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b14293

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- b14293b14293
  ·2022-05-26
  Time to go long
  Southwest Airlines Raises Second-Quarter Revenue Forecast on Travel Demand
  May 26 (Reuters) - Southwest Airlines Co on Thursday raised its second-quarter operating revenue for
  Southwest Airlines Raises Second-Quarter Revenue Forecast on Travel Demand
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- b14293b14293
  ·2022-05-18
  Hodl
  AMC Entertainment Is Still Not a Buy Despite Improved Earnings
  AMC Entertainment (AMC) just reported better-than-expected Q1 earnings.However, the movie theater ch
  AMC Entertainment Is Still Not a Buy Despite Improved Earnings
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- b14293b14293
  ·2022-04-27
  Correction to their high valuation
  U.S. Stocks Tumbled with Nasdaq Composite Falling 3%
  U.S. stocks continued to fall in early trading on Tuesday, with the Nasdaq Composite falling more th
  U.S. Stocks Tumbled with Nasdaq Composite Falling 3%
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- b14293b14293
  ·2021-07-15
  Wait
  Sorry, this post has been deleted
  2.72K Comment
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- b14293b14293
  ·2021-07-12
  Wow
  Sorry, this post has been deleted
  1.88K Comment
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- b14293b14293
  ·2021-07-10
  Tw is leading
  Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?
  Summary TSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, man
  Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?
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- b14293b14293
  ·2021-07-09
  I like
  Sorry, this post has been deleted
  2.57K Comment
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- b14293b14293
  ·2021-07-07
  Discount now
  Sorry, this post has been deleted
  2.00K Comment
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- b14293b14293
  ·2021-07-06
  Rset
  What Does the End of the Quarter Mean for Portfolio Management?
  The "end of the quarter" refers to the conclusion of one of four specific three-month periods on the
  What Does the End of the Quarter Mean for Portfolio Management?
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- b14293b14293
  ·2021-07-05
  Wow
  Berkshire Hathaway: At Least 20% Underpriced, And The Kraft Heinz Position
  Summary Investment commentators seem to derive a misplaced sense of schadenfreude from Buffett's in
  Berkshire Hathaway: At Least 20% Underpriced, And The Kraft Heinz Position
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Airlines Co on Thursday raised its second-quarter operating revenue for","content":"<html><head></head><body><p>May 26 (Reuters) - Southwest Airlines Co on Thursday raised its second-quarter operating revenue forecast, as strong travel demand puts U.S. carriers on the fast track to a recovery from pandemic lows.</p><p>Shares of the airline were up nearly 3% before the bell.</p><p><img src=\"https://static.tigerbbs.com/e1c2e206b4dac68b96a30cc0d9b0b469\" tg-width=\"872\" tg-height=\"623\" width=\"100%\" height=\"auto\"/></p><p>&#34;The company continues to experience strong load factors and an acceleration in bookings for summer travel,&#34; Southwest said in a regulatory filing.</p><p>Southwest added it is on track to report &#34;solid profits&#34; for the quarter and for the rest of 2022.</p><p>The carrier said it expects current-quarter operating revenue to rise 12% to 15% versus pre-pandemic levels, compared with its earlier forecast of an 8% to 12% 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class=\"title\">\nSouthwest Airlines Raises Second-Quarter Revenue Forecast on Travel Demand\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-05-26 18:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>May 26 (Reuters) - Southwest Airlines Co on Thursday raised its second-quarter operating revenue forecast, as strong travel demand puts U.S. carriers on the fast track to a recovery from pandemic lows.</p><p>Shares of the airline were up nearly 3% before the bell.</p><p><img src=\"https://static.tigerbbs.com/e1c2e206b4dac68b96a30cc0d9b0b469\" tg-width=\"872\" tg-height=\"623\" width=\"100%\" height=\"auto\"/></p><p>&#34;The company continues to experience strong load factors and an acceleration in bookings for summer travel,&#34; Southwest said in a regulatory filing.</p><p>Southwest added it is on track to report &#34;solid profits&#34; for the quarter and for the rest of 2022.</p><p>The carrier said it expects current-quarter operating revenue to rise 12% to 15% versus pre-pandemic levels, compared with its earlier forecast of an 8% to 12% rise.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LUV":"西南航空"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144514645","content_text":"May 26 (Reuters) - Southwest Airlines Co on Thursday raised its second-quarter operating revenue forecast, as strong travel demand puts U.S. carriers on the fast track to a recovery from pandemic lows.Shares of the airline were up nearly 3% before the bell.\"The company continues to experience strong load factors and an acceleration in bookings for summer travel,\" Southwest said in a regulatory filing.Southwest added it is on track to report \"solid profits\" for the quarter and for the rest of 2022.The carrier said it expects current-quarter operating revenue to rise 12% to 15% versus pre-pandemic levels, compared with its earlier forecast of an 8% to 12% 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16:30","market":"us","language":"en","title":"AMC Entertainment Is Still Not a Buy Despite Improved Earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1197768730","media":"InvestorPlace","summary":"AMC Entertainment (AMC) just reported better-than-expected Q1 earnings.However, the movie theater ch","content":"<div>\n<p>AMC Entertainment (AMC) just reported better-than-expected Q1 earnings.However, the movie theater chain is not out of the woods yet and is struggling to return its business to pre-pandemic levels.AMC ...</p>\n\n<a href=\"https://investorplace.com/2022/05/amc-stock-is-still-not-a-buy-despite-improved-earnings/\">Web Link</a>\n\n</div>\n","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC Entertainment Is Still Not a Buy Despite Improved 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{ 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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\">\nAMC Entertainment Is Still Not a Buy Despite Improved Earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-18 16:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/05/amc-stock-is-still-not-a-buy-despite-improved-earnings/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AMC Entertainment (AMC) just reported better-than-expected Q1 earnings.However, the movie theater chain is not out of the woods yet and is struggling to return its business to pre-pandemic levels.AMC ...</p>\n\n<a href=\"https://investorplace.com/2022/05/amc-stock-is-still-not-a-buy-despite-improved-earnings/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://investorplace.com/2022/05/amc-stock-is-still-not-a-buy-despite-improved-earnings/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197768730","content_text":"AMC Entertainment (AMC) just reported better-than-expected Q1 earnings.However, the movie theater chain is not out of the woods yet and is struggling to return its business to pre-pandemic levels.AMC stock remains under pressure, with at least one analyst forecasting it will fall to just $1 per share.Down 27% in the past week, things look to be going from bad to worse for troubled meme stock AMC Entertainment(NYSE:AMC). The Leawood, Kansas-based company that operates the world’s biggest chain of movie theaters reported a rare earnings beat on May 9, but even that hasn’t helped AMC stock, which continues to slide lower.Now down 70% in the past six months at just $12, AMC stock is a long way from its peak last year when the price stood at $72.62. And while the comedown since last fall has been hard, the irony is that a majority of analysts still feel AMC stock is overvalued at current levels.After the just announced earnings beat, analysts at research firm MKM Partners cut their rating on AMC shares to “sell” and placed a 12-month price target on the stock of $1.AMC Stock Saw Improving ResultsFor this year’s first quarter, AMC Entertainment reported a net loss of $337.4 million, or a loss of 65 cents per share. That was an improvement over the loss of $567.2 million, or a loss of $1.42 per share, recorded a year earlier.Excluding one-time items, AMC’s Q1 loss amounted to a loss of 52 cents per share, which was less than the loss of 63 cents forecast by Wall Street analysts. Revenue in the quarter came in at $785.7 million, which was 430% higher than $148.3 million generated in the year-earlier period and better than the $743 million analysts expected. The company finished the quarter with $1.3 billion of cash on hand.The improved results come as moviegoers return to theaters for the first time since the Covid-19 pandemic began. AMC said nearly 40 million people visited its theaters during the first quarter to see hit films such as The BatmanandSonic The Hedgehog 2.The debut of new Marvel movie Doctor Strange in the Multiverse of Madness, which earned a global haul of $450 million during its opening weekend, should help drive traffic and sales at AMC’s more than 10,500 movie screens around the world. There are also several highly anticipated movies coming to the big screens is summer, including Top Gun: Maverick, Thor: Love and ThunderandMinions: The Rise of Gru.The Long Road Back for AMCIt’s been a tough recovery for AMC Entertainment, which had all of its movie theaters shut down in 2020 at the beginning of the pandemic. It was then forced to operate throughout 2021 with limited capacities and other restrictions.On top of that, several big movies such had their release dates shelved during the pandemic, while other films bypassed theaters altogether and went directly to streaming platforms. Only now is AMC starting to recover and able to operate at full capacity, showing blockbuster movies that attract big audiences for several weeks at a time.Yet the company’s earning show AMC is not completely out of the woods. Despite its revenue increasing 430% in this year’s first quarter, the company’s spending during the period outpaced those sales, leading to a loss.AMC said it spent nearly $1 billion in Q1 on operating expenses and rent across its movie theater chains in the U.S., Canada and Europe. Plus, several of the initiatives the company launched during the pandemic, such as plans to sell its popcorn in convenience stores and at other retail outlets, didn’t pan out as hoped.Add to this continued negative sentiment on the part of analysts, and it’s easy to see AMC is having trouble escaping its reputation as a meme stock.Don’t Buy AMC StockAmong six analysts that continue to cover AMC Entertainment, the median price target on the stock is currently $5, suggesting the share price has another 58% to fall from current levels. As mentioned, MKM Partners expects AMC stock to drop to $1.While attendance at its movie theaters is improving, AMC has a long way to go to get back to where it was pre-pandemic. And the stock continues to be viewed as overvalued despite having fallen 70% since last fall. In this environment, investors would be smart to stay clear of AMC, or at least wait for the share price to inevitably drop further.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9087641456,"gmtCreate":1651014503222,"gmtModify":1676534832026,"author":{"id":"3578385220008893","authorId":"3578385220008893","name":"b14293","avatar":"https://static.tigerbbs.com/eacdce655041c0b71bd11ebb6ae685c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578385220008893","idStr":"3578385220008893"},"themes":[],"htmlText":"Correction to their high valuation","listText":"Correction to their high valuation","text":"Correction to their high valuation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9087641456","repostId":"1147776332","repostType":4,"repost":{"id":"1147776332","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":1650985704,"share":"https://ttm.financial/m/news/1147776332?lang=&edition=fundamental","pubTime":"2022-04-26 23:08","market":"us","language":"en","title":"U.S. Stocks Tumbled with Nasdaq Composite Falling 3%","url":"https://stock-news.laohu8.com/highlight/detail?id=1147776332","media":"Tiger Newspress","summary":"U.S. stocks continued to fall in early trading on Tuesday, with the Nasdaq Composite falling more th","content":"<html><head></head><body><p>U.S. stocks continued to fall in early trading on Tuesday, with the Nasdaq Composite falling more than 3%, while Apple, Microsoft, Amazon, Alphabet, meta Platforms and Netflix all fell more than 2%.</p><p><img src=\"https://static.tigerbbs.com/3716b6648a30b6d01a00a07ffad4fec1\" tg-width=\"411\" tg-height=\"352\" 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>U.S. Stocks Tumbled with Nasdaq Composite Falling 3%</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; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Stocks Tumbled with Nasdaq Composite Falling 3%\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\">2022-04-26 23:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. stocks continued to fall in early trading on Tuesday, with the Nasdaq Composite falling more than 3%, while Apple, Microsoft, Amazon, Alphabet, meta Platforms and Netflix all fell more than 2%.</p><p><img src=\"https://static.tigerbbs.com/3716b6648a30b6d01a00a07ffad4fec1\" tg-width=\"411\" tg-height=\"352\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","AAPL":"苹果",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147776332","content_text":"U.S. stocks continued to fall in early trading on Tuesday, with the Nasdaq Composite falling more than 3%, while Apple, Microsoft, Amazon, Alphabet, meta Platforms and Netflix all fell more than 2%.","news_type":1,"symbols_score_info":{"AAPL":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144540884,"gmtCreate":1626307592148,"gmtModify":1703757456446,"author":{"id":"3578385220008893","authorId":"3578385220008893","name":"b14293","avatar":"https://static.tigerbbs.com/eacdce655041c0b71bd11ebb6ae685c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578385220008893","idStr":"3578385220008893"},"themes":[],"htmlText":"Wait","listText":"Wait","text":"Wait","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144540884","repostId":"1151473660","repostType":4,"isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146050227,"gmtCreate":1626045954169,"gmtModify":1703752151684,"author":{"id":"3578385220008893","authorId":"3578385220008893","name":"b14293","avatar":"https://static.tigerbbs.com/eacdce655041c0b71bd11ebb6ae685c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578385220008893","idStr":"3578385220008893"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146050227","repostId":"1166379040","repostType":4,"isVote":1,"tweetType":1,"viewCount":1878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141538196,"gmtCreate":1625879436415,"gmtModify":1703750267628,"author":{"id":"3578385220008893","authorId":"3578385220008893","name":"b14293","avatar":"https://static.tigerbbs.com/eacdce655041c0b71bd11ebb6ae685c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578385220008893","idStr":"3578385220008893"},"themes":[],"htmlText":"Tw is leading","listText":"Tw is leading","text":"Tw is leading","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141538196","repostId":"1145284684","repostType":4,"repost":{"id":"1145284684","kind":"news","pubTimestamp":1625878443,"share":"https://ttm.financial/m/news/1145284684?lang=&edition=fundamental","pubTime":"2021-07-10 08:54","market":"us","language":"en","title":"Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1145284684","media":"seekingalpha","summary":"Summary\n\nTSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, man","content":"<p><b>Summary</b></p>\n<ul>\n <li>TSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.</li>\n <li>TSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.</li>\n <li>TSMC benefits from a gross margin nearly twice that of UMC.</li>\n <li>40% of revenues are from nodes &lt;14nm, below the smallest node of UMC.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d80e662ebb3b78dd0445ecc891cf8986\" tg-width=\"768\" tg-height=\"513\"><span>BING-JHEN HONG/iStock Editorial via Getty Images</span></p>\n<p>Taiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.</p>\n<p>While they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.</p>\n<p>To illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the &lt;14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.</p>\n<p>Chart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf3b088585f8a624c6665040756e940f\" tg-width=\"640\" tg-height=\"462\"><span>Chart 1</span></p>\n<p>Much of TSMC’s revenues are on the &lt;14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.</p>\n<p><b>Expanding Capacity</b></p>\n<p><b>Leading Edge Nodes</b></p>\n<p>TSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).</p>\n<p>In TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:</p>\n<blockquote>\n “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.”\n</blockquote>\n<p>TSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&amp;D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.</p>\n<p>Among TSMC's facilities to go online in the next three to four years are the company's&nbsp;fab in Arizona&nbsp;as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.</p>\n<p><b>28nm Nodes</b></p>\n<p>The global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.</p>\n<p>As a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.</p>\n<p>A strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.</p>\n<p>There is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.</p>\n<p>On April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.</p>\n<p>TSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.</p>\n<p>UMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.</p>\n<p>The P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.</p>\n<p>UMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).</p>\n<p><b>Price Per Wafer</b></p>\n<p>Chart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.</p>\n<p>Gross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e241c85dd84eb71f54c3b11812e6599\" tg-width=\"640\" tg-height=\"462\"><span>Chart 2</span></p>\n<p>Chart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f60218f2b914e5847e2eef8aa39c3\" tg-width=\"640\" tg-height=\"462\"><span>Chart 3</span></p>\n<p><b>Customer Base</b></p>\n<p>Chart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/354a97772e16c2a05dbccc89556de9eb\" tg-width=\"640\" tg-height=\"465\"><span>Chart 4</span></p>\n<p>TSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.</p>\n<p>Chart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108ef270fe60691ec5bc8c7f0a061d9c\" tg-width=\"640\" tg-height=\"462\"><span>Chart 5</span></p>\n<p>Thus, investors must consider that:</p>\n<p>Any positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.</p>\n<p>Secondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.</p>\n<p>UMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.</p>\n<p>In August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.</p>\n<p><b>Investor Takeaways</b>: Is TSM Or UMC Stock A Better Buy?</p>\n<p>Both companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.</p>\n<p><b>TSMC Positives</b></p>\n<p>TSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.</p>\n<p>TSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.</p>\n<ul>\n <li><p>TSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.</p></li>\n <li><p>TSMC ($613B) has a higher market cap than UMC ($23.4B).</p></li>\n <li><p>TSMC has more cash on hand: $23.3B vs. UMC ($3.76B).</p></li>\n <li><p>TSMC has a higher EPS (3.99) than UMC (0.59).</p></li>\n</ul>\n<p>Seeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.</p>\n<p><img src=\"https://static.tigerbbs.com/55db72bd38ddd1d46c2ec7a6ccf6307f\" tg-width=\"640\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p>\n<p>Gross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.</p>\n<p><img src=\"https://static.tigerbbs.com/4ab6dce4d14398755080d9db48522121\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p>\n<p><b>UMC Positives</b></p>\n<p>The comparison of other financial metrics, UMC has stronger financials:</p>\n<ul>\n <li><p>UMC has a lower P/E ratio than TSM: 21.8 vs 28.9</p></li>\n <li><p>UMC has less debt than TSM: $2.47B vs $15.4B.</p></li>\n <li><p>UMC YTD gains are higher at: 10.558 vs. TSM (8.922).</p></li>\n</ul>\n<p>Table 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.</p>\n<p><img src=\"https://static.tigerbbs.com/7533369f256853d498f5492752417e05\" tg-width=\"640\" tg-height=\"172\" referrerpolicy=\"no-referrer\"></p>\n<p>TSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the &lt;7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTaiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-10 08:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4438509-taiwan-semiconductor-vs-united-microelectronics-stock><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nTSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.\n...</p>\n\n<a href=\"https://seekingalpha.com/article/4438509-taiwan-semiconductor-vs-united-microelectronics-stock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UMC":"联电","TSM":"台积电"},"source_url":"https://seekingalpha.com/article/4438509-taiwan-semiconductor-vs-united-microelectronics-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145284684","content_text":"Summary\n\nTSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.\nTSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.\nTSMC benefits from a gross margin nearly twice that of UMC.\n40% of revenues are from nodes <14nm, below the smallest node of UMC.\n\nBING-JHEN HONG/iStock Editorial via Getty Images\nTaiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.\nWhile they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.\nTo illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.\nChart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.\nChart 1\nMuch of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.\nExpanding Capacity\nLeading Edge Nodes\nTSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).\nIn TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:\n\n “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.”\n\nTSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.\nAmong TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.\n28nm Nodes\nThe global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.\nAs a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.\nA strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.\nThere is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.\nOn April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.\nTSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.\nUMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.\nThe P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.\nUMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).\nPrice Per Wafer\nChart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.\nGross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.\nChart 2\nChart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.\nChart 3\nCustomer Base\nChart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.\nChart 4\nTSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.\nChart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.\nChart 5\nThus, investors must consider that:\nAny positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.\nSecondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.\nUMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.\nIn August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.\nInvestor Takeaways: Is TSM Or UMC Stock A Better Buy?\nBoth companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.\nTSMC Positives\nTSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.\nTSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.\n\nTSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.\nTSMC ($613B) has a higher market cap than UMC ($23.4B).\nTSMC has more cash on hand: $23.3B vs. UMC ($3.76B).\nTSMC has a higher EPS (3.99) than UMC (0.59).\n\nSeeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.\n\nGross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.\n\nUMC Positives\nThe comparison of other financial metrics, UMC has stronger financials:\n\nUMC has a lower P/E ratio than TSM: 21.8 vs 28.9\nUMC has less debt than TSM: $2.47B vs $15.4B.\nUMC YTD gains are higher at: 10.558 vs. TSM (8.922).\n\nTable 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.\n\nTSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.","news_type":1,"symbols_score_info":{"TSM":0.9,"UMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143239359,"gmtCreate":1625795227371,"gmtModify":1703748679629,"author":{"id":"3578385220008893","authorId":"3578385220008893","name":"b14293","avatar":"https://static.tigerbbs.com/eacdce655041c0b71bd11ebb6ae685c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578385220008893","idStr":"3578385220008893"},"themes":[],"htmlText":"I like","listText":"I like","text":"I like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/143239359","repostId":"1164584412","repostType":4,"isVote":1,"tweetType":1,"viewCount":2568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157730802,"gmtCreate":1625614765106,"gmtModify":1703744809685,"author":{"id":"3578385220008893","authorId":"3578385220008893","name":"b14293","avatar":"https://static.tigerbbs.com/eacdce655041c0b71bd11ebb6ae685c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578385220008893","idStr":"3578385220008893"},"themes":[],"htmlText":"Discount now","listText":"Discount now","text":"Discount now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157730802","repostId":"1191131157","repostType":4,"isVote":1,"tweetType":1,"viewCount":2002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154678581,"gmtCreate":1625528262243,"gmtModify":1703742939981,"author":{"id":"3578385220008893","authorId":"3578385220008893","name":"b14293","avatar":"https://static.tigerbbs.com/eacdce655041c0b71bd11ebb6ae685c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578385220008893","idStr":"3578385220008893"},"themes":[],"htmlText":"Rset","listText":"Rset","text":"Rset","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154678581","repostId":"1155435134","repostType":4,"repost":{"id":"1155435134","kind":"news","pubTimestamp":1625483300,"share":"https://ttm.financial/m/news/1155435134?lang=&edition=fundamental","pubTime":"2021-07-05 19:08","market":"hk","language":"en","title":"What Does the End of the Quarter Mean for Portfolio Management?","url":"https://stock-news.laohu8.com/highlight/detail?id=1155435134","media":"investopedia","summary":"The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the","content":"<p>The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the financial calendar. Thefour quartersend in March, or Q1; June, or Q2; September, or Q3; and December, or Q4. These are considered important times for investors. Many businesses, analysts, government agencies, and theFederal Reserverelease critical new data about various markets or economic indicators at the end of a quarter.</p>\n<p>There's a widely held belief in financial circles that hedge funds, pension funds, and insurance companies always rebalance their portfolios at the end of each quarter. While no proof or evidence has ever been put forward to confirm this practice or its prevalence, the very idea reinforces the concept that the end of a quarter is significant.</p>\n<p>Even if major financial players do not always rebalance at the end of quarters, many investors use this time to re-evaluate their ownportfolio management, changing which assets comprise the portfolio or setting new portfolio targets. Not only is it a good idea for investors to monitor their investments from time-to-time but rarely is so much new, actionable information released as during the end of a quarter.</p>\n<p>Rebalancing a Portfolio</p>\n<p>Rebalancinginvolves the periodic sale and purchase of assets within a portfolio to maintain a target ratio.2Consider an investor who wants his portfolio to be comprised of 50% growth stocks, 25% income stocks, and 25% bonds. If during Q1, the growth stocks outperform the other investments substantially, the investor may decide to sell some growth stocks or purchase more income stocks and bonds to bring the portfolio back to a 50-25-25 split.</p>\n<p>KEY TAKEAWAYS</p>\n<ul>\n <li>The end of the three-month period known as a financial quarter is considered an important time for investors.</li>\n <li>Companies, financial analysts, and government agencies (including the Fed) all release reports and critical data at the end of a quarter.</li>\n <li>Both retail and institutional investors often use the end of a quarter to re-evaluate and rebalance their portfolios.</li>\n</ul>\n<p>Traditional rebalancing involves trading the gains of well-performing assets, by selling high, for more low-performing assets, by buying low, at the end of each quarter. Theoretically, this serves to protect a portfolio from being too exposed or straying too far from its original strategy. However, pegging rebalances to the end of quarters relies on arbitrary calendar events which may not coincide with market movements. Nevertheless, the confluence of new reports that emerge at the end of quarters usually causes market reactions and should be of concern to most participants.</p>\n<p>Institutional Investors and Rebalancing</p>\n<p>It is not just individual investors who consider making portfolio moves at the end of quarters. Portfolio management is also important for institutional investors, like mutual funds and exchange-traded funds, or ETFs.3</p>\n<p>There are two forms of fund portfolio management: active and passive.4Passive funds generally peg their portfolios to market indexes and involve fewer changes in exchange for lower management fees. The end of a quarter is less significant for these types of funds, though if theirbenchmark indexeschange at this time, they will as well.</p>\n<p>Active funds have a manager or team of managers who take a more proactive approach to beat market average returns. These funds can be quite active during the end of quarters, especially if their portfolios need to be adjusted to meet their previously stated goals and strategies.</p>","source":"lsy1606203311635","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 Does the End of the Quarter Mean for Portfolio Management?</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 Does the End of the Quarter Mean for Portfolio Management?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 19:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investopedia.com/ask/answers/122214/what-does-end-quarter-mean-portfolio-management.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral><strong>investopedia</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the financial calendar. Thefour quartersend in March, or Q1; June, or Q2; September, or Q3; and ...</p>\n\n<a href=\"https://www.investopedia.com/ask/answers/122214/what-does-end-quarter-mean-portfolio-management.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.investopedia.com/ask/answers/122214/what-does-end-quarter-mean-portfolio-management.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155435134","content_text":"The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the financial calendar. Thefour quartersend in March, or Q1; June, or Q2; September, or Q3; and December, or Q4. These are considered important times for investors. Many businesses, analysts, government agencies, and theFederal Reserverelease critical new data about various markets or economic indicators at the end of a quarter.\nThere's a widely held belief in financial circles that hedge funds, pension funds, and insurance companies always rebalance their portfolios at the end of each quarter. While no proof or evidence has ever been put forward to confirm this practice or its prevalence, the very idea reinforces the concept that the end of a quarter is significant.\nEven if major financial players do not always rebalance at the end of quarters, many investors use this time to re-evaluate their ownportfolio management, changing which assets comprise the portfolio or setting new portfolio targets. Not only is it a good idea for investors to monitor their investments from time-to-time but rarely is so much new, actionable information released as during the end of a quarter.\nRebalancing a Portfolio\nRebalancinginvolves the periodic sale and purchase of assets within a portfolio to maintain a target ratio.2Consider an investor who wants his portfolio to be comprised of 50% growth stocks, 25% income stocks, and 25% bonds. If during Q1, the growth stocks outperform the other investments substantially, the investor may decide to sell some growth stocks or purchase more income stocks and bonds to bring the portfolio back to a 50-25-25 split.\nKEY TAKEAWAYS\n\nThe end of the three-month period known as a financial quarter is considered an important time for investors.\nCompanies, financial analysts, and government agencies (including the Fed) all release reports and critical data at the end of a quarter.\nBoth retail and institutional investors often use the end of a quarter to re-evaluate and rebalance their portfolios.\n\nTraditional rebalancing involves trading the gains of well-performing assets, by selling high, for more low-performing assets, by buying low, at the end of each quarter. Theoretically, this serves to protect a portfolio from being too exposed or straying too far from its original strategy. However, pegging rebalances to the end of quarters relies on arbitrary calendar events which may not coincide with market movements. Nevertheless, the confluence of new reports that emerge at the end of quarters usually causes market reactions and should be of concern to most participants.\nInstitutional Investors and Rebalancing\nIt is not just individual investors who consider making portfolio moves at the end of quarters. Portfolio management is also important for institutional investors, like mutual funds and exchange-traded funds, or ETFs.3\nThere are two forms of fund portfolio management: active and passive.4Passive funds generally peg their portfolios to market indexes and involve fewer changes in exchange for lower management fees. The end of a quarter is less significant for these types of funds, though if theirbenchmark indexeschange at this time, they will as well.\nActive funds have a manager or team of managers who take a more proactive approach to beat market average returns. These funds can be quite active during the end of quarters, especially if their portfolios need to be adjusted to meet their previously stated goals and strategies.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154040793,"gmtCreate":1625463036412,"gmtModify":1703742215613,"author":{"id":"3578385220008893","authorId":"3578385220008893","name":"b14293","avatar":"https://static.tigerbbs.com/eacdce655041c0b71bd11ebb6ae685c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578385220008893","idStr":"3578385220008893"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154040793","repostId":"1166658180","repostType":4,"repost":{"id":"1166658180","kind":"news","pubTimestamp":1625454170,"share":"https://ttm.financial/m/news/1166658180?lang=&edition=fundamental","pubTime":"2021-07-05 11:02","market":"hk","language":"en","title":"Berkshire Hathaway: At Least 20% Underpriced, And The Kraft Heinz Position","url":"https://stock-news.laohu8.com/highlight/detail?id=1166658180","media":"seeking alpha","summary":"Summary\n\nInvestment commentators seem to derive a misplaced sense of schadenfreude from Buffett's in","content":"<p>Summary</p>\n<ul>\n <li>Investment commentators seem to derive a misplaced sense of schadenfreude from Buffett's investment in Kraft Heinz.</li>\n <li>The Warren Buffett fan club blindly follow the Sage of Omaha and have not been well rewarded in relation to their personal investments in Kraft Heinz.</li>\n <li>The truth is that neither group understands the Kraft Heinz investment made by Buffett. It makes sense for him in a way that would not work for you and me.</li>\n <li>I shall explain all and hopefully allow you to understand the Kraft Heinz investment.</li>\n <li>I also provide an appraisal of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> today being at least 20% underpriced and a great value investment.</li>\n</ul>\n<p>Introduction</p>\n<p>Warren Buffett is an undeniable investing genius. His results speak for themselves. However, blindly following Buffett - as many investors do - is foolish as I shall explain.</p>\n<p>There exists an army of investors who closely watch the legendary investor's every move. If he buys something then the \"<i>Warren Buffett fan club\"</i>follows suit and they buy into the same company. I guess this is simply human nature. If someone appears to have the Midas touch then everyone wants a piece of the gold that he is creating.</p>\n<p>Certain investing websites allow investors to track Buffett and to blindly follow suit. Kraft Heinz (KHC) is a perfect example of why this kind of behaviour is ill advised.</p>\n<p>Many investment commentators question Buffett's investment in Kraft Heinz. The company certainly hasn't performed as well as other Buffett investments such as <a href=\"https://laohu8.com/S/AAPL\">Apple</a> (AAPL), <a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>(NYSE:KO)or <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a> (WFC). But this does not make it a bad investment.</p>\n<p>These commentators, together with the Warren Buffett fan club who blindly follow their icon, fail to understand why Buffett invested in Kraft Heinz. So I shall attempt to break it down in this short article.</p>\n<p>What Works For Buffett Will Not Work For You</p>\n<p>Most of Berkshire’s (BRK.A) investments in stocks are held by its insurance companies. Buffett has always utilized the float from his insurance businesses to invest wisely and to enhance his returns. Very smart, but I guess that you cannot follow suit because you may not own any insurance companies.</p>\n<p>The remainder of its stock portfolio is held within the finance, rail and utilities, and at the holding company level of the <a href=\"https://laohu8.com/S/BRK.B\">Berkshire Hathaway</a> group.</p>\n<p>Dividends of stocks at the insurers are 8.4% (40% of the 21% federal rate).Dividends on stocks held by the other subsidiaries and the holding company are taxed at 6.2% (30% of the 21% federal rate).</p>\n<p>So, let us focus on Kraft Heinz -Berkshire owns approximately 26.7% of that company.</p>\n<p>Buffett's Kraft Heinz shares are held by the parent company and because Berkshire owns more than 20% of the business, but less than 50%, it is deemed to be in 'a position of control' and so must account for its investmentusing the “equity method” of accounting.</p>\n<p>From a tax standpoint, dividends are taxed by the holding company at 4.2%, which is an 80% discount from the 21% corporate tax rate.</p>\n<p>Now consider that Kraft Heinz is a mature business which is stable but beyond the rapid growth phase of yesteryear. It does, however, generate nice levels of cash with its collection of well known consumer brands. So, without any significant opportunity to grow, decisions on allocation of the capital being generated by the business are relatively straight forward - return capital to shareholders by way of dividend!</p>\n<p>It is for this reason that it has a payout ratio of circa 75% and it pays almost a 4% yield. And so it suits Berkshire Hathaway that this cash cow is paying out 75% of its profits as dividends.</p>\n<p>Berkshire benefits greatly by earning profits as dividends because of the low taxes that it pays on dividends - something that does not apply to you or the<i>Warren Buffett fan club</i>who blindly follow the guru.</p>\n<p>For this <a href=\"https://laohu8.com/S/AONE\">one</a> holding in Berkshire's vast portfolio the dividend from a stable cash cow is what Buffett is looking for. And since Berkshire is in a “position of control,” I expect Buffett is driving the payout ratio as high as possible.</p>\n<p>I expect that <a href=\"https://laohu8.com/S/AONE.U\">one</a> day Buffett will exit the Kraft Heinz position. Perhaps Berkshire will take a brand and some cash and avoid a realized taxable cash gain. Buffett is the master of mitigating tax liabilities. However, the kind of tax avoidance mechanism available to Buffett are not available to you and me which is why blindly following buffet is foolish.</p>\n<p>By way of example, just look at how Buffett acquired <a href=\"https://laohu8.com/S/BGC\">General</a> Re-Insurance.</p>\n<p>For those not familiar with what happened, allow me to explain. In 1998 the entire stock market was overpriced and Berkshire was trading at more than 3x book. Buffett believed that Berkshire and its shares were worth approximately half of that price. So, how does Buffett play this situation?</p>\n<p>He used $22 billion worth of his overpriced stock as currency to acquire General Re. Buffett effectively acquired the investment portfolio of General Re, which he valued at $25 billion. And because he thought his stock was being priced by the market at twice its intrinsic value, he effectively paid the equivalent of $11 billion of value for $25 billion of assets! Genius!</p>\n<p>The Gen Re portfolio was 90% fixed income products which allowed Buffett to switch from a heavy concentration of over-priced equity investments into much better valued bonds. Best of all, because he used Berkshire shares as currency for the deal rather than cash he managed to reduce his portfolio exposure to an overpriced equity market by approximately half without paying a cent of capital gains tax, then at 35%. Even more of a genius!</p>\n<p>I cover this kind of thing in my book \"Success in the Stock Market\" if any of you is interested in learning more.</p>\n<p>So, returning to the topic of this article, what works for Buffett will not work for you.</p>\n<p>Accounting for positions using the equity method requires that Berkshire’s pro-rata portion of Kraft Heinz’s reported income be included in Berkshire’s income and serves to increase Berkshire’s cost basis by the amount of the pro-rata profit. Dividends received are an offset, effectively a return of capital, and reduce Berkshire’s cost basis by the amount of the dividend. The combination increases the cost basis by the amount of undistributed earnings. Cash taxes are paid by Berkshire only on the amount received as dividends. The undistributed earnings (retained by Kraft Heinz) are included in a deferred tax liability and are payable when Berkshire receives a cash distribution or when it sells the position. The deferred tax liability is created using Berkshire’s corporate tax rate of 21%. Berkshire applies a Dividend Received Deduction “DRD” on the dividends it receives as it expects undistributed earnings to ultimately be distributed. It’s this assumption by Berkshire that allows it to offset its 21% tax rate with an 80% deduction. Thus dividends from Kraft Heinz are now taxed at 4.2% and the deferred tax liability building for retained earnings by Kraft Heinz is established using a 21% tax rate.</p>\n<p>Now consider the situation for you and me if Kraft Heinz was in our own private portfolio. With little or no capital growth prospects all we have is the dividend income. That is paid out of Kraft Heinz's net earnings (so after it has paid corporate tax) and when we receive the dividend we are subject to income tax (double taxation!)</p>\n<p>While Buffett enjoys greater tax efficiency, we suffer great tax inefficiency. This is why following everything the Sage of Omaha does is foolish. This, in my humble opinion, includes investing personally in Kraft Heinz.</p>\n<p>Kraft Heinz is a mediocre business with little prospect for growth and some of its brands are in fact in decline.I wouldn't buy it. I wouldn't recommend you to buy it either. But for Buffett it does make a great deal of sense (commentators/journalists in the investing community take note!).</p>\n<p>If you want to derive the financial benefits that Buffett is able to extract from his investment in Kraft Heinz and other holdings in his portfolio then my advice to you is to invest in Berkshire Hathaway rather than investing in the companies that Berkshire Hathaway invests in.</p>\n<p>Berkshire Hathaway - Underpriced By At Least 20%</p>\n<p>I believe Berkshire Hathaway to be vastly underpriced today as I shall go on to explain.</p>\n<p><img src=\"https://static.tigerbbs.com/bd35aaa75c637e9b1f67c110081a4d0e\" tg-width=\"635\" tg-height=\"417\" referrerpolicy=\"no-referrer\">Data byYCharts</p>\n<p>Valuing Berkshire Hathaway is a complex affair due to the fact that it requires analysis on a sum of parts basis. I could write a small book on a single valuation and so it is well outside the scope of this article.</p>\n<p>However, there are some quick and dirty valuation techniques that one may deploy to provide a good indication of value. They invariably require a little Sherlock Holmes sleuth work of reading between the lines to find valuable valuation clues. Allow me to explain one of them.</p>\n<p>Buffett is still buying back Berkshire Stock at an unprecedented rate. This is a first major clue.</p>\n<ul>\n <li>Buffett bought back about $9bn of stock in H2 2020 and buybacks continue at pace.</li>\n <li>There were approximately $6.6 billion worth of buybacks during Q1 2021.</li>\n <li>Buybacks in the second quarter of 2021 may be calculated as follows. The April 22ndForm 10-Q filing reveals the amount spent on buybacks between March 31st(end of Q1) and April 22nd.So this is known to be $1.4 billion. On June 21stBerkshire’s13D filing(associated with its regular contribution of Berkshire shares to the Gates Foundation - $4.1bn USD on this occasion) allows us to calculate buybacks that occurred between April 22ndand June 21st. We do this by taking the statement of Buffett’s economic interest of 15.8% to calculate the number of shares outstanding at June 21st. This indicates that Berkshire had 2.265 billion class B share equivalent outstanding on June 21 (with class A stock converted to class B). This is down about 23 million since March 31 and 18 million lower that the April 22 figure. The implication being that over $5bn of stock was repurchased in <a href=\"https://laohu8.com/S/QTWO\">Q2</a> 2021. But June 21stis not the end of Q2, so if we extrapolate the data to the end of the quarter we arrive at approximately $7bn of repurchases in Q2.</li>\n</ul>\n<p>So in the last 12 months Buffett has spent a not insignificant $22.6bn buying back Berkshire stock.</p>\n<p>What does this tell us?</p>\n<p><a href=\"https://laohu8.com/S/FBNC\">First</a>, let’s take a step back and consider what we know about Buffett's threshold for buying back stock.</p>\n<p>Share buy-backs are among the most misunderstood and also the most abused aspects of modern capitalism. This is a huge topic and I devote an entire chapter of my book to it for anyone interested. However, for the purpose of this article know this. When executed above true book value (most of the time) buybacks will erode shareholder equity.</p>\n<p>This is not particularly well understood by shareholders or C-Suite executives. Accordingly I shall use this opportunity to explain how this works in practice with a simple analogy.</p>\n<p>Imagine owning a $1m house equally with your partner. Personally you also have $750,000 cash in the bank, so the total value of your personal assets is half of the house ($500,000) plus $750,000 cash. A total of $1.25m.</p>\n<p>You offer to buy your partner’s share in the house which has a book value of $500,000 (half of $1m).</p>\n<p>You ought to be happy paying anything up to $500,000 (a multiple to book that is less than or equal to 1) but you should not be prepared to pay more than that number. Buying at a premium (where the PB multiple is greater than 1) erodes the total value of your assets by the amount of the premium paid. If you don’t believe me, allow me to demonstrate the fact.</p>\n<p>If you pay $600,000 for your partner's share of the house (a multiple of 1.2x book) what do your assets look like after the deal? You now have a $1m house and a balance of $150,000 cash in the bank. Now your total asset value has shrunk from $1.25m to $1.15m. You have eroded your personal wealth by $100,000 which is the amount by which you overpaid for the share of the house.</p>\n<p>The same is true when repurchasing company stock above book – it destroys shareholder value in exactly the same way.</p>\n<p>The opposite is also true - so repurchasing below book is accretive to shareholder value.</p>\n<p>While a repurchase operation will always be presented as a means of returning value to the shareholders, the ugly truth is that buy-backs more often than not destroy shareholder value.</p>\n<p>Buffett understands this very well. Judging by the number of companies that repurchase their own stock at huge premiums to book I can confidently say that Buffett is one of the few CEOs who does understand it.</p>\n<p>The quick witted readers will now be asking, “Why then has Buffett been paying 1.1x book and then 1.2x book for stock repurchases?”</p>\n<p>Great question!</p>\n<p>The answer is simple and it brings us back to our Sherlock Holmes conclusions on the valuation of Berkshire Hathaway.</p>\n<p>Many of the assets bought by Buffett over the years are recorded on the Berkshire Hathaway balance sheet at cost rather than at their true market value. Said differently, the value of Berkshire's assets is vastly understated in its annual and quarterly reports. This means that when Buffett says that he will repurchase at 1.2x book, what he is actually saying is that the book value understates the true value of the business and that every 83 cents on the balance sheet is really worth $1 in the real world. This means that 1.2x of reported book value is equivalent to no more than 1.0x real book value.</p>\n<p>Now I hope that you can see where I am going with my detective work.</p>\n<p>Buffett is way too sharp to destroy shareholder equity by overpaying for Berkshire Stock, not least because he is Berkshire's largest shareholder! Buffett will only be interested in allocating capital in such a way that is accretive to shareholder value, namely at a multiple of book less than 1.0x.</p>\n<p>Now consider that no-one, other than perhaps Charlie Munger, knows the true value of Berkshire Hathaway better than Buffett. So, reading between the lines, Buffett is telling us that the true value of the business is at least 20% higher than the share price implies, we ought to capitalize on that information!</p>\n<p>It is also worthy of note that as the number of shares decreases due to buybacks, the price per share representing a true 1.0x book value also increases. Appreciation in the underlying value of balance sheet assets also pushes the threshold price higher. This explains why Buffett is constantly re-assessing the price at which he is prepared to buy back his own stock.</p>\n<p>I hope that this was helpful.</p>\n<p>I devote an entire chapter of my book \"Success in the Stock Market\" to the topic of buybacks and so I have only scratched the surface in this comment. If you are interested in learning more please take a look at the book.</p>\n<p>By the way, I am long Berkshire Hathaway. I believe it to be vastly undervalued currently and my more detailed analysis suggests that it is trading at between 69c and 77c on the $1. For this reason I think that Buffett will continue to repurchase for quite some time to come.</p>\n<p>I wish you every success in your investing endeavours.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway: At Least 20% Underpriced, And The Kraft Heinz Position</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\">\nBerkshire Hathaway: At Least 20% Underpriced, And The Kraft Heinz Position\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 11:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4437727-berkshire-hathaway-at-least-20-percent-underpriced-and-the-kraft-heinz-position><strong>seeking alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nInvestment commentators seem to derive a misplaced sense of schadenfreude from Buffett's investment in Kraft Heinz.\nThe Warren Buffett fan club blindly follow the Sage of Omaha and have not ...</p>\n\n<a href=\"https://seekingalpha.com/article/4437727-berkshire-hathaway-at-least-20-percent-underpriced-and-the-kraft-heinz-position\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","KHC":"卡夫亨氏","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437727-berkshire-hathaway-at-least-20-percent-underpriced-and-the-kraft-heinz-position","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166658180","content_text":"Summary\n\nInvestment commentators seem to derive a misplaced sense of schadenfreude from Buffett's investment in Kraft Heinz.\nThe Warren Buffett fan club blindly follow the Sage of Omaha and have not been well rewarded in relation to their personal investments in Kraft Heinz.\nThe truth is that neither group understands the Kraft Heinz investment made by Buffett. It makes sense for him in a way that would not work for you and me.\nI shall explain all and hopefully allow you to understand the Kraft Heinz investment.\nI also provide an appraisal of Berkshire Hathaway today being at least 20% underpriced and a great value investment.\n\nIntroduction\nWarren Buffett is an undeniable investing genius. His results speak for themselves. However, blindly following Buffett - as many investors do - is foolish as I shall explain.\nThere exists an army of investors who closely watch the legendary investor's every move. If he buys something then the \"Warren Buffett fan club\"follows suit and they buy into the same company. I guess this is simply human nature. If someone appears to have the Midas touch then everyone wants a piece of the gold that he is creating.\nCertain investing websites allow investors to track Buffett and to blindly follow suit. Kraft Heinz (KHC) is a perfect example of why this kind of behaviour is ill advised.\nMany investment commentators question Buffett's investment in Kraft Heinz. The company certainly hasn't performed as well as other Buffett investments such as Apple (AAPL), Coca-Cola(NYSE:KO)or Wells Fargo (WFC). But this does not make it a bad investment.\nThese commentators, together with the Warren Buffett fan club who blindly follow their icon, fail to understand why Buffett invested in Kraft Heinz. So I shall attempt to break it down in this short article.\nWhat Works For Buffett Will Not Work For You\nMost of Berkshire’s (BRK.A) investments in stocks are held by its insurance companies. Buffett has always utilized the float from his insurance businesses to invest wisely and to enhance his returns. Very smart, but I guess that you cannot follow suit because you may not own any insurance companies.\nThe remainder of its stock portfolio is held within the finance, rail and utilities, and at the holding company level of the Berkshire Hathaway group.\nDividends of stocks at the insurers are 8.4% (40% of the 21% federal rate).Dividends on stocks held by the other subsidiaries and the holding company are taxed at 6.2% (30% of the 21% federal rate).\nSo, let us focus on Kraft Heinz -Berkshire owns approximately 26.7% of that company.\nBuffett's Kraft Heinz shares are held by the parent company and because Berkshire owns more than 20% of the business, but less than 50%, it is deemed to be in 'a position of control' and so must account for its investmentusing the “equity method” of accounting.\nFrom a tax standpoint, dividends are taxed by the holding company at 4.2%, which is an 80% discount from the 21% corporate tax rate.\nNow consider that Kraft Heinz is a mature business which is stable but beyond the rapid growth phase of yesteryear. It does, however, generate nice levels of cash with its collection of well known consumer brands. So, without any significant opportunity to grow, decisions on allocation of the capital being generated by the business are relatively straight forward - return capital to shareholders by way of dividend!\nIt is for this reason that it has a payout ratio of circa 75% and it pays almost a 4% yield. And so it suits Berkshire Hathaway that this cash cow is paying out 75% of its profits as dividends.\nBerkshire benefits greatly by earning profits as dividends because of the low taxes that it pays on dividends - something that does not apply to you or theWarren Buffett fan clubwho blindly follow the guru.\nFor this one holding in Berkshire's vast portfolio the dividend from a stable cash cow is what Buffett is looking for. And since Berkshire is in a “position of control,” I expect Buffett is driving the payout ratio as high as possible.\nI expect that one day Buffett will exit the Kraft Heinz position. Perhaps Berkshire will take a brand and some cash and avoid a realized taxable cash gain. Buffett is the master of mitigating tax liabilities. However, the kind of tax avoidance mechanism available to Buffett are not available to you and me which is why blindly following buffet is foolish.\nBy way of example, just look at how Buffett acquired General Re-Insurance.\nFor those not familiar with what happened, allow me to explain. In 1998 the entire stock market was overpriced and Berkshire was trading at more than 3x book. Buffett believed that Berkshire and its shares were worth approximately half of that price. So, how does Buffett play this situation?\nHe used $22 billion worth of his overpriced stock as currency to acquire General Re. Buffett effectively acquired the investment portfolio of General Re, which he valued at $25 billion. And because he thought his stock was being priced by the market at twice its intrinsic value, he effectively paid the equivalent of $11 billion of value for $25 billion of assets! Genius!\nThe Gen Re portfolio was 90% fixed income products which allowed Buffett to switch from a heavy concentration of over-priced equity investments into much better valued bonds. Best of all, because he used Berkshire shares as currency for the deal rather than cash he managed to reduce his portfolio exposure to an overpriced equity market by approximately half without paying a cent of capital gains tax, then at 35%. Even more of a genius!\nI cover this kind of thing in my book \"Success in the Stock Market\" if any of you is interested in learning more.\nSo, returning to the topic of this article, what works for Buffett will not work for you.\nAccounting for positions using the equity method requires that Berkshire’s pro-rata portion of Kraft Heinz’s reported income be included in Berkshire’s income and serves to increase Berkshire’s cost basis by the amount of the pro-rata profit. Dividends received are an offset, effectively a return of capital, and reduce Berkshire’s cost basis by the amount of the dividend. The combination increases the cost basis by the amount of undistributed earnings. Cash taxes are paid by Berkshire only on the amount received as dividends. The undistributed earnings (retained by Kraft Heinz) are included in a deferred tax liability and are payable when Berkshire receives a cash distribution or when it sells the position. The deferred tax liability is created using Berkshire’s corporate tax rate of 21%. Berkshire applies a Dividend Received Deduction “DRD” on the dividends it receives as it expects undistributed earnings to ultimately be distributed. It’s this assumption by Berkshire that allows it to offset its 21% tax rate with an 80% deduction. Thus dividends from Kraft Heinz are now taxed at 4.2% and the deferred tax liability building for retained earnings by Kraft Heinz is established using a 21% tax rate.\nNow consider the situation for you and me if Kraft Heinz was in our own private portfolio. With little or no capital growth prospects all we have is the dividend income. That is paid out of Kraft Heinz's net earnings (so after it has paid corporate tax) and when we receive the dividend we are subject to income tax (double taxation!)\nWhile Buffett enjoys greater tax efficiency, we suffer great tax inefficiency. This is why following everything the Sage of Omaha does is foolish. This, in my humble opinion, includes investing personally in Kraft Heinz.\nKraft Heinz is a mediocre business with little prospect for growth and some of its brands are in fact in decline.I wouldn't buy it. I wouldn't recommend you to buy it either. But for Buffett it does make a great deal of sense (commentators/journalists in the investing community take note!).\nIf you want to derive the financial benefits that Buffett is able to extract from his investment in Kraft Heinz and other holdings in his portfolio then my advice to you is to invest in Berkshire Hathaway rather than investing in the companies that Berkshire Hathaway invests in.\nBerkshire Hathaway - Underpriced By At Least 20%\nI believe Berkshire Hathaway to be vastly underpriced today as I shall go on to explain.\nData byYCharts\nValuing Berkshire Hathaway is a complex affair due to the fact that it requires analysis on a sum of parts basis. I could write a small book on a single valuation and so it is well outside the scope of this article.\nHowever, there are some quick and dirty valuation techniques that one may deploy to provide a good indication of value. They invariably require a little Sherlock Holmes sleuth work of reading between the lines to find valuable valuation clues. Allow me to explain one of them.\nBuffett is still buying back Berkshire Stock at an unprecedented rate. This is a first major clue.\n\nBuffett bought back about $9bn of stock in H2 2020 and buybacks continue at pace.\nThere were approximately $6.6 billion worth of buybacks during Q1 2021.\nBuybacks in the second quarter of 2021 may be calculated as follows. The April 22ndForm 10-Q filing reveals the amount spent on buybacks between March 31st(end of Q1) and April 22nd.So this is known to be $1.4 billion. On June 21stBerkshire’s13D filing(associated with its regular contribution of Berkshire shares to the Gates Foundation - $4.1bn USD on this occasion) allows us to calculate buybacks that occurred between April 22ndand June 21st. We do this by taking the statement of Buffett’s economic interest of 15.8% to calculate the number of shares outstanding at June 21st. This indicates that Berkshire had 2.265 billion class B share equivalent outstanding on June 21 (with class A stock converted to class B). This is down about 23 million since March 31 and 18 million lower that the April 22 figure. The implication being that over $5bn of stock was repurchased in Q2 2021. But June 21stis not the end of Q2, so if we extrapolate the data to the end of the quarter we arrive at approximately $7bn of repurchases in Q2.\n\nSo in the last 12 months Buffett has spent a not insignificant $22.6bn buying back Berkshire stock.\nWhat does this tell us?\nFirst, let’s take a step back and consider what we know about Buffett's threshold for buying back stock.\nShare buy-backs are among the most misunderstood and also the most abused aspects of modern capitalism. This is a huge topic and I devote an entire chapter of my book to it for anyone interested. However, for the purpose of this article know this. When executed above true book value (most of the time) buybacks will erode shareholder equity.\nThis is not particularly well understood by shareholders or C-Suite executives. Accordingly I shall use this opportunity to explain how this works in practice with a simple analogy.\nImagine owning a $1m house equally with your partner. Personally you also have $750,000 cash in the bank, so the total value of your personal assets is half of the house ($500,000) plus $750,000 cash. A total of $1.25m.\nYou offer to buy your partner’s share in the house which has a book value of $500,000 (half of $1m).\nYou ought to be happy paying anything up to $500,000 (a multiple to book that is less than or equal to 1) but you should not be prepared to pay more than that number. Buying at a premium (where the PB multiple is greater than 1) erodes the total value of your assets by the amount of the premium paid. If you don’t believe me, allow me to demonstrate the fact.\nIf you pay $600,000 for your partner's share of the house (a multiple of 1.2x book) what do your assets look like after the deal? You now have a $1m house and a balance of $150,000 cash in the bank. Now your total asset value has shrunk from $1.25m to $1.15m. You have eroded your personal wealth by $100,000 which is the amount by which you overpaid for the share of the house.\nThe same is true when repurchasing company stock above book – it destroys shareholder value in exactly the same way.\nThe opposite is also true - so repurchasing below book is accretive to shareholder value.\nWhile a repurchase operation will always be presented as a means of returning value to the shareholders, the ugly truth is that buy-backs more often than not destroy shareholder value.\nBuffett understands this very well. Judging by the number of companies that repurchase their own stock at huge premiums to book I can confidently say that Buffett is one of the few CEOs who does understand it.\nThe quick witted readers will now be asking, “Why then has Buffett been paying 1.1x book and then 1.2x book for stock repurchases?”\nGreat question!\nThe answer is simple and it brings us back to our Sherlock Holmes conclusions on the valuation of Berkshire Hathaway.\nMany of the assets bought by Buffett over the years are recorded on the Berkshire Hathaway balance sheet at cost rather than at their true market value. Said differently, the value of Berkshire's assets is vastly understated in its annual and quarterly reports. This means that when Buffett says that he will repurchase at 1.2x book, what he is actually saying is that the book value understates the true value of the business and that every 83 cents on the balance sheet is really worth $1 in the real world. This means that 1.2x of reported book value is equivalent to no more than 1.0x real book value.\nNow I hope that you can see where I am going with my detective work.\nBuffett is way too sharp to destroy shareholder equity by overpaying for Berkshire Stock, not least because he is Berkshire's largest shareholder! Buffett will only be interested in allocating capital in such a way that is accretive to shareholder value, namely at a multiple of book less than 1.0x.\nNow consider that no-one, other than perhaps Charlie Munger, knows the true value of Berkshire Hathaway better than Buffett. So, reading between the lines, Buffett is telling us that the true value of the business is at least 20% higher than the share price implies, we ought to capitalize on that information!\nIt is also worthy of note that as the number of shares decreases due to buybacks, the price per share representing a true 1.0x book value also increases. Appreciation in the underlying value of balance sheet assets also pushes the threshold price higher. This explains why Buffett is constantly re-assessing the price at which he is prepared to buy back his own stock.\nI hope that this was helpful.\nI devote an entire chapter of my book \"Success in the Stock Market\" to the topic of buybacks and so I have only scratched the surface in this comment. If you are interested in learning more please take a look at the book.\nBy the way, I am long Berkshire Hathaway. I believe it to be vastly undervalued currently and my more detailed analysis suggests that it is trading at between 69c and 77c on the $1. For this reason I think that Buffett will continue to repurchase for quite some time to come.\nI wish you every success in your investing endeavours.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9,"KHC":0.9}},"isVote":1,"tweetType":1,"viewCount":2838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}