Vaney2626 personal page - To The Moon

Vaney2626

Vaney2626

No personal profile

30Follow

5Followers

0Topic

0Badge

2022-02-16

Pls like this comment

Airbnb Shares Rose More Than 3% in Premarket Trading

2022-04-12

Like

Mega-cap Growth Stocks Fell in Morning Trading

2022-02-27

Pls like

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

2022-02-19

Pls like

Sorry, the original content has been removed

2022-02-19

Ok

Nvidia Earnings: Showing The Market Still Needs To Recalibrate

2024-03-11

$Apple(AAPL)$ yay, this is it

2022-02-16

OK

What You Need to Know Before Alibaba's Q3 Earnings

2022-03-19

Like

Apple Stock: Bright Green Light to Buy, Key Analyst Says

2022-02-04

Is it good timing to invest Google?

@Deonc:what you got if Google after last stock split

2022-06-30

Great ariticle, would you like to share it?

@Tiger_AU:What Do You Think of the Recent KFC Price Increase?

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"4103264719791230","uuid":"4103264719791230","gmtCreate":1640310036369,"gmtModify":1640440553453,"name":"Vaney2626","pinyin":"vaney2626","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":5,"headSize":30,"tweetSize":0,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":1,"symbols":null,"coverImage":null,"realNameVerified":"init","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.02.02","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.01.16","exceedPercentage":"60.95%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.11.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.05.11","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":10,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":518770801488408,"gmtCreate":1767675944367,"gmtModify":1767675946555,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"title":"","htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/518770801488408","repostId":"518295291118280","repostType":1,"repost":{"id":518295291118280,"gmtCreate":1767559853660,"gmtModify":1767630002548,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3559581955535845","idStr":"3559581955535845"},"themes":[],"title":"","htmlText":"🌟🌟🌟I invest in&nbsp;<a href=\"https://ttm.financial/S/OV8.SI\">$Sheng Siong(OV8.SI)$ </a> because of one simple undeniable truth: People have to eat.&nbsp; Sheng Siong is recession proof as it provides life's absolute necessities.&nbsp; Sheng Siong is also a cash flow machine as it consistently provides me with reliable dividends.&nbsp; Its current dividend yield is 2.4%.&nbsp; Slow and Steady Wins The Race 🥰🥰🥰🌈🌈🌈💰💰💰 <a href=\"https://ttm.financial/U/4106547232749330\">@Tiger_SG </a>&nbsp;<a href=\"https://ttm.financial/U/3501196737273098\">@Tiger_comments </a>&nbsp;<a href=\"https://ttm.financial/U/3527667671414981\">@TigerClub </a>&nbsp;<a href=\"https://ttm.financial/U/3527667618000160\">@CaptainTiger </a>&nbsp;","listText":"🌟🌟🌟I invest in&nbsp;<a href=\"https://ttm.financial/S/OV8.SI\">$Sheng Siong(OV8.SI)$ </a> because of one simple undeniable truth: People have to eat.&nbsp; Sheng Siong is recession proof as it provides life's absolute necessities.&nbsp; Sheng Siong is also a cash flow machine as it consistently provides me with reliable dividends.&nbsp; Its current dividend yield is 2.4%.&nbsp; Slow and Steady Wins The Race 🥰🥰🥰🌈🌈🌈💰💰💰 <a href=\"https://ttm.financial/U/4106547232749330\">@Tiger_SG </a>&nbsp;<a href=\"https://ttm.financial/U/3501196737273098\">@Tiger_comments </a>&nbsp;<a href=\"https://ttm.financial/U/3527667671414981\">@TigerClub </a>&nbsp;<a href=\"https://ttm.financial/U/3527667618000160\">@CaptainTiger </a>&nbsp;","text":"🌟🌟🌟I invest in $Sheng Siong(OV8.SI)$ because of one simple undeniable truth: People have to eat. Sheng Siong is recession proof as it provides life's absolute necessities. Sheng Siong is also a cash flow machine as it consistently provides me with reliable dividends. Its current dividend yield is 2.4%. Slow and Steady Wins The Race 🥰🥰🥰🌈🌈🌈💰💰💰 @Tiger_SG @Tiger_comments @TigerClub @CaptainTiger","images":[{"img":"https://community-static.tradeup.com/news/ee3e8eb09813b84a194cdda17cb52cd8","width":"882","height":"1668"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/518295291118280","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":480966126363240,"gmtCreate":1758457832270,"gmtModify":1758457835841,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/480966126363240","repostId":"480743737192656","repostType":1,"repost":{"id":480743737192656,"gmtCreate":1758393257554,"gmtModify":1758413962229,"author":{"id":"4099211040742810","authorId":"4099211040742810","name":"Keeky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099211040742810","idStr":"4099211040742810"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$BABA-W(09988)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$BABA-W(09988)$&nbsp;</a>&nbsp;","text":"$BABA-W(09988)$","images":[{"img":"https://community-static.tradeup.com/news/2b088a478ecfabf88da95212582c0238","width":"927","height":"1599"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/480743737192656","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":444700711743720,"gmtCreate":1749604405266,"gmtModify":1749604406764,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/444700711743720","repostId":"441405718143488","repostType":1,"repost":{"id":441405718143488,"gmtCreate":1748803613414,"gmtModify":1748883602425,"author":{"id":"4171900329979952","authorId":"4171900329979952","name":"Barcode","avatar":"https://community-static.tradeup.com/news/6688d8fb4c2a255e3b901e79755e56df","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4171900329979952","idStr":"4171900329979952"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/KO\">$Coca-Cola(KO)$</a> Berkshire’s average cost on Coca-Cola is just $3.25 per share. This year, they’ll receive $2.04 per share in dividends. That means they now earn back 63% of their original investment every single year, purely from dividend income. This isn’t just investing, it’s legacy building!&nbsp; P&amp;L community share for positions I opened in Coca Cola 💥 📢 Don’t miss out! Like, Repost and Follow me for exclusive setups, cutting-edge trends, and insights that move markets 🚀📈 I’m obsessed with hunting down the next big movers and sharing strategies that crush it. Let’s outsmart the market and stack those gains together! 🍀🍀🍀 Trade like a boss! Happy trading ahead, Cheers, BC 📈🚀🍀🍀🍀","listText":"<a href=\"https://ttm.financial/S/KO\">$Coca-Cola(KO)$</a> Berkshire’s average cost on Coca-Cola is just $3.25 per share. This year, they’ll receive $2.04 per share in dividends. That means they now earn back 63% of their original investment every single year, purely from dividend income. This isn’t just investing, it’s legacy building!&nbsp; P&amp;L community share for positions I opened in Coca Cola 💥 📢 Don’t miss out! Like, Repost and Follow me for exclusive setups, cutting-edge trends, and insights that move markets 🚀📈 I’m obsessed with hunting down the next big movers and sharing strategies that crush it. Let’s outsmart the market and stack those gains together! 🍀🍀🍀 Trade like a boss! Happy trading ahead, Cheers, BC 📈🚀🍀🍀🍀","text":"$Coca-Cola(KO)$ Berkshire’s average cost on Coca-Cola is just $3.25 per share. This year, they’ll receive $2.04 per share in dividends. That means they now earn back 63% of their original investment every single year, purely from dividend income. This isn’t just investing, it’s legacy building! P&L community share for positions I opened in Coca Cola 💥 📢 Don’t miss out! Like, Repost and Follow me for exclusive setups, cutting-edge trends, and insights that move markets 🚀📈 I’m obsessed with hunting down the next big movers and sharing strategies that crush it. Let’s outsmart the market and stack those gains together! 🍀🍀🍀 Trade like a boss! Happy trading ahead, Cheers, BC 📈🚀🍀🍀🍀","images":[{"img":"https://community-static.tradeup.com/news/8ff567c05993a3e5711948b1ab1186c7","width":"972","height":"1631"},{"img":"https://community-static.tradeup.com/news/8829dd378d752500f0839b2fdfc9b83c","width":"945","height":"670"},{"img":"https://community-static.tradeup.com/news/8d3b33eedaa3cf9d7c5a916c5341e6ca","width":"432","height":"310"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/441405718143488","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":411307166425656,"gmtCreate":1741449741969,"gmtModify":1741449745638,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/411307166425656","repostId":"410946612138176","repostType":1,"repost":{"id":410946612138176,"gmtCreate":1741361887381,"gmtModify":1741680116616,"author":{"id":"3577070507428589","authorId":"3577070507428589","name":"BillyR","avatar":"https://static.tigerbbs.com/ceab96d330dae0f2daf9b40aa4da2f0f","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3577070507428589","idStr":"3577070507428589"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$ </a>&nbsp; If you are 25 to 45 yo, buy this and monitor it's growth. Those above 45, please start to enjoy life. I believe the next earning will beat expectation by more than 50 percent growth. Don't look at PE for pltr. Use PB as a benchmark. This is also why I invest in Pltr. Their PB has always been over the roof before earnings and drop back to 30's after earnings. Globalist who sells pltr, try to think of the field of work here. No competitors is the best company to own","listText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$ </a>&nbsp; If you are 25 to 45 yo, buy this and monitor it's growth. Those above 45, please start to enjoy life. I believe the next earning will beat expectation by more than 50 percent growth. Don't look at PE for pltr. Use PB as a benchmark. This is also why I invest in Pltr. Their PB has always been over the roof before earnings and drop back to 30's after earnings. Globalist who sells pltr, try to think of the field of work here. No competitors is the best company to own","text":"$Palantir Technologies Inc.(PLTR)$ If you are 25 to 45 yo, buy this and monitor it's growth. Those above 45, please start to enjoy life. I believe the next earning will beat expectation by more than 50 percent growth. Don't look at PE for pltr. Use PB as a benchmark. This is also why I invest in Pltr. Their PB has always been over the roof before earnings and drop back to 30's after earnings. Globalist who sells pltr, try to think of the field of work here. No competitors is the best company to own","images":[{"img":"https://community-static.tradeup.com/news/f46130a8bf702f833d7983843edbf5d4","width":"1018","height":"1699"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/410946612138176","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":395807165370896,"gmtCreate":1737658034924,"gmtModify":1737658037162,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/395807165370896","repostId":"395526351606296","repostType":1,"repost":{"id":395526351606296,"gmtCreate":1737590991148,"gmtModify":1737627602062,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3559581955535845","idStr":"3559581955535845"},"themes":[],"title":"Is Google A Buy? ","htmlText":"🌟🌟🌟President Donald Trump sets the tone on his first day in office by reversing dozens of executive orders he called harmful executive orders and actions including Executive Order 14110 enacted in 2023 about the safe and secure use of AI. This Executive Order was to guide responsible AI development, deployment and regulation. Following the revocation of this Executive Order,&nbsp;<a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$&nbsp;</a><v-v data-views=\"1\"></v-v> Google jumped to reach its all time&nbsp;&nbsp;high at USD 202.29.&nbsp; However since then it has dropped to close at USD 198.37 on Wednesday. Is Google A Buy? Google is up 2.7% in the past 5 days and has risen 4.7% since the","listText":"🌟🌟🌟President Donald Trump sets the tone on his first day in office by reversing dozens of executive orders he called harmful executive orders and actions including Executive Order 14110 enacted in 2023 about the safe and secure use of AI. This Executive Order was to guide responsible AI development, deployment and regulation. Following the revocation of this Executive Order,&nbsp;<a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$&nbsp;</a><v-v data-views=\"1\"></v-v> Google jumped to reach its all time&nbsp;&nbsp;high at USD 202.29.&nbsp; However since then it has dropped to close at USD 198.37 on Wednesday. Is Google A Buy? Google is up 2.7% in the past 5 days and has risen 4.7% since the","text":"🌟🌟🌟President Donald Trump sets the tone on his first day in office by reversing dozens of executive orders he called harmful executive orders and actions including Executive Order 14110 enacted in 2023 about the safe and secure use of AI. This Executive Order was to guide responsible AI development, deployment and regulation. Following the revocation of this Executive Order, $Alphabet(GOOGL)$ $Alphabet(GOOG)$ Google jumped to reach its all time high at USD 202.29. However since then it has dropped to close at USD 198.37 on Wednesday. Is Google A Buy? Google is up 2.7% in the past 5 days and has risen 4.7% since the","images":[{"img":"https://community-static.tradeup.com/news/f60103090b5bc934bafbca4b72d62f47","width":"1080","height":"2340"},{"img":"https://community-static.tradeup.com/news/125e95867aa8b1de5c11b86d050b4962","width":"1080","height":"2340"},{"img":"https://community-static.tradeup.com/news/008a38b9bd3eee8cb4e4db06489eb05d","width":"1080","height":"2340"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/395526351606296","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":395808736125512,"gmtCreate":1737658020925,"gmtModify":1737658024727,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/395808736125512","repostId":"395637978825192","repostType":1,"repost":{"id":395637978825192,"gmtCreate":1737617720215,"gmtModify":1737624381966,"author":{"id":"3574929013248588","authorId":"3574929013248588","name":"thewontoninvestor","avatar":"https://community-static.tradeup.com/news/a1a4de1a10d44336c935cb000658be81","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574929013248588","idStr":"3574929013248588"},"themes":[],"title":"How I made $100K as a Uni Student","htmlText":"Introduction Hello to everyone reading this blog! I’m the The Wonton Investor and this is gonna be my first blog post. In case you haven’t read my bio, I am a Singaporean student studying Computer Science who loves tech, finance, and, of course, wontons. I’m here to share my investing journey and the lessons I’ve learnt over the past 4 years of investing, and also personal finance tips on how I gather capital for investments as a uni student! I have invested across many types of financial instruments, including stocks, t-bills, crypto, bonds, options, NFTs - you name it, I’ve tried it! I have also tried many things from building my own startup/online businesses to doing Venture Capital and Software Engineering internships. This will be my first blog entry as The Wonton Investor, and I wann","listText":"Introduction Hello to everyone reading this blog! I’m the The Wonton Investor and this is gonna be my first blog post. In case you haven’t read my bio, I am a Singaporean student studying Computer Science who loves tech, finance, and, of course, wontons. I’m here to share my investing journey and the lessons I’ve learnt over the past 4 years of investing, and also personal finance tips on how I gather capital for investments as a uni student! I have invested across many types of financial instruments, including stocks, t-bills, crypto, bonds, options, NFTs - you name it, I’ve tried it! I have also tried many things from building my own startup/online businesses to doing Venture Capital and Software Engineering internships. This will be my first blog entry as The Wonton Investor, and I wann","text":"Introduction Hello to everyone reading this blog! I’m the The Wonton Investor and this is gonna be my first blog post. In case you haven’t read my bio, I am a Singaporean student studying Computer Science who loves tech, finance, and, of course, wontons. I’m here to share my investing journey and the lessons I’ve learnt over the past 4 years of investing, and also personal finance tips on how I gather capital for investments as a uni student! I have invested across many types of financial instruments, including stocks, t-bills, crypto, bonds, options, NFTs - you name it, I’ve tried it! I have also tried many things from building my own startup/online businesses to doing Venture Capital and Software Engineering internships. This will be my first blog entry as The Wonton Investor, and I wann","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/395637978825192","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":297553244635376,"gmtCreate":1713673595887,"gmtModify":1713673599310,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/297553244635376","repostId":"297466281758856","repostType":1,"repost":{"id":297466281758856,"gmtCreate":1713652381161,"gmtModify":1714115128108,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3559581955535845","idStr":"3559581955535845"},"themes":[],"title":"Is It Time To Buy Semiconductor Stocks? ","htmlText":"🌟🌟🌟Geopolitical conflicts and higher for longer interest rates by the Feds caused the markets to turn Bearish this week.&nbsp; Semiconductor stocks were among the worst hit with&nbsp;<a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a><v-v data-views=\"1\"></v-v> dropping 10% on Friday,&nbsp;<a href=\"https://ttm.financial/S/AMD\">$Advanced Micro Devices(AMD)$&nbsp;</a><v-v data-views=\"1\"></v-v> losing 5.4% while&nbsp;<a href=\"https://ttm.financial/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$&nbsp;</a><v-v data-views=\"1\"></v-v> fell 3.4% and&nbsp;<a href=\"https://ttm.financial/S/INTC\">$Intel(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v> dropped 2.4%.&nbsp;&nbsp;<a href=\"https://ttm.financial/S/SOXL\">$Semiconductor Bull 3X Shares(SOXL)$&nbsp;</a><v-v data-views=\"1\"></v-v> which","listText":"🌟🌟🌟Geopolitical conflicts and higher for longer interest rates by the Feds caused the markets to turn Bearish this week.&nbsp; Semiconductor stocks were among the worst hit with&nbsp;<a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a><v-v data-views=\"1\"></v-v> dropping 10% on Friday,&nbsp;<a href=\"https://ttm.financial/S/AMD\">$Advanced Micro Devices(AMD)$&nbsp;</a><v-v data-views=\"1\"></v-v> losing 5.4% while&nbsp;<a href=\"https://ttm.financial/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$&nbsp;</a><v-v data-views=\"1\"></v-v> fell 3.4% and&nbsp;<a href=\"https://ttm.financial/S/INTC\">$Intel(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v> dropped 2.4%.&nbsp;&nbsp;<a href=\"https://ttm.financial/S/SOXL\">$Semiconductor Bull 3X Shares(SOXL)$&nbsp;</a><v-v data-views=\"1\"></v-v> which","text":"🌟🌟🌟Geopolitical conflicts and higher for longer interest rates by the Feds caused the markets to turn Bearish this week. Semiconductor stocks were among the worst hit with $NVIDIA Corp(NVDA)$ dropping 10% on Friday, $Advanced Micro Devices(AMD)$ losing 5.4% while $Taiwan Semiconductor Manufacturing(TSM)$ fell 3.4% and $Intel(INTC)$ dropped 2.4%. $Semiconductor Bull 3X Shares(SOXL)$ which","images":[{"img":"https://community-static.tradeup.com/news/783b1baabd2188b1a4676eb0d296dc13","width":"1080","height":"2340"},{"img":"https://community-static.tradeup.com/news/3027faa742d34949a57ae75adc629375","width":"1080","height":"2340"},{"img":"https://community-static.tradeup.com/news/af066065ebe1594d13259d9dfcd792b8","width":"1080","height":"2340"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/297466281758856","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":282874912366600,"gmtCreate":1710089849053,"gmtModify":1710089854153,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ </a> yay, this is it","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ </a> yay, this is it","text":"$Apple(AAPL)$ yay, this is it","images":[{"img":"https://community-static.tradeup.com/news/390c312b3f43320dabcbbb4a79698f48","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/282874912366600","isVote":1,"tweetType":1,"viewCount":4229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":280762314354728,"gmtCreate":1709570627632,"gmtModify":1709570633166,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Yay","listText":"Yay","text":"Yay","images":[{"img":"https://community-static.tradeup.com/news/0b8536a5012258eece39cea6177f31fa","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/280762314354728","isVote":1,"tweetType":1,"viewCount":3242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":263356161892376,"gmtCreate":1705330474754,"gmtModify":1705330481120,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Oooh yea","listText":"Oooh yea","text":"Oooh yea","images":[{"img":"https://community-static.tradeup.com/news/18e5bcca0588a60b050f66a87acf759c","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263356161892376","isVote":1,"tweetType":1,"viewCount":2983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":263355368435936,"gmtCreate":1705330442438,"gmtModify":1705330449128,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ &nbsp;</a>yea","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ &nbsp;</a>yea","text":"$Apple(AAPL)$ yea","images":[{"img":"https://community-static.tradeup.com/news/c4aa7cad990d891157948facc099b615","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263355368435936","isVote":1,"tweetType":1,"viewCount":3475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251987624104200,"gmtCreate":1702539363813,"gmtModify":1702539366824,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DIS\">$Walt Disney(DIS)$ &nbsp;</a>okokokokk","listText":"<a href=\"https://ttm.financial/S/DIS\">$Walt Disney(DIS)$ &nbsp;</a>okokokokk","text":"$Walt Disney(DIS)$ okokokokk","images":[{"img":"https://community-static.tradeup.com/news/31d7e1f350c51fee8fdd456a43be42f0","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251987624104200","isVote":1,"tweetType":1,"viewCount":3016,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251987374506296,"gmtCreate":1702539306206,"gmtModify":1702539309921,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ </a>&nbsp;oooh doing good","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ </a>&nbsp;oooh doing good","text":"$Apple(AAPL)$ oooh doing good","images":[{"img":"https://community-static.tradeup.com/news/9b564415b6ab9f5663e387c5fb35176a","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251987374506296","isVote":1,"tweetType":1,"viewCount":3572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251987178221624,"gmtCreate":1702539237932,"gmtModify":1702539241102,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a>&nbsp;seems good&nbsp;","listText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$ </a>&nbsp;seems good&nbsp;","text":"$Meta Platforms, Inc.(META)$ seems good","images":[{"img":"https://community-static.tradeup.com/news/92e8c6b165774fa35b285f785acfa904","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251987178221624","isVote":1,"tweetType":1,"viewCount":2218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251335774871840,"gmtCreate":1702398503880,"gmtModify":1702398506882,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$ </a>&nbsp;oooh yea&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$ </a>&nbsp;oooh yea&nbsp;","text":"$Taiwan Semiconductor Manufacturing(TSM)$ oooh yea","images":[{"img":"https://community-static.tradeup.com/news/49b6a2bbe14863cf99f893a251da4cdc","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251335774871840","isVote":1,"tweetType":1,"viewCount":2057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251334854750384,"gmtCreate":1702398444222,"gmtModify":1702398448161,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$ </a>&nbsp;oh noo","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$ </a>&nbsp;oh noo","text":"$Tesla Motors(TSLA)$ oh noo","images":[{"img":"https://community-static.tradeup.com/news/ab0cd11a05429bc05f8dd8eb1fc9f790","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251334854750384","isVote":1,"tweetType":1,"viewCount":1905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251335261241440,"gmtCreate":1702398371361,"gmtModify":1702398374105,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$ &nbsp;</a>sigh","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$ &nbsp;</a>sigh","text":"$Tesla Motors(TSLA)$ sigh","images":[{"img":"https://community-static.tradeup.com/news/68d1ecfb337eb6d3aa5dc1a4414c0033","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251335261241440","isVote":1,"tweetType":1,"viewCount":1557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251334907130144,"gmtCreate":1702398292029,"gmtModify":1702398356000,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Haha","listText":"Haha","text":"Haha","images":[{"img":"https://community-static.tradeup.com/news/6edb6e409b1dc7d24abb663e08456f2c","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251334907130144","isVote":1,"tweetType":1,"viewCount":1691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":234494574461016,"gmtCreate":1698293754016,"gmtModify":1698293757910,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"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/234494574461016","repostId":"234274790035472","repostType":1,"repost":{"id":234274790035472,"gmtCreate":1698222082591,"gmtModify":1698222094657,"author":{"id":"4144906086863692","authorId":"4144906086863692","name":"NAI500","avatar":"https://community-static.tradeup.com/news/01a5cfb1c65c21d31f28a3934107c034","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4144906086863692","idStr":"4144906086863692"},"themes":[],"title":"13 Other High-Margin Stocks--- VICI, CME, V, VRSN, MO, MAR, MA, NVDA, PSA& VRTX","htmlText":"Profit margins are becoming increasingly important to investors amid a backdrop of hyperinflation that continues to erode public company profits. Even Musk's electric car company <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> &nbsp;also witnessed sharp decline in profit margins. Fortunately, there's still no shortage of moneymakers in the S&amp;P 500.According to the data analysis results&nbsp;from S&amp;P Global Market Intelligence and MarketSmith, 13 S&amp;P 500 components reached over 30% of&nbsp;the adjusted net profit margin. Such a high level of profitability is rare in the market. By comparison, FactSet data show that the average profit margin for publicly traded companies is only 11.6%.In this list, Warren Buffett's <a href=\"https://ttm.financial/S/BRK.A\">$Berkshir</a>","listText":"Profit margins are becoming increasingly important to investors amid a backdrop of hyperinflation that continues to erode public company profits. Even Musk's electric car company <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> &nbsp;also witnessed sharp decline in profit margins. Fortunately, there's still no shortage of moneymakers in the S&amp;P 500.According to the data analysis results&nbsp;from S&amp;P Global Market Intelligence and MarketSmith, 13 S&amp;P 500 components reached over 30% of&nbsp;the adjusted net profit margin. Such a high level of profitability is rare in the market. By comparison, FactSet data show that the average profit margin for publicly traded companies is only 11.6%.In this list, Warren Buffett's <a href=\"https://ttm.financial/S/BRK.A\">$Berkshir</a>","text":"Profit margins are becoming increasingly important to investors amid a backdrop of hyperinflation that continues to erode public company profits. Even Musk's electric car company $Tesla Motors(TSLA)$ also witnessed sharp decline in profit margins. Fortunately, there's still no shortage of moneymakers in the S&P 500.According to the data analysis results from S&P Global Market Intelligence and MarketSmith, 13 S&P 500 components reached over 30% of the adjusted net profit margin. Such a high level of profitability is rare in the market. By comparison, FactSet data show that the average profit margin for publicly traded companies is only 11.6%.In this list, Warren Buffett's $Berkshir","images":[{"img":"https://community-static.tradeup.com/news/a5339411a06ec74144d6e87fbc52ccac","width":"720","height":"449"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234274790035472","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234638497247432,"gmtCreate":1698293735443,"gmtModify":1698293738684,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234638497247432","repostId":"234546855882800","repostType":1,"repost":{"id":234546855882800,"gmtCreate":1698288617966,"gmtModify":1703746843064,"author":{"id":"4104455119105420","authorId":"4104455119105420","name":"Tiger_Academy","avatar":"https://static.tigerbbs.com/3776fe550cd7a945e43d68c025988ed8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4104455119105420","idStr":"4104455119105420"},"themes":[],"title":"🎁Day 3.The longer the expiration date, the smaller the time value. Can you believe it?","htmlText":"HelloWelcome to Tiger Academy - 「Options Greeks Column」episode 3.In our previous article, we mentioned that due to the presence of the gamma coefficient, at-the-money options make money the quickest. However, at the same time, as the expiration date approaches, at-the-money options also face the highest time decay risk.So, how can one manage the risk of time decay, and is there a scenario where options with longer expiration dates have smaller time values?Today, we will address these questions by exploring another Greek value of options - theta. First, let's understand what an option's theta value is.1. what is the Theta of an option?Theta represents the change in the option price due to the passage of time. In other words, it indicates how much the option price decreases with each passing","listText":"HelloWelcome to Tiger Academy - 「Options Greeks Column」episode 3.In our previous article, we mentioned that due to the presence of the gamma coefficient, at-the-money options make money the quickest. However, at the same time, as the expiration date approaches, at-the-money options also face the highest time decay risk.So, how can one manage the risk of time decay, and is there a scenario where options with longer expiration dates have smaller time values?Today, we will address these questions by exploring another Greek value of options - theta. First, let's understand what an option's theta value is.1. what is the Theta of an option?Theta represents the change in the option price due to the passage of time. In other words, it indicates how much the option price decreases with each passing","text":"HelloWelcome to Tiger Academy - 「Options Greeks Column」episode 3.In our previous article, we mentioned that due to the presence of the gamma coefficient, at-the-money options make money the quickest. However, at the same time, as the expiration date approaches, at-the-money options also face the highest time decay risk.So, how can one manage the risk of time decay, and is there a scenario where options with longer expiration dates have smaller time values?Today, we will address these questions by exploring another Greek value of options - theta. First, let's understand what an option's theta value is.1. what is the Theta of an option?Theta represents the change in the option price due to the passage of time. In other words, it indicates how much the option price decreases with each passing","images":[{"img":"https://community-static.tradeup.com/news/edf3fd2110fa66966e2fec06b9b144f7","width":"1080","height":"1920"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234546855882800","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9095754951,"gmtCreate":1645005219287,"gmtModify":1676533985456,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Pls like this comment&nbsp;","listText":"Pls like this comment&nbsp;","text":"Pls like this comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095754951","repostId":"1133868973","repostType":4,"repost":{"id":"1133868973","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":1645003008,"share":"https://ttm.financial/m/news/1133868973?lang=en_US&edition=fundamental","pubTime":"2022-02-16 17:16","market":"us","language":"en","title":"Airbnb Shares Rose More Than 3% in Premarket Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1133868973","media":"Tiger Newspress","summary":"Airbnb shares rose more than 3% in premarket trading.Airbnb Inc on Tuesday forecast better-than-expe","content":"<html><head></head><body><p>Airbnb shares rose more than 3% in premarket trading.<img src=\"https://static.tigerbbs.com/5ca2478b42fd68883dbfd6aa49ca9f8f\" tg-width=\"720\" tg-height=\"606\" width=\"100%\" height=\"auto\"/>Airbnb Inc on Tuesday forecast better-than-expected first-quarter revenue after the short-term home rental company reported strong quarterly results on rising domestic travel and longer stays by guests at higher prices.</p><p>The company, based in San Francisco, California in the United States, expects current-quarter revenue between $1.41bn and $1.48bn, higher than analysts’ estimates of $1.24bn, according to Refinitiv IBES data.</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>Airbnb Shares Rose More Than 3% in Premarket Trading</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\">\nAirbnb Shares Rose More Than 3% in Premarket Trading\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\">2022-02-16 17:16</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Airbnb shares rose more than 3% in premarket trading.<img src=\"https://static.tigerbbs.com/5ca2478b42fd68883dbfd6aa49ca9f8f\" tg-width=\"720\" tg-height=\"606\" width=\"100%\" height=\"auto\"/>Airbnb Inc on Tuesday forecast better-than-expected first-quarter revenue after the short-term home rental company reported strong quarterly results on rising domestic travel and longer stays by guests at higher prices.</p><p>The company, based in San Francisco, California in the United States, expects current-quarter revenue between $1.41bn and $1.48bn, higher than analysts’ estimates of $1.24bn, according to Refinitiv IBES data.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133868973","content_text":"Airbnb shares rose more than 3% in premarket trading.Airbnb Inc on Tuesday forecast better-than-expected first-quarter revenue after the short-term home rental company reported strong quarterly results on rising domestic travel and longer stays by guests at higher prices.The company, based in San Francisco, California in the United States, expects current-quarter revenue between $1.41bn and $1.48bn, higher than analysts’ estimates of $1.24bn, according to Refinitiv IBES data.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":993,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9014413826,"gmtCreate":1649693606602,"gmtModify":1676534552565,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9014413826","repostId":"1125952843","repostType":4,"repost":{"id":"1125952843","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":1649689996,"share":"https://ttm.financial/m/news/1125952843?lang=en_US&edition=fundamental","pubTime":"2022-04-11 23:13","market":"us","language":"en","title":"Mega-cap Growth Stocks Fell in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1125952843","media":"Tiger Newspress","summary":"Apple, Tesla, Amazon, Microsoft, Nvidia, Alphabet and Meta Platforms dropped between 2% and 5%.","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>, <a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, <a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> and <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> dropped between 2% and 5%.</p><p><img src=\"https://static.tigerbbs.com/50db44177f59fc8ecac0de525b1a74ec\" tg-width=\"435\" tg-height=\"471\" referrerpolicy=\"no-referrer\"/></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>Mega-cap Growth Stocks Fell in Morning Trading</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\">\nMega-cap Growth Stocks Fell in Morning Trading\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\">2022-04-11 23:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>, <a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, <a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> and <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> dropped between 2% and 5%.</p><p><img src=\"https://static.tigerbbs.com/50db44177f59fc8ecac0de525b1a74ec\" tg-width=\"435\" tg-height=\"471\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","BK4561":"索罗斯持仓","AAPL":"苹果","BK4532":"文艺复兴科技持仓","TSLA":"特斯拉","GOOGL":"谷歌A","BK4077":"互动媒体与服务","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4529":"IDC概念","BK4575":"芯片概念","NVDA":"英伟达","BK4528":"SaaS概念","BK4577":"网络游戏","BK4549":"软银资本持仓","GOOG":"谷歌","MSFT":"微软","CASH":"Pathward Financial","BK4507":"流媒体概念","BK4548":"巴美列捷福持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125952843","content_text":"Apple, Tesla, Amazon, Microsoft, Nvidia, Alphabet and Meta Platforms dropped between 2% and 5%.","news_type":1,"symbols_score_info":{"MSFT":0.9,"GOOGL":0.9,"CASH":0.9,"NVDA":0.9,"TSLA":0.9,"GOOG":0.9,"AAPL":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":906,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039112821,"gmtCreate":1645951679140,"gmtModify":1676534077396,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Pls like&nbsp;","listText":"Pls like&nbsp;","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039112821","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.B":"伯克希尔B","BRK.A":"伯克希尔"},"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":959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097073623,"gmtCreate":1645285415975,"gmtModify":1676534015792,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Pls like&nbsp;","listText":"Pls like&nbsp;","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097073623","repostId":"1169107504","repostType":4,"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097073583,"gmtCreate":1645285462386,"gmtModify":1676534015800,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097073583","repostId":"1198934487","repostType":4,"repost":{"id":"1198934487","kind":"news","pubTimestamp":1645244274,"share":"https://ttm.financial/m/news/1198934487?lang=en_US&edition=fundamental","pubTime":"2022-02-19 12:17","market":"us","language":"en","title":"Nvidia Earnings: Showing The Market Still Needs To Recalibrate","url":"https://stock-news.laohu8.com/highlight/detail?id=1198934487","media":"Seeking Alpha","summary":"SummaryNvidia's earnings and guidance were nothing short of what investors have come to expect from ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Nvidia&#39;s earnings and guidance were nothing short of what investors have come to expect from it over the last year.</li><li>But even with stellar guidance, the stock led the way in a red market on Thursday.</li><li>The reason lies in the market&#39;s outlook for relatively slower growth over the year and the inability of Nvidia to maintain mid-double-digit revenue growth.</li><li>I outline a new buy zone and where the stock is fairly valued in a year based on this recalibration of sales expectations.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/37b348779acedb3ad22271a188138ee1\" tg-width=\"1536\" tg-height=\"1018\" width=\"100%\" height=\"auto\"/><span>Justin Sullivan/Getty Images News</span></p><p>It&#39;s become a pretty dull firework show with Nvidia (NVDA). Earnings beats and guidance raises are the norm, and the latest earnings report shows that&#39;s not changing anytime soon. But this quarter-after-quarter firework celebration is confusing investors as they watch the stock tumble further after already being sent into beaten-down territory the last several weeks. And to add insult to injury, there&#39;s nothing in the earnings report or the expectations for FQ1 to focus on negatively. In fact, things are coming along better than expected. However, the problem is the market facing down slowing FY23 and FY24 revenue growth and correlating it to a new valuation.</p><p>I&#39;m not saying the party of Nvidia&#39;s shares is over, but<i>I am saying</i>it&#39;s not going to be the lively dance club it once was. Even when management executes a quarter with $7.64B in revenue against a consensus for $7.42B and guides for a face-ripping quarter of $8.1B against estimates for $7.29B, it&#39;s not enough to overcome the ultimately slowing yearly sales growth.</p><p>This is something I mentioned in my last article when I said I&#39;d wait to add to my position due to the inability to achieve the growth the market was expecting at higher valuations. Shares traded just below $280 when I published the article. Some commenters didn&#39;t expect the stock would get to my buy zone at $264 even when I applied a forward price-to-sales multiple of 20 on the stock. But, as we know, the stock reached $264 and even less in the weeks following.</p><p><b>So what&#39;s this have to do with earnings?</b></p><p>Wednesday&#39;s earnings proved Nvidia - while able to crush estimates and guide significantly higher each quarter - cannot achieve the growth necessary to sustain the high valuation it once fetched.</p><p>The market pays for growth. If there isn&#39;t sustainable growth (read: the same level), there isn&#39;t a high(er) valuation awarded. The market also looks six-to-eight months out. This puts the view squarely at the end of the company&#39;s FY23.</p><p>Of course, estimates will rise - how could they not with an 11% guidance raise - but they won&#39;t be able to justify the 61% revenue growth 2021 just reported. Right now, estimates are predicting 28.5% revenue growth ($34.6B). This is higher than the 17% they expected two months ago, but this recalibration is now much closer to the real number after FQ1&#39;s guidance set the stage for the year. To achieve 60% growth, it would have to bring in $43B - about $9B more than the current estimate, basically a fifth quarter of the year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/91bfa9f98fc7d44603853c3252fe15de\" tg-width=\"640\" tg-height=\"63\" width=\"100%\" height=\"auto\"/><span>Nvidia&#39;s Revenue Estimates (Seeking Alpha)</span></p><p>Now, my take would be defensible if the stock was trading at the former high of $346. But, surely, the market can&#39;t be pricing in 60% growth for this year with the stock trading at $245.</p><p>And it&#39;s not.</p><p>But, the market perception is now shifting to a new valuation, one for 29% growth ($8.65B quarterly on average this fiscal year). This, however, is still 19 times forward sales. Of course, that&#39;s down from 26 forward sales, but 19 is still relatively high when growth is slowing and lapping high double-digit growth.</p><p>The question becomes, what does the market pay for an Nvidia with no Arm (ARMH) acquisition and slowing revenue growth amid a supply constraint semiconductor market? In a year where the next generation of gaming GPUs are likely to be launched, how will the company supply the demand it can&#39;t even fulfill for its current RTX3000 series? It&#39;s literally tapped out of supply, and incremental revenue will only be found with incremental wafer supply.</p><p>Therefore, the best bet on Nvidia is a bet on semiconductor shortages easing. But this is likely to come slowly and over time, not allowing for a spike in revenue to occur in any one quarter.</p><p>That being said, a historic valuation consistent with 30% revenue growth is more dependable and gives investors a chance to let the market recalibrate. This puts the stock closer to a<i>trailing</i>19 or 20 times sales.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/89c37e09b2c7dd424bafab1a80c9c343\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p>This also means the market may ease it into the valuation over the next few months, as the hangover of 60, 70, and 80 percent growth rates fade into the rearview mirror. Using the current quarter (FQ1 &#39;23) as a quarter in my calculation gives us $29.35B multiplied by 20 for a market cap of $587B, translating to a share price of $230 - 6% downside from Thursday&#39;s close.</p><p>This isn&#39;t a price target for a year out, but it&#39;s a fantastic risk-reward target to accumulate shares with a much lower level of risk.</p><p>Now, if we&#39;re going to discount the growth over the next two years closer to 20% (FY24 of $42B) and ease the multiple down to 18 or 19 (I&#39;ll use 18.5), the stock price comes out to $305, or 24.5% upside.</p><p>But this is going two years out, and estimating a discount the market may or may not be willing to grant it. But remember, the market will discount FY24 at the beginning of FY23, so while it&#39;s a two-year-out revenue estimate, it&#39;s a year-out price target.</p><p>And, if you&#39;re wondering about earnings and PE ratios, the growth rates are estimated to be nearly the same as revenue growth, implying margins aren&#39;t going to go any higher.</p><p>Add in the company didn&#39;t see &#34;outperformance&#34; on its gross margins, which some have pointed to as the &#34;sole&#34; reason the market sold off the stock on Wednesday&#39;s earnings, and it&#39;s fair to say there may not be anything left in the tank at this time for Nvidia to push the outperformance envelope to the level necessary for a return to all-time highs.</p><p>Nvidia not only has to continue to perform at the level it has (11% guidance raises and a beat on top of it at report time) but has to find an inflection in its business again; a new product or technology breakthrough. This is Nvidia, so this is very possible and even likely. However, any misstep will see the stock cut down in an instant at current valuations.</p><p>This isn&#39;t to say I don&#39;t like Nvidia; I&#39;m happily long the stock and will continue to be. But detach your emotions for a few minutes, study what the market is doing to the stock and why, and you can recalibrate your mindset to be where the market will be in a year and not where it is today. Because today, the market is discounting the relatively slower growth eight months from now, and buying at risk-averse levels - $230 and below according to my calculations - you&#39;ll have a much larger position with a company growing revenues into FY24 and FY25 in the low 20s and high teens, at minimum.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia Earnings: Showing The Market Still Needs To Recalibrate</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia Earnings: Showing The Market Still Needs To Recalibrate\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-19 12:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4488333-nvidia-earnings-market-needs-to-recalibrate><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryNvidia's earnings and guidance were nothing short of what investors have come to expect from it over the last year.But even with stellar guidance, the stock led the way in a red market on ...</p>\n\n<a href=\"https://seekingalpha.com/article/4488333-nvidia-earnings-market-needs-to-recalibrate\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4488333-nvidia-earnings-market-needs-to-recalibrate","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198934487","content_text":"SummaryNvidia's earnings and guidance were nothing short of what investors have come to expect from it over the last year.But even with stellar guidance, the stock led the way in a red market on Thursday.The reason lies in the market's outlook for relatively slower growth over the year and the inability of Nvidia to maintain mid-double-digit revenue growth.I outline a new buy zone and where the stock is fairly valued in a year based on this recalibration of sales expectations.Justin Sullivan/Getty Images NewsIt's become a pretty dull firework show with Nvidia (NVDA). Earnings beats and guidance raises are the norm, and the latest earnings report shows that's not changing anytime soon. But this quarter-after-quarter firework celebration is confusing investors as they watch the stock tumble further after already being sent into beaten-down territory the last several weeks. And to add insult to injury, there's nothing in the earnings report or the expectations for FQ1 to focus on negatively. In fact, things are coming along better than expected. However, the problem is the market facing down slowing FY23 and FY24 revenue growth and correlating it to a new valuation.I'm not saying the party of Nvidia's shares is over, butI am sayingit's not going to be the lively dance club it once was. Even when management executes a quarter with $7.64B in revenue against a consensus for $7.42B and guides for a face-ripping quarter of $8.1B against estimates for $7.29B, it's not enough to overcome the ultimately slowing yearly sales growth.This is something I mentioned in my last article when I said I'd wait to add to my position due to the inability to achieve the growth the market was expecting at higher valuations. Shares traded just below $280 when I published the article. Some commenters didn't expect the stock would get to my buy zone at $264 even when I applied a forward price-to-sales multiple of 20 on the stock. But, as we know, the stock reached $264 and even less in the weeks following.So what's this have to do with earnings?Wednesday's earnings proved Nvidia - while able to crush estimates and guide significantly higher each quarter - cannot achieve the growth necessary to sustain the high valuation it once fetched.The market pays for growth. If there isn't sustainable growth (read: the same level), there isn't a high(er) valuation awarded. The market also looks six-to-eight months out. This puts the view squarely at the end of the company's FY23.Of course, estimates will rise - how could they not with an 11% guidance raise - but they won't be able to justify the 61% revenue growth 2021 just reported. Right now, estimates are predicting 28.5% revenue growth ($34.6B). This is higher than the 17% they expected two months ago, but this recalibration is now much closer to the real number after FQ1's guidance set the stage for the year. To achieve 60% growth, it would have to bring in $43B - about $9B more than the current estimate, basically a fifth quarter of the year.Nvidia's Revenue Estimates (Seeking Alpha)Now, my take would be defensible if the stock was trading at the former high of $346. But, surely, the market can't be pricing in 60% growth for this year with the stock trading at $245.And it's not.But, the market perception is now shifting to a new valuation, one for 29% growth ($8.65B quarterly on average this fiscal year). This, however, is still 19 times forward sales. Of course, that's down from 26 forward sales, but 19 is still relatively high when growth is slowing and lapping high double-digit growth.The question becomes, what does the market pay for an Nvidia with no Arm (ARMH) acquisition and slowing revenue growth amid a supply constraint semiconductor market? In a year where the next generation of gaming GPUs are likely to be launched, how will the company supply the demand it can't even fulfill for its current RTX3000 series? It's literally tapped out of supply, and incremental revenue will only be found with incremental wafer supply.Therefore, the best bet on Nvidia is a bet on semiconductor shortages easing. But this is likely to come slowly and over time, not allowing for a spike in revenue to occur in any one quarter.That being said, a historic valuation consistent with 30% revenue growth is more dependable and gives investors a chance to let the market recalibrate. This puts the stock closer to atrailing19 or 20 times sales.Data by YChartsThis also means the market may ease it into the valuation over the next few months, as the hangover of 60, 70, and 80 percent growth rates fade into the rearview mirror. Using the current quarter (FQ1 '23) as a quarter in my calculation gives us $29.35B multiplied by 20 for a market cap of $587B, translating to a share price of $230 - 6% downside from Thursday's close.This isn't a price target for a year out, but it's a fantastic risk-reward target to accumulate shares with a much lower level of risk.Now, if we're going to discount the growth over the next two years closer to 20% (FY24 of $42B) and ease the multiple down to 18 or 19 (I'll use 18.5), the stock price comes out to $305, or 24.5% upside.But this is going two years out, and estimating a discount the market may or may not be willing to grant it. But remember, the market will discount FY24 at the beginning of FY23, so while it's a two-year-out revenue estimate, it's a year-out price target.And, if you're wondering about earnings and PE ratios, the growth rates are estimated to be nearly the same as revenue growth, implying margins aren't going to go any higher.Add in the company didn't see \"outperformance\" on its gross margins, which some have pointed to as the \"sole\" reason the market sold off the stock on Wednesday's earnings, and it's fair to say there may not be anything left in the tank at this time for Nvidia to push the outperformance envelope to the level necessary for a return to all-time highs.Nvidia not only has to continue to perform at the level it has (11% guidance raises and a beat on top of it at report time) but has to find an inflection in its business again; a new product or technology breakthrough. This is Nvidia, so this is very possible and even likely. However, any misstep will see the stock cut down in an instant at current valuations.This isn't to say I don't like Nvidia; I'm happily long the stock and will continue to be. But detach your emotions for a few minutes, study what the market is doing to the stock and why, and you can recalibrate your mindset to be where the market will be in a year and not where it is today. Because today, the market is discounting the relatively slower growth eight months from now, and buying at risk-averse levels - $230 and below according to my calculations - you'll have a much larger position with a company growing revenues into FY24 and FY25 in the low 20s and high teens, at minimum.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":282874912366600,"gmtCreate":1710089849053,"gmtModify":1710089854153,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ </a> yay, this is it","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ </a> yay, this is it","text":"$Apple(AAPL)$ yay, this is it","images":[{"img":"https://community-static.tradeup.com/news/390c312b3f43320dabcbbb4a79698f48","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/282874912366600","isVote":1,"tweetType":1,"viewCount":4229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9095755758,"gmtCreate":1645005186325,"gmtModify":1676533985449,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"OK&nbsp;","listText":"OK&nbsp;","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095755758","repostId":"1108282943","repostType":4,"repost":{"id":"1108282943","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":1645003624,"share":"https://ttm.financial/m/news/1108282943?lang=en_US&edition=fundamental","pubTime":"2022-02-16 17:27","market":"us","language":"en","title":"What You Need to Know Before Alibaba's Q3 Earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1108282943","media":"Tiger Newspress","summary":"Alibaba is set to release its third-quarter fiscal 2022 results on Feb. 24 before the market open.An","content":"<html><head></head><body><p>Alibaba is set to release its third-quarter fiscal 2022 results on Feb. 24 before the market open.</p><p><b>Analyst</b> <b>Opinion</b></p><p>Analysts surveyed by FactSet expect Alibaba to report sales of $38.8 billion, delivering earnings before interest, taxes, and amortization—the preferred adjusted measure of profits—just shy of $7.1 billion, or earnings per share (EPS) of $2.52.</p><p>The estimated sales figure would mark 13% growth from the December quarter of 2020.</p><p>Earnings on an adjusted basis are actually expected to fall 25% from a year ago, when Covid-19 pandemic-era e-commerce was on a tear, but be more than 60% higher than in the September quarter.</p><p><b>Factors to Consider</b></p><p>Alibaba’s strong efforts to add value to consumers and sellers through product enrichment efforts and platform innovations are expected to have driven growth in its e-commerce business in the to-be-reported quarter by driving its customer momentum.</p><p>New monetization formats and strengthening online physical goods GMV on China retail marketplaces are expected to have aided customer management revenues of the company in the quarter under review.</p><p>The growing momentum across paying members on 1688.com is expected to have been a tailwind for the China commerce wholesale business in the fiscal third quarter.</p><p>The infusion of advanced technologies along with increasing validation for Taobao and Tmall portals is expected to have been beneficial in the quarter to be reported. The application of Big Data and AI into the company’s e-commerce platform is anticipated to have continued helping it deliver enhanced customer experience.</p><p>Well-performing Lazada and Trendyol are likely to have aided the performance of Alibaba’s International commerce retail business in the quarter under review.</p><p>A solid momentum across members on the alibaba.com platform coupled with robust cross-border-related value-added services is expected to have contributed well to the International commerce wholesale business’s growth in the fiscal third quarter.</p><p>In addition to the e-commerce business strength, the company’s growing cloud segment is expected to have contributed well to the fiscal third-quarter performance of Alibaba.</p><p>However, we note that the company has been spending heavily in new areas of the core online retail business, including supermarkets, stores, new artificial intelligence, digital entertainment and cloud computing businesses. The impacts of the increased expenses are expected to get reflected in Alibaba’s fiscal third-quarter results.</p><p><b>4 Numbers to Watch</b></p><p>Gross merchandise volume (GMV) represents the total value of merchandise transacted on Alibaba’s platforms in the quarter. It should be a macro indicator of consumer behavior. Expectations are high: Analysts expect GMV to come in near $403 billion, its most ever and 10% more than the same quarter a year ago.</p><p>Customer management revenue (CMR) made up 36% of Alibaba’s total sales in its most recently-reported quarter. CMR comes from services like marketing on Alibaba’s platforms, and is expected to slow if merchants trim their budgets. The company reported $11.1 billion in CMR in the September quarter.</p><p>International commerce represents a growing segment for Alibaba, and one that analysts at Goldman Sachs and others are bullish on. Expectations are for $2.5 billion in revenue from international sales, up 6% from the September quarter and 16% higher than a year ago.</p><p>Cloud computing is another increasingly-important segment for Alibaba. When it last reported quarterly results, cloud revenues of $3.1 billion represented 33% annual growth; similar growth momentum in cloud would be a welcome bonus when Alibaba reports.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What You Need to Know Before Alibaba's Q3 Earnings</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat You Need to Know Before Alibaba's Q3 Earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-16 17:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Alibaba is set to release its third-quarter fiscal 2022 results on Feb. 24 before the market open.</p><p><b>Analyst</b> <b>Opinion</b></p><p>Analysts surveyed by FactSet expect Alibaba to report sales of $38.8 billion, delivering earnings before interest, taxes, and amortization—the preferred adjusted measure of profits—just shy of $7.1 billion, or earnings per share (EPS) of $2.52.</p><p>The estimated sales figure would mark 13% growth from the December quarter of 2020.</p><p>Earnings on an adjusted basis are actually expected to fall 25% from a year ago, when Covid-19 pandemic-era e-commerce was on a tear, but be more than 60% higher than in the September quarter.</p><p><b>Factors to Consider</b></p><p>Alibaba’s strong efforts to add value to consumers and sellers through product enrichment efforts and platform innovations are expected to have driven growth in its e-commerce business in the to-be-reported quarter by driving its customer momentum.</p><p>New monetization formats and strengthening online physical goods GMV on China retail marketplaces are expected to have aided customer management revenues of the company in the quarter under review.</p><p>The growing momentum across paying members on 1688.com is expected to have been a tailwind for the China commerce wholesale business in the fiscal third quarter.</p><p>The infusion of advanced technologies along with increasing validation for Taobao and Tmall portals is expected to have been beneficial in the quarter to be reported. The application of Big Data and AI into the company’s e-commerce platform is anticipated to have continued helping it deliver enhanced customer experience.</p><p>Well-performing Lazada and Trendyol are likely to have aided the performance of Alibaba’s International commerce retail business in the quarter under review.</p><p>A solid momentum across members on the alibaba.com platform coupled with robust cross-border-related value-added services is expected to have contributed well to the International commerce wholesale business’s growth in the fiscal third quarter.</p><p>In addition to the e-commerce business strength, the company’s growing cloud segment is expected to have contributed well to the fiscal third-quarter performance of Alibaba.</p><p>However, we note that the company has been spending heavily in new areas of the core online retail business, including supermarkets, stores, new artificial intelligence, digital entertainment and cloud computing businesses. The impacts of the increased expenses are expected to get reflected in Alibaba’s fiscal third-quarter results.</p><p><b>4 Numbers to Watch</b></p><p>Gross merchandise volume (GMV) represents the total value of merchandise transacted on Alibaba’s platforms in the quarter. It should be a macro indicator of consumer behavior. Expectations are high: Analysts expect GMV to come in near $403 billion, its most ever and 10% more than the same quarter a year ago.</p><p>Customer management revenue (CMR) made up 36% of Alibaba’s total sales in its most recently-reported quarter. CMR comes from services like marketing on Alibaba’s platforms, and is expected to slow if merchants trim their budgets. The company reported $11.1 billion in CMR in the September quarter.</p><p>International commerce represents a growing segment for Alibaba, and one that analysts at Goldman Sachs and others are bullish on. Expectations are for $2.5 billion in revenue from international sales, up 6% from the September quarter and 16% higher than a year ago.</p><p>Cloud computing is another increasingly-important segment for Alibaba. When it last reported quarterly results, cloud revenues of $3.1 billion represented 33% annual growth; similar growth momentum in cloud would be a welcome bonus when Alibaba reports.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108282943","content_text":"Alibaba is set to release its third-quarter fiscal 2022 results on Feb. 24 before the market open.Analyst OpinionAnalysts surveyed by FactSet expect Alibaba to report sales of $38.8 billion, delivering earnings before interest, taxes, and amortization—the preferred adjusted measure of profits—just shy of $7.1 billion, or earnings per share (EPS) of $2.52.The estimated sales figure would mark 13% growth from the December quarter of 2020.Earnings on an adjusted basis are actually expected to fall 25% from a year ago, when Covid-19 pandemic-era e-commerce was on a tear, but be more than 60% higher than in the September quarter.Factors to ConsiderAlibaba’s strong efforts to add value to consumers and sellers through product enrichment efforts and platform innovations are expected to have driven growth in its e-commerce business in the to-be-reported quarter by driving its customer momentum.New monetization formats and strengthening online physical goods GMV on China retail marketplaces are expected to have aided customer management revenues of the company in the quarter under review.The growing momentum across paying members on 1688.com is expected to have been a tailwind for the China commerce wholesale business in the fiscal third quarter.The infusion of advanced technologies along with increasing validation for Taobao and Tmall portals is expected to have been beneficial in the quarter to be reported. The application of Big Data and AI into the company’s e-commerce platform is anticipated to have continued helping it deliver enhanced customer experience.Well-performing Lazada and Trendyol are likely to have aided the performance of Alibaba’s International commerce retail business in the quarter under review.A solid momentum across members on the alibaba.com platform coupled with robust cross-border-related value-added services is expected to have contributed well to the International commerce wholesale business’s growth in the fiscal third quarter.In addition to the e-commerce business strength, the company’s growing cloud segment is expected to have contributed well to the fiscal third-quarter performance of Alibaba.However, we note that the company has been spending heavily in new areas of the core online retail business, including supermarkets, stores, new artificial intelligence, digital entertainment and cloud computing businesses. The impacts of the increased expenses are expected to get reflected in Alibaba’s fiscal third-quarter results.4 Numbers to WatchGross merchandise volume (GMV) represents the total value of merchandise transacted on Alibaba’s platforms in the quarter. It should be a macro indicator of consumer behavior. Expectations are high: Analysts expect GMV to come in near $403 billion, its most ever and 10% more than the same quarter a year ago.Customer management revenue (CMR) made up 36% of Alibaba’s total sales in its most recently-reported quarter. CMR comes from services like marketing on Alibaba’s platforms, and is expected to slow if merchants trim their budgets. The company reported $11.1 billion in CMR in the September quarter.International commerce represents a growing segment for Alibaba, and one that analysts at Goldman Sachs and others are bullish on. Expectations are for $2.5 billion in revenue from international sales, up 6% from the September quarter and 16% higher than a year ago.Cloud computing is another increasingly-important segment for Alibaba. When it last reported quarterly results, cloud revenues of $3.1 billion represented 33% annual growth; similar growth momentum in cloud would be a welcome bonus when Alibaba reports.","news_type":1,"symbols_score_info":{"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035795145,"gmtCreate":1647671309311,"gmtModify":1676534257829,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035795145","repostId":"1184059964","repostType":4,"repost":{"id":"1184059964","kind":"news","pubTimestamp":1647651682,"share":"https://ttm.financial/m/news/1184059964?lang=en_US&edition=fundamental","pubTime":"2022-03-19 09:01","market":"us","language":"en","title":"Apple Stock: Bright Green Light to Buy, Key Analyst Says","url":"https://stock-news.laohu8.com/highlight/detail?id=1184059964","media":"TheStreet","summary":"One analyst thinks that Apple stock may have finally found its 2022 bottom. The Apple Maven takes a ","content":"<html><head></head><body><p>One analyst thinks that Apple stock may have finally found its 2022 bottom. The Apple Maven takes a closer look.</p><p>As the equities market shows signs that it has finally found its footing (fingers crossed), one vocal Wall Street analyst has given a “bright green light” for Apple stock to climb further.</p><p>Today, the Apple Maven reviews Wedbush’s stance on AAPL, still its top tech pick. Could analyst Dan Ives be right that Apple stock and some of its peers have bottomed for the year?</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd834b5930cc8484f73b322c50b95c91\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"/><span>Figure 1: Apple Stock: Bright Green Light To Buy, Says One Analyst</span></p><p><b>Interest rate hikes underway</b></p><p>Mr. Ives’ key catalyst this week has been the Federal Reserve’s announcement on monetary policy. In a move that has been widely anticipated, the US central bank is raising short-term interest rates by 25 basis points. Six more hikes are expected in 2022.</p><p>I explained yesterday that the bullish reaction to the rate bump can be counterintuitive. Shouldn’t higher interest be a drag for tech and growth stocks?</p><p>The key here is that the markets do not usually react to what is happening right at this moment. Rather, it tends to look forward a few months and anticipate future events.</p><p>Dan Ives seems to agree with me that, rather than causing concern, the start of the rate hike campaign has been felt as a relief. Finally, monetary policy will begin to tighten, and investors can slowly start to worry about something other than rampant inflation.</p><p>This is very much what happened in early November of last year. When the Fed announced the start of the tapering process (that is, the winding down of the Bank’s bond purchase program), the Nasdaq immediately rallied — although enthusiasm lasted barely two months.</p><p>Therefore, yes, I believe that the macroeconomics events of the week were a positive for Apple stock. If “left alone” (i.e., absent market-level shocks and concerns), I think that AAPL share price will tend to rise due to the company’s strong fundamentals and execution.</p><p><b>Has AAPL bottomed?</b></p><p>While I think that Apple stock will be worth much more several years down the road, the harder question to answer is whether shares have seen the worst of 2022.</p><p>Any realistic analyst or investor must leave the door open for further share price weakness. I still think it is a bit too early to say, with much conviction, that the early-year selloff in the markets has completely run its course.</p><p>But here’s one thing that I can do: look at the historical data to understand what could happen next. Barron’s has done some of the work for us.</p><p>According to the publication, citing Dow Jones Market Data in an email that landed in my inbox last evening:</p><blockquote>“The start of a Fed tightening is not necessarily bad for stocks. There have been five rate-raising cycles since 1990, and the major stock indexes ended<i>higher</i>a year after the first rate increase 80% of the time.”</blockquote><p>In isolation, this figure is not particularly impressive, since the S&amp;P 500 has produced positive returns for the year 80% of the time in the past 3 decades. But at least, the observation suggests that recent rate hikes have not been any more likely to drag the performance of the stock market.</p><p>I then looked at Apple stock itself. Keep in mind that AAPL dropped as much as 17% from its all-time high, with the YTD bottom being reached as recently as March 14.</p><p>In the iPhone era, i.e. since 2007, Apple shares dropped at least this much a few times: certainly during the Great Recession of 2008, but also in 2013-2014, 2017-2018, and during the more recent COVID-19 bear market.</p><p>Whenever a 17%-plus selloff happened, Apple managed to produce outstanding average returns of 56% one year later! While, in rare instances, share price continued to decline after the 17% drawdown, the stock was in positive territory a year later 92% of the time.</p><p>Check out the histogram below, which shows the distribution of one-year forward returns after Apple stock dipped 17% of more from a peak, since 2007:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d0028f6b3627c6e01dbd676d5158e65\" tg-width=\"823\" tg-height=\"494\" width=\"100%\" height=\"auto\"/><span>Figure 2: AAPL: 1-year return after 17%+ selloff.</span></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>Apple Stock: Bright Green Light to Buy, Key Analyst Says</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\">\nApple Stock: Bright Green Light to Buy, Key Analyst Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-19 09:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/apple/stock/apple-stock-bright-green-light-to-buy-says-one-analyst><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>One analyst thinks that Apple stock may have finally found its 2022 bottom. The Apple Maven takes a closer look.As the equities market shows signs that it has finally found its footing (fingers ...</p>\n\n<a href=\"https://www.thestreet.com/apple/stock/apple-stock-bright-green-light-to-buy-says-one-analyst\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-bright-green-light-to-buy-says-one-analyst","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184059964","content_text":"One analyst thinks that Apple stock may have finally found its 2022 bottom. The Apple Maven takes a closer look.As the equities market shows signs that it has finally found its footing (fingers crossed), one vocal Wall Street analyst has given a “bright green light” for Apple stock to climb further.Today, the Apple Maven reviews Wedbush’s stance on AAPL, still its top tech pick. Could analyst Dan Ives be right that Apple stock and some of its peers have bottomed for the year?Figure 1: Apple Stock: Bright Green Light To Buy, Says One AnalystInterest rate hikes underwayMr. Ives’ key catalyst this week has been the Federal Reserve’s announcement on monetary policy. In a move that has been widely anticipated, the US central bank is raising short-term interest rates by 25 basis points. Six more hikes are expected in 2022.I explained yesterday that the bullish reaction to the rate bump can be counterintuitive. Shouldn’t higher interest be a drag for tech and growth stocks?The key here is that the markets do not usually react to what is happening right at this moment. Rather, it tends to look forward a few months and anticipate future events.Dan Ives seems to agree with me that, rather than causing concern, the start of the rate hike campaign has been felt as a relief. Finally, monetary policy will begin to tighten, and investors can slowly start to worry about something other than rampant inflation.This is very much what happened in early November of last year. When the Fed announced the start of the tapering process (that is, the winding down of the Bank’s bond purchase program), the Nasdaq immediately rallied — although enthusiasm lasted barely two months.Therefore, yes, I believe that the macroeconomics events of the week were a positive for Apple stock. If “left alone” (i.e., absent market-level shocks and concerns), I think that AAPL share price will tend to rise due to the company’s strong fundamentals and execution.Has AAPL bottomed?While I think that Apple stock will be worth much more several years down the road, the harder question to answer is whether shares have seen the worst of 2022.Any realistic analyst or investor must leave the door open for further share price weakness. I still think it is a bit too early to say, with much conviction, that the early-year selloff in the markets has completely run its course.But here’s one thing that I can do: look at the historical data to understand what could happen next. Barron’s has done some of the work for us.According to the publication, citing Dow Jones Market Data in an email that landed in my inbox last evening:“The start of a Fed tightening is not necessarily bad for stocks. There have been five rate-raising cycles since 1990, and the major stock indexes endedhighera year after the first rate increase 80% of the time.”In isolation, this figure is not particularly impressive, since the S&P 500 has produced positive returns for the year 80% of the time in the past 3 decades. But at least, the observation suggests that recent rate hikes have not been any more likely to drag the performance of the stock market.I then looked at Apple stock itself. Keep in mind that AAPL dropped as much as 17% from its all-time high, with the YTD bottom being reached as recently as March 14.In the iPhone era, i.e. since 2007, Apple shares dropped at least this much a few times: certainly during the Great Recession of 2008, but also in 2013-2014, 2017-2018, and during the more recent COVID-19 bear market.Whenever a 17%-plus selloff happened, Apple managed to produce outstanding average returns of 56% one year later! While, in rare instances, share price continued to decline after the 17% drawdown, the stock was in positive territory a year later 92% of the time.Check out the histogram below, which shows the distribution of one-year forward returns after Apple stock dipped 17% of more from a peak, since 2007:Figure 2: AAPL: 1-year return after 17%+ selloff.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9098061140,"gmtCreate":1643973697728,"gmtModify":1676533877644,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Is it good timing to invest Google?&nbsp;","listText":"Is it good timing to invest Google?&nbsp;","text":"Is it good timing to invest Google?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9098061140","repostId":"9091291127","repostType":1,"repost":{"id":9091291127,"gmtCreate":1643864593173,"gmtModify":1676533865653,"author":{"id":"3569316529855154","authorId":"3569316529855154","name":"Deonc","avatar":"https://static.tigerbbs.com/d9aa45dd2eb58357f6477dcfb99d1415","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3569316529855154","idStr":"3569316529855154"},"themes":[],"title":"what you got if Google after last stock split","htmlText":"If You Invested $1,000 In Google Stock After Last Stock Split, Here's How Much You'd Have NowA leading technology company is making headlines Wednesday after announcing quarterly earnings and announcing a stock split. Here’s how its last stock split paid off for investors.Alphabet announced fourth-quarter revenue of $75.3 billion, up 32% year-over-year. The total came in ahead of a consensus estimate of $72.1 billion. The company also beat estimates for quarterly earnings per share with a total of $30.69 EPS. Search revenue hit $43.3 billion in the fourth quarter along with YouTube advertising revenue, which hit $8.6 billion.The strong results from Alphabet led to shares to go higher in the after-hours trading session Tuesday.Another reason for investor excitement was likely the announceme","listText":"If You Invested $1,000 In Google Stock After Last Stock Split, Here's How Much You'd Have NowA leading technology company is making headlines Wednesday after announcing quarterly earnings and announcing a stock split. Here’s how its last stock split paid off for investors.Alphabet announced fourth-quarter revenue of $75.3 billion, up 32% year-over-year. The total came in ahead of a consensus estimate of $72.1 billion. The company also beat estimates for quarterly earnings per share with a total of $30.69 EPS. Search revenue hit $43.3 billion in the fourth quarter along with YouTube advertising revenue, which hit $8.6 billion.The strong results from Alphabet led to shares to go higher in the after-hours trading session Tuesday.Another reason for investor excitement was likely the announceme","text":"If You Invested $1,000 In Google Stock After Last Stock Split, Here's How Much You'd Have NowA leading technology company is making headlines Wednesday after announcing quarterly earnings and announcing a stock split. Here’s how its last stock split paid off for investors.Alphabet announced fourth-quarter revenue of $75.3 billion, up 32% year-over-year. The total came in ahead of a consensus estimate of $72.1 billion. The company also beat estimates for quarterly earnings per share with a total of $30.69 EPS. Search revenue hit $43.3 billion in the fourth quarter along with YouTube advertising revenue, which hit $8.6 billion.The strong results from Alphabet led to shares to go higher in the after-hours trading session Tuesday.Another reason for investor excitement was likely the announceme","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9091291127","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1097,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9045336567,"gmtCreate":1656558075359,"gmtModify":1676535854026,"author":{"id":"4103264719791230","authorId":"4103264719791230","name":"Vaney2626","avatar":"https://static.tigerbbs.com/beeab98702d28874b3ee9760e487f129","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4103264719791230","idStr":"4103264719791230"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9045336567","repostId":"9042071056","repostType":1,"repost":{"id":9042071056,"gmtCreate":1656414134323,"gmtModify":1676535823376,"author":{"id":"4106546596749190","authorId":"4106546596749190","name":"Tiger_AU","avatar":"https://community-static.tradeup.com/news/389f94c108c37b450e63a265a5cad778","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4106546596749190","idStr":"4106546596749190"},"themes":[],"title":"What Do You Think of the Recent KFC Price Increase?","htmlText":"KFC will increase its prices for the third time in 2022 as raw material costs continue to rise. What do you think of the recent KFC price increase?Collins Foods will increase its prices for the third time in 2022<a target=\"_blank\" href=\"https://laohu8.com/S/CKF.AU\">$Collins Foods(CKF.AU)$</a> , which operates 261 KFC outlets in Australia,&nbsp;reported full-year results on Monday. Its full-year revenue was up 11.1 percent increase to $1.18 billion, with profit up 47 per cent to $54.8 million.The chief executive of Collins Foods, Drew O'Malley, said the increase in menu prices would help boost margins after profit&nbsp;had been squeezed by inflation in the last financial year. After the news was announced, the CKF share price rose 11.52% per cent to $9.97.KFC will increase its prices for th","listText":"KFC will increase its prices for the third time in 2022 as raw material costs continue to rise. What do you think of the recent KFC price increase?Collins Foods will increase its prices for the third time in 2022<a target=\"_blank\" href=\"https://laohu8.com/S/CKF.AU\">$Collins Foods(CKF.AU)$</a> , which operates 261 KFC outlets in Australia,&nbsp;reported full-year results on Monday. Its full-year revenue was up 11.1 percent increase to $1.18 billion, with profit up 47 per cent to $54.8 million.The chief executive of Collins Foods, Drew O'Malley, said the increase in menu prices would help boost margins after profit&nbsp;had been squeezed by inflation in the last financial year. After the news was announced, the CKF share price rose 11.52% per cent to $9.97.KFC will increase its prices for th","text":"KFC will increase its prices for the third time in 2022 as raw material costs continue to rise. What do you think of the recent KFC price increase?Collins Foods will increase its prices for the third time in 2022$Collins Foods(CKF.AU)$ , which operates 261 KFC outlets in Australia, reported full-year results on Monday. Its full-year revenue was up 11.1 percent increase to $1.18 billion, with profit up 47 per cent to $54.8 million.The chief executive of Collins Foods, Drew O'Malley, said the increase in menu prices would help boost margins after profit had been squeezed by inflation in the last financial year. After the news was announced, the CKF share price rose 11.52% per cent to $9.97.KFC will increase its prices for th","images":[{"img":"https://community-static.tradeup.com/news/c30f1fce80ee7c060e71e3e190226c6c","width":"1460","height":"1238"},{"img":"https://community-static.tradeup.com/news/2d09bee91570f197af6dc6f2a2c29cbf","width":"1418","height":"610"},{"img":"https://community-static.tradeup.com/news/2dd4b2eb41e6edb218e03e9574939323","width":"900","height":"900"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042071056","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}