have a consistent record of paying growing dividends for at least five years, preferably longer.Now, we will import financial data for each company in our list. We want to see the dividend safety of each company at least on a relative basis. So, we import the following data elements:Number of years of dividend growth historyDividend growth during the last one year, three years, and five yearsDividend Payout Ratio (preferably based on cash-flow basis rather than EPS)Debt/CapitalReturn on Capital - ROCSales Growth during the last five yearsCredit Rating (from S&P)We will combine these factors and calculate a dividend safety score for each company. Sure, a high safety score would not guarantee absolute safety because business conditions can change over time, new competition can emerge, or the management can make some bad decisions destroying shareholder value. But it will at least provide a reasonable level of assurance that the company has the financial capability to continue making its dividend payments.We also will import the data on price movements related to 1-week, 4-weeks, and 12-week price performance for the selected stocks.We're going to use our proprietary formulas (as detailed below) to calculate the optimal strike prices for CALL and PUT options. However, there are many other ways to determine the appropriate strike prices. The readers are encouraged to try several methods before determining what works best for them. There are many other ways to determine the appropriate strike prices. Your brokerage provider may provide more information on variables like delta, gamma, theta, etc., and how they can be relevant to options.We will also calculate the following ratios and factors:The Distance ratio:Distance-Ratio = (52-WK-HIGH - 52-WK-LOW)/((52-WK-HIGH + 52-WK-LOW)/2)Distance-Ratio % = Distance-Ratio x 100Strike-Price Safe DistanceStrike-Price-Safe-Distance % = [(Distance-Ratio %) x STPR-factor (STRIKE-PRICE-factor)] / 10Whereas STPRC-factor = 1.2 (can vary from 1.0 to 1.5)CALL Option Strike-price= Close-price + (Close-price x Strike-Price-Safe-Distance)This price may need to be rounded to the lowest dollar or half-dollar amount depending upon what strike prices are prevailing for the underlying stock for the specific strike date.PUT Option Strike-price= Close-price - (Close-price x Strike-Price-Safe-Distance)This price may need to be rounded up to the nearest dollar or half-dollar amount depending upon what strike prices are prevailing for the underlying stock for the specific strike date.Below, we present two lists of 10 stocks each, one for writing PUT options and the other one for writing CALL options. The second list is presented with two different options - the first one with stocks that you may want to own (or already own), whereas the second one is using the same stocks for the purpose of earning a high rate of income but possibly avoiding owning them. Please note that some stocks may appear in multiple lists as they may satisfy the criteria for more than one category.10 Option Stocks Suitable For PUT OptionsFor PUT options with the primary objective of generating income, we would want to see them expire worthless. So, we will analyze the 1-week, 4-week, and 12-week price performance and try to see if it's a rising trend or a downward trend. For writing (or selling) PUT Options, we want to select stocks that have a rising trend. These are the stocks that generally would have high relative strength or momentum. That will help ensure that, more than likely, the PUT option will expire worthless. In the reverse situation, if the option was assigned and we were put the shares, the rising trend will help that we are able to write the CALL option immediately with a good premium.In our list, we are careful not to put too many names from the same industry segment. We generally limit to two or three names from the same sector for the sake of avoiding too much concentration in one sector.One important caveat for selling PUT options: Do not start a PUT option on a stock that you do not see yourself holding for an extended period of time.Here are the top 10 large-cap stocks for PUT options:(MRK), (GPC), (CSL), (LLY), (SYY), (CTRA), (BAH), (ADI), (HSY), (QCOM).Table 1:Below, we present the current PUT Options trades and current premiums that we can expect for the above ten stocks. Please note that due to the current market environment, we have selected very conservative strike prices and sacrificed a little bit of premium income. So, the average premium or annualized returns are slightly on the lower side.Table 1A:10 Option Stocks With Safe Dividends (PART-A)In this category (part-A), we're assuming that you already own these stocks (or you will be happy to own them at the right price). So, we're aiming for an average of 2% dividend and roughly 10%-12% income by writing call options.In this category, we will list ten large-cap stocks that are perceived to have very safe dividends. There's nothing that we can claim to be absolutely safe in the investing world - the same can be said about dividends. But based on various financial metrics, we can shortlist companies that have low payout ratios, low debt, high credit ratings, positive top-line growth, and have been consistently growing their dividends. We present ten such companies below:Our Top 10 Stocks with Very Safe Dividends for (BUY-WRITE) CALL options:(EXPD), (DHI), (CTRA), (MSFT), (JBHT), (LRCX), (TROW), (ALL), (BMY), (AMAT).Table 2:Note: The \"Net Dividend Rating\" (the last column above) is based on recent past parameters like 5-year dividend growth, number of years of dividend growth, Payout Ratio based on cash flow, ROC, Sales growth, and Debt/capital.Below, we present the current CALL Option trades and current premiums that we can expect for the above ten stocks.Table 2A:10 Option Stocks With Safe Dividends (PART-B)In this part, we are assuming that you do not own these stocks to start with, and your goal is NOT to own these stocks but simply to earn a high income (> 20% annualized rate). Even then, there is always a chance that we could end up owning these companies, so we want to make sure that their dividends are safe. Also, this option is good if you think that the market will fall further from the current levels.To achieve this, we will use the buy-write CALL option (for one contract, buy 100 shares and sell one call-option contract at the same time). Since the goal is simply to earn a high income, we will sell call-option with a strike price that is either ITM (in-the-money) or NTM (near the money), meaning either below the current price or near the current market price. In fact, with the market going through a period of high volatility, we are writing call options deep in-the-money. In normal circumstances, odds will be very high that the shares will get called away, and we will earn a high premium. It's also possible in some cases that the shares are not called away as the price may fall substantially. In such a case, our cost basis will be much lower (roughly 5% lower than the current price due to the premium already earned), and we can write another set of call-option.However, there's one caveat here, and it's an important one. In case you write such call options on a large number of stocks (10 different stocks in our example below), and if the market was to take a deep dive (> 10% down) during the option period (which is always a possibility but more so in the current environment), the majority of our shares would NOT get called away, and you will end up owning most of these stocks, albeit at much-reduced cost basis. So, it's important to know how much capital you're willing to commit and if you can really afford to allocate it. Secondly, you always want to use this strategy with stocks that you do not mind owning and holding for an extended period of time.This list of stocks is the same as in Part-A:(EXPD), (DHI), (CTRA), (MSFT), (JBHT), (LRCX), (TROW), (ALL), (BMY), (AMAT).Table 3:ConclusionWe have presented two lists with ten stocks each. The second list is presented with two possible action strategies. Please review the goals of these two distinct strategies carefully. Each stock has been carefully selected based on the strategy. We think these lists could be great selections for writing/selling PUT or CALL options. We have tried to put relatively safe stocks in both groups; however, the stocks listed in the second list (parts A and B) for call options (or buy-write call options) have been specifically filtered based on the safety of the dividend.We expect 70% to 80% of our options to expire worthless, earning us the upfront premium. But there will be times (just like the current market environment) when we are assigned a stock. Usually, it should not be a problem, as we can turn around and write a covered call option. But there will be times, especially during high volatility periods, the stock price may drop unexpectedly and much below our strike price. In such cases that are hard to predict, we will have to sell CALL options far out of money, earning us very little premium (or sometimes no premium at all) but still earning the dividends. This will reduce the overall premium yields by 2%-3% in the long term, but this can be easily offset by the capital gains we may earn from time to time. So, overall, it may be quite reasonable and realistic for us to expect 10% to 12% income on a consistent basis, as long as we play it wisely and conservatively.As stated earlier, we usually aim for an average of 10%-12% annualized premium. In the current environment, meeting that target is not a problem, but we need to be extra diligent in what stocks and strike prices we choose. We have used our proprietary formulas to calculate the optimal strike prices. That said, there are many other ways to determine the appropriate strike prices.In order to have a conservative strategy, we have limited our choices of stocks that are large-cap (cap above $10 billion), offer respectable yields, have at least five years of dividend growth history, and generate enough cash to cover their dividends.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9075192358,"gmtCreate":1658157576874,"gmtModify":1676536114185,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075192358","repostId":"2252476857","repostType":4,"isVote":1,"tweetType":1,"viewCount":1683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9029549748,"gmtCreate":1652802414584,"gmtModify":1676535164876,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Light end of tunnel?","listText":"Light end of tunnel?","text":"Light end of tunnel?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9029549748","repostId":"1161809441","repostType":4,"repost":{"id":"1161809441","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":1652801277,"share":"https://ttm.financial/m/news/1161809441?lang=en_US&edition=fundamental","pubTime":"2022-05-17 23:27","market":"us","language":"en","title":"U.S. Stocks Remained High in Morning Trading, Nasdaq Index and S&P500 Surged Over 1%","url":"https://stock-news.laohu8.com/highlight/detail?id=1161809441","media":"Tiger Newspress","summary":"U.S. Stocks Remained High in Morning Trading. Dow Jones rose 0.62%, while Nasdaq, S&P 500 rose 1.52%","content":"<html><head></head><body><p>U.S. Stocks Remained High in Morning Trading. Dow Jones rose 0.62%, while Nasdaq, S&amp;P 500 rose 1.52% and 1.17% separately. <img src=\"https://static.tigerbbs.com/5a20f0c20ba74a38a02f4e081740e8f1\" tg-width=\"527\" tg-height=\"115\" width=\"100%\" height=\"auto\"/></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>U.S. Stocks Remained High in Morning Trading, Nasdaq Index and S&P500 Surged Over 1%</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\">\nU.S. Stocks Remained High in Morning Trading, Nasdaq Index and S&P500 Surged Over 1%\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\">2022-05-17 23:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. Stocks Remained High in Morning Trading. Dow Jones rose 0.62%, while Nasdaq, S&amp;P 500 rose 1.52% and 1.17% separately. <img src=\"https://static.tigerbbs.com/5a20f0c20ba74a38a02f4e081740e8f1\" tg-width=\"527\" tg-height=\"115\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161809441","content_text":"U.S. Stocks Remained High in Morning Trading. Dow Jones rose 0.62%, while Nasdaq, S&P 500 rose 1.52% and 1.17% separately.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9067616387,"gmtCreate":1652452625149,"gmtModify":1676535103856,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Creating ripples","listText":"Creating ripples","text":"Creating ripples","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9067616387","repostId":"1148380517","repostType":4,"isVote":1,"tweetType":1,"viewCount":1180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9065527253,"gmtCreate":1652224746472,"gmtModify":1676535054039,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Is DIS cyclical?","listText":"Is DIS cyclical?","text":"Is DIS cyclical?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9065527253","repostId":"2234369138","repostType":4,"repost":{"id":"2234369138","kind":"highlight","pubTimestamp":1652196004,"share":"https://ttm.financial/m/news/2234369138?lang=en_US&edition=fundamental","pubTime":"2022-05-10 23:20","market":"us","language":"en","title":"Can Disney Save the Market on Wednesday?","url":"https://stock-news.laohu8.com/highlight/detail?id=2234369138","media":"Motley Fool","summary":"The pieces are in place for blowout quarterly results by Disney, and it could be the upbeat bellwether report the market has been waiting for.","content":"<div>\n<p>KEY POINTSDisney reports fiscal second-quarter results on Wednesday afternoon.Analysts see revenue climbing 21%, with earnings more than doubling from the prior year's depressed results.A strong ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/10/can-disney-save-the-market-on-wednesday/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Disney Save the Market on Wednesday?</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\">\nCan Disney Save the Market on Wednesday?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-10 23:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/05/10/can-disney-save-the-market-on-wednesday/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSDisney reports fiscal second-quarter results on Wednesday afternoon.Analysts see revenue climbing 21%, with earnings more than doubling from the prior year's depressed results.A strong ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/10/can-disney-save-the-market-on-wednesday/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://www.fool.com/investing/2022/05/10/can-disney-save-the-market-on-wednesday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2234369138","content_text":"KEY POINTSDisney reports fiscal second-quarter results on Wednesday afternoon.Analysts see revenue climbing 21%, with earnings more than doubling from the prior year's depressed results.A strong report by the market bellwether could improve sentiment for all stocks.There's a lot of spinning in the dark for Walt Disney  investors these days, and I'm not just talking about folks riding the new Guardians of the Galaxy indoor coaster at Disney World that officially opens later this month. The media giant finds itself back on top of the battle for box office receipts, and its theme parks are packed despite getting tangled up with conservative politicos in Florida.The shares are now trading 47% below where they were at their peak 14 months ago. Disney reports fresh financials after Wednesday's market close. Let's go over some of the reasons it could be a better-than-expected quarterly report.Image source: Disney.It's a great big beautiful tomorrowExpectations are reasonable heading into Wednesday's fiscal second-quarter report. Analysts expect the leading media stock to report revenue of $18.88 billion for the first three calendar months of this year. That translates into a beefy 21% increase from last year's showing, but keep in mind that Disney's cruise line and even Disneyland itself weren't open in the prior year's fiscal second quarter. Disney also held back on major theatrical releases -- outside of the poorly performing Raya and the Last Dragon in March of last year -- as major studios delayed high-profile films.Analysts see earnings more than doubling to $1.07 a share, but Wall Street pros aimed too low last time. In short, the pieces are in place for Disney to deliver blowout results. With patrons returning to movie theaters, theme parks posting record revenue and operating income, and Disney cruise ships on the open seas again, the real shock here would be if Disney doesn't blow Wall Street estimates away.Obviously, a strong quarter isn't enough. Disney produced an initially well-received fiscal first quarter, and the stock has plunged 27% since that report back in February.Disney shares hit a 23-month low on Monday, so it shouldn't take much to impress the market this week. But things can still go wrong. Disney+ can have a rough quarter the way we saw the leading premium video service do last month. Cord-cutters and hesitant advertisers can eat it into its media networks business. It also doesn't help that even a \"beat and raise\" report isn't enough to trigger a rally lately.There's also the surprising reality that Disney isn't as cheap as you might think for a blue chip that has been nearly cut in half since hitting all-time highs in March of last year. Disney is trading for 26 times this fiscal year's projected earnings and a more palatable 20 times next year's target. Losses at Disney+ that are expected to continue until 2024, and margins contracting from where they were six years ago are gnawing away at the bottom line.We're not at peak Disney, and that goes for both the business and the stock. However, it's easy to see its theme parks and cruise lines continue to thrive barring a global recession. You don't want to bet against the momentum that Disney+ has generated in less than three years, and we're now two years away from when it adds to the bottom line instead of subtracts from it. As a bellwether for entertainment stocks, a well-received report can do more than lift the sentiment for just Disney stock. If it really surprises Wall Street -- in a market hungry for good news that it can sink its teeth too -- the House of Mouse could save the stock market itself.","news_type":1,"symbols_score_info":{"DIS":1}},"isVote":1,"tweetType":1,"viewCount":930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066314892,"gmtCreate":1651849611316,"gmtModify":1676534983797,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093844010993360","authorIdStr":"4093844010993360"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066314892","repostId":"2233330483","repostType":2,"repost":{"id":"2233330483","kind":"highlight","pubTimestamp":1651838945,"share":"https://ttm.financial/m/news/2233330483?lang=en_US&edition=fundamental","pubTime":"2022-05-06 20:09","market":"us","language":"en","title":"Is It Safer to Pull Your Money Out of the Stock Market or Keep Investing for Now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2233330483","media":"Motley Fool","summary":"Time in the market is important.","content":"<div>\n<p>It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is It Safer to Pull Your Money Out of the Stock Market or Keep Investing for Now?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs It Safer to Pull Your Money Out of the Stock Market or Keep Investing for Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-06 20:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2233330483","content_text":"It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling your money out of the stock market during down periods can often do more harm than good in the long term. Here's why you should keep investing during such periods.Image source: Getty Images.Use down periods to lower your cost basisAlthough nobody likes seeing their investments decline in price, it can actually be a good opportunity for long-term investors because it's a chance to lower your cost basis. Your cost basis essentially tells you the average price you paid per share for a particular company. If you bought 10 shares of a company at $100 each, your cost basis would be $100. If the stock's price dropped to $80 and you purchased 10 more shares, your new cost basis would be $90 ($1,800 spent / 20 shares owned).Lowering your cost basis is valuable because it increases your profit whenever you eventually sell your shares. Imagine you own 20 shares with a $90 cost basis, and someone else also owns 20 shares of the same company but with a $100 cost basis. If that stock's price increases to $150 and you both sell, you would have profited $1,200, and they would have profited $1,000.Although you both own the same number of shares, your profits are higher because you were able to lower your cost basis.If you're investing in sound businesses, don't panic over short-term drops in price; consider it a blessing in disguise and put yourself in a better long-term position.Time in the market is important\"Time in the market is better than timing the market\" is an investing saying that has stood the test of time -- and it's one investors should always keep in mind. On one end, it points to how timing the market is virtually impossible to do consistently long term. It also speaks to the power of time in the market -- especially regarding dividends.Companies pay out dividends to reward their shareholders for holding on to their investments. If you're investing in dividend-paying companies (preferably Dividend Aristocrats or Dividend Kings, which also have stood the test of time), you're doing yourself a disservice if you pull your money out due to drops in the market.If you have $10,000 invested in a company or fund with a 3% annual dividend yield, you can expect to receive $300 in dividends each year. If the stock's price is rising, you can expect that dividend payout; if the stock's price is dropping, you can expect that dividend payout. The company's stock price shouldn't be your only focus as long as it manages to keep paying out dividends.If you panic sell because the stock is dropping, you essentially remove an income source that could prove to be key to your return on investment. If the stock price drops and the value of your investment loses $200 in a year, but you made $300 from dividends, you still came out positive.Don't be an emotional investorAs an investor, it's easy to get too high on the highs and too low on the lows in the short term. One of the best ways to remove some emotions from investing is applying dollar-cost averaging. Dollar-cost averaging involves making consistent investments at regular intervals, no matter what the stock price is at the time. It's how 401(k) plans operate; no matter the cost of the investments, you contribute your designated amount each pay period.Focusing on the end goal and ignoring the short-term volatility can make investing less stressful and can help prevent you from making emotional decisions that may go against your best long-term interest. Keep your eyes on the prize.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9963433387,"gmtCreate":1668733910950,"gmtModify":1676538104079,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"I'm thankful for all the challenges past 2 years that allow me and fellow investors to grow in wisdom and more mature in our investing journey. Without the sharing and support from Tiger community, this would be a lonely journey.&nbsp;Shout out to Tiger team for the continuous effort to improve users experience and help us to become better investor.","listText":"I'm thankful for all the challenges past 2 years that allow me and fellow investors to grow in wisdom and more mature in our investing journey. Without the sharing and support from Tiger community, this would be a lonely journey.&nbsp;Shout out to Tiger team for the continuous effort to improve users experience and help us to become better investor.","text":"I'm thankful for all the challenges past 2 years that allow me and fellow investors to grow in wisdom and more mature in our investing journey. Without the sharing and support from Tiger community, this would be a lonely journey. Shout out to Tiger team for the continuous effort to improve users experience and help us to become better investor.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":22,"commentSize":20,"repostSize":2,"link":"https://ttm.financial/post/9963433387","isVote":1,"tweetType":1,"viewCount":4103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9031822673,"gmtCreate":1646526898049,"gmtModify":1676534136275,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"I still cant understand people moves towards paying and owning virtual luxury goods, but is a good sign company venturing into other revenue stream.&nbsp;","listText":"I still cant understand people moves towards paying and owning virtual luxury goods, but is a good sign company venturing into other revenue stream.&nbsp;","text":"I still cant understand people moves towards paying and owning virtual luxury goods, but is a good sign company venturing into other revenue stream.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9031822673","repostId":"1191967456","repostType":4,"repost":{"id":"1191967456","kind":"news","pubTimestamp":1646438555,"share":"https://ttm.financial/m/news/1191967456?lang=en_US&edition=fundamental","pubTime":"2022-03-05 08:02","market":"us","language":"en","title":"3 Luxury Stocks to Buy to Profit From Metaverse Mania","url":"https://stock-news.laohu8.com/highlight/detail?id=1191967456","media":"InvestorPlace","summary":"Luxury stocks are gaining traction as their brands seek ways to enter the metaverse, which combines ","content":"<div>\n<p>Luxury stocks are gaining traction as their brands seek ways to enter the metaverse, which combines mixed reality (MR) with social gaming, e-commerce, and the blockchain. Many luxury names are ...</p>\n\n<a href=\"https://investorplace.com/2022/03/3-luxury-stocks-to-buy-to-profit-from-metaverse-mania/\">Source Link</a>\n\n</div>\n","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Luxury Stocks to Buy to Profit From Metaverse Mania</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Luxury Stocks to Buy to Profit From Metaverse Mania\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-05 08:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/03/3-luxury-stocks-to-buy-to-profit-from-metaverse-mania/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Luxury stocks are gaining traction as their brands seek ways to enter the metaverse, which combines mixed reality (MR) with social gaming, e-commerce, and the blockchain. Many luxury names are ...</p>\n\n<a href=\"https://investorplace.com/2022/03/3-luxury-stocks-to-buy-to-profit-from-metaverse-mania/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RL":"拉夫劳伦","BURBY":"Burberry Group Plc","PPRUY":"Kering SA"},"source_url":"https://investorplace.com/2022/03/3-luxury-stocks-to-buy-to-profit-from-metaverse-mania/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191967456","content_text":"Luxury stocks are gaining traction as their brands seek ways to enter the metaverse, which combines mixed reality (MR) with social gaming, e-commerce, and the blockchain. Many luxury names are increasingly investing in the metaverse to bolster their digital presence.Analysts at Morgan Stanley (NYSE:MS)estimate that non-fungible tokens (NFTs) and social gaming could expand the total addressable market of luxury stocks by more than 10% in eight years, leading to additional sales that could reach $50 billion by 2030. Themetaverseis also expected to boost industry earnings before interest and tax by around 25%.In social gaming, players add luxury products to their online avatars to enhance their player image. However, the more significant opportunity lies in the NFT market, where luxury companies sell exclusive versions of their digital products.With this in mind, here are three luxury stocks that look poised to profit from the metaverse in 2022:Burberry Group(OTCMKTS:BURBY)Kering(OTCMKTS:PPRUY)Ralph Lauren(NYSE:RL)Luxury stocks: Burberry Group(BURBY)52 week range: $21.45 – $32.17Dividend Yield: 3.13%Our first luxury stock comes from the other side of the Atlantic. The London-based Burberry sells apparel, fragrances, and fashion accessories globally.In August 2021, the luxury brand partnered with Mythical Games. It has issued a vinyl NFT toy version of its signature Sharky B character. Burberry sold out all 750 NFT units within30 seconds. In addition, the company recently revealed a 3D animation of its deer mascot for Singles’ Day in China.Burberry released 2021 financial results in mid-January. Annual revenue was 2.34 billion pounds sterling, a decline of 11% year-over-year (YOY). Revenue increased in the Asia Pacific region by over 15%. However, rest of the world saw double-digit declines.Burberry hovers around $22, down 17% over the past year. Shares are trading at 18.8times forward earnings and 2.95 times trailing sales. The 12-month median price forecast for Burberrystands at $29.82.Kering(PPRUY)52 week range: $60.72 – $93.44Dividend Yield: 1.59%Paris-based Kering is the second-largest luxury goods conglomerate worldwide. Several of its brands include Gucci, Alexander McQueen, Balenciaga, and Yves Saint Laurent.Gucci has a collaboration with gaming platform Roblox (NYSE:RBLX), allowing players to purchase digital Gucci items within the game. A virtual Gucci purse was recently resold for more money than its real-world counterpart. In addition, Balenciaga has a partnership with Epic Games for in-game merchandise of the online game Fortnite.Kering announced strong 2021 annual results on Feb. 17. Revenue increased 35% YOY to 17.64 billion euros. Management highlighted the record recurring operating income, which was up 60%.Kering stock hovers around $61, up less than 1% over the past year. However, it’s down 24% year-to-date (YTD). Shares are trading at 20.4 times forward earnings and 4.52 times trailing sales.Luxury Stocks: Ralph Lauren(RL)52 week range: $114.51 – $122.82Dividend Yield: 2.14%Our last stock is the New York-based Ralph Lauren, another well-known domestic luxury brand. Its products include apparel, footwear, home products, fragrances and jewelry.Ralph Lauren is adding non fungible-tokens (NFT) elements to new collections. It has recently partnered with Roblox to launch The Ralph Lauren Winter Escape. Now, players purchase clothing to customize their avatars at virtual Polo Shops.The luxury brand announcedQ3 FY22 results on Feb. 3. Revenue increased 27% YOY to $1.8 billion. Adjusted net income came in at $218 million, or $2.94 per diluted share, up from $125 million, or $1.67 per diluted share, in the prior-year quarter. Cash and equivalents ended the period at $3 billion.RL stock hovers at $130 territory, down 5% over the past 12 months. It’s down 3% YTD. Shares are trading at 14.5 times forward earnings and 1.7 times trailing sales. The 12-month median price forecast for Ralph Lauren stands at $143.50.","news_type":1,"symbols_score_info":{"RL":0.9,"PPRUY":0.9,"BURBY":0.9}},"isVote":1,"tweetType":1,"viewCount":944,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4103864033944460","authorId":"4103864033944460","name":"PaperPlay","avatar":"https://community-static.tradeup.com/news/f9bd8cbd182d6cb24667a31115671409","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"4103864033944460","idStr":"4103864033944460"},"content":"I feel quality of high end luxury still involves touching using the actual product & shopping experience at its retail store.","text":"I feel quality of high end luxury still involves touching using the actual product & shopping experience at its retail store.","html":"I feel quality of high end luxury still involves touching using the actual product & shopping experience at its retail store."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013417965,"gmtCreate":1648769539897,"gmtModify":1676534393187,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"Action - reaction. There is no end to the events","listText":"Action - reaction. There is no end to the events","text":"Action - reaction. There is no end to the events","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013417965","repostId":"1182000136","repostType":2,"repost":{"id":"1182000136","kind":"news","pubTimestamp":1648740552,"share":"https://ttm.financial/m/news/1182000136?lang=en_US&edition=fundamental","pubTime":"2022-03-31 23:29","market":"us","language":"en","title":"Stocks Set for First Losing Quarter in Two Years: Markets Wrap","url":"https://stock-news.laohu8.com/highlight/detail?id=1182000136","media":"Bloomberg","summary":"S&P 500 declines, Treasuries pare losses as oil prices fallPutin says gas exports will halt if ruble","content":"<div>\n<p>S&P 500 declines, Treasuries pare losses as oil prices fallPutin says gas exports will halt if ruble payments not madeU.S. stocks stumbled toward the first losing quarter since the pandemic bear ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-03-30/asia-stocks-set-for-cautious-start-on-war-concern-markets-wrap\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks Set for First Losing Quarter in Two Years: Markets Wrap</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\">\nStocks Set for First Losing Quarter in Two Years: Markets Wrap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-31 23:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-03-30/asia-stocks-set-for-cautious-start-on-war-concern-markets-wrap><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>S&P 500 declines, Treasuries pare losses as oil prices fallPutin says gas exports will halt if ruble payments not madeU.S. stocks stumbled toward the first losing quarter since the pandemic bear ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-03-30/asia-stocks-set-for-cautious-start-on-war-concern-markets-wrap\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","DIA":"道琼斯ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.bloomberg.com/news/articles/2022-03-30/asia-stocks-set-for-cautious-start-on-war-concern-markets-wrap","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182000136","content_text":"S&P 500 declines, Treasuries pare losses as oil prices fallPutin says gas exports will halt if ruble payments not madeU.S. stocks stumbled toward the first losing quarter since the pandemic bear market while Treasuries pared the worst losses in at least five decades. Oil slumped, but held above $100 a barrel in New York.Moves in most financial markets were muted on the final day of a quarter that brought the twin threats of hawkish central banks bent on tamping down runaway inflation and the war in Ukraine. The S&P 500 edged lower, taking its loss in the three months to 3.6%, the most since March 2020. The two-year Treasury yield was steady after its 150 basis-point surge that is the most since 1984. Ten-year rates slipped, narrowing the spread to shorter tenors, as investors remain on edge over the threat a restrictive Federal Reserve will cause a recession.Stocks, sovereign bonds and corporate credit all got hammered in the year’s first months amid concerns about a growth slowdown as central banks move to tackle inflation by withdrawing stimulus. Investors who piled into commodities fared best, riding massive gains in everything from oil to nickel and wheat. Yet the increases have exacerbated price concerns and may lead to a sharper response from central banks.“The recent rally has masked a lot of pain over the past three months,” wrote Matt Maley, chief market strategist at Miller Tabak + Co.A decline Thursday would mark the S&P 500’s 35th down day this year, the greatest number of first-quarter drawdowns since 1984, according to data compiled by Bloomberg.Oil slid as the U.S. said it will release roughly a million barrels of oil a day from its reserves for six months, reversing an earlier price rebound ahead of an OPEC+ supply meeting. Meanwhile, stocks fell as U.S. inflation-adjusted spending declined last month as prices tempered demand.Brent and West Texas Intermediate prices dropped about 4%, and European natural gas fell as Russia said it would halt gas contracts if buyers don’t pay in rubles.“Aside from quarter-end considerations, oil is very much the center of attention,” Simon Ballard, chief economist at First Abu Dhabi Bank, wrote in a note to investors. Still, “all the usual suspects are still in play, keeping the market in check, including the specter of the Fed pursuing an aggressive path of monetary policy normalization over the coming months.”Markets now see a strong chance the Federal Reserve will lift rates by a half point at its May meeting. The U.S. 2-year yield briefly exceeded the 10-year for the first time since 2019 on Tuesday, inverting yet another segment of the Treasury curve and reinforcing the view that Fed rate increases may cause a recession.“This week’s brief inversion in the U.S. bond market, combined with elevated volatility on Treasury options, is a warning that the risk of U.S. recession should not be ignored,” wrote Lewis Grant, a senior portfolio manager at Federated Hermes. “U.S. bond markets are showing signs of stress. This is not mirrored in equities, where the VIX remains subdued and U.S. indexes trade above their pre-war levels. The bond market would appear to have a better handle on the potential risks.”Some key events to watch this week:U.S. jobs report, FridaySome of the main moves in markets:StocksThe S&P 500 fell 0.1% as of 11:13 a.m. New York timeThe Nasdaq 100 fell 0.2%The Dow Jones Industrial Average fell 0.3%The Stoxx Europe 600 fell 0.7%The MSCI World index fell 0.4%CurrenciesThe Bloomberg Dollar Spot Index was little changedThe euro fell 0.4% to $1.1116The British pound rose 0.2% to $1.3161The Japanese yen rose 0.3% to 121.42 per dollarBondsThe yield on 10-year Treasuries declined two basis points to 2.33%Germany’s 10-year yield declined 10 basis points to 0.54%Britain’s 10-year yield declined four basis points to 1.62%CommoditiesWest Texas Intermediate crude fell 4.2% to $103.32 a barrelGold futures rose 0.4% to $1,946.10 an ounce","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"DIA":0.9}},"isVote":1,"tweetType":1,"viewCount":1113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963944517,"gmtCreate":1668576350139,"gmtModify":1676538079052,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"Ok. Will also watch how TSMC reposition their production due to AAPL desire to&nbsp; manufacture or buy from internal domestic market.","listText":"Ok. Will also watch how TSMC reposition their production due to AAPL desire to&nbsp; manufacture or buy from internal domestic market.","text":"Ok. Will also watch how TSMC reposition their production due to AAPL desire to manufacture or buy from internal domestic market.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9963944517","repostId":"2283242141","repostType":2,"repost":{"id":"2283242141","kind":"highlight","pubTimestamp":1668569026,"share":"https://ttm.financial/m/news/2283242141?lang=en_US&edition=fundamental","pubTime":"2022-11-16 11:23","market":"us","language":"en","title":"Taiwan Semiconductor: Warren Buffett Is Right On The Money","url":"https://stock-news.laohu8.com/highlight/detail?id=2283242141","media":"Seeking Alpha","summary":"Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) recently purchased $4.1 billion worth of sha","content":"<html><head></head><body><p>Warren Buffett&#39;s Berkshire Hathaway Inc. (BRK.A, BRK.B) recently purchased $4.1 billion worth of shares of $Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) (&#34;TSMC&#34;), as shown in its Q3 13F filing. While Buffett is not exactly the most tech-savvy investor, and the decision could&#39;ve been made by his top lieutenants Todd Combs and Ted Weschler, Buffett is very well known as a value investor who knows how to spot companies with favorable long-term prospects, strong financials, and an attractive valuation. Let&#39;s go through each of these qualities to understand why TSMC made Berkshire&#39;s buy list.</p><h2>1. Favorable long-term prospects</h2><p>TSMC is the world&#39;s largest contract chip manufacturer and commands over 55% of the foundry market. At the leading edge, TSMC is the undisputed leader (competitive analysis here), with an 85% market share in the 7nm process node and 90% in the 5nm process. The most advanced 3nm process is already in volume production in the current quarter, with revenue contribution expected in 2023 (3Q22 earnings analysis here). Should its closest competitor Samsung (OTCPK:SSNLF) continue to struggle with yield issues at the most leading edge, TSMC could virtually have a monopoly in the 3nm process node, where Apple (AAPL) is expected to be the first major customer.</p><p>While the industry is currently going through an inventory correction phase where smartphone and PC customers have been cutting orders, TSMC&#39;s technology leadership puts the company in a favorable spot to benefit from the secular trend towards higher silicon content in almost all digital devices, from laptops to server network processors. In 2022, the HPC platform as a percentage of total revenue exceeded the Smartphone platform for the first time in Q1.</p><p>Despite Gartner forecasts that the semiconductor industry will contract by 2.5% in 2023, TSMC sees 2023 as a growth year given that HPC is expected to be the major growth driver thanks to applications in AI, 5G, datacenters, smart cars, VR/AR, and connected devices. While the Automotive platform is still early at 5% of TSMC&#39;s revenue, this could potentially become a meaningful growth contributor as automakers embrace more semiconductor chips in the transition towards electric vehicles (&#34;EVs&#34;). All told, digital transformation is here to stay post-Covid, and the demand for higher silicon content and faster computing power remains a structural vs. cyclical tailwind for TSMC.</p><h2>2. Strong financials</h2><p>TSMC is an extremely well-managed business with a strong margin profile and a solid balance sheet. As an industry-leader in semiconductor manufacturing, TSMC boasts an average gross margin of 50% over the last 5 years and is expected to deliver GM of 55% in 2022. While management&#39;s longer-term GM target of 53%+ may face some downward pressure in 2023 due to higher N3 depreciation (2-3% impact) and lower N7 capacity utilization amidst inventory adjustments in the consumer electronics market, anywhere above 50% in the current down cycle is highly respectable.</p><p>During the 2008 financial crisis, TSMC was able to maintain a very strong margin profile where GM fell just 1.5 points from 44% in 2007 to 42.5% in 2008 and subsequently recovered to 43.7% in 2009 and 49.4% in 2010. On the bottom line, net margin fell from 33.8% in 2007 to 30% in 2008/09, but saw a strong recovery to 38.5% in 2010. While history does not guarantee future results, it should give investors a sense of how TSMC will manage through the next recession.</p><p>Turning to the balance sheet, TSMC is by no means an asset-light business considering hard assets (net property, plant &amp; equipment) make up 55% of total assets. While chip manufacturing is a capital-intensive activity where tens of billions must be spent on developing new technology and building new capacity, TSMC has historically maintained a highly liquid balance sheet where cash easily represents over 25% of total asset. The company also exited Q3 with $47 billion in cash and short-term investments against $27 billion in total debt. Needless to say, TSMC is in an extremely strong financial position as the industry enters a downturn.</p><h2>3. Attractive valuation</h2><p>Let me start this section by asking how many companies can be the absolute leaders in their respective space, command a 50%+/35%+ gross/net margin, own a fortress balance sheet, yet still trade at a significant discount to peers? The answer is not many, and TSMC certainly belongs to the list. Prior to Berkshire&#39;s disclosure, TSMC was trading at 12x 2023 consensus EPS of $6.00, which is a massive discount to Western semiconductor names like ASML (ASML)/Nvidia (NVDA)/AMD (AMD)/Intel (INTC) at 30x/37x/20x/15x.</p><h2>Conclusion</h2><p>Warren Buffett is famously known for buying companies with favorable long-term prospects, strong profitability, a healthy balance sheet, and an attractive valuation. TSMC deservedly passed all the tests when shares suffered a massive selloff in Q3, and it&#39;s my view that Berkshire Hathaway will be handsomely rewarded once the market gets through the current industry downturn and fears over the geopolitical side of the story.</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>Taiwan Semiconductor: Warren Buffett Is Right On The Money</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\">\nTaiwan Semiconductor: Warren Buffett Is Right On The Money\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-16 11:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4558091-taiwan-semiconductor-warren-buffett-is-right-on-the-money><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) recently purchased $4.1 billion worth of shares of $Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) (\"TSMC\"), as shown in its Q3 ...</p>\n\n<a href=\"https://seekingalpha.com/article/4558091-taiwan-semiconductor-warren-buffett-is-right-on-the-money\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","TSM":"台积电"},"source_url":"https://seekingalpha.com/article/4558091-taiwan-semiconductor-warren-buffett-is-right-on-the-money","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2283242141","content_text":"Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) recently purchased $4.1 billion worth of shares of $Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) (\"TSMC\"), as shown in its Q3 13F filing. While Buffett is not exactly the most tech-savvy investor, and the decision could've been made by his top lieutenants Todd Combs and Ted Weschler, Buffett is very well known as a value investor who knows how to spot companies with favorable long-term prospects, strong financials, and an attractive valuation. Let's go through each of these qualities to understand why TSMC made Berkshire's buy list.1. Favorable long-term prospectsTSMC is the world's largest contract chip manufacturer and commands over 55% of the foundry market. At the leading edge, TSMC is the undisputed leader (competitive analysis here), with an 85% market share in the 7nm process node and 90% in the 5nm process. The most advanced 3nm process is already in volume production in the current quarter, with revenue contribution expected in 2023 (3Q22 earnings analysis here). Should its closest competitor Samsung (OTCPK:SSNLF) continue to struggle with yield issues at the most leading edge, TSMC could virtually have a monopoly in the 3nm process node, where Apple (AAPL) is expected to be the first major customer.While the industry is currently going through an inventory correction phase where smartphone and PC customers have been cutting orders, TSMC's technology leadership puts the company in a favorable spot to benefit from the secular trend towards higher silicon content in almost all digital devices, from laptops to server network processors. In 2022, the HPC platform as a percentage of total revenue exceeded the Smartphone platform for the first time in Q1.Despite Gartner forecasts that the semiconductor industry will contract by 2.5% in 2023, TSMC sees 2023 as a growth year given that HPC is expected to be the major growth driver thanks to applications in AI, 5G, datacenters, smart cars, VR/AR, and connected devices. While the Automotive platform is still early at 5% of TSMC's revenue, this could potentially become a meaningful growth contributor as automakers embrace more semiconductor chips in the transition towards electric vehicles (\"EVs\"). All told, digital transformation is here to stay post-Covid, and the demand for higher silicon content and faster computing power remains a structural vs. cyclical tailwind for TSMC.2. Strong financialsTSMC is an extremely well-managed business with a strong margin profile and a solid balance sheet. As an industry-leader in semiconductor manufacturing, TSMC boasts an average gross margin of 50% over the last 5 years and is expected to deliver GM of 55% in 2022. While management's longer-term GM target of 53%+ may face some downward pressure in 2023 due to higher N3 depreciation (2-3% impact) and lower N7 capacity utilization amidst inventory adjustments in the consumer electronics market, anywhere above 50% in the current down cycle is highly respectable.During the 2008 financial crisis, TSMC was able to maintain a very strong margin profile where GM fell just 1.5 points from 44% in 2007 to 42.5% in 2008 and subsequently recovered to 43.7% in 2009 and 49.4% in 2010. On the bottom line, net margin fell from 33.8% in 2007 to 30% in 2008/09, but saw a strong recovery to 38.5% in 2010. While history does not guarantee future results, it should give investors a sense of how TSMC will manage through the next recession.Turning to the balance sheet, TSMC is by no means an asset-light business considering hard assets (net property, plant & equipment) make up 55% of total assets. While chip manufacturing is a capital-intensive activity where tens of billions must be spent on developing new technology and building new capacity, TSMC has historically maintained a highly liquid balance sheet where cash easily represents over 25% of total asset. The company also exited Q3 with $47 billion in cash and short-term investments against $27 billion in total debt. Needless to say, TSMC is in an extremely strong financial position as the industry enters a downturn.3. Attractive valuationLet me start this section by asking how many companies can be the absolute leaders in their respective space, command a 50%+/35%+ gross/net margin, own a fortress balance sheet, yet still trade at a significant discount to peers? The answer is not many, and TSMC certainly belongs to the list. Prior to Berkshire's disclosure, TSMC was trading at 12x 2023 consensus EPS of $6.00, which is a massive discount to Western semiconductor names like ASML (ASML)/Nvidia (NVDA)/AMD (AMD)/Intel (INTC) at 30x/37x/20x/15x.ConclusionWarren Buffett is famously known for buying companies with favorable long-term prospects, strong profitability, a healthy balance sheet, and an attractive valuation. TSMC deservedly passed all the tests when shares suffered a massive selloff in Q3, and it's my view that Berkshire Hathaway will be handsomely rewarded once the market gets through the current industry downturn and fears over the geopolitical side of the story.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"TSM":1}},"isVote":1,"tweetType":1,"viewCount":3611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039354555,"gmtCreate":1645930893502,"gmtModify":1676534075817,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"Always a pleasure to read BRK letters. Full of business wisdom, and most importantly his business principles. In each of his letter, always highlight and homnor&nbsp;the people and team that he has partner with for the success of BRK. My salute to Mr Bufffet and his team.","listText":"Always a pleasure to read BRK letters. Full of business wisdom, and most importantly his business principles. In each of his letter, always highlight and homnor&nbsp;the people and team that he has partner with for the success of BRK. My salute to Mr Bufffet and his team.","text":"Always a pleasure to read BRK letters. Full of business wisdom, and most importantly his business principles. In each of his letter, always highlight and homnor the people and team that he has partner with for the success of BRK. My salute to Mr Bufffet and his team.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039354555","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=en_US&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9030693585,"gmtCreate":1645701097587,"gmtModify":1676534055030,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"Opportunity in crisis","listText":"Opportunity in crisis","text":"Opportunity in crisis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030693585","repostId":"1199865291","repostType":4,"repost":{"id":"1199865291","kind":"news","pubTimestamp":1645699657,"share":"https://ttm.financial/m/news/1199865291?lang=en_US&edition=fundamental","pubTime":"2022-02-24 18:47","market":"us","language":"en","title":"Russian Military Operation in Ukraine Roils Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1199865291","media":"The Wall Street Journal","summary":"Attack sends stocks lower and oil rises above $105 a barrelInvestors rushed for safety, pushing down","content":"<html><head></head><body><p>Attack sends stocks lower and oil rises above $105 a barrel</p><p><img src=\"https://static.tigerbbs.com/97285a044e9f8c3801eb0626ef76fa75\" tg-width=\"1188\" tg-height=\"700\" width=\"100%\" height=\"auto\"/></p><p>Investors rushed for safety, pushing down stocks and lifting the prices of oil, gold and government bonds, after Russian missiles and airstrikes hit Ukraine’s capital, Kyiv, and more than a dozen other cities across the country.</p><p>Futures tied to the S&amp;P 500, Nasdaq-100 and Dow Jones Industrial Average fell between 1.4% and 2.2%. The S&amp;P 500 reached correction territoryearlier in the week, and futures are indicating the Dow is on track to do the same.</p><p>The Russian attack—swiftly condemned by President Biden—heightens the pressure on a global economy already reeling from snarled supply chains and some of the highest inflation in years, with Europe likely to bear the brunt of the economic impact.</p><p>“This is what appeared unbelievable to most investors, and this is actually happening,“ said Slava Smolyaninov, Moscow-based chief strategist at BCS Global Markets. “It’s a complete change of everything; we are in a different world right now.”</p><p>The pan-continental Stoxx Europe 600 fell over 3%. The MOEX benchmark for Russian stocks tumbled 24%, putting it on course for its biggest drop on record. Asian stock indexes also fell sharply, with Hong Kong’s Hang Seng Index dropping over 3%, and Japan’s Nikkei Stock Average closing at its lowest since November 2020.</p><p>The Russian ruble weakened to a record low, declining as much as 9% against the dollar and trading at 90 rubles to $1, before recovering moderately. The Russian central bank said it would intervene in the foreign-exchange market and banned short selling.</p><p>Ukraine’s foreign-exchange market suspended its operations under martial law measures, according to a statement from its central bank. The country’s stock exchange also said it was postponing activity.</p><p><img src=\"https://static.tigerbbs.com/6c5656311589e3ada45a433f654928ed\" tg-width=\"997\" tg-height=\"712\" width=\"100%\" height=\"auto\"/></p><p>Brent crude oil, the global benchmark,topped $100 a barrel for the first time since 2014, with the front-month contract rising 8.5% to $105.15. Prices for its U.S. equivalent, West Texas Intermediate, also jumped.</p><p>Other commodities markets also convulsed. Natural-gas futures in Europe surged 31% and benchmark prices for aluminum and nickel, two metals for which Russia is a major producer, rose to their highest levels in about a decade. Wheat and corn futures also advanced to multiyear highs, since both Russia and Ukraine are major grain producers.</p><p>“We thought Putin’s strategy was largely around negotiation; this was the consensus among investors. We haven’t had any serious military conflict in Europe for a very long time so there’s no playbook for this,” said Gregory Perdon, chief investment officer at Arbuthnot Latham.“A lot has changed since last night.”</p><p>Gold and U.S. Treasury bonds, which both typically rally in times of stress, rose in price. The most actively traded gold futures contract added 2.4%, to about $1,957 a troy ounce, the highest level since September 2020.</p><p>The yield on the benchmark 10-year U.S. Treasury note declined to 1.875% from 1.976% on Wednesday. Bond yields fall as prices rise. European government bonds also rallied, with the equivalent German bund yield falling as low as 0.111%.</p><p>The dollar strengthened, with the WSJ Dollar Index gaining 0.6%. Currencies considered to be havens, such as the Japanese yen, also appreciated, while cryptocurrencies tumbled, with bitcoin falling nearly 6% to about $35,300.</p><p>Investors are building up their cash buffers due to the market stress, said Florian Ielpo, head of macro at Lombard Odier Investment Managers. The funds he manages currently hold the most cash since the market crash in March 2020.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e90bd1181f5fe641b4d9a8ec920d180\" tg-width=\"1050\" tg-height=\"617\" width=\"100%\" height=\"auto\"/><span>Kyiv on Thursday.</span></p><p>Shares of European companies with sizable operations in Russia tumbled. Austria’s Raiffeisen Bank,which had over 20% of its workforce in Russia at the end of 2021, declined 17%. French car maker Renault,which also has a large Russian subsidiary, fell 7%.UniCredit declined 9%, triggering a halt in trading.</p><p>The Russian attack comes at a time where volatility in markets was heightened, due to looming changes in Federal Reserve monetary policy.</p><p>“The game-changer for me is, what does this mean for the Fed? Ultimately now, interest rate hikes and aggressive tightening are going to be very difficult,” Mr. Perdon said.</p><p>Amid the chaos, Chinese e-commerce giant Alibaba and vaccine-maker Moderna are expected to post earnings ahead of the opening bell.Beyond Meat,Etsy and cryptocurrency exchange Coinbaseare scheduled to report after markets close.</p><p>The latest data on U.S. weekly jobless claims are expected at 8:30 a.m. ET. Economists expect the number to edge down amid the tight labor market, after it rose unexpectedly last week.</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>Russian Military Operation in Ukraine Roils 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\">\nRussian Military Operation in Ukraine Roils Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-24 18:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/global-stocks-markets-dow-update-02-24-2022-11645676676?page=1><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Attack sends stocks lower and oil rises above $105 a barrelInvestors rushed for safety, pushing down stocks and lifting the prices of oil, gold and government bonds, after Russian missiles and ...</p>\n\n<a href=\"https://www.wsj.com/articles/global-stocks-markets-dow-update-02-24-2022-11645676676?page=1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.wsj.com/articles/global-stocks-markets-dow-update-02-24-2022-11645676676?page=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199865291","content_text":"Attack sends stocks lower and oil rises above $105 a barrelInvestors rushed for safety, pushing down stocks and lifting the prices of oil, gold and government bonds, after Russian missiles and airstrikes hit Ukraine’s capital, Kyiv, and more than a dozen other cities across the country.Futures tied to the S&P 500, Nasdaq-100 and Dow Jones Industrial Average fell between 1.4% and 2.2%. The S&P 500 reached correction territoryearlier in the week, and futures are indicating the Dow is on track to do the same.The Russian attack—swiftly condemned by President Biden—heightens the pressure on a global economy already reeling from snarled supply chains and some of the highest inflation in years, with Europe likely to bear the brunt of the economic impact.“This is what appeared unbelievable to most investors, and this is actually happening,“ said Slava Smolyaninov, Moscow-based chief strategist at BCS Global Markets. “It’s a complete change of everything; we are in a different world right now.”The pan-continental Stoxx Europe 600 fell over 3%. The MOEX benchmark for Russian stocks tumbled 24%, putting it on course for its biggest drop on record. Asian stock indexes also fell sharply, with Hong Kong’s Hang Seng Index dropping over 3%, and Japan’s Nikkei Stock Average closing at its lowest since November 2020.The Russian ruble weakened to a record low, declining as much as 9% against the dollar and trading at 90 rubles to $1, before recovering moderately. The Russian central bank said it would intervene in the foreign-exchange market and banned short selling.Ukraine’s foreign-exchange market suspended its operations under martial law measures, according to a statement from its central bank. The country’s stock exchange also said it was postponing activity.Brent crude oil, the global benchmark,topped $100 a barrel for the first time since 2014, with the front-month contract rising 8.5% to $105.15. Prices for its U.S. equivalent, West Texas Intermediate, also jumped.Other commodities markets also convulsed. Natural-gas futures in Europe surged 31% and benchmark prices for aluminum and nickel, two metals for which Russia is a major producer, rose to their highest levels in about a decade. Wheat and corn futures also advanced to multiyear highs, since both Russia and Ukraine are major grain producers.“We thought Putin’s strategy was largely around negotiation; this was the consensus among investors. We haven’t had any serious military conflict in Europe for a very long time so there’s no playbook for this,” said Gregory Perdon, chief investment officer at Arbuthnot Latham.“A lot has changed since last night.”Gold and U.S. Treasury bonds, which both typically rally in times of stress, rose in price. The most actively traded gold futures contract added 2.4%, to about $1,957 a troy ounce, the highest level since September 2020.The yield on the benchmark 10-year U.S. Treasury note declined to 1.875% from 1.976% on Wednesday. Bond yields fall as prices rise. European government bonds also rallied, with the equivalent German bund yield falling as low as 0.111%.The dollar strengthened, with the WSJ Dollar Index gaining 0.6%. Currencies considered to be havens, such as the Japanese yen, also appreciated, while cryptocurrencies tumbled, with bitcoin falling nearly 6% to about $35,300.Investors are building up their cash buffers due to the market stress, said Florian Ielpo, head of macro at Lombard Odier Investment Managers. The funds he manages currently hold the most cash since the market crash in March 2020.Kyiv on Thursday.Shares of European companies with sizable operations in Russia tumbled. Austria’s Raiffeisen Bank,which had over 20% of its workforce in Russia at the end of 2021, declined 17%. French car maker Renault,which also has a large Russian subsidiary, fell 7%.UniCredit declined 9%, triggering a halt in trading.The Russian attack comes at a time where volatility in markets was heightened, due to looming changes in Federal Reserve monetary policy.“The game-changer for me is, what does this mean for the Fed? Ultimately now, interest rate hikes and aggressive tightening are going to be very difficult,” Mr. Perdon said.Amid the chaos, Chinese e-commerce giant Alibaba and vaccine-maker Moderna are expected to post earnings ahead of the opening bell.Beyond Meat,Etsy and cryptocurrency exchange Coinbaseare scheduled to report after markets close.The latest data on U.S. weekly jobless claims are expected at 8:30 a.m. ET. Economists expect the number to edge down amid the tight labor market, after it rose unexpectedly last week.","news_type":1,"symbols_score_info":{".DJI":0.9,"YMmain":0.9,".SPX":0.9,"NQmain":0.9,".IXIC":0.9,"ESmain":0.9}},"isVote":1,"tweetType":1,"viewCount":999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005734781,"gmtCreate":1642404361682,"gmtModify":1676533708231,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005734781","repostId":"1108296248","repostType":4,"repost":{"id":"1108296248","kind":"news","pubTimestamp":1642397704,"share":"https://ttm.financial/m/news/1108296248?lang=en_US&edition=fundamental","pubTime":"2022-01-17 13:35","market":"us","language":"en","title":"Get Ready for the Climb. Here’s What History Says about Stock-Market Returns during Fed Rate-hike Cycles.","url":"https://stock-news.laohu8.com/highlight/detail?id=1108296248","media":"MarketWatch","summary":"Bond yields are rising again so far in 2022. The U.S. stock market seems vulnerable to a bona fide c","content":"<html><head></head><body><p>Bond yields are rising again so far in 2022. The U.S. stock market seems vulnerable to a bona fide correction. But what can you really tell from a mere two weeks into a new year? Not much and quite a lot.</p><p>One thing feels assured: the days of making easy money are over in the pandemic era. Benchmark interest rates are headed higher and bond yields, which have been anchored at historically low levels, are destined to rise in tandem.</p><p>It seemed as if Federal Reserve members couldn’t make that point any clearer this past week, ahead of the traditional media blackout that precedes the central bank’s first policy meeting of the year on Jan. 25-26.</p><p>The U.S. consumer-price and producer-price index releases this week have only cemented the market’s expectations of a more aggressive or hawkish monetary policy from the Fed.</p><p>The only real question is how many interest-rate increases will the Federal Open Market Committee dole out in 2022. JPMorgan Chase &amp; Co. JPM CEO Jamie Dimon intimated that seven might be the number to beat, with market-based projections pointing to the potential for three increases to the federal-funds rate in the coming months.</p><p>Meanwhile, yields for the 10-year Treasury note yielded 1.771% Friday afternoon, which means that yields have climbed by about 26 basis points in the first 10 trading days to start a calendar year, which would be the briskest such rise since 1992, according to Dow Jones Market Data. Back 30 years ago, the 10-year rose 32 basis points to around 7% to start that year.</p><p>The 2-year note BX:TMUBMUSD02Y, which tends to be more sensitive to the Fed’s interest rate moves, is knocking on the door of 1%, up 24 basis points so far this year, FactSet data show.</p><p>But do interest rate increases translate into a weaker stock market?</p><p>As it turns out, during so-called rate-hike cycles, which we seem set to enter into as early as March, the market tends to perform strongly, not poorly.</p><p>In fact, during a Fed rate-hike period the average return for the Dow Jones Industrial Average DJIA is nearly 55%, that of the S&amp;P 500 SPX is a gain of 62.9% and the Nasdaq Composite COMP has averaged a positive return of 102.7%, according to Dow Jones, using data going back to 1989 (see attached table). Fed interest rate cuts, perhaps unsurprisingly, also yield strong gains, with the Dow up 23%, the S&amp;P 500 gaining 21% and the Nasdaq rising 32%, on average during a period of Fed rate cuts.</p><p>Interest rate cuts tend to occur during periods when the economy is weak and rate hikes when the economy is viewed as too hot by some measure, which may account for the disparity in stock market performance during periods when interest-rate reductions occur.</p><p>To be sure, it is harder to see the market producing outperformance during a period in which the economy experiences 1970s-style inflation. Right now, it feels unlikely that bullish investors will get a whiff of double-digit returns based on the way stocks are shaping up so far in 2022. The Dow is down 1.2%, the S&amp;P 500 is off 2.2%, while the Nasdaq Composite is down a whopping 4.8% thus far in January.</p><p><b>What’s working?</b></p><p>So far this year, winning stock market trades have been in energy, with the S&amp;P 500’s energy sector XX:SP500 XLE looking at a 16.4% advance so far in 2022, while financials XX:SP500 XLF are running a distant second, up 4.4%. The other nine sectors of the S&amp;P 500 are either flat or lower.</p><p>Meanwhile, value themes are making a more pronounced comeback, eking out a 0.1% weekly gain last week, as measured by the iShares S&amp;P 500 Value ETF IVE, but month to date the return is 1.2%.</p><p><b>What’s not working?</b></p><p>Growth factors are getting hammered thus far as bond yields rise because a rapid rise in yields makes their future cash flows less valuable. Higher interest rates also hinder technology companies’ ability to fund stock buy backs. The popular iShares S&amp;P 500 Growth ETF IVW is down 0.6% on the week and down 5.1% in January so far.</p><p><b>What’s really not working?</b></p><p>Biotech stocks are getting shellacked, with the iShares Biotechnology ETF IBB down 1.1% on the week and 9% on the month so far.</p><p>And a popular retail-oriented ETF, the SPDR S&amp;P Retail ETF XRT tumbled 4.1% last week, contributing to a 7.4% decline in the month to date.</p><p>And Cathie Wood’s flagship ARK Innovation ETF ARKK finished the week down nearly 5% for a 15.2% decline in the first two weeks of January. Other funds in the complex, including ARK Genomic Revolution ETF ARKG and ARK Fintech Innovation ETF ARKF are similarly woebegone.</p><p>And popular meme names also are getting hammered, with GameStop Corp. GME down 17% last week and off over 21% in January, while AMC Entertainment Holdings AMC sank nearly 11% on the week and more than 24% in the month to date.</p><p><b>Week ahead</b></p><p>U.S. markets are closed in observance of the Martin Luther King Jr. holiday on Monday.</p><p><b>Notable U.S. corporate earnings</b></p><p><b>TUESDAY:</b></p><p>Goldman Sachs Group GS, Truist Financial Corp. TFC, Signature Bank SBNY, PNC Financial PNC, J.B. Hunt Transport Services JBHT, Interactive Brokers Group Inc. IBKR</p><p><b>WEDNESDAY:</b></p><p>Morgan Stanley MS, Bank of America BAC, U.S. Bancorp. USB, State Street Corp. STT, UnitedHealth Group Inc. UNH, Procter &amp; Gamble PG, Kinder Morgan KMI, Fastenal Co. FAST</p><p><b>THURSDAY:</b></p><p>Netflix NFLX, United Airlines Holdings UAL, American Airlines AAL, Baker Hughes BKR, Discover Financial Services DFS, CSX Corp. CSX, Union Pacific Corp. UNP, The Travelers Cos. Inc. TRV, Intuitive Surgical Inc. ISRG, KeyCorp. KEY</p><p><b>FRIDAY:</b></p><p>Schlumberger SLB, Huntington Bancshares Inc. HBAN</p><p>U.S. economic reports</p><p><b>Tuesday</b></p><p>Empire State manufacturing index for January due at 8:30 a.m. ET</p><p>NAHB home builders index for January at 10 a.m.</p><p><b>Wednesday</b></p><p>Building permits and starts for December at 8:30 a.m.</p><p>Philly Fed Index for January at 8:30 a.m.</p><p><b>Thursday</b></p><p>Initial jobless claims for the week ended Jan. 15 (and continuing claims for Jan. 8) at 8:30 a.m.</p><p>Existing home sales for December at 10 a.m.</p><p><b>Friday</b></p><p>Leading economic indicators for December at 10 a.m.</p></body></html>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Get Ready for the Climb. Here’s What History Says about Stock-Market Returns during Fed Rate-hike Cycles.</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\">\nGet Ready for the Climb. Here’s What History Says about Stock-Market Returns during Fed Rate-hike Cycles.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-17 13:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/get-ready-for-the-climb-heres-what-history-says-about-stock-market-returns-during-fed-rate-hike-cycles-11642248640?mod=newsviewer_click><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bond yields are rising again so far in 2022. The U.S. stock market seems vulnerable to a bona fide correction. But what can you really tell from a mere two weeks into a new year? Not much and quite a ...</p>\n\n<a href=\"https://www.marketwatch.com/story/get-ready-for-the-climb-heres-what-history-says-about-stock-market-returns-during-fed-rate-hike-cycles-11642248640?mod=newsviewer_click\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/get-ready-for-the-climb-heres-what-history-says-about-stock-market-returns-during-fed-rate-hike-cycles-11642248640?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108296248","content_text":"Bond yields are rising again so far in 2022. The U.S. stock market seems vulnerable to a bona fide correction. But what can you really tell from a mere two weeks into a new year? Not much and quite a lot.One thing feels assured: the days of making easy money are over in the pandemic era. Benchmark interest rates are headed higher and bond yields, which have been anchored at historically low levels, are destined to rise in tandem.It seemed as if Federal Reserve members couldn’t make that point any clearer this past week, ahead of the traditional media blackout that precedes the central bank’s first policy meeting of the year on Jan. 25-26.The U.S. consumer-price and producer-price index releases this week have only cemented the market’s expectations of a more aggressive or hawkish monetary policy from the Fed.The only real question is how many interest-rate increases will the Federal Open Market Committee dole out in 2022. JPMorgan Chase & Co. JPM CEO Jamie Dimon intimated that seven might be the number to beat, with market-based projections pointing to the potential for three increases to the federal-funds rate in the coming months.Meanwhile, yields for the 10-year Treasury note yielded 1.771% Friday afternoon, which means that yields have climbed by about 26 basis points in the first 10 trading days to start a calendar year, which would be the briskest such rise since 1992, according to Dow Jones Market Data. Back 30 years ago, the 10-year rose 32 basis points to around 7% to start that year.The 2-year note BX:TMUBMUSD02Y, which tends to be more sensitive to the Fed’s interest rate moves, is knocking on the door of 1%, up 24 basis points so far this year, FactSet data show.But do interest rate increases translate into a weaker stock market?As it turns out, during so-called rate-hike cycles, which we seem set to enter into as early as March, the market tends to perform strongly, not poorly.In fact, during a Fed rate-hike period the average return for the Dow Jones Industrial Average DJIA is nearly 55%, that of the S&P 500 SPX is a gain of 62.9% and the Nasdaq Composite COMP has averaged a positive return of 102.7%, according to Dow Jones, using data going back to 1989 (see attached table). Fed interest rate cuts, perhaps unsurprisingly, also yield strong gains, with the Dow up 23%, the S&P 500 gaining 21% and the Nasdaq rising 32%, on average during a period of Fed rate cuts.Interest rate cuts tend to occur during periods when the economy is weak and rate hikes when the economy is viewed as too hot by some measure, which may account for the disparity in stock market performance during periods when interest-rate reductions occur.To be sure, it is harder to see the market producing outperformance during a period in which the economy experiences 1970s-style inflation. Right now, it feels unlikely that bullish investors will get a whiff of double-digit returns based on the way stocks are shaping up so far in 2022. The Dow is down 1.2%, the S&P 500 is off 2.2%, while the Nasdaq Composite is down a whopping 4.8% thus far in January.What’s working?So far this year, winning stock market trades have been in energy, with the S&P 500’s energy sector XX:SP500 XLE looking at a 16.4% advance so far in 2022, while financials XX:SP500 XLF are running a distant second, up 4.4%. The other nine sectors of the S&P 500 are either flat or lower.Meanwhile, value themes are making a more pronounced comeback, eking out a 0.1% weekly gain last week, as measured by the iShares S&P 500 Value ETF IVE, but month to date the return is 1.2%.What’s not working?Growth factors are getting hammered thus far as bond yields rise because a rapid rise in yields makes their future cash flows less valuable. Higher interest rates also hinder technology companies’ ability to fund stock buy backs. The popular iShares S&P 500 Growth ETF IVW is down 0.6% on the week and down 5.1% in January so far.What’s really not working?Biotech stocks are getting shellacked, with the iShares Biotechnology ETF IBB down 1.1% on the week and 9% on the month so far.And a popular retail-oriented ETF, the SPDR S&P Retail ETF XRT tumbled 4.1% last week, contributing to a 7.4% decline in the month to date.And Cathie Wood’s flagship ARK Innovation ETF ARKK finished the week down nearly 5% for a 15.2% decline in the first two weeks of January. Other funds in the complex, including ARK Genomic Revolution ETF ARKG and ARK Fintech Innovation ETF ARKF are similarly woebegone.And popular meme names also are getting hammered, with GameStop Corp. GME down 17% last week and off over 21% in January, while AMC Entertainment Holdings AMC sank nearly 11% on the week and more than 24% in the month to date.Week aheadU.S. markets are closed in observance of the Martin Luther King Jr. holiday on Monday.Notable U.S. corporate earningsTUESDAY:Goldman Sachs Group GS, Truist Financial Corp. TFC, Signature Bank SBNY, PNC Financial PNC, J.B. Hunt Transport Services JBHT, Interactive Brokers Group Inc. IBKRWEDNESDAY:Morgan Stanley MS, Bank of America BAC, U.S. Bancorp. USB, State Street Corp. STT, UnitedHealth Group Inc. UNH, Procter & Gamble PG, Kinder Morgan KMI, Fastenal Co. FASTTHURSDAY:Netflix NFLX, United Airlines Holdings UAL, American Airlines AAL, Baker Hughes BKR, Discover Financial Services DFS, CSX Corp. CSX, Union Pacific Corp. UNP, The Travelers Cos. Inc. TRV, Intuitive Surgical Inc. ISRG, KeyCorp. KEYFRIDAY:Schlumberger SLB, Huntington Bancshares Inc. HBANU.S. economic reportsTuesdayEmpire State manufacturing index for January due at 8:30 a.m. ETNAHB home builders index for January at 10 a.m.WednesdayBuilding permits and starts for December at 8:30 a.m.Philly Fed Index for January at 8:30 a.m.ThursdayInitial jobless claims for the week ended Jan. 15 (and continuing claims for Jan. 8) at 8:30 a.m.Existing home sales for December at 10 a.m.FridayLeading economic indicators for December at 10 a.m.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":963,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9911581460,"gmtCreate":1664235820750,"gmtModify":1676537413922,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"I want to be millionaire&nbsp;","listText":"I want to be millionaire&nbsp;","text":"I want to be millionaire","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9911581460","repostId":"2270505400","repostType":2,"repost":{"id":"2270505400","kind":"highlight","pubTimestamp":1664205741,"share":"https://ttm.financial/m/news/2270505400?lang=en_US&edition=fundamental","pubTime":"2022-09-26 23:22","market":"us","language":"en","title":"Investing in This ETF Right Now Could Make You a Millionaire Retiree","url":"https://stock-news.laohu8.com/highlight/detail?id=2270505400","media":"MotleyFool","summary":"The SPDR S&P 500 ETF Trust is a low-cost index ETF that attempts to track the S&P 500 index, which is often used as a proxy for the overall US stock market. With itd expense ratio of 0.09%, investors in that ETF can get returns that nearly perfectly match that index, while losing almost nothing to fund management fees.That combination of stock market like returns with very low internal costs makes the SPDR S&P 500 ETF trust a simple, one-stop shop for investors. It's especially potent for invest","content":"<div>\n<p>With the market down substantially from its all-time highs, the benefits of dollar-cost averaging into a low-cost, broad-based stock index fund are becoming quite clear. By making regular investments ...</p>\n\n<a href=\"https://www.fool.com.au/2022/09/26/investing-in-this-etf-right-now-could-make-you-a-millionaire-retiree-usfeed/\">Source Link</a>\n\n</div>\n","source":"motleyfoolau_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Investing in This ETF Right Now Could Make You a Millionaire Retiree</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\">\nInvesting in This ETF Right Now Could Make You a Millionaire Retiree\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-26 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com.au/2022/09/26/investing-in-this-etf-right-now-could-make-you-a-millionaire-retiree-usfeed/><strong>MotleyFool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>With the market down substantially from its all-time highs, the benefits of dollar-cost averaging into a low-cost, broad-based stock index fund are becoming quite clear. By making regular investments ...</p>\n\n<a href=\"https://www.fool.com.au/2022/09/26/investing-in-this-etf-right-now-could-make-you-a-millionaire-retiree-usfeed/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF"},"source_url":"https://www.fool.com.au/2022/09/26/investing-in-this-etf-right-now-could-make-you-a-millionaire-retiree-usfeed/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2270505400","content_text":"With the market down substantially from its all-time highs, the benefits of dollar-cost averaging into a low-cost, broad-based stock index fund are becoming quite clear. By making regular investments every payday in this market, each dollar you're investing buys that many more shares while stocks are down. That may not seem like much benefit now, but it means you've got that many more shares available to compound in any recovery that follows.It's with that backdrop that making regular investments in the SPDR S&P 500 ETF Trust starting now could make you a millionaire retiree. It's a process that takes time no matter what the market is doing, which is a great reason to consider starting those investments now, even if the market continues to fall.Why invest in the SPDR S&P 500 ETF Trust?The SPDR S&P 500 ETF Trust is a low-cost index ETF that attempts to track the S&P 500 index, which is often used as a proxy for the overall US stock market. With itd expense ratio of 0.09%, investors in that ETF can get returns that nearly perfectly match that index, while losing almost nothing to fund management fees.That combination of stock market like returns with very low internal costs makes the SPDR S&P 500 ETF trust a simple, one-stop shop for investors. It's especially potent for investors who don't want or are otherwise unable to put a lot of time and effort into digging through financial reports to pick individual stocks. When you add the fact that index investing tends to beat funds managed by Wall Street's best and brightest over time, the SPDR S&P 500 ETF Trust become an even more compelling option.How long will it take to become a millionaire?The path from $0 to $1 million depends heavily on two key factors: how much you're able to invest every month and what rate of return you earn along the way. The good news is that if you've got a long enough time horizon, reaching millionaire status by retirement age is feasible, even for people with modest incomes.The following table shows how many years it takes to reach that millionaire status, depending on what you can save each month and what annual rate of return you earn along the way.Data source: author.The top end of that savings rate -- $2,200 per month -- represents a savings rate that can be contributed to tax-advantaged, retirement-focused accounts for most people. Workers under age 50 can generally contribute up to $20,500 per year in a company-sponsored retirement plan like a 401(k). They can also typically sock away up to $6,000 per year in their own IRA.  (The contribution limits are even higher for workers ages 50 and up. )The bottom end of that savings rate -- $300 per month -- works out to around $10 per day. Even at that savings level, as long as you invest consistently throughout the length of a typical working career, you've got a decent shot at reaching millionaire status by the time you retire.Get started nowRegardless of where you are in your career, you'll never again have more time before you retire than you do right now. That makes today a great day to get your plan in place. The sooner you get started, the more of the cells in that table will be within your reach, improving your chances of retiring a millionaire.","news_type":1,"symbols_score_info":{"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":4011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9075192358,"gmtCreate":1658157576874,"gmtModify":1676536114185,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075192358","repostId":"2252476857","repostType":4,"isVote":1,"tweetType":1,"viewCount":1683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9029549748,"gmtCreate":1652802414584,"gmtModify":1676535164876,"author":{"id":"4093844010993360","authorId":"4093844010993360","name":"JPStudio","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093844010993360","idStr":"4093844010993360"},"themes":[],"htmlText":"Light end of tunnel?","listText":"Light end of tunnel?","text":"Light end of tunnel?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9029549748","repostId":"1161809441","repostType":4,"repost":{"id":"1161809441","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":1652801277,"share":"https://ttm.financial/m/news/1161809441?lang=en_US&edition=fundamental","pubTime":"2022-05-17 23:27","market":"us","language":"en","title":"U.S. Stocks Remained High in Morning Trading, Nasdaq Index and S&P500 Surged Over 1%","url":"https://stock-news.laohu8.com/highlight/detail?id=1161809441","media":"Tiger Newspress","summary":"U.S. Stocks Remained High in Morning Trading. Dow Jones rose 0.62%, while Nasdaq, S&P 500 rose 1.52%","content":"<html><head></head><body><p>U.S. Stocks Remained High in Morning Trading. Dow Jones rose 0.62%, while Nasdaq, S&amp;P 500 rose 1.52% and 1.17% separately. <img src=\"https://static.tigerbbs.com/5a20f0c20ba74a38a02f4e081740e8f1\" tg-width=\"527\" tg-height=\"115\" width=\"100%\" height=\"auto\"/></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>U.S. Stocks Remained High in Morning Trading, Nasdaq Index and S&P500 Surged Over 1%</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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