Jason7890的个人主页 - 老虎社区

Jason7890

Jason7890

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0勋章

2021-07-02

$Bionano Genomics(BNGO)$If its real

2021-07-08

$NVIDIA Corp(NVDA)$Overvalue

2021-07-04

$NIO Inc.(NIO)$If this is real 🥲

2021-10-11

Nice.

Visa Stock: Scalability And Buffett Value Line<blockquote>Visa股票：可扩展性和巴菲特价值线</blockquote>

2021-07-26

$NIO Inc.(NIO)$If its real

2021-09-21

Nice 👍

Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>

2021-07-16

$NVIDIA Corp(NVDA)$Fall just begin

2021-06-28

Leave 1 comment

抱歉，原内容已删除

2021-07-15

Drop more pls

TSMC shares fell nearly 3% in premarket trading.<blockquote>台积电股价在盘前交易中下跌近3%。</blockquote>

2021-07-14

$Tesla Motors(TSLA)$Sell?

2021-07-14

Prepare to short it down 😁

Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote>

2021-07-13

Wow.

Goldman Sachs Group Q2 EPS $15.02 Beats $10.23 Estimate<blockquote>高盛集团第二季度每股收益15.02美元，超出预期10.23美元</blockquote>

2021-09-03

Oops

抱歉，原内容已删除

2021-07-19

Lol

Virgin Galactic surged over 5% in morning trading<blockquote>维珍银河早盘飙升逾5%</blockquote>

2021-07-16

Yes! Down down down

抱歉，原内容已删除

2021-07-09

$Tesla Motors(TSLA)$Its over

2021-07-08

Gogogo

抱歉，原内容已删除

2021-07-04

Short short shot

AMC Options Traders Aren't Discouraged, Repeatedly Hammer Calls<blockquote>AMC期权交易员并不气馁，多次抨击评级</blockquote>

2021-07-01

Leave 1 comment

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2021-06-21

Wow

抱歉，原内容已删除

去老虎APP查看更多动态

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href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>Time to say bye bye?","listText":"<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>Time to say bye bye?","text":"$Bionano Genomics(BNGO)$Time to say bye bye?","images":[{"img":"https://static.tigerbbs.com/041618961aae3545486e29649e601270","width":"828","height":"1632"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/849773765","isVote":1,"tweetType":1,"viewCount":2596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":849747948,"gmtCreate":1635779538899,"gmtModify":1635779538961,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/IGV\">$iShares North American Tech-Software ETF(IGV)$</a>Down down down pls","listText":"<a href=\"https://laohu8.com/S/IGV\">$iShares North American Tech-Software ETF(IGV)$</a>Down down down pls","text":"$iShares North American Tech-Software ETF(IGV)$Down down down 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Why dont let me buy more.&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Nonono!!!! Why dont let me buy more.&nbsp;","text":"$Tesla Motors(TSLA)$Nonono!!!! Why dont let me buy more.","images":[{"img":"https://static.tigerbbs.com/431aed1361f53bd36b87ca5fca5404b5","width":"750","height":"2217"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826754548","isVote":1,"tweetType":1,"viewCount":3434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":826926050,"gmtCreate":1633966431828,"gmtModify":1633966431828,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DIS\">$Walt Disney(DIS)$</a>Can you come down more please","listText":"<a href=\"https://laohu8.com/S/DIS\">$Walt Disney(DIS)$</a>Can you come down more please","text":"$Walt Disney(DIS)$Can you come down more please","images":[{"img":"https://static.tigerbbs.com/a1b80aba239403679e0f05365aba5aec","width":"750","height":"2380"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826926050","isVote":1,"tweetType":1,"viewCount":3284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":826928186,"gmtCreate":1633966400451,"gmtModify":1633966400579,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ZM\">$Zoom(ZM)$</a>Nice from double till loss","listText":"<a href=\"https://laohu8.com/S/ZM\">$Zoom(ZM)$</a>Nice from double till loss","text":"$Zoom(ZM)$Nice from double till loss","images":[{"img":"https://static.tigerbbs.com/40ce5a7cdf6312628dcae083845c03b6","width":"828","height":"1632"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826928186","isVote":1,"tweetType":1,"viewCount":2030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":826921572,"gmtCreate":1633966364141,"gmtModify":1633966395574,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Say like no say. No point reading","listText":"Say like no say. No point reading","text":"Say like no say. No point reading","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826921572","repostId":"1178640662","repostType":4,"repost":{"id":"1178640662","kind":"news","pubTimestamp":1633963601,"share":"https://www.laohu8.com/m/news/1178640662?lang=zh_CN&edition=full","pubTime":"2021-10-11 22:46","market":"us","language":"en","title":"Apple iPhone Wait Times Are at Multiyear Highs. What It Means for Sales.<blockquote>苹果iPhone等待时间创多年新高。这对销售意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178640662","media":"Barrons","summary":"If you want to buy the new iPhone, you’re going to have to wait a while. Usually that would be a goo","content":"<p> If you want to buy the new iPhone, you’re going to have to wait a while. Usually that would be a good sign for Apple stock, but the picture is a bit more complicated this year.</p><p><blockquote>如果你想买新的iPhone，你将不得不等待一段时间。通常这对苹果股票来说是一个好兆头，但今年的情况有点复杂。</blockquote></p><p> Wait times for the iPhone 13 family of devices remain extended across the board, analysts at&nbsp;Credit Suisse&nbsp;said Friday. Customers who want the iPhone 13 Pro and Pro Max have to wait more than four weeks, which is the longest in at least four years, the team at the Swiss bank said.</p><p><blockquote>瑞士信贷分析师周五表示，iPhone 13系列设备的等待时间仍然全面延长。这家瑞士银行的团队表示，想要iPhone 13 Pro和Pro Max的客户必须等待四周以上，这是至少四年来最长的一次。</blockquote></p><p> For the iPhone 13, the wait time is also long at two to four weeks, the analysts noted, with wait times remaining similar or even growing modestly longer between Sept. 4 and Sept. 8.</p><p><blockquote>分析师指出，对于iPhone 13来说，等待时间也很长，为两到四周，在9月4日至9月8日期间，等待时间保持相似，甚至略有增加。</blockquote></p><p> The analysts’ methodology for calculating waiting periods involves measuring shipping lead times for iPhones purchased directly from Apple online in major markets around the world. They exclude demand through Apple’s physical stores as well as distribution through carriers and other retail outlets.</p><p><blockquote>分析师计算等待时间的方法包括测量直接从苹果在线购买的iPhone在全球主要市场的发货周期。它们不包括通过苹果实体店的需求以及通过运营商和其他零售店的分销。</blockquote></p><p> Wait times have in the past been viewed as an indicator of demand for devices, which would suggest the iPhone 13 is headed for blowout sales. That would be good for Apple investors, because, as <i>Barron’s</i> reporter Max A. Cherney wrote last month, “Apple stock practically lives and dies on the company’s iPhone sales every year.”</p><p><blockquote>等待时间过去一直被视为设备需求的指标，这表明iPhone 13将迎来井喷式销售。这对苹果投资者来说是件好事，因为<i>巴伦周刊</i>记者Max A.Cherney上个月写道，“苹果股票的生死几乎取决于该公司每年的iPhone销量。”</blockquote></p><p> But this year, in a world gripped by supply-chain issues, wait times for some models being at multiyear records might not be the clear green flag it would have been in the past.</p><p><blockquote>但今年，在一个受到供应链问题困扰的世界中，一些车型的等待时间创下多年记录可能不会像过去那样明显。</blockquote></p><p> “We’d highlight that while wait times are a rough proxy for initial demand, the metric is only one of many variables impacting iPhone sell-through; supply availability is a key unknown, particularly this year,” the analysts said.</p><p><blockquote>分析师表示：“我们要强调的是，虽然等待时间是初始需求的粗略指标，但该指标只是影响iPhone销量的众多变量之一；供应可用性是一个关键的未知数，尤其是今年。”</blockquote></p><p> They added that it was “encouraging” to see wait times for the more expensive higher-end models such as the Pro and Pro Max remaining most extended, but that supply likely also plays a critical role in longer waits. This makes it even more difficult to analyze underlying demand for the iPhone 13 family.</p><p><blockquote>他们补充说，看到Pro和Pro Max等更昂贵的高端型号的等待时间仍然最长，这是“令人鼓舞的”，但这种供应也可能在更长的等待中发挥关键作用。这使得分析iPhone 13家族的潜在需求变得更加困难。</blockquote></p><p> Credit Suisse has a price target of $150 on&nbsp;Apple&nbsp;(ticker: AAPL) stock, which was trading hands around $142 Monday. The company’s shares fell 0.6% when trading began this week.</p><p><blockquote>瑞士信贷对苹果（股票代码：AAPL）股票的目标价为150美元，该股周一的交易价格约为142美元。该公司股价本周开盘时下跌0.6%。</blockquote></p><p> Apple has been approached for comment.</p><p><blockquote>我们已联系苹果寻求置评。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple iPhone Wait Times Are at Multiyear Highs. What It Means for Sales.<blockquote>苹果iPhone等待时间创多年新高。这对销售意味着什么。</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple iPhone Wait Times Are at Multiyear Highs. What It Means for Sales.<blockquote>苹果iPhone等待时间创多年新高。这对销售意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-11 22:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p> If you want to buy the new iPhone, you’re going to have to wait a while. Usually that would be a good sign for Apple stock, but the picture is a bit more complicated this year.</p><p><blockquote>如果你想买新的iPhone，你将不得不等待一段时间。通常这对苹果股票来说是一个好兆头，但今年的情况有点复杂。</blockquote></p><p> Wait times for the iPhone 13 family of devices remain extended across the board, analysts at&nbsp;Credit Suisse&nbsp;said Friday. Customers who want the iPhone 13 Pro and Pro Max have to wait more than four weeks, which is the longest in at least four years, the team at the Swiss bank said.</p><p><blockquote>瑞士信贷分析师周五表示，iPhone 13系列设备的等待时间仍然全面延长。这家瑞士银行的团队表示，想要iPhone 13 Pro和Pro Max的客户必须等待四周以上，这是至少四年来最长的一次。</blockquote></p><p> For the iPhone 13, the wait time is also long at two to four weeks, the analysts noted, with wait times remaining similar or even growing modestly longer between Sept. 4 and Sept. 8.</p><p><blockquote>分析师指出，对于iPhone 13来说，等待时间也很长，为两到四周，在9月4日至9月8日期间，等待时间保持相似，甚至略有增加。</blockquote></p><p> The analysts’ methodology for calculating waiting periods involves measuring shipping lead times for iPhones purchased directly from Apple online in major markets around the world. They exclude demand through Apple’s physical stores as well as distribution through carriers and other retail outlets.</p><p><blockquote>分析师计算等待时间的方法包括测量直接从苹果在线购买的iPhone在全球主要市场的发货周期。它们不包括通过苹果实体店的需求以及通过运营商和其他零售店的分销。</blockquote></p><p> Wait times have in the past been viewed as an indicator of demand for devices, which would suggest the iPhone 13 is headed for blowout sales. That would be good for Apple investors, because, as <i>Barron’s</i> reporter Max A. Cherney wrote last month, “Apple stock practically lives and dies on the company’s iPhone sales every year.”</p><p><blockquote>等待时间过去一直被视为设备需求的指标，这表明iPhone 13将迎来井喷式销售。这对苹果投资者来说是件好事，因为<i>巴伦周刊</i>记者Max A.Cherney上个月写道，“苹果股票的生死几乎取决于该公司每年的iPhone销量。”</blockquote></p><p> But this year, in a world gripped by supply-chain issues, wait times for some models being at multiyear records might not be the clear green flag it would have been in the past.</p><p><blockquote>但今年，在一个受到供应链问题困扰的世界中，一些车型的等待时间创下多年记录可能不会像过去那样明显。</blockquote></p><p> “We’d highlight that while wait times are a rough proxy for initial demand, the metric is only one of many variables impacting iPhone sell-through; supply availability is a key unknown, particularly this year,” the analysts said.</p><p><blockquote>分析师表示：“我们要强调的是，虽然等待时间是初始需求的粗略指标，但该指标只是影响iPhone销量的众多变量之一；供应可用性是一个关键的未知数，尤其是今年。”</blockquote></p><p> They added that it was “encouraging” to see wait times for the more expensive higher-end models such as the Pro and Pro Max remaining most extended, but that supply likely also plays a critical role in longer waits. This makes it even more difficult to analyze underlying demand for the iPhone 13 family.</p><p><blockquote>他们补充说，看到Pro和Pro Max等更昂贵的高端型号的等待时间仍然最长，这是“令人鼓舞的”，但这种供应也可能在更长的等待中发挥关键作用。这使得分析iPhone 13家族的潜在需求变得更加困难。</blockquote></p><p> Credit Suisse has a price target of $150 on&nbsp;Apple&nbsp;(ticker: AAPL) stock, which was trading hands around $142 Monday. The company’s shares fell 0.6% when trading began this week.</p><p><blockquote>瑞士信贷对苹果（股票代码：AAPL）股票的目标价为150美元，该股周一的交易价格约为142美元。该公司股价本周开盘时下跌0.6%。</blockquote></p><p> Apple has been approached for comment.</p><p><blockquote>我们已联系苹果寻求置评。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-iphone-wait-times-multiyear-highs-51633962094?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-iphone-wait-times-multiyear-highs-51633962094?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178640662","content_text":"If you want to buy the new iPhone, you’re going to have to wait a while. Usually that would be a good sign for Apple stock, but the picture is a bit more complicated this year.\nWait times for the iPhone 13 family of devices remain extended across the board, analysts at Credit Suisse said Friday. Customers who want the iPhone 13 Pro and Pro Max have to wait more than four weeks, which is the longest in at least four years, the team at the Swiss bank said.\nFor the iPhone 13, the wait time is also long at two to four weeks, the analysts noted, with wait times remaining similar or even growing modestly longer between Sept. 4 and Sept. 8.\nThe analysts’ methodology for calculating waiting periods involves measuring shipping lead times for iPhones purchased directly from Apple online in major markets around the world. They exclude demand through Apple’s physical stores as well as distribution through carriers and other retail outlets.\nWait times have in the past been viewed as an indicator of demand for devices, which would suggest the iPhone 13 is headed for blowout sales. That would be good for Apple investors, because, as Barron’s reporter Max A. Cherney wrote last month, “Apple stock practically lives and dies on the company’s iPhone sales every year.”\nBut this year, in a world gripped by supply-chain issues, wait times for some models being at multiyear records might not be the clear green flag it would have been in the past.\n“We’d highlight that while wait times are a rough proxy for initial demand, the metric is only one of many variables impacting iPhone sell-through; supply availability is a key unknown, particularly this year,” the analysts said.\nThey added that it was “encouraging” to see wait times for the more expensive higher-end models such as the Pro and Pro Max remaining most extended, but that supply likely also plays a critical role in longer waits. This makes it even more difficult to analyze underlying demand for the iPhone 13 family.\nCredit Suisse has a price target of $150 on Apple (ticker: AAPL) stock, which was trading hands around $142 Monday. The company’s shares fell 0.6% when trading began this week.\nApple has been approached for comment.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826923766,"gmtCreate":1633966306751,"gmtModify":1634003517951,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Say like no say. Better dont waste resources on this crap.","listText":"Say like no say. Better dont waste resources on this crap.","text":"Say like no say. Better dont waste resources on this crap.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826923766","repostId":"1178640662","repostType":4,"repost":{"id":"1178640662","kind":"news","pubTimestamp":1633963601,"share":"https://www.laohu8.com/m/news/1178640662?lang=zh_CN&edition=full","pubTime":"2021-10-11 22:46","market":"us","language":"en","title":"Apple iPhone Wait Times Are at Multiyear Highs. What It Means for Sales.<blockquote>苹果iPhone等待时间创多年新高。这对销售意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178640662","media":"Barrons","summary":"If you want to buy the new iPhone, you’re going to have to wait a while. Usually that would be a goo","content":"<p> If you want to buy the new iPhone, you’re going to have to wait a while. Usually that would be a good sign for Apple stock, but the picture is a bit more complicated this year.</p><p><blockquote>如果你想买新的iPhone，你将不得不等待一段时间。通常这对苹果股票来说是一个好兆头，但今年的情况有点复杂。</blockquote></p><p> Wait times for the iPhone 13 family of devices remain extended across the board, analysts at&nbsp;Credit Suisse&nbsp;said Friday. Customers who want the iPhone 13 Pro and Pro Max have to wait more than four weeks, which is the longest in at least four years, the team at the Swiss bank said.</p><p><blockquote>瑞士信贷分析师周五表示，iPhone 13系列设备的等待时间仍然全面延长。这家瑞士银行的团队表示，想要iPhone 13 Pro和Pro Max的客户必须等待四周以上，这是至少四年来最长的一次。</blockquote></p><p> For the iPhone 13, the wait time is also long at two to four weeks, the analysts noted, with wait times remaining similar or even growing modestly longer between Sept. 4 and Sept. 8.</p><p><blockquote>分析师指出，对于iPhone 13来说，等待时间也很长，为两到四周，在9月4日至9月8日期间，等待时间保持相似，甚至略有增加。</blockquote></p><p> The analysts’ methodology for calculating waiting periods involves measuring shipping lead times for iPhones purchased directly from Apple online in major markets around the world. They exclude demand through Apple’s physical stores as well as distribution through carriers and other retail outlets.</p><p><blockquote>分析师计算等待时间的方法包括测量直接从苹果在线购买的iPhone在全球主要市场的发货周期。它们不包括通过苹果实体店的需求以及通过运营商和其他零售店的分销。</blockquote></p><p> Wait times have in the past been viewed as an indicator of demand for devices, which would suggest the iPhone 13 is headed for blowout sales. That would be good for Apple investors, because, as <i>Barron’s</i> reporter Max A. Cherney wrote last month, “Apple stock practically lives and dies on the company’s iPhone sales every year.”</p><p><blockquote>等待时间过去一直被视为设备需求的指标，这表明iPhone 13将迎来井喷式销售。这对苹果投资者来说是件好事，因为<i>巴伦周刊</i>记者Max A.Cherney上个月写道，“苹果股票的生死几乎取决于该公司每年的iPhone销量。”</blockquote></p><p> But this year, in a world gripped by supply-chain issues, wait times for some models being at multiyear records might not be the clear green flag it would have been in the past.</p><p><blockquote>但今年，在一个受到供应链问题困扰的世界中，一些车型的等待时间创下多年记录可能不会像过去那样明显。</blockquote></p><p> “We’d highlight that while wait times are a rough proxy for initial demand, the metric is only one of many variables impacting iPhone sell-through; supply availability is a key unknown, particularly this year,” the analysts said.</p><p><blockquote>分析师表示：“我们要强调的是，虽然等待时间是初始需求的粗略指标，但该指标只是影响iPhone销量的众多变量之一；供应可用性是一个关键的未知数，尤其是今年。”</blockquote></p><p> They added that it was “encouraging” to see wait times for the more expensive higher-end models such as the Pro and Pro Max remaining most extended, but that supply likely also plays a critical role in longer waits. This makes it even more difficult to analyze underlying demand for the iPhone 13 family.</p><p><blockquote>他们补充说，看到Pro和Pro Max等更昂贵的高端型号的等待时间仍然最长，这是“令人鼓舞的”，但这种供应也可能在更长的等待中发挥关键作用。这使得分析iPhone 13家族的潜在需求变得更加困难。</blockquote></p><p> Credit Suisse has a price target of $150 on&nbsp;Apple&nbsp;(ticker: AAPL) stock, which was trading hands around $142 Monday. The company’s shares fell 0.6% when trading began this week.</p><p><blockquote>瑞士信贷对苹果（股票代码：AAPL）股票的目标价为150美元，该股周一的交易价格约为142美元。该公司股价本周开盘时下跌0.6%。</blockquote></p><p> Apple has been approached for comment.</p><p><blockquote>我们已联系苹果寻求置评。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple iPhone Wait Times Are at Multiyear Highs. What It Means for Sales.<blockquote>苹果iPhone等待时间创多年新高。这对销售意味着什么。</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple iPhone Wait Times Are at Multiyear Highs. What It Means for Sales.<blockquote>苹果iPhone等待时间创多年新高。这对销售意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-11 22:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p> If you want to buy the new iPhone, you’re going to have to wait a while. Usually that would be a good sign for Apple stock, but the picture is a bit more complicated this year.</p><p><blockquote>如果你想买新的iPhone，你将不得不等待一段时间。通常这对苹果股票来说是一个好兆头，但今年的情况有点复杂。</blockquote></p><p> Wait times for the iPhone 13 family of devices remain extended across the board, analysts at&nbsp;Credit Suisse&nbsp;said Friday. Customers who want the iPhone 13 Pro and Pro Max have to wait more than four weeks, which is the longest in at least four years, the team at the Swiss bank said.</p><p><blockquote>瑞士信贷分析师周五表示，iPhone 13系列设备的等待时间仍然全面延长。这家瑞士银行的团队表示，想要iPhone 13 Pro和Pro Max的客户必须等待四周以上，这是至少四年来最长的一次。</blockquote></p><p> For the iPhone 13, the wait time is also long at two to four weeks, the analysts noted, with wait times remaining similar or even growing modestly longer between Sept. 4 and Sept. 8.</p><p><blockquote>分析师指出，对于iPhone 13来说，等待时间也很长，为两到四周，在9月4日至9月8日期间，等待时间保持相似，甚至略有增加。</blockquote></p><p> The analysts’ methodology for calculating waiting periods involves measuring shipping lead times for iPhones purchased directly from Apple online in major markets around the world. They exclude demand through Apple’s physical stores as well as distribution through carriers and other retail outlets.</p><p><blockquote>分析师计算等待时间的方法包括测量直接从苹果在线购买的iPhone在全球主要市场的发货周期。它们不包括通过苹果实体店的需求以及通过运营商和其他零售店的分销。</blockquote></p><p> Wait times have in the past been viewed as an indicator of demand for devices, which would suggest the iPhone 13 is headed for blowout sales. That would be good for Apple investors, because, as <i>Barron’s</i> reporter Max A. Cherney wrote last month, “Apple stock practically lives and dies on the company’s iPhone sales every year.”</p><p><blockquote>等待时间过去一直被视为设备需求的指标，这表明iPhone 13将迎来井喷式销售。这对苹果投资者来说是件好事，因为<i>巴伦周刊</i>记者Max A.Cherney上个月写道，“苹果股票的生死几乎取决于该公司每年的iPhone销量。”</blockquote></p><p> But this year, in a world gripped by supply-chain issues, wait times for some models being at multiyear records might not be the clear green flag it would have been in the past.</p><p><blockquote>但今年，在一个受到供应链问题困扰的世界中，一些车型的等待时间创下多年记录可能不会像过去那样明显。</blockquote></p><p> “We’d highlight that while wait times are a rough proxy for initial demand, the metric is only one of many variables impacting iPhone sell-through; supply availability is a key unknown, particularly this year,” the analysts said.</p><p><blockquote>分析师表示：“我们要强调的是，虽然等待时间是初始需求的粗略指标，但该指标只是影响iPhone销量的众多变量之一；供应可用性是一个关键的未知数，尤其是今年。”</blockquote></p><p> They added that it was “encouraging” to see wait times for the more expensive higher-end models such as the Pro and Pro Max remaining most extended, but that supply likely also plays a critical role in longer waits. This makes it even more difficult to analyze underlying demand for the iPhone 13 family.</p><p><blockquote>他们补充说，看到Pro和Pro Max等更昂贵的高端型号的等待时间仍然最长，这是“令人鼓舞的”，但这种供应也可能在更长的等待中发挥关键作用。这使得分析iPhone 13家族的潜在需求变得更加困难。</blockquote></p><p> Credit Suisse has a price target of $150 on&nbsp;Apple&nbsp;(ticker: AAPL) stock, which was trading hands around $142 Monday. The company’s shares fell 0.6% when trading began this week.</p><p><blockquote>瑞士信贷对苹果（股票代码：AAPL）股票的目标价为150美元，该股周一的交易价格约为142美元。该公司股价本周开盘时下跌0.6%。</blockquote></p><p> Apple has been approached for comment.</p><p><blockquote>我们已联系苹果寻求置评。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-iphone-wait-times-multiyear-highs-51633962094?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-iphone-wait-times-multiyear-highs-51633962094?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178640662","content_text":"If you want to buy the new iPhone, you’re going to have to wait a while. Usually that would be a good sign for Apple stock, but the picture is a bit more complicated this year.\nWait times for the iPhone 13 family of devices remain extended across the board, analysts at Credit Suisse said Friday. Customers who want the iPhone 13 Pro and Pro Max have to wait more than four weeks, which is the longest in at least four years, the team at the Swiss bank said.\nFor the iPhone 13, the wait time is also long at two to four weeks, the analysts noted, with wait times remaining similar or even growing modestly longer between Sept. 4 and Sept. 8.\nThe analysts’ methodology for calculating waiting periods involves measuring shipping lead times for iPhones purchased directly from Apple online in major markets around the world. They exclude demand through Apple’s physical stores as well as distribution through carriers and other retail outlets.\nWait times have in the past been viewed as an indicator of demand for devices, which would suggest the iPhone 13 is headed for blowout sales. That would be good for Apple investors, because, as Barron’s reporter Max A. Cherney wrote last month, “Apple stock practically lives and dies on the company’s iPhone sales every year.”\nBut this year, in a world gripped by supply-chain issues, wait times for some models being at multiyear records might not be the clear green flag it would have been in the past.\n“We’d highlight that while wait times are a rough proxy for initial demand, the metric is only one of many variables impacting iPhone sell-through; supply availability is a key unknown, particularly this year,” the analysts said.\nThey added that it was “encouraging” to see wait times for the more expensive higher-end models such as the Pro and Pro Max remaining most extended, but that supply likely also plays a critical role in longer waits. This makes it even more difficult to analyze underlying demand for the iPhone 13 family.\nCredit Suisse has a price target of $150 on Apple (ticker: AAPL) stock, which was trading hands around $142 Monday. The company’s shares fell 0.6% when trading began this week.\nApple has been approached for comment.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826929255,"gmtCreate":1633966198253,"gmtModify":1633966198322,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Just shortist start covering.","listText":"Just shortist start covering.","text":"Just shortist start covering.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826929255","repostId":"1167615278","repostType":4,"repost":{"id":"1167615278","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1633962807,"share":"https://www.laohu8.com/m/news/1167615278?lang=zh_CN&edition=full","pubTime":"2021-10-11 22:33","market":"us","language":"en","title":"Why SoFi Shares Are Trading Higher Today<blockquote>为什么SoFi股价今天走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167615278","media":"Benzinga","summary":"SoFi Technologies Inc shares are trading higher after Morgan Stanley initiated coverage on the stock","content":"<p><b>SoFi Technologies Inc</b>&nbsp;shares are trading higher after Morgan Stanley initiated coverage on the stock with an Overweight rating, stating that two catalysts could help move the stock higher.</p><p><blockquote><b>SoFi技术公司</b>摩根士丹利首次对该股给予跑赢大盘评级，并表示两个催化剂可能有助于推高该股后，该股股价走高。</blockquote></p><p> Morgan Stanley analyst Betsy Graseck gave SoFi's stock a price target of $25.00, which&nbsp;is higher than the average Wall Street price target of $23.83.</p><p><blockquote>摩根士丹利分析师Betsy Graseck给予SoFi股票25.00美元的目标价，高于华尔街23.83美元的平均目标价。</blockquote></p><p> Graseck noted&nbsp;\"Initiating on SoFi, a powerful revenue growth story as it ramps share of the consumer financial services wallet.\"</p><p><blockquote>Graseck指出，“SoFi的启动是一个强大的收入增长故事，因为它增加了消费者金融服务钱包的份额。”</blockquote></p><p> \"Competition is rising among challenger FinTechs for Gen Y &amp; Z, but SOFI has a leg up given its roots in the hardest part of consumer finance, lending, along with a robust digital offering,\" she added.</p><p><blockquote>她补充道：“Y世代和Z世代的挑战者金融科技公司之间的竞争正在加剧，但鉴于SOFI植根于消费金融、贷款领域最困难的领域，以及强大的数字产品，SOFI具有优势。”</blockquote></p><p> SoFi's technology platform allows customers to have an all-in-one app and website to trade, invest, apply for loans and more.</p><p><blockquote>SoFi的技术平台允许客户拥有一个一体化的应用程序和网站来进行交易、投资、申请贷款等。</blockquote></p><p> The stock traded up more&nbsp;than 8% Monday morning, around $17.6 a share.</p><p><blockquote>该股周一上午上涨超过8%，约为每股17.6美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why SoFi Shares Are Trading Higher Today<blockquote>为什么SoFi股价今天走高</blockquote></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; 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}\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWhy SoFi Shares Are Trading Higher Today<blockquote>为什么SoFi股价今天走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-10-11 22:33</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>SoFi Technologies Inc</b>&nbsp;shares are trading higher after Morgan Stanley initiated coverage on the stock with an Overweight rating, stating that two catalysts could help move the stock higher.</p><p><blockquote><b>SoFi技术公司</b>摩根士丹利首次对该股给予跑赢大盘评级，并表示两个催化剂可能有助于推高该股后，该股股价走高。</blockquote></p><p> Morgan Stanley analyst Betsy Graseck gave SoFi's stock a price target of $25.00, which&nbsp;is higher than the average Wall Street price target of $23.83.</p><p><blockquote>摩根士丹利分析师Betsy Graseck给予SoFi股票25.00美元的目标价，高于华尔街23.83美元的平均目标价。</blockquote></p><p> Graseck noted&nbsp;\"Initiating on SoFi, a powerful revenue growth story as it ramps share of the consumer financial services wallet.\"</p><p><blockquote>Graseck指出，“SoFi的启动是一个强大的收入增长故事，因为它增加了消费者金融服务钱包的份额。”</blockquote></p><p> \"Competition is rising among challenger FinTechs for Gen Y &amp; Z, but SOFI has a leg up given its roots in the hardest part of consumer finance, lending, along with a robust digital offering,\" she added.</p><p><blockquote>她补充道：“Y世代和Z世代的挑战者金融科技公司之间的竞争正在加剧，但鉴于SOFI植根于消费金融、贷款领域最困难的领域，以及强大的数字产品，SOFI具有优势。”</blockquote></p><p> SoFi's technology platform allows customers to have an all-in-one app and website to trade, invest, apply for loans and more.</p><p><blockquote>SoFi的技术平台允许客户拥有一个一体化的应用程序和网站来进行交易、投资、申请贷款等。</blockquote></p><p> The stock traded up more&nbsp;than 8% Monday morning, around $17.6 a share.</p><p><blockquote>该股周一上午上涨超过8%，约为每股17.6美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167615278","content_text":"SoFi Technologies Inc shares are trading higher after Morgan Stanley initiated coverage on the stock with an Overweight rating, stating that two catalysts could help move the stock higher.\nMorgan Stanley analyst Betsy Graseck gave SoFi's stock a price target of $25.00, which is higher than the average Wall Street price target of $23.83.\nGraseck noted \"Initiating on SoFi, a powerful revenue growth story as it ramps share of the consumer financial services wallet.\"\n\"Competition is rising among challenger FinTechs for Gen Y & Z, but SOFI has a leg up given its roots in the hardest part of consumer finance, lending, along with a robust digital offering,\" she added.\nSoFi's technology platform allows customers to have an all-in-one app and website to trade, invest, apply for loans and more.\nThe stock traded up more than 8% Monday morning, around $17.6 a share.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":3233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826920574,"gmtCreate":1633966144136,"gmtModify":1633966144197,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Nice.&nbsp;","listText":"Nice.&nbsp;","text":"Nice.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/826920574","repostId":"1174273121","repostType":4,"repost":{"id":"1174273121","kind":"news","pubTimestamp":1633965002,"share":"https://www.laohu8.com/m/news/1174273121?lang=zh_CN&edition=full","pubTime":"2021-10-11 23:10","market":"us","language":"en","title":"Visa Stock: Scalability And Buffett Value Line<blockquote>Visa股票：可扩展性和巴菲特价值线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174273121","media":"Seeking Alpha","summary":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalabilit","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>This article analyzes Visa from the perspective of its profit sustainability and scalability.</li>  <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.</li>  <li>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed4e9c2f1150ac54e1f764f98c0880f1\" tg-width=\"1536\" tg-height=\"1039\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>本文从Visa的盈利可持续性和可扩展性的角度对其进行分析。</li><li>该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和资本边际效率。</li><li>结果表明，V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。</li><li>最后，本文还讨论了其估值，特别是与使用我看涨期权的巴菲特价值线享有卓越可扩展性的其他股票相比，根据ROCE调整的估值。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Investment thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析Visa Inc(V)，重点关注其利润可持续性和可扩展性。该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和已用资本边际回报率(“MROCE”)。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p> The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).</p><p><blockquote>结果表明，V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。对于规模如此惊人的企业来说，保持完美的可扩展性确实令人印象深刻。最后，本文还讨论了其估值，特别是根据ROCE调整的估值以及与其他示例性可扩展股票（例如FAAMG股票和巴菲特风格股票）相比的估值。</blockquote></p><p> <b>The moat and the network effects</b></p><p><blockquote><b>护城河与网络效应</b></blockquote></p><p> V’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.</p><p><blockquote>V的护城河在于其规模和可扩展性，下面两张图表最好地展示了这一点。第一张图表显示了2017年至2019年全球流通的信用卡、借记卡和预付卡数量，并对2023年和2025年进行了预测。2019年，全球有228亿张信用卡、借记卡和预付卡在流通。到2023年，这一数字将达到293.1亿，比2019年的水平增长28%。到2025年，这一数字将进一步增加，超过300亿，比2019年的水平增长34%。也就是说，到2025年流通卡总量将增长1/3以上。数字化交易的趋势势不可挡。</blockquote></p><p> The second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.</p><p><blockquote>第二张图表显示，V作为该领域的领导者，将从这一长期趋势中受益最多。V是全球最大的零售电子支付网络，提供处理服务和支付产品平台。这包括信用卡、借记卡、预付费和商业支付，这些支付以Visa、Visa Electron、Interlink和PLUS品牌提供。Visa/PLUS是全球最大的ATM网络之一。V为200多个国家和地区的数字支付提供便利。它拥有36亿张流通卡，约占全球流通卡总数的16%。它处理了令人难以置信的交易量——2060亿笔支付交易，2020年总交易额为12.5万亿美元——这是支付网络无可争议的主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e261998de072e355b6f039912d0f1453\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/036bc8c94696fcfd8ed3403b699534c6\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: Visa USA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美国签证。</span></p></blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非任何重大监管或反托拉斯法发生变化）。网络效应是指某些产品或服务的价值随着更多人使用而增加。换句话说，某些网络随着规模的扩大而变得越来越有价值。并不是每个网络都享有这种神奇的特性，事实上，大多数网络的边际回报率是递减的——即，额外回报随着网络变大而减少——这将在后面详细说明。连锁餐厅网络就是一个例子。随着网络变得更大，节点开始相互竞争客户，回报减少。</blockquote></p><p></p><p> But certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但某些网络，如V提供的服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同的特征：a）网络变得越大，它就变得越有价值（当连接城市A和B的铁路的一段也连接到连接其他城市的其他铁路时，这段铁路的价值要高得多）；B）网络越大，交换成本就越高（如果每个人都使用传真机，而你不想使用传真机，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的威力。一旦建立了线索——不管出于什么原因——网络效应就会开始发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将带来更多的便利、更好的效率、更低的成本，这将使网络对其用户和客户更好、更有价值，这反过来将吸引更多的新用户和客户加入，并使现有用户更难离开，这将再次导致更多的用户和更大的网络。这种反馈将反映在非常高的已用资本回报率（“ROCE”）中，这将在后面看到。</blockquote></p><p> Unfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p><p><blockquote>不幸的是，就像所有美好的事情最终都会结束一样，上述网络效应的好处也会结束。在某些时候，重力总是赶上来，回报开始减少。在铁路的例子中，如果已经建造了足够多的铁路来连接所有人口密度高的城市，那么现在建造下一段铁路的回报将会减少。在传真机的例子中，如果每个办公室都已经有一台传真机，那么在每个办公室增加第二台传真机也会减少回报。</blockquote></p><p> Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.</p><p><blockquote>因此，作为投资者，我们不仅要考察ROCE，同样重要的是要考察边际收益。因为边际回报告诉我们业务是否仍处于可扩展阶段，或者业务是否已经过了可扩展性的临界点，开始出现收益递减。换句话说，MROCE让我们看看收益递减的严重性是否已经赶上了。</blockquote></p><p> And the remainder of this article will examine both aspects next.</p><p><blockquote>接下来，本文的其余部分将研究这两个方面。</blockquote></p><p> <b>Return on capital employed (“ROCE”)</b></p><p><blockquote><b>已动用资本回报率（“ROCE”）</b></blockquote></p><p> ROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my&nbsp;earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.</p><p><blockquote>ROCE代表已用资本回报率。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业如何有效地利用其资本赚取利润。对ROCE分析细节感兴趣的读者可以在我之前的文章中找到。在这里，我将在下面的图表中总结结果。在这些结果中，我考虑了实际使用的以下项目资本a)营运资本（包括应付账款、应收账款、存货），B)不动产、厂房和设备总额，C)资本化的研发费用，以及D)无形账面价值，主要包括此类业务的知识产权和专利。</blockquote></p><p> As seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.</p><p><blockquote>正如所见，它在过去十年中能够保持天文数字的ROCE水平：平均约103%。为了正确看待事情，下图将V的ROCE与FAAMG股票进行了比较，FAAMG股票是一组将网络效应发挥到极致的企业。可以看出，V在其中获得了极具竞争力的ROCE——仅次于苹果(AAPL)。平均而言，每1美元的收益再投资将推动超过1美元的未来收益增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/877e3bb73de3e6c4fbab1a0133f74464\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f25b4c6dc0c7ee738ac345c3888ae11\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> Introduction to marginal return on capital employed (“MROCE”)</p><p><blockquote>边际资本回报率（“边际资本回报率”）简介</blockquote></p><p> In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>除了ROCE之外，一个同样重要的概念是边际资本回报率（“MROCE”）。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了盈利能力这个核心问题的最基本的两个方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p></p><p> A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p><p><blockquote>为不熟悉这个概念的读者提供一点背景和介绍。对于已经熟悉这个概念的读者来说，一定要跳过这一部分。据我所知，传奇经济学家约翰·梅纳德·凯恩斯首先明确表达了这个概念，尽管在他之前的人已经观察和思考了一段时间。这个概念试图捕捉的是经济活动中的一个基本规律：收益递减规律。沃伦·巴菲特喜欢说，利率就像重力一样影响所有经济活动。嗯，只要人性不发生任何根本性的变化，收益递减对所有经济活动也有引力作用，如果不是更大的话。</blockquote></p><p> The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p><p><blockquote>下一个图表说明了这个概念。只要股东寻求利润，上市企业就会首先将资金投资于回报率最高的项目（即，先摘最低的苹果或先获得最大的回报）。因此，第一批可用资源的投资回报率很高——企业可能确定的最高回报率。第二批资金将不得不以较低的回报率进行投资，因为最好的想法已经被第一批资源采纳了，等等。最后一批投入的钱可能会获得仅高于资金成本的回报率。最后，最终结果是如图所示下降的MROCE曲线。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.</p><p><blockquote>我们通常谈论和公司报告的ROCE指的是这条曲线的平均值——平均所有批次投资的回报。显然，平均值本身就是非常有用的信息。它告诉我们企业到目前为止将资源转化为利润的效率——但它的局限性在于，它只告诉我们到目前为止已经投入的资源的效率。对投资者同样重要的是MROCE，它告诉我们下一批资源投入时，业务会产生多少增量利润。</blockquote></p><p> For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p><p><blockquote>对于投资者来说，梦想投资的企业是拥有平坦MROCE曲线的企业，如蓝色实线所示。这将是一个完全可扩展的业务。每投入一批资源都能获得持续稳定利润的企业。然而，这样的生意真的只是梦中生意。我之前提到过，收益递减对所有经济活动都有引力作用——因为它们确实如此。从来没有一个企业（至少在人类历史上没有）能够在保持资本回报率的同时保持增长。在某些时候，重力总是赶上来，回报开始下降（如蓝色虚线所示）。</blockquote></p><p> V’s MROCE</p><p><blockquote>V的MROCE</blockquote></p><p> So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.</p><p><blockquote>因此，对于投资者来说，下一个最好的交易是投资a）具有高且稳定的ROCE，B）仍处于可扩展阶段（回报递减的严重性尚未赶上）的企业。而如下图所示，V在这样一个阶段似乎就是这样一个业务。</blockquote></p><p> This chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p><p><blockquote>这张图表显示了近年来V的MROCE和ROCE。ROCE数据与上一节所示相同。通过以下步骤估计MROCE数据。首先，计算每年使用的资本。其次，每年计算收益。第三，计算每年使用的资本增量。同样，还计算了同比增量收益。最后，计算增量收益和增量资本使用之间的比率以近似MROCE。在增量盈利或资本使用波动较大的年度，采用多年运行平均法来平滑波动。</blockquote></p><p> Before we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.</p><p><blockquote>在我们开始解释结果之前，让我首先澄清分析边际资本回报率的困难以及我在这里使用的方法的局限性。首先，从数学上讲，估计变化率（例如，MROCE本质上是什么）比平均变化（ROCE本质上是什么）要困难得多。估计后者需要除以两个大数，不确定性很小。估计前者需要除以两个小数字，财务数据中的不确定性可以被放大。其次，对企业的一些资本投资可能需要多年（超过3年）才能取得成果（或失败）。因此，隔离和跟踪某一年投资产生的边际回报本质上是困难的。尽管大多数项目应该在3年内开始显示结果（无论是好的还是坏的），并且这种方法应该能够捕捉边际回报的主导趋势。</blockquote></p><p></p><p> With the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.</p><p><blockquote>有了以上的了解，我们来仔细看看结果。首先，请注意，本世纪初极高的MROCE再次有力地说明了从根本上支持业务的网络效应和长期趋势。商业模式太好了。</blockquote></p><p> The results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.</p><p><blockquote>图表中的结果还显示，在这个阶段，V实际上能够保持实际上高于近年来平均ROCE的MROCE。可以看出，近年来ROCE平均为103%，MROCE平均为157%。这明显低于本世纪初350%以上的水平——重力总是试图迎头赶上。但仍远高于ROCE。而且差距超过50%，太大了，不可能是财务数据的不确定性和舍入误差造成的。所以这个结果表明V还没有进入收益递减阶段——重力还没有赶上。而如果目前的MROCE继续下去，V的ROCE将维持目前的高水平，甚至进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cea9c214b6d0dd15d8f9c5c1392272e\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha数据。</span></p></blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> After the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.</p><p><blockquote>以上讨论完其盈利持续性，我们再来看看估值。在目前的价格水平上，V的PE约为44倍，FW PE约为39.6倍。估值无论是绝对值还是相对值都很高。例如，与FAAMG pack相比，V目前的估值仅低于亚马逊(AMZN)的市盈率，高于所有其他公司。</blockquote></p><p> It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.</p><p><blockquote>如果不根据业务质量进行调整，孤立地讨论估值是没有意义的。因此，下一张图表还将根据ROCE调整后的V估值与同行进行了比较。如果您熟悉巴菲特的持股，您就会认识到这张图表中的股票代表了BRK的一些大型持股。</blockquote></p><p> I am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.</p><p><blockquote>我不确定当我们在这张图表上添加更多数据点时，情况会是什么样子（我确实计划组织我对其他BRK主要持股的笔记，并在这张图表上添加更多数据点）。但凭借我现在掌握的几个数据点，我忍不住画出/看到了绿线——我看涨期权的巴菲特价值线。它是连接艾伯维公司（ABBV）和苹果公司的一条线——物美价廉的好企业和高价的高质量企业。因此，从价值投资者的角度来看，只有沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表了质量和价格之间的权衡，相当于或优于ABBV或AAPL。投资高于这条线是没有意义的，因为高于这条线的任何东西都代表着质量和价格之间的劣质权衡——我们最好只投资ABBV和AAPL。</blockquote></p><p> As you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</p><p><blockquote>正如您所看到的，V目前远高于绿线，表明其估值不仅本身昂贵，而且在根据其ROCE进行调整后也很昂贵——即使它的ROCE非常出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9fbfdb9a53f0dac2386fcfaf067800\" tg-width=\"640\" tg-height=\"427\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha数据。</span></p></blockquote></p><p> <b>Catalysts and risks</b></p><p><blockquote><b>催化剂和风险</b></blockquote></p><p> The long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.</p><p><blockquote>长期催化剂是文章开头提到的数字化交易趋势。在我看来，这个趋势是不可阻挡的。电子商务平台的广泛部署将进一步加速这一转变。</blockquote></p><p> The most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:</p><p><blockquote>短期内最重要的催化剂，同时也是风险，是经济复苏的方向和步伐。正如首席财务官所评论的，如果经济活动，尤其是旅游活动恢复到正常水平，V将受益匪浅：</blockquote></p><p></p><p>   \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"    <i>Vasant Prabhu, Visa CFO (Q3 FY21 earnings call)</i>  In terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by&nbsp;Natalie Koo.</p><p><blockquote>“自从热门旅游目的地开放边境以来，我们已经看到了直接的影响。希腊在4月份开放了边境，到6月底，入境持卡消费相对于2019年的水平增长了近30个百分点。法国于6月9日开放，截至6月底，入境持卡量相对于2019年增长了近20个百分点...自4月份以来，从美国到墨西哥的持卡跨境消费增长了近50个百分点，达到2019年水平的170%以上。”<i>Vasant Prabhu，Visa首席财务官（2021财年第三季度看涨期权收益）</i>就风险而言，我看到了前面提到的估值风险。就业务基本面而言，我确实认为短期甚至长期没有任何风险。在我看来，上述疫情的经济复苏并不是真正的根本性风险。即使它朝着错误的方向发展和/或以比预期更慢的速度发展，对V来说也最多是暂时的打嗝。商业模式太健壮，可扩展性太强。从真正的长期来看，我们只能猜测。从长远来看，金融科技和加密货币的破坏肯定是一个潜在的风险。我建议对这些讨论感兴趣的读者阅读Natalie Koo发表的分析。</blockquote></p><p> Conclusion and final thought</p><p><blockquote>结论和最后的思考</blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析Visa Inc(V)，重点关注其利润可持续性和可扩展性。该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和已用资本边际回报率(“MROCE”)。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p> The results show that:</p><p><blockquote>结果表明：</blockquote></p><p> <ul>  <li>V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>The ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.</li>  <li>And the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</li> </ul> As such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.</p><p><blockquote><ul><li>V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。</li><li>ROCE平均约为103%，与表现优异的股票（典型的可扩展股票）相比非常有利。</li><li>近年来MROCE平均为157%。所以这个结果表明V还没有达到收益递减的阶段——重力还没有赶上。对于规模如此惊人（去年处理了15万亿美元的交易量）的企业来说，仍然保持完美的可扩展性确实令人印象深刻。</li><li>最后，本文还讨论了其估值，特别是与使用我看涨期权的巴菲特价值线享有卓越可扩展性的其他股票相比，根据ROCE调整的估值。V目前远高于价值线，这表明其估值不仅本身昂贵，而且在根据ROCE进行调整后也很昂贵——即使它的ROCE非常出色。</li></ul>因此，我的最终结论是，它仍然是一个完全可扩展的业务，但它的定价不仅仅是完美的。此时的投资需要一些时间、耐心和承诺，让增长赶上估值。它只适合长期承诺的投资者（至少有5年以上的时间范围），他们可以坚持下去，不受任何潜在的近期估值波动的影响。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Visa Stock: Scalability And Buffett Value Line<blockquote>Visa股票：可扩展性和巴菲特价值线</blockquote></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; 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}\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nVisa Stock: Scalability And Buffett Value Line<blockquote>Visa股票：可扩展性和巴菲特价值线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-11 23:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>This article analyzes Visa from the perspective of its profit sustainability and scalability.</li>  <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.</li>  <li>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed4e9c2f1150ac54e1f764f98c0880f1\" tg-width=\"1536\" tg-height=\"1039\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>本文从Visa的盈利可持续性和可扩展性的角度对其进行分析。</li><li>该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和资本边际效率。</li><li>结果表明，V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。</li><li>最后，本文还讨论了其估值，特别是与使用我看涨期权的巴菲特价值线享有卓越可扩展性的其他股票相比，根据ROCE调整的估值。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Investment thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析Visa Inc(V)，重点关注其利润可持续性和可扩展性。该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和已用资本边际回报率(“MROCE”)。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p> The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).</p><p><blockquote>结果表明，V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。对于规模如此惊人的企业来说，保持完美的可扩展性确实令人印象深刻。最后，本文还讨论了其估值，特别是根据ROCE调整的估值以及与其他示例性可扩展股票（例如FAAMG股票和巴菲特风格股票）相比的估值。</blockquote></p><p> <b>The moat and the network effects</b></p><p><blockquote><b>护城河与网络效应</b></blockquote></p><p> V’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.</p><p><blockquote>V的护城河在于其规模和可扩展性，下面两张图表最好地展示了这一点。第一张图表显示了2017年至2019年全球流通的信用卡、借记卡和预付卡数量，并对2023年和2025年进行了预测。2019年，全球有228亿张信用卡、借记卡和预付卡在流通。到2023年，这一数字将达到293.1亿，比2019年的水平增长28%。到2025年，这一数字将进一步增加，超过300亿，比2019年的水平增长34%。也就是说，到2025年流通卡总量将增长1/3以上。数字化交易的趋势势不可挡。</blockquote></p><p> The second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.</p><p><blockquote>第二张图表显示，V作为该领域的领导者，将从这一长期趋势中受益最多。V是全球最大的零售电子支付网络，提供处理服务和支付产品平台。这包括信用卡、借记卡、预付费和商业支付，这些支付以Visa、Visa Electron、Interlink和PLUS品牌提供。Visa/PLUS是全球最大的ATM网络之一。V为200多个国家和地区的数字支付提供便利。它拥有36亿张流通卡，约占全球流通卡总数的16%。它处理了令人难以置信的交易量——2060亿笔支付交易，2020年总交易额为12.5万亿美元——这是支付网络无可争议的主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e261998de072e355b6f039912d0f1453\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/036bc8c94696fcfd8ed3403b699534c6\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: Visa USA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美国签证。</span></p></blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非任何重大监管或反托拉斯法发生变化）。网络效应是指某些产品或服务的价值随着更多人使用而增加。换句话说，某些网络随着规模的扩大而变得越来越有价值。并不是每个网络都享有这种神奇的特性，事实上，大多数网络的边际回报率是递减的——即，额外回报随着网络变大而减少——这将在后面详细说明。连锁餐厅网络就是一个例子。随着网络变得更大，节点开始相互竞争客户，回报减少。</blockquote></p><p></p><p> But certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但某些网络，如V提供的服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同的特征：a）网络变得越大，它就变得越有价值（当连接城市A和B的铁路的一段也连接到连接其他城市的其他铁路时，这段铁路的价值要高得多）；B）网络越大，交换成本就越高（如果每个人都使用传真机，而你不想使用传真机，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的威力。一旦建立了线索——不管出于什么原因——网络效应就会开始发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将带来更多的便利、更好的效率、更低的成本，这将使网络对其用户和客户更好、更有价值，这反过来将吸引更多的新用户和客户加入，并使现有用户更难离开，这将再次导致更多的用户和更大的网络。这种反馈将反映在非常高的已用资本回报率（“ROCE”）中，这将在后面看到。</blockquote></p><p> Unfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p><p><blockquote>不幸的是，就像所有美好的事情最终都会结束一样，上述网络效应的好处也会结束。在某些时候，重力总是赶上来，回报开始减少。在铁路的例子中，如果已经建造了足够多的铁路来连接所有人口密度高的城市，那么现在建造下一段铁路的回报将会减少。在传真机的例子中，如果每个办公室都已经有一台传真机，那么在每个办公室增加第二台传真机也会减少回报。</blockquote></p><p> Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.</p><p><blockquote>因此，作为投资者，我们不仅要考察ROCE，同样重要的是要考察边际收益。因为边际回报告诉我们业务是否仍处于可扩展阶段，或者业务是否已经过了可扩展性的临界点，开始出现收益递减。换句话说，MROCE让我们看看收益递减的严重性是否已经赶上了。</blockquote></p><p> And the remainder of this article will examine both aspects next.</p><p><blockquote>接下来，本文的其余部分将研究这两个方面。</blockquote></p><p> <b>Return on capital employed (“ROCE”)</b></p><p><blockquote><b>已动用资本回报率（“ROCE”）</b></blockquote></p><p> ROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my&nbsp;earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.</p><p><blockquote>ROCE代表已用资本回报率。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业如何有效地利用其资本赚取利润。对ROCE分析细节感兴趣的读者可以在我之前的文章中找到。在这里，我将在下面的图表中总结结果。在这些结果中，我考虑了实际使用的以下项目资本a)营运资本（包括应付账款、应收账款、存货），B)不动产、厂房和设备总额，C)资本化的研发费用，以及D)无形账面价值，主要包括此类业务的知识产权和专利。</blockquote></p><p> As seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.</p><p><blockquote>正如所见，它在过去十年中能够保持天文数字的ROCE水平：平均约103%。为了正确看待事情，下图将V的ROCE与FAAMG股票进行了比较，FAAMG股票是一组将网络效应发挥到极致的企业。可以看出，V在其中获得了极具竞争力的ROCE——仅次于苹果(AAPL)。平均而言，每1美元的收益再投资将推动超过1美元的未来收益增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/877e3bb73de3e6c4fbab1a0133f74464\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f25b4c6dc0c7ee738ac345c3888ae11\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> Introduction to marginal return on capital employed (“MROCE”)</p><p><blockquote>边际资本回报率（“边际资本回报率”）简介</blockquote></p><p> In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>除了ROCE之外，一个同样重要的概念是边际资本回报率（“MROCE”）。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了盈利能力这个核心问题的最基本的两个方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p></p><p> A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p><p><blockquote>为不熟悉这个概念的读者提供一点背景和介绍。对于已经熟悉这个概念的读者来说，一定要跳过这一部分。据我所知，传奇经济学家约翰·梅纳德·凯恩斯首先明确表达了这个概念，尽管在他之前的人已经观察和思考了一段时间。这个概念试图捕捉的是经济活动中的一个基本规律：收益递减规律。沃伦·巴菲特喜欢说，利率就像重力一样影响所有经济活动。嗯，只要人性不发生任何根本性的变化，收益递减对所有经济活动也有引力作用，如果不是更大的话。</blockquote></p><p> The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p><p><blockquote>下一个图表说明了这个概念。只要股东寻求利润，上市企业就会首先将资金投资于回报率最高的项目（即，先摘最低的苹果或先获得最大的回报）。因此，第一批可用资源的投资回报率很高——企业可能确定的最高回报率。第二批资金将不得不以较低的回报率进行投资，因为最好的想法已经被第一批资源采纳了，等等。最后一批投入的钱可能会获得仅高于资金成本的回报率。最后，最终结果是如图所示下降的MROCE曲线。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.</p><p><blockquote>我们通常谈论和公司报告的ROCE指的是这条曲线的平均值——平均所有批次投资的回报。显然，平均值本身就是非常有用的信息。它告诉我们企业到目前为止将资源转化为利润的效率——但它的局限性在于，它只告诉我们到目前为止已经投入的资源的效率。对投资者同样重要的是MROCE，它告诉我们下一批资源投入时，业务会产生多少增量利润。</blockquote></p><p> For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p><p><blockquote>对于投资者来说，梦想投资的企业是拥有平坦MROCE曲线的企业，如蓝色实线所示。这将是一个完全可扩展的业务。每投入一批资源都能获得持续稳定利润的企业。然而，这样的生意真的只是梦中生意。我之前提到过，收益递减对所有经济活动都有引力作用——因为它们确实如此。从来没有一个企业（至少在人类历史上没有）能够在保持资本回报率的同时保持增长。在某些时候，重力总是赶上来，回报开始下降（如蓝色虚线所示）。</blockquote></p><p> V’s MROCE</p><p><blockquote>V的MROCE</blockquote></p><p> So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.</p><p><blockquote>因此，对于投资者来说，下一个最好的交易是投资a）具有高且稳定的ROCE，B）仍处于可扩展阶段（回报递减的严重性尚未赶上）的企业。而如下图所示，V在这样一个阶段似乎就是这样一个业务。</blockquote></p><p> This chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p><p><blockquote>这张图表显示了近年来V的MROCE和ROCE。ROCE数据与上一节所示相同。通过以下步骤估计MROCE数据。首先，计算每年使用的资本。其次，每年计算收益。第三，计算每年使用的资本增量。同样，还计算了同比增量收益。最后，计算增量收益和增量资本使用之间的比率以近似MROCE。在增量盈利或资本使用波动较大的年度，采用多年运行平均法来平滑波动。</blockquote></p><p> Before we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.</p><p><blockquote>在我们开始解释结果之前，让我首先澄清分析边际资本回报率的困难以及我在这里使用的方法的局限性。首先，从数学上讲，估计变化率（例如，MROCE本质上是什么）比平均变化（ROCE本质上是什么）要困难得多。估计后者需要除以两个大数，不确定性很小。估计前者需要除以两个小数字，财务数据中的不确定性可以被放大。其次，对企业的一些资本投资可能需要多年（超过3年）才能取得成果（或失败）。因此，隔离和跟踪某一年投资产生的边际回报本质上是困难的。尽管大多数项目应该在3年内开始显示结果（无论是好的还是坏的），并且这种方法应该能够捕捉边际回报的主导趋势。</blockquote></p><p></p><p> With the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.</p><p><blockquote>有了以上的了解，我们来仔细看看结果。首先，请注意，本世纪初极高的MROCE再次有力地说明了从根本上支持业务的网络效应和长期趋势。商业模式太好了。</blockquote></p><p> The results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.</p><p><blockquote>图表中的结果还显示，在这个阶段，V实际上能够保持实际上高于近年来平均ROCE的MROCE。可以看出，近年来ROCE平均为103%，MROCE平均为157%。这明显低于本世纪初350%以上的水平——重力总是试图迎头赶上。但仍远高于ROCE。而且差距超过50%，太大了，不可能是财务数据的不确定性和舍入误差造成的。所以这个结果表明V还没有进入收益递减阶段——重力还没有赶上。而如果目前的MROCE继续下去，V的ROCE将维持目前的高水平，甚至进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cea9c214b6d0dd15d8f9c5c1392272e\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha数据。</span></p></blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> After the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.</p><p><blockquote>以上讨论完其盈利持续性，我们再来看看估值。在目前的价格水平上，V的PE约为44倍，FW PE约为39.6倍。估值无论是绝对值还是相对值都很高。例如，与FAAMG pack相比，V目前的估值仅低于亚马逊(AMZN)的市盈率，高于所有其他公司。</blockquote></p><p> It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.</p><p><blockquote>如果不根据业务质量进行调整，孤立地讨论估值是没有意义的。因此，下一张图表还将根据ROCE调整后的V估值与同行进行了比较。如果您熟悉巴菲特的持股，您就会认识到这张图表中的股票代表了BRK的一些大型持股。</blockquote></p><p> I am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.</p><p><blockquote>我不确定当我们在这张图表上添加更多数据点时，情况会是什么样子（我确实计划组织我对其他BRK主要持股的笔记，并在这张图表上添加更多数据点）。但凭借我现在掌握的几个数据点，我忍不住画出/看到了绿线——我看涨期权的巴菲特价值线。它是连接艾伯维公司（ABBV）和苹果公司的一条线——物美价廉的好企业和高价的高质量企业。因此，从价值投资者的角度来看，只有沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表了质量和价格之间的权衡，相当于或优于ABBV或AAPL。投资高于这条线是没有意义的，因为高于这条线的任何东西都代表着质量和价格之间的劣质权衡——我们最好只投资ABBV和AAPL。</blockquote></p><p> As you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</p><p><blockquote>正如您所看到的，V目前远高于绿线，表明其估值不仅本身昂贵，而且在根据其ROCE进行调整后也很昂贵——即使它的ROCE非常出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9fbfdb9a53f0dac2386fcfaf067800\" tg-width=\"640\" tg-height=\"427\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha数据。</span></p></blockquote></p><p> <b>Catalysts and risks</b></p><p><blockquote><b>催化剂和风险</b></blockquote></p><p> The long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.</p><p><blockquote>长期催化剂是文章开头提到的数字化交易趋势。在我看来，这个趋势是不可阻挡的。电子商务平台的广泛部署将进一步加速这一转变。</blockquote></p><p> The most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:</p><p><blockquote>短期内最重要的催化剂，同时也是风险，是经济复苏的方向和步伐。正如首席财务官所评论的，如果经济活动，尤其是旅游活动恢复到正常水平，V将受益匪浅：</blockquote></p><p></p><p>   \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"    <i>Vasant Prabhu, Visa CFO (Q3 FY21 earnings call)</i>  In terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by&nbsp;Natalie Koo.</p><p><blockquote>“自从热门旅游目的地开放边境以来，我们已经看到了直接的影响。希腊在4月份开放了边境，到6月底，入境持卡消费相对于2019年的水平增长了近30个百分点。法国于6月9日开放，截至6月底，入境持卡量相对于2019年增长了近20个百分点...自4月份以来，从美国到墨西哥的持卡跨境消费增长了近50个百分点，达到2019年水平的170%以上。”<i>Vasant Prabhu，Visa首席财务官（2021财年第三季度看涨期权收益）</i>就风险而言，我看到了前面提到的估值风险。就业务基本面而言，我确实认为短期甚至长期没有任何风险。在我看来，上述疫情的经济复苏并不是真正的根本性风险。即使它朝着错误的方向发展和/或以比预期更慢的速度发展，对V来说也最多是暂时的打嗝。商业模式太健壮，可扩展性太强。从真正的长期来看，我们只能猜测。从长远来看，金融科技和加密货币的破坏肯定是一个潜在的风险。我建议对这些讨论感兴趣的读者阅读Natalie Koo发表的分析。</blockquote></p><p> Conclusion and final thought</p><p><blockquote>结论和最后的思考</blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析Visa Inc(V)，重点关注其利润可持续性和可扩展性。该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和已用资本边际回报率(“MROCE”)。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p> The results show that:</p><p><blockquote>结果表明：</blockquote></p><p> <ul>  <li>V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>The ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.</li>  <li>And the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</li> </ul> As such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.</p><p><blockquote><ul><li>V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。</li><li>ROCE平均约为103%，与表现优异的股票（典型的可扩展股票）相比非常有利。</li><li>近年来MROCE平均为157%。所以这个结果表明V还没有达到收益递减的阶段——重力还没有赶上。对于规模如此惊人（去年处理了15万亿美元的交易量）的企业来说，仍然保持完美的可扩展性确实令人印象深刻。</li><li>最后，本文还讨论了其估值，特别是与使用我看涨期权的巴菲特价值线享有卓越可扩展性的其他股票相比，根据ROCE调整的估值。V目前远高于价值线，这表明其估值不仅本身昂贵，而且在根据ROCE进行调整后也很昂贵——即使它的ROCE非常出色。</li></ul>因此，我的最终结论是，它仍然是一个完全可扩展的业务，但它的定价不仅仅是完美的。此时的投资需要一些时间、耐心和承诺，让增长赶上估值。它只适合长期承诺的投资者（至少有5年以上的时间范围），他们可以坚持下去，不受任何潜在的近期估值波动的影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"V":"Visa"},"source_url":"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174273121","content_text":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.\n\nJustin Sullivan/Getty Images News\nInvestment thesis\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).\nThe moat and the network effects\nV’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.\nThe second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.\nSource: Statista\nSource: Visa USA.\nFurthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.\nBut certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.\nIt is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.\nUnfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.\nTherefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.\nAnd the remainder of this article will examine both aspects next.\nReturn on capital employed (“ROCE”)\nROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.\nAs seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.\nSource: author and Seeking Alpha.\nSource: author and Seeking Alpha.\nIntroduction to marginal return on capital employed (“MROCE”)\nIn addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nA bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.\nThe next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.\nSource: author\nThe ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.\nFor investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).\nV’s MROCE\nSo for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.\nThis chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.\nBefore we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.\nWith the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.\nThe results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.\nSource: author and Seeking Alpha data.\nValuation\nAfter the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.\nIt is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.\nI am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.\nAs you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\nSource: author and Seeking Alpha data.\nCatalysts and risks\nThe long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.\nThe most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:\n\n \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"\n\n\nVasant Prabhu, Visa CFO (Q3 FY21 earnings call)\n\nIn terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by Natalie Koo.\nConclusion and final thought\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that:\n\nV not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nThe ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.\nAnd the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\n\nAs such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.","news_type":1,"symbols_score_info":{"V":0.9}},"isVote":1,"tweetType":1,"viewCount":812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820307642,"gmtCreate":1633350002962,"gmtModify":1633350003188,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Time to short? US coming down hard.","listText":"Time to short? US coming down hard.","text":"Time to short? US coming down hard.","images":[{"img":"https://static.tigerbbs.com/dde2a6636d0eb276f85c3564f0fa46f6","width":"750","height":"2443"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820307642","isVote":1,"tweetType":1,"viewCount":747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":863434355,"gmtCreate":1632410953177,"gmtModify":1632730213452,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"No!! Not so soon yet. Havent finish collecting.","listText":"No!! Not so soon yet. Havent finish collecting.","text":"No!! Not so soon yet. Havent finish collecting.","images":[{"img":"https://static.tigerbbs.com/c062f295590f7de7bd8d6245014c4c4f","width":"750","height":"2131"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863434355","isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":863435772,"gmtCreate":1632410922596,"gmtModify":1632730222450,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Nono!!!!","listText":"Nono!!!!","text":"Nono!!!!","images":[{"img":"https://static.tigerbbs.com/0c5e8d62fc04ee099f0a31656461a4c8","width":"750","height":"2271"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863435772","isVote":1,"tweetType":1,"viewCount":530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":869995014,"gmtCreate":1632233505138,"gmtModify":1632801889665,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DIS\">$Walt Disney(DIS)$</a>Buy? Hmm","listText":"<a href=\"https://laohu8.com/S/DIS\">$Walt Disney(DIS)$</a>Buy? Hmm","text":"$Walt Disney(DIS)$Buy? Hmm","images":[{"img":"https://static.tigerbbs.com/05d576cfb4a8159d9c51326c286288c0","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869995014","isVote":1,"tweetType":1,"viewCount":394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":869992094,"gmtCreate":1632233488918,"gmtModify":1632801890405,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"GG. Down down down","listText":"GG. Down down down","text":"GG. Down down down","images":[{"img":"https://static.tigerbbs.com/8670589d88d05c3798c90eee34865998","width":"750","height":"2326"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869992094","isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":869996888,"gmtCreate":1632233458744,"gmtModify":1632801890649,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Leave a comment","listText":"Leave a comment","text":"Leave a comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869996888","repostId":"1196158539","repostType":4,"repost":{"id":"1196158539","kind":"news","pubTimestamp":1632227901,"share":"https://www.laohu8.com/m/news/1196158539?lang=zh_CN&edition=full","pubTime":"2021-09-21 20:38","market":"us","language":"en","title":"Housing starts, building permits rebound in August after July dip<blockquote>继7月下降后，8月新屋开工和建筑许可反弹</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196158539","media":"seekingalpha","summary":"AugustHousing Starts:+3.9%M/M to 1.615M vs. 1.575M expected and 1.554M prior (revised from 1.534M).\n","content":"<p>AugustHousing Starts:<b>+3.9%</b>M/M to 1.615M vs. 1.575M expected and 1.554M prior (revised from 1.534M).</p><p><blockquote>八月房屋开工：<b>+3.9%</b>M/M至1.615 m，而预期为1.575 m，之前为1.554 m（从1.534 m修订）。</blockquote></p><p> Single-family housing starts were at a rate of 1.076M, down 2.8% from the revised July figure of 1.107M.</p><p><blockquote>单户住宅开工率为107.6万套，比7月份修正后的110.7万套下降2.8%。</blockquote></p><p> Building permits:<b>+6.0%</b>to 1.728M vs. 1.610M expected and 1.630M prior (revised from 1.635M).</p><p><blockquote>建筑许可：<b>+6.0%</b>为172.8万，而预期为161万，之前为163万（从163.5万修正）。</blockquote></p><p> Single-family authorizations in August, at 1.054M, rose 0.6% from the revised July figure of 1.048M.</p><p><blockquote>8月份单户住宅授权为105.4万套，较7月份修正后的104.8万套增长0.6%。</blockquote></p><p> Previously (Sept. 16),Home sale prices rise 16% Y/Y in August but home sales fall 6%</p><p><blockquote>此前（9月16日），8月份房屋销售价格同比上涨16%，但房屋销售下降6%</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Housing starts, building permits rebound in August after July dip<blockquote>继7月下降后，8月新屋开工和建筑许可反弹</blockquote></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{ 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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: 12.5px; color: #7E829C; margin: 0;}\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\">\nHousing starts, building permits rebound in August after July dip<blockquote>继7月下降后，8月新屋开工和建筑许可反弹</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-21 20:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AugustHousing Starts:<b>+3.9%</b>M/M to 1.615M vs. 1.575M expected and 1.554M prior (revised from 1.534M).</p><p><blockquote>八月房屋开工：<b>+3.9%</b>M/M至1.615 m，而预期为1.575 m，之前为1.554 m（从1.534 m修订）。</blockquote></p><p> Single-family housing starts were at a rate of 1.076M, down 2.8% from the revised July figure of 1.107M.</p><p><blockquote>单户住宅开工率为107.6万套，比7月份修正后的110.7万套下降2.8%。</blockquote></p><p> Building permits:<b>+6.0%</b>to 1.728M vs. 1.610M expected and 1.630M prior (revised from 1.635M).</p><p><blockquote>建筑许可：<b>+6.0%</b>为172.8万，而预期为161万，之前为163万（从163.5万修正）。</blockquote></p><p> Single-family authorizations in August, at 1.054M, rose 0.6% from the revised July figure of 1.048M.</p><p><blockquote>8月份单户住宅授权为105.4万套，较7月份修正后的104.8万套增长0.6%。</blockquote></p><p> Previously (Sept. 16),Home sale prices rise 16% Y/Y in August but home sales fall 6%</p><p><blockquote>此前（9月16日），8月份房屋销售价格同比上涨16%，但房屋销售下降6%</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3741783-housing-starts-building-permits-rebound-in-august-after-july-dip\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/news/3741783-housing-starts-building-permits-rebound-in-august-after-july-dip","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196158539","content_text":"AugustHousing Starts:+3.9%M/M to 1.615M vs. 1.575M expected and 1.554M prior (revised from 1.534M).\nSingle-family housing starts were at a rate of 1.076M, down 2.8% from the revised July figure of 1.107M.\nBuilding permits:+6.0%to 1.728M vs. 1.610M expected and 1.630M prior (revised from 1.635M).\nSingle-family authorizations in August, at 1.054M, rose 0.6% from the revised July figure of 1.048M.\nPreviously (Sept. 16),Home sale prices rise 16% Y/Y in August but home sales fall 6%","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869998560,"gmtCreate":1632233388750,"gmtModify":1632801891018,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Selling soon","listText":"Selling soon","text":"Selling soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869998560","repostId":"1165739145","repostType":4,"repost":{"id":"1165739145","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":1632231054,"share":"https://www.laohu8.com/m/news/1165739145?lang=zh_CN&edition=full","pubTime":"2021-09-21 21:30","market":"us","language":"en","title":"U.S. stocks gain at Tuesday's open<blockquote>美国股市周二开盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165739145","media":"Tiger Newspress","summary":"(Sept 21) U.S. stocks gain at Tuesday's open. Dow Jones, S&P and Nasdaq start higher following yeste","content":"<p>(Sept 21)&nbsp;U.S. stocks gain at Tuesday's open.&nbsp;Dow Jones, S&amp;P and Nasdaq start higher following yesterday's selloff.</p><p><blockquote>（九月二十一日）美国。股市周二开盘上涨。继昨天的抛售之后，道琼斯、标准普尔和纳斯达克开盘走高。</blockquote></p><p> Uber shares jumped 7%&nbsp;after raising its outlook&nbsp;for the third quarter.</p><p><blockquote>Uber上调第三季度预期后股价上涨7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/76c76d195eaa24d0309a2ef2686f857c\" tg-width=\"1110\" tg-height=\"570\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Luckin Coffee surged&nbsp;17%&nbsp;in&nbsp;early&nbsp;trading&nbsp;after&nbsp;it&nbsp;Files Annual Report for Fiscal 2020,&nbsp;it's&nbsp;FY Revenue of $618.1M, representing an increase of 33.3% compared to 2019.</p><p><blockquote>瑞星咖啡在提交2020财年年报后，早盘股价飙升17%，财年营收为6.181亿美元，较2019年增长33.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a3ab3b5d35e96e056850f7b1739d7a86\" tg-width=\"1111\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> QuantumScape soars nearly&nbsp;10%&nbsp;after another deal with 'top ten' automaker.</p><p><blockquote>在与“十大”汽车制造商达成另一项交易后，QuantumScape股价飙升近10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b0517a9824a37a70b8f1d10c5f2fd9\" tg-width=\"1111\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stocks gain at Tuesday's open<blockquote>美国股市周二开盘上涨</blockquote></title>\n<style 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#7E829C; margin: 0;}\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 gain at Tuesday's open<blockquote>美国股市周二开盘上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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 smaller\">2021-09-21 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 21)&nbsp;U.S. stocks gain at Tuesday's open.&nbsp;Dow Jones, S&amp;P and Nasdaq start higher following yesterday's selloff.</p><p><blockquote>（九月二十一日）美国。股市周二开盘上涨。继昨天的抛售之后，道琼斯、标准普尔和纳斯达克开盘走高。</blockquote></p><p> Uber shares jumped 7%&nbsp;after raising its outlook&nbsp;for the third quarter.</p><p><blockquote>Uber上调第三季度预期后股价上涨7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/76c76d195eaa24d0309a2ef2686f857c\" tg-width=\"1110\" tg-height=\"570\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Luckin Coffee surged&nbsp;17%&nbsp;in&nbsp;early&nbsp;trading&nbsp;after&nbsp;it&nbsp;Files Annual Report for Fiscal 2020,&nbsp;it's&nbsp;FY Revenue of $618.1M, representing an increase of 33.3% compared to 2019.</p><p><blockquote>瑞星咖啡在提交2020财年年报后，早盘股价飙升17%，财年营收为6.181亿美元，较2019年增长33.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a3ab3b5d35e96e056850f7b1739d7a86\" tg-width=\"1111\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> QuantumScape soars nearly&nbsp;10%&nbsp;after another deal with 'top ten' automaker.</p><p><blockquote>在与“十大”汽车制造商达成另一项交易后，QuantumScape股价飙升近10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b0517a9824a37a70b8f1d10c5f2fd9\" tg-width=\"1111\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165739145","content_text":"(Sept 21) U.S. stocks gain at Tuesday's open. Dow Jones, S&P and Nasdaq start higher following yesterday's selloff.\nUber shares jumped 7% after raising its outlook for the third quarter.\n\nLuckin Coffee surged 17% in early trading after it Files Annual Report for Fiscal 2020, it's FY Revenue of $618.1M, representing an increase of 33.3% compared to 2019.\n\nQuantumScape soars nearly 10% after another deal with 'top ten' automaker.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869998992,"gmtCreate":1632233359516,"gmtModify":1632801891753,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Nice 👍&nbsp;","listText":"Nice 👍&nbsp;","text":"Nice 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869998992","repostId":"1140143812","repostType":4,"repost":{"id":"1140143812","kind":"news","pubTimestamp":1632233062,"share":"https://www.laohu8.com/m/news/1140143812?lang=zh_CN&edition=full","pubTime":"2021-09-21 22:04","market":"us","language":"en","title":"Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140143812","media":"fxstreet","summary":"GREE shares continue to collapse after the merger deal with Support.com (SPRT).\nGREE stock falls ove","content":"<p><ul>  <li><b>GREE shares continue to collapse after the merger deal with Support.com (SPRT).</b></li>  <li><b>GREE stock falls over 20% on Monday.</b></li>  <li><b>Equity markets suffer, but retail names really fall as volatility is high.</b></li> </ul> GREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over&nbsp;things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?</p><p><blockquote><ul><li><b>与Support.com(SPRT)合并后，格力股价继续暴跌。</b></li><li><b>格力股价周一下跌超过20%。</b></li><li><b>股市受到影响，但由于波动性很高，散户股票确实下跌。</b></li></ul>随着周一灾难性下跌的继续，格力股价继续因各种错误的原因而出名。对于那些长期持有旧SPRT股票的人来说，情况已经很黯淡，但自从格力接手以来，情况变得越来越糟。格力周一再跌22%，收盘略高于30美元。格力上周达到60美元的峰值，因此在短短四个交易日内就损失了一半的价值。投资者和交易者一定想知道的是，还会有多少痛苦？</blockquote></p><p> GREE stock news</p><p><blockquote>格力股票新闻</blockquote></p><p> Just as a back story, GREE was formed as Greenidge Generation Holdings&nbsp;took over&nbsp;Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.&nbsp; Support.com was a good fit for retail traders as it was a facilitator&nbsp;of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a&nbsp;much smaller entity despite having a public listing.</p><p><blockquote>作为背景故事，格力是在Greenidge Generation Holdings收购Support.com时成立的。Support.com的股票代码为SPRT，在社交媒体上热烈讨论该股票后，它是大型散户最喜欢的模因股票。与许多其他零售或模因名称一样，SPRT股票也出现了巨大的价格波动。回到今年三月，事情开始变得有趣，散户交易者开始真正注意到这只股票。与Greenidge的交易于三月份宣布。Support.com非常适合零售交易者，因为它是远程工作解决方案的推动者，而远程工作解决方案在大流行期间越来越受欢迎。然而，尽管Support.com公开上市，但其实体规模要小得多。</blockquote></p><p> After the merger, Support.com became&nbsp;a small part or subsidiary&nbsp;of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company.&nbsp;There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.</p><p><blockquote>合并后，Support.com成为Greenidge的一小部分或子公司。早在3月份宣布这笔交易后，SPRT股价就飙升，但随后又平静下来，直到8月份散户兴趣似乎有所回升。由于空头兴趣很高，SPRT股票在各种社交媒体聊天网站上流通，这意味着散户交易者决定尝试发起轧空。这显然在GME和AMC等其他模因名称中运行良好，但SPRT的情况并不完全相同。SPRT股票在整个格力公司中所占的份额要小得多。还有人担心，SPRT的飙升使合并后的格力公司的估值过高。投资者因此抛售。通常在合并或收购中，旧股票代码中的头寸会转入新股票代码。</blockquote></p><p> GREE stock forecast</p><p><blockquote>格力股票预测</blockquote></p><p> As we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.</p><p><blockquote>从下图可以看出，格力推出以来的控制点为47.56美元，成交量加权平均价格（VWAP）略低于43美元。这是一个体积阻力，因为大部分体积都在这里。否则，图表就没有太多历史数据可供查看，而且波动性使分析变得相当困难。请在所有名称中使用风险控制，尤其是像这样不稳定的名称。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4002c7efb50cc1afa912ddea168ab7b7\" tg-width=\"2097\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Greenidge Generation&nbsp;falls&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/1cb93fe02339099c8852eaa00d07bd9d\" tg-width=\"1185\" tg-height=\"583\" width=\"100%\" height=\"auto\"></p><p><blockquote>Greenidge Generation早盘下跌近9%。</blockquote></p><p></p>","source":"lsy1617153743470","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>Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nGreenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fxstreet</strong><span class=\"h-time small\">2021-09-21 22:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>GREE shares continue to collapse after the merger deal with Support.com (SPRT).</b></li>  <li><b>GREE stock falls over 20% on Monday.</b></li>  <li><b>Equity markets suffer, but retail names really fall as volatility is high.</b></li> </ul> GREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over&nbsp;things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?</p><p><blockquote><ul><li><b>与Support.com(SPRT)合并后，格力股价继续暴跌。</b></li><li><b>格力股价周一下跌超过20%。</b></li><li><b>股市受到影响，但由于波动性很高，散户股票确实下跌。</b></li></ul>随着周一灾难性下跌的继续，格力股价继续因各种错误的原因而出名。对于那些长期持有旧SPRT股票的人来说，情况已经很黯淡，但自从格力接手以来，情况变得越来越糟。格力周一再跌22%，收盘略高于30美元。格力上周达到60美元的峰值，因此在短短四个交易日内就损失了一半的价值。投资者和交易者一定想知道的是，还会有多少痛苦？</blockquote></p><p> GREE stock news</p><p><blockquote>格力股票新闻</blockquote></p><p> Just as a back story, GREE was formed as Greenidge Generation Holdings&nbsp;took over&nbsp;Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.&nbsp; Support.com was a good fit for retail traders as it was a facilitator&nbsp;of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a&nbsp;much smaller entity despite having a public listing.</p><p><blockquote>作为背景故事，格力是在Greenidge Generation Holdings收购Support.com时成立的。Support.com的股票代码为SPRT，在社交媒体上热烈讨论该股票后，它是大型散户最喜欢的模因股票。与许多其他零售或模因名称一样，SPRT股票也出现了巨大的价格波动。回到今年三月，事情开始变得有趣，散户交易者开始真正注意到这只股票。与Greenidge的交易于三月份宣布。Support.com非常适合零售交易者，因为它是远程工作解决方案的推动者，而远程工作解决方案在大流行期间越来越受欢迎。然而，尽管Support.com公开上市，但其实体规模要小得多。</blockquote></p><p> After the merger, Support.com became&nbsp;a small part or subsidiary&nbsp;of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company.&nbsp;There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.</p><p><blockquote>合并后，Support.com成为Greenidge的一小部分或子公司。早在3月份宣布这笔交易后，SPRT股价就飙升，但随后又平静下来，直到8月份散户兴趣似乎有所回升。由于空头兴趣很高，SPRT股票在各种社交媒体聊天网站上流通，这意味着散户交易者决定尝试发起轧空。这显然在GME和AMC等其他模因名称中运行良好，但SPRT的情况并不完全相同。SPRT股票在整个格力公司中所占的份额要小得多。还有人担心，SPRT的飙升使合并后的格力公司的估值过高。投资者因此抛售。通常在合并或收购中，旧股票代码中的头寸会转入新股票代码。</blockquote></p><p> GREE stock forecast</p><p><blockquote>格力股票预测</blockquote></p><p> As we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.</p><p><blockquote>从下图可以看出，格力推出以来的控制点为47.56美元，成交量加权平均价格（VWAP）略低于43美元。这是一个体积阻力，因为大部分体积都在这里。否则，图表就没有太多历史数据可供查看，而且波动性使分析变得相当困难。请在所有名称中使用风险控制，尤其是像这样不稳定的名称。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4002c7efb50cc1afa912ddea168ab7b7\" tg-width=\"2097\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Greenidge Generation&nbsp;falls&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/1cb93fe02339099c8852eaa00d07bd9d\" tg-width=\"1185\" tg-height=\"583\" width=\"100%\" height=\"auto\"></p><p><blockquote>Greenidge Generation早盘下跌近9%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fxstreet.com/news/greenidge-generation-holdings-gree-supportcom-sprt-stock-news-and-forecast-why-is-gree-down-202109211205\">fxstreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GREE":"Greenidge Generation Holdings Inc."},"source_url":"https://www.fxstreet.com/news/greenidge-generation-holdings-gree-supportcom-sprt-stock-news-and-forecast-why-is-gree-down-202109211205","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140143812","content_text":"GREE shares continue to collapse after the merger deal with Support.com (SPRT).\nGREE stock falls over 20% on Monday.\nEquity markets suffer, but retail names really fall as volatility is high.\n\nGREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?\nGREE stock news\nJust as a back story, GREE was formed as Greenidge Generation Holdings took over Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.  Support.com was a good fit for retail traders as it was a facilitator of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a much smaller entity despite having a public listing.\nAfter the merger, Support.com became a small part or subsidiary of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company. There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.\nGREE stock forecast\nAs we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.\n\nGreenidge Generation falls nearly 9% in morning trading.","news_type":1,"symbols_score_info":{"GREE":0.9}},"isVote":1,"tweetType":1,"viewCount":694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815843575,"gmtCreate":1630669752497,"gmtModify":1631883819329,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ZM\">$Zoom(ZM)$</a>GG.com","listText":"<a href=\"https://laohu8.com/S/ZM\">$Zoom(ZM)$</a>GG.com","text":"$Zoom(ZM)$GG.com","images":[{"img":"https://static.tigerbbs.com/87900f2b5bded39247928827ab31ea01","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815843575","isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":156118126,"gmtCreate":1625201467965,"gmtModify":1631887790391,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>If its real","listText":"<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>If its real","text":"$Bionano Genomics(BNGO)$If its real","images":[{"img":"https://static.tigerbbs.com/a710fbee1eb891c04e04b1581dd21cdf","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/156118126","isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":149203347,"gmtCreate":1625726854689,"gmtModify":1633937957454,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NVDA\">$NVIDIA Corp(NVDA)$</a>Overvalue","listText":"<a href=\"https://laohu8.com/S/NVDA\">$NVIDIA Corp(NVDA)$</a>Overvalue","text":"$NVIDIA Corp(NVDA)$Overvalue","images":[{"img":"https://static.tigerbbs.com/309a4d33874e90b24738e1389c5a8048","width":"828","height":"1590"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/149203347","isVote":1,"tweetType":1,"viewCount":877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":155084530,"gmtCreate":1625364208720,"gmtModify":1633941277960,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>If this is real 🥲","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>If this is real 🥲","text":"$NIO Inc.(NIO)$If this is real 🥲","images":[{"img":"https://static.tigerbbs.com/24c0130ea5d7a98ba89b5d66da757fc0","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/155084530","isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":826920574,"gmtCreate":1633966144136,"gmtModify":1633966144197,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Nice.&nbsp;","listText":"Nice.&nbsp;","text":"Nice.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/826920574","repostId":"1174273121","repostType":4,"repost":{"id":"1174273121","kind":"news","pubTimestamp":1633965002,"share":"https://www.laohu8.com/m/news/1174273121?lang=zh_CN&edition=full","pubTime":"2021-10-11 23:10","market":"us","language":"en","title":"Visa Stock: Scalability And Buffett Value Line<blockquote>Visa股票：可扩展性和巴菲特价值线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174273121","media":"Seeking Alpha","summary":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalabilit","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>This article analyzes Visa from the perspective of its profit sustainability and scalability.</li>  <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.</li>  <li>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed4e9c2f1150ac54e1f764f98c0880f1\" tg-width=\"1536\" tg-height=\"1039\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>本文从Visa的盈利可持续性和可扩展性的角度对其进行分析。</li><li>该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和资本边际效率。</li><li>结果表明，V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。</li><li>最后，本文还讨论了其估值，特别是与使用我看涨期权的巴菲特价值线享有卓越可扩展性的其他股票相比，根据ROCE调整的估值。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Investment thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析Visa Inc(V)，重点关注其利润可持续性和可扩展性。该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和已用资本边际回报率(“MROCE”)。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p> The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).</p><p><blockquote>结果表明，V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。对于规模如此惊人的企业来说，保持完美的可扩展性确实令人印象深刻。最后，本文还讨论了其估值，特别是根据ROCE调整的估值以及与其他示例性可扩展股票（例如FAAMG股票和巴菲特风格股票）相比的估值。</blockquote></p><p> <b>The moat and the network effects</b></p><p><blockquote><b>护城河与网络效应</b></blockquote></p><p> V’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.</p><p><blockquote>V的护城河在于其规模和可扩展性，下面两张图表最好地展示了这一点。第一张图表显示了2017年至2019年全球流通的信用卡、借记卡和预付卡数量，并对2023年和2025年进行了预测。2019年，全球有228亿张信用卡、借记卡和预付卡在流通。到2023年，这一数字将达到293.1亿，比2019年的水平增长28%。到2025年，这一数字将进一步增加，超过300亿，比2019年的水平增长34%。也就是说，到2025年流通卡总量将增长1/3以上。数字化交易的趋势势不可挡。</blockquote></p><p> The second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.</p><p><blockquote>第二张图表显示，V作为该领域的领导者，将从这一长期趋势中受益最多。V是全球最大的零售电子支付网络，提供处理服务和支付产品平台。这包括信用卡、借记卡、预付费和商业支付，这些支付以Visa、Visa Electron、Interlink和PLUS品牌提供。Visa/PLUS是全球最大的ATM网络之一。V为200多个国家和地区的数字支付提供便利。它拥有36亿张流通卡，约占全球流通卡总数的16%。它处理了令人难以置信的交易量——2060亿笔支付交易，2020年总交易额为12.5万亿美元——这是支付网络无可争议的主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e261998de072e355b6f039912d0f1453\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/036bc8c94696fcfd8ed3403b699534c6\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: Visa USA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美国签证。</span></p></blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非任何重大监管或反托拉斯法发生变化）。网络效应是指某些产品或服务的价值随着更多人使用而增加。换句话说，某些网络随着规模的扩大而变得越来越有价值。并不是每个网络都享有这种神奇的特性，事实上，大多数网络的边际回报率是递减的——即，额外回报随着网络变大而减少——这将在后面详细说明。连锁餐厅网络就是一个例子。随着网络变得更大，节点开始相互竞争客户，回报减少。</blockquote></p><p></p><p> But certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但某些网络，如V提供的服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同的特征：a）网络变得越大，它就变得越有价值（当连接城市A和B的铁路的一段也连接到连接其他城市的其他铁路时，这段铁路的价值要高得多）；B）网络越大，交换成本就越高（如果每个人都使用传真机，而你不想使用传真机，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的威力。一旦建立了线索——不管出于什么原因——网络效应就会开始发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将带来更多的便利、更好的效率、更低的成本，这将使网络对其用户和客户更好、更有价值，这反过来将吸引更多的新用户和客户加入，并使现有用户更难离开，这将再次导致更多的用户和更大的网络。这种反馈将反映在非常高的已用资本回报率（“ROCE”）中，这将在后面看到。</blockquote></p><p> Unfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p><p><blockquote>不幸的是，就像所有美好的事情最终都会结束一样，上述网络效应的好处也会结束。在某些时候，重力总是赶上来，回报开始减少。在铁路的例子中，如果已经建造了足够多的铁路来连接所有人口密度高的城市，那么现在建造下一段铁路的回报将会减少。在传真机的例子中，如果每个办公室都已经有一台传真机，那么在每个办公室增加第二台传真机也会减少回报。</blockquote></p><p> Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.</p><p><blockquote>因此，作为投资者，我们不仅要考察ROCE，同样重要的是要考察边际收益。因为边际回报告诉我们业务是否仍处于可扩展阶段，或者业务是否已经过了可扩展性的临界点，开始出现收益递减。换句话说，MROCE让我们看看收益递减的严重性是否已经赶上了。</blockquote></p><p> And the remainder of this article will examine both aspects next.</p><p><blockquote>接下来，本文的其余部分将研究这两个方面。</blockquote></p><p> <b>Return on capital employed (“ROCE”)</b></p><p><blockquote><b>已动用资本回报率（“ROCE”）</b></blockquote></p><p> ROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my&nbsp;earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.</p><p><blockquote>ROCE代表已用资本回报率。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业如何有效地利用其资本赚取利润。对ROCE分析细节感兴趣的读者可以在我之前的文章中找到。在这里，我将在下面的图表中总结结果。在这些结果中，我考虑了实际使用的以下项目资本a)营运资本（包括应付账款、应收账款、存货），B)不动产、厂房和设备总额，C)资本化的研发费用，以及D)无形账面价值，主要包括此类业务的知识产权和专利。</blockquote></p><p> As seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.</p><p><blockquote>正如所见，它在过去十年中能够保持天文数字的ROCE水平：平均约103%。为了正确看待事情，下图将V的ROCE与FAAMG股票进行了比较，FAAMG股票是一组将网络效应发挥到极致的企业。可以看出，V在其中获得了极具竞争力的ROCE——仅次于苹果(AAPL)。平均而言，每1美元的收益再投资将推动超过1美元的未来收益增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/877e3bb73de3e6c4fbab1a0133f74464\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f25b4c6dc0c7ee738ac345c3888ae11\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> Introduction to marginal return on capital employed (“MROCE”)</p><p><blockquote>边际资本回报率（“边际资本回报率”）简介</blockquote></p><p> In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>除了ROCE之外，一个同样重要的概念是边际资本回报率（“MROCE”）。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了盈利能力这个核心问题的最基本的两个方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p></p><p> A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p><p><blockquote>为不熟悉这个概念的读者提供一点背景和介绍。对于已经熟悉这个概念的读者来说，一定要跳过这一部分。据我所知，传奇经济学家约翰·梅纳德·凯恩斯首先明确表达了这个概念，尽管在他之前的人已经观察和思考了一段时间。这个概念试图捕捉的是经济活动中的一个基本规律：收益递减规律。沃伦·巴菲特喜欢说，利率就像重力一样影响所有经济活动。嗯，只要人性不发生任何根本性的变化，收益递减对所有经济活动也有引力作用，如果不是更大的话。</blockquote></p><p> The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p><p><blockquote>下一个图表说明了这个概念。只要股东寻求利润，上市企业就会首先将资金投资于回报率最高的项目（即，先摘最低的苹果或先获得最大的回报）。因此，第一批可用资源的投资回报率很高——企业可能确定的最高回报率。第二批资金将不得不以较低的回报率进行投资，因为最好的想法已经被第一批资源采纳了，等等。最后一批投入的钱可能会获得仅高于资金成本的回报率。最后，最终结果是如图所示下降的MROCE曲线。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.</p><p><blockquote>我们通常谈论和公司报告的ROCE指的是这条曲线的平均值——平均所有批次投资的回报。显然，平均值本身就是非常有用的信息。它告诉我们企业到目前为止将资源转化为利润的效率——但它的局限性在于，它只告诉我们到目前为止已经投入的资源的效率。对投资者同样重要的是MROCE，它告诉我们下一批资源投入时，业务会产生多少增量利润。</blockquote></p><p> For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p><p><blockquote>对于投资者来说，梦想投资的企业是拥有平坦MROCE曲线的企业，如蓝色实线所示。这将是一个完全可扩展的业务。每投入一批资源都能获得持续稳定利润的企业。然而，这样的生意真的只是梦中生意。我之前提到过，收益递减对所有经济活动都有引力作用——因为它们确实如此。从来没有一个企业（至少在人类历史上没有）能够在保持资本回报率的同时保持增长。在某些时候，重力总是赶上来，回报开始下降（如蓝色虚线所示）。</blockquote></p><p> V’s MROCE</p><p><blockquote>V的MROCE</blockquote></p><p> So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.</p><p><blockquote>因此，对于投资者来说，下一个最好的交易是投资a）具有高且稳定的ROCE，B）仍处于可扩展阶段（回报递减的严重性尚未赶上）的企业。而如下图所示，V在这样一个阶段似乎就是这样一个业务。</blockquote></p><p> This chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p><p><blockquote>这张图表显示了近年来V的MROCE和ROCE。ROCE数据与上一节所示相同。通过以下步骤估计MROCE数据。首先，计算每年使用的资本。其次，每年计算收益。第三，计算每年使用的资本增量。同样，还计算了同比增量收益。最后，计算增量收益和增量资本使用之间的比率以近似MROCE。在增量盈利或资本使用波动较大的年度，采用多年运行平均法来平滑波动。</blockquote></p><p> Before we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.</p><p><blockquote>在我们开始解释结果之前，让我首先澄清分析边际资本回报率的困难以及我在这里使用的方法的局限性。首先，从数学上讲，估计变化率（例如，MROCE本质上是什么）比平均变化（ROCE本质上是什么）要困难得多。估计后者需要除以两个大数，不确定性很小。估计前者需要除以两个小数字，财务数据中的不确定性可以被放大。其次，对企业的一些资本投资可能需要多年（超过3年）才能取得成果（或失败）。因此，隔离和跟踪某一年投资产生的边际回报本质上是困难的。尽管大多数项目应该在3年内开始显示结果（无论是好的还是坏的），并且这种方法应该能够捕捉边际回报的主导趋势。</blockquote></p><p></p><p> With the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.</p><p><blockquote>有了以上的了解，我们来仔细看看结果。首先，请注意，本世纪初极高的MROCE再次有力地说明了从根本上支持业务的网络效应和长期趋势。商业模式太好了。</blockquote></p><p> The results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.</p><p><blockquote>图表中的结果还显示，在这个阶段，V实际上能够保持实际上高于近年来平均ROCE的MROCE。可以看出，近年来ROCE平均为103%，MROCE平均为157%。这明显低于本世纪初350%以上的水平——重力总是试图迎头赶上。但仍远高于ROCE。而且差距超过50%，太大了，不可能是财务数据的不确定性和舍入误差造成的。所以这个结果表明V还没有进入收益递减阶段——重力还没有赶上。而如果目前的MROCE继续下去，V的ROCE将维持目前的高水平，甚至进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cea9c214b6d0dd15d8f9c5c1392272e\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha数据。</span></p></blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> After the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.</p><p><blockquote>以上讨论完其盈利持续性，我们再来看看估值。在目前的价格水平上，V的PE约为44倍，FW PE约为39.6倍。估值无论是绝对值还是相对值都很高。例如，与FAAMG pack相比，V目前的估值仅低于亚马逊(AMZN)的市盈率，高于所有其他公司。</blockquote></p><p> It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.</p><p><blockquote>如果不根据业务质量进行调整，孤立地讨论估值是没有意义的。因此，下一张图表还将根据ROCE调整后的V估值与同行进行了比较。如果您熟悉巴菲特的持股，您就会认识到这张图表中的股票代表了BRK的一些大型持股。</blockquote></p><p> I am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.</p><p><blockquote>我不确定当我们在这张图表上添加更多数据点时，情况会是什么样子（我确实计划组织我对其他BRK主要持股的笔记，并在这张图表上添加更多数据点）。但凭借我现在掌握的几个数据点，我忍不住画出/看到了绿线——我看涨期权的巴菲特价值线。它是连接艾伯维公司（ABBV）和苹果公司的一条线——物美价廉的好企业和高价的高质量企业。因此，从价值投资者的角度来看，只有沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表了质量和价格之间的权衡，相当于或优于ABBV或AAPL。投资高于这条线是没有意义的，因为高于这条线的任何东西都代表着质量和价格之间的劣质权衡——我们最好只投资ABBV和AAPL。</blockquote></p><p> As you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</p><p><blockquote>正如您所看到的，V目前远高于绿线，表明其估值不仅本身昂贵，而且在根据其ROCE进行调整后也很昂贵——即使它的ROCE非常出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9fbfdb9a53f0dac2386fcfaf067800\" tg-width=\"640\" tg-height=\"427\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha数据。</span></p></blockquote></p><p> <b>Catalysts and risks</b></p><p><blockquote><b>催化剂和风险</b></blockquote></p><p> The long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.</p><p><blockquote>长期催化剂是文章开头提到的数字化交易趋势。在我看来，这个趋势是不可阻挡的。电子商务平台的广泛部署将进一步加速这一转变。</blockquote></p><p> The most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:</p><p><blockquote>短期内最重要的催化剂，同时也是风险，是经济复苏的方向和步伐。正如首席财务官所评论的，如果经济活动，尤其是旅游活动恢复到正常水平，V将受益匪浅：</blockquote></p><p></p><p>   \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"    <i>Vasant Prabhu, Visa CFO (Q3 FY21 earnings call)</i>  In terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by&nbsp;Natalie Koo.</p><p><blockquote>“自从热门旅游目的地开放边境以来，我们已经看到了直接的影响。希腊在4月份开放了边境，到6月底，入境持卡消费相对于2019年的水平增长了近30个百分点。法国于6月9日开放，截至6月底，入境持卡量相对于2019年增长了近20个百分点...自4月份以来，从美国到墨西哥的持卡跨境消费增长了近50个百分点，达到2019年水平的170%以上。”<i>Vasant Prabhu，Visa首席财务官（2021财年第三季度看涨期权收益）</i>就风险而言，我看到了前面提到的估值风险。就业务基本面而言，我确实认为短期甚至长期没有任何风险。在我看来，上述疫情的经济复苏并不是真正的根本性风险。即使它朝着错误的方向发展和/或以比预期更慢的速度发展，对V来说也最多是暂时的打嗝。商业模式太健壮，可扩展性太强。从真正的长期来看，我们只能猜测。从长远来看，金融科技和加密货币的破坏肯定是一个潜在的风险。我建议对这些讨论感兴趣的读者阅读Natalie Koo发表的分析。</blockquote></p><p> Conclusion and final thought</p><p><blockquote>结论和最后的思考</blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析Visa Inc(V)，重点关注其利润可持续性和可扩展性。该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和已用资本边际回报率(“MROCE”)。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p> The results show that:</p><p><blockquote>结果表明：</blockquote></p><p> <ul>  <li>V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>The ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.</li>  <li>And the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</li> </ul> As such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.</p><p><blockquote><ul><li>V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。</li><li>ROCE平均约为103%，与表现优异的股票（典型的可扩展股票）相比非常有利。</li><li>近年来MROCE平均为157%。所以这个结果表明V还没有达到收益递减的阶段——重力还没有赶上。对于规模如此惊人（去年处理了15万亿美元的交易量）的企业来说，仍然保持完美的可扩展性确实令人印象深刻。</li><li>最后，本文还讨论了其估值，特别是与使用我看涨期权的巴菲特价值线享有卓越可扩展性的其他股票相比，根据ROCE调整的估值。V目前远高于价值线，这表明其估值不仅本身昂贵，而且在根据ROCE进行调整后也很昂贵——即使它的ROCE非常出色。</li></ul>因此，我的最终结论是，它仍然是一个完全可扩展的业务，但它的定价不仅仅是完美的。此时的投资需要一些时间、耐心和承诺，让增长赶上估值。它只适合长期承诺的投资者（至少有5年以上的时间范围），他们可以坚持下去，不受任何潜在的近期估值波动的影响。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Visa Stock: Scalability And Buffett Value Line<blockquote>Visa股票：可扩展性和巴菲特价值线</blockquote></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; 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}\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nVisa Stock: Scalability And Buffett Value Line<blockquote>Visa股票：可扩展性和巴菲特价值线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-11 23:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>This article analyzes Visa from the perspective of its profit sustainability and scalability.</li>  <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.</li>  <li>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed4e9c2f1150ac54e1f764f98c0880f1\" tg-width=\"1536\" tg-height=\"1039\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>本文从Visa的盈利可持续性和可扩展性的角度对其进行分析。</li><li>该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和资本边际效率。</li><li>结果表明，V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。</li><li>最后，本文还讨论了其估值，特别是与使用我看涨期权的巴菲特价值线享有卓越可扩展性的其他股票相比，根据ROCE调整的估值。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Investment thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析Visa Inc(V)，重点关注其利润可持续性和可扩展性。该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和已用资本边际回报率(“MROCE”)。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p> The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).</p><p><blockquote>结果表明，V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。对于规模如此惊人的企业来说，保持完美的可扩展性确实令人印象深刻。最后，本文还讨论了其估值，特别是根据ROCE调整的估值以及与其他示例性可扩展股票（例如FAAMG股票和巴菲特风格股票）相比的估值。</blockquote></p><p> <b>The moat and the network effects</b></p><p><blockquote><b>护城河与网络效应</b></blockquote></p><p> V’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.</p><p><blockquote>V的护城河在于其规模和可扩展性，下面两张图表最好地展示了这一点。第一张图表显示了2017年至2019年全球流通的信用卡、借记卡和预付卡数量，并对2023年和2025年进行了预测。2019年，全球有228亿张信用卡、借记卡和预付卡在流通。到2023年，这一数字将达到293.1亿，比2019年的水平增长28%。到2025年，这一数字将进一步增加，超过300亿，比2019年的水平增长34%。也就是说，到2025年流通卡总量将增长1/3以上。数字化交易的趋势势不可挡。</blockquote></p><p> The second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.</p><p><blockquote>第二张图表显示，V作为该领域的领导者，将从这一长期趋势中受益最多。V是全球最大的零售电子支付网络，提供处理服务和支付产品平台。这包括信用卡、借记卡、预付费和商业支付，这些支付以Visa、Visa Electron、Interlink和PLUS品牌提供。Visa/PLUS是全球最大的ATM网络之一。V为200多个国家和地区的数字支付提供便利。它拥有36亿张流通卡，约占全球流通卡总数的16%。它处理了令人难以置信的交易量——2060亿笔支付交易，2020年总交易额为12.5万亿美元——这是支付网络无可争议的主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e261998de072e355b6f039912d0f1453\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/036bc8c94696fcfd8ed3403b699534c6\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: Visa USA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美国签证。</span></p></blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非任何重大监管或反托拉斯法发生变化）。网络效应是指某些产品或服务的价值随着更多人使用而增加。换句话说，某些网络随着规模的扩大而变得越来越有价值。并不是每个网络都享有这种神奇的特性，事实上，大多数网络的边际回报率是递减的——即，额外回报随着网络变大而减少——这将在后面详细说明。连锁餐厅网络就是一个例子。随着网络变得更大，节点开始相互竞争客户，回报减少。</blockquote></p><p></p><p> But certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但某些网络，如V提供的服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同的特征：a）网络变得越大，它就变得越有价值（当连接城市A和B的铁路的一段也连接到连接其他城市的其他铁路时，这段铁路的价值要高得多）；B）网络越大，交换成本就越高（如果每个人都使用传真机，而你不想使用传真机，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的威力。一旦建立了线索——不管出于什么原因——网络效应就会开始发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将带来更多的便利、更好的效率、更低的成本，这将使网络对其用户和客户更好、更有价值，这反过来将吸引更多的新用户和客户加入，并使现有用户更难离开，这将再次导致更多的用户和更大的网络。这种反馈将反映在非常高的已用资本回报率（“ROCE”）中，这将在后面看到。</blockquote></p><p> Unfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p><p><blockquote>不幸的是，就像所有美好的事情最终都会结束一样，上述网络效应的好处也会结束。在某些时候，重力总是赶上来，回报开始减少。在铁路的例子中，如果已经建造了足够多的铁路来连接所有人口密度高的城市，那么现在建造下一段铁路的回报将会减少。在传真机的例子中，如果每个办公室都已经有一台传真机，那么在每个办公室增加第二台传真机也会减少回报。</blockquote></p><p> Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.</p><p><blockquote>因此，作为投资者，我们不仅要考察ROCE，同样重要的是要考察边际收益。因为边际回报告诉我们业务是否仍处于可扩展阶段，或者业务是否已经过了可扩展性的临界点，开始出现收益递减。换句话说，MROCE让我们看看收益递减的严重性是否已经赶上了。</blockquote></p><p> And the remainder of this article will examine both aspects next.</p><p><blockquote>接下来，本文的其余部分将研究这两个方面。</blockquote></p><p> <b>Return on capital employed (“ROCE”)</b></p><p><blockquote><b>已动用资本回报率（“ROCE”）</b></blockquote></p><p> ROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my&nbsp;earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.</p><p><blockquote>ROCE代表已用资本回报率。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业如何有效地利用其资本赚取利润。对ROCE分析细节感兴趣的读者可以在我之前的文章中找到。在这里，我将在下面的图表中总结结果。在这些结果中，我考虑了实际使用的以下项目资本a)营运资本（包括应付账款、应收账款、存货），B)不动产、厂房和设备总额，C)资本化的研发费用，以及D)无形账面价值，主要包括此类业务的知识产权和专利。</blockquote></p><p> As seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.</p><p><blockquote>正如所见，它在过去十年中能够保持天文数字的ROCE水平：平均约103%。为了正确看待事情，下图将V的ROCE与FAAMG股票进行了比较，FAAMG股票是一组将网络效应发挥到极致的企业。可以看出，V在其中获得了极具竞争力的ROCE——仅次于苹果(AAPL)。平均而言，每1美元的收益再投资将推动超过1美元的未来收益增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/877e3bb73de3e6c4fbab1a0133f74464\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f25b4c6dc0c7ee738ac345c3888ae11\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha。</span></p></blockquote></p><p> Introduction to marginal return on capital employed (“MROCE”)</p><p><blockquote>边际资本回报率（“边际资本回报率”）简介</blockquote></p><p> In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>除了ROCE之外，一个同样重要的概念是边际资本回报率（“MROCE”）。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了盈利能力这个核心问题的最基本的两个方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p></p><p> A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p><p><blockquote>为不熟悉这个概念的读者提供一点背景和介绍。对于已经熟悉这个概念的读者来说，一定要跳过这一部分。据我所知，传奇经济学家约翰·梅纳德·凯恩斯首先明确表达了这个概念，尽管在他之前的人已经观察和思考了一段时间。这个概念试图捕捉的是经济活动中的一个基本规律：收益递减规律。沃伦·巴菲特喜欢说，利率就像重力一样影响所有经济活动。嗯，只要人性不发生任何根本性的变化，收益递减对所有经济活动也有引力作用，如果不是更大的话。</blockquote></p><p> The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p><p><blockquote>下一个图表说明了这个概念。只要股东寻求利润，上市企业就会首先将资金投资于回报率最高的项目（即，先摘最低的苹果或先获得最大的回报）。因此，第一批可用资源的投资回报率很高——企业可能确定的最高回报率。第二批资金将不得不以较低的回报率进行投资，因为最好的想法已经被第一批资源采纳了，等等。最后一批投入的钱可能会获得仅高于资金成本的回报率。最后，最终结果是如图所示下降的MROCE曲线。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.</p><p><blockquote>我们通常谈论和公司报告的ROCE指的是这条曲线的平均值——平均所有批次投资的回报。显然，平均值本身就是非常有用的信息。它告诉我们企业到目前为止将资源转化为利润的效率——但它的局限性在于，它只告诉我们到目前为止已经投入的资源的效率。对投资者同样重要的是MROCE，它告诉我们下一批资源投入时，业务会产生多少增量利润。</blockquote></p><p> For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p><p><blockquote>对于投资者来说，梦想投资的企业是拥有平坦MROCE曲线的企业，如蓝色实线所示。这将是一个完全可扩展的业务。每投入一批资源都能获得持续稳定利润的企业。然而，这样的生意真的只是梦中生意。我之前提到过，收益递减对所有经济活动都有引力作用——因为它们确实如此。从来没有一个企业（至少在人类历史上没有）能够在保持资本回报率的同时保持增长。在某些时候，重力总是赶上来，回报开始下降（如蓝色虚线所示）。</blockquote></p><p> V’s MROCE</p><p><blockquote>V的MROCE</blockquote></p><p> So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.</p><p><blockquote>因此，对于投资者来说，下一个最好的交易是投资a）具有高且稳定的ROCE，B）仍处于可扩展阶段（回报递减的严重性尚未赶上）的企业。而如下图所示，V在这样一个阶段似乎就是这样一个业务。</blockquote></p><p> This chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p><p><blockquote>这张图表显示了近年来V的MROCE和ROCE。ROCE数据与上一节所示相同。通过以下步骤估计MROCE数据。首先，计算每年使用的资本。其次，每年计算收益。第三，计算每年使用的资本增量。同样，还计算了同比增量收益。最后，计算增量收益和增量资本使用之间的比率以近似MROCE。在增量盈利或资本使用波动较大的年度，采用多年运行平均法来平滑波动。</blockquote></p><p> Before we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.</p><p><blockquote>在我们开始解释结果之前，让我首先澄清分析边际资本回报率的困难以及我在这里使用的方法的局限性。首先，从数学上讲，估计变化率（例如，MROCE本质上是什么）比平均变化（ROCE本质上是什么）要困难得多。估计后者需要除以两个大数，不确定性很小。估计前者需要除以两个小数字，财务数据中的不确定性可以被放大。其次，对企业的一些资本投资可能需要多年（超过3年）才能取得成果（或失败）。因此，隔离和跟踪某一年投资产生的边际回报本质上是困难的。尽管大多数项目应该在3年内开始显示结果（无论是好的还是坏的），并且这种方法应该能够捕捉边际回报的主导趋势。</blockquote></p><p></p><p> With the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.</p><p><blockquote>有了以上的了解，我们来仔细看看结果。首先，请注意，本世纪初极高的MROCE再次有力地说明了从根本上支持业务的网络效应和长期趋势。商业模式太好了。</blockquote></p><p> The results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.</p><p><blockquote>图表中的结果还显示，在这个阶段，V实际上能够保持实际上高于近年来平均ROCE的MROCE。可以看出，近年来ROCE平均为103%，MROCE平均为157%。这明显低于本世纪初350%以上的水平——重力总是试图迎头赶上。但仍远高于ROCE。而且差距超过50%，太大了，不可能是财务数据的不确定性和舍入误差造成的。所以这个结果表明V还没有进入收益递减阶段——重力还没有赶上。而如果目前的MROCE继续下去，V的ROCE将维持目前的高水平，甚至进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cea9c214b6d0dd15d8f9c5c1392272e\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha数据。</span></p></blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> After the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.</p><p><blockquote>以上讨论完其盈利持续性，我们再来看看估值。在目前的价格水平上，V的PE约为44倍，FW PE约为39.6倍。估值无论是绝对值还是相对值都很高。例如，与FAAMG pack相比，V目前的估值仅低于亚马逊(AMZN)的市盈率，高于所有其他公司。</blockquote></p><p> It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.</p><p><blockquote>如果不根据业务质量进行调整，孤立地讨论估值是没有意义的。因此，下一张图表还将根据ROCE调整后的V估值与同行进行了比较。如果您熟悉巴菲特的持股，您就会认识到这张图表中的股票代表了BRK的一些大型持股。</blockquote></p><p> I am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.</p><p><blockquote>我不确定当我们在这张图表上添加更多数据点时，情况会是什么样子（我确实计划组织我对其他BRK主要持股的笔记，并在这张图表上添加更多数据点）。但凭借我现在掌握的几个数据点，我忍不住画出/看到了绿线——我看涨期权的巴菲特价值线。它是连接艾伯维公司（ABBV）和苹果公司的一条线——物美价廉的好企业和高价的高质量企业。因此，从价值投资者的角度来看，只有沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表了质量和价格之间的权衡，相当于或优于ABBV或AAPL。投资高于这条线是没有意义的，因为高于这条线的任何东西都代表着质量和价格之间的劣质权衡——我们最好只投资ABBV和AAPL。</blockquote></p><p> As you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</p><p><blockquote>正如您所看到的，V目前远高于绿线，表明其估值不仅本身昂贵，而且在根据其ROCE进行调整后也很昂贵——即使它的ROCE非常出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9fbfdb9a53f0dac2386fcfaf067800\" tg-width=\"640\" tg-height=\"427\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者和Seeking Alpha数据。</span></p></blockquote></p><p> <b>Catalysts and risks</b></p><p><blockquote><b>催化剂和风险</b></blockquote></p><p> The long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.</p><p><blockquote>长期催化剂是文章开头提到的数字化交易趋势。在我看来，这个趋势是不可阻挡的。电子商务平台的广泛部署将进一步加速这一转变。</blockquote></p><p> The most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:</p><p><blockquote>短期内最重要的催化剂，同时也是风险，是经济复苏的方向和步伐。正如首席财务官所评论的，如果经济活动，尤其是旅游活动恢复到正常水平，V将受益匪浅：</blockquote></p><p></p><p>   \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"    <i>Vasant Prabhu, Visa CFO (Q3 FY21 earnings call)</i>  In terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by&nbsp;Natalie Koo.</p><p><blockquote>“自从热门旅游目的地开放边境以来，我们已经看到了直接的影响。希腊在4月份开放了边境，到6月底，入境持卡消费相对于2019年的水平增长了近30个百分点。法国于6月9日开放，截至6月底，入境持卡量相对于2019年增长了近20个百分点...自4月份以来，从美国到墨西哥的持卡跨境消费增长了近50个百分点，达到2019年水平的170%以上。”<i>Vasant Prabhu，Visa首席财务官（2021财年第三季度看涨期权收益）</i>就风险而言，我看到了前面提到的估值风险。就业务基本面而言，我确实认为短期甚至长期没有任何风险。在我看来，上述疫情的经济复苏并不是真正的根本性风险。即使它朝着错误的方向发展和/或以比预期更慢的速度发展，对V来说也最多是暂时的打嗝。商业模式太健壮，可扩展性太强。从真正的长期来看，我们只能猜测。从长远来看，金融科技和加密货币的破坏肯定是一个潜在的风险。我建议对这些讨论感兴趣的读者阅读Natalie Koo发表的分析。</blockquote></p><p> Conclusion and final thought</p><p><blockquote>结论和最后的思考</blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析Visa Inc(V)，重点关注其利润可持续性和可扩展性。该分析考察了利润可持续性最重要的两个方面：已用资本回报率(“ROCE”)和已用资本边际回报率(“MROCE”)。对我来说，ROCE和MROCE是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。ROCE告诉我们该业务迄今为止的盈利能力。MROCE深入了解了盈利能力可能走向的方向。</blockquote></p><p> The results show that:</p><p><blockquote>结果表明：</blockquote></p><p> <ul>  <li>V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>The ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.</li>  <li>And the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</li> </ul> As such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.</p><p><blockquote><ul><li>V不仅在过去获得了持续较高的ROCE，而且在当前阶段仍然具有完美的可扩展性，表明未来将实现可持续利润。</li><li>ROCE平均约为103%，与表现优异的股票（典型的可扩展股票）相比非常有利。</li><li>近年来MROCE平均为157%。所以这个结果表明V还没有达到收益递减的阶段——重力还没有赶上。对于规模如此惊人（去年处理了15万亿美元的交易量）的企业来说，仍然保持完美的可扩展性确实令人印象深刻。</li><li>最后，本文还讨论了其估值，特别是与使用我看涨期权的巴菲特价值线享有卓越可扩展性的其他股票相比，根据ROCE调整的估值。V目前远高于价值线，这表明其估值不仅本身昂贵，而且在根据ROCE进行调整后也很昂贵——即使它的ROCE非常出色。</li></ul>因此，我的最终结论是，它仍然是一个完全可扩展的业务，但它的定价不仅仅是完美的。此时的投资需要一些时间、耐心和承诺，让增长赶上估值。它只适合长期承诺的投资者（至少有5年以上的时间范围），他们可以坚持下去，不受任何潜在的近期估值波动的影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"V":"Visa"},"source_url":"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174273121","content_text":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.\n\nJustin Sullivan/Getty Images News\nInvestment thesis\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).\nThe moat and the network effects\nV’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.\nThe second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.\nSource: Statista\nSource: Visa USA.\nFurthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.\nBut certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.\nIt is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.\nUnfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.\nTherefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.\nAnd the remainder of this article will examine both aspects next.\nReturn on capital employed (“ROCE”)\nROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.\nAs seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.\nSource: author and Seeking Alpha.\nSource: author and Seeking Alpha.\nIntroduction to marginal return on capital employed (“MROCE”)\nIn addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nA bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.\nThe next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.\nSource: author\nThe ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.\nFor investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).\nV’s MROCE\nSo for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.\nThis chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.\nBefore we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.\nWith the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.\nThe results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.\nSource: author and Seeking Alpha data.\nValuation\nAfter the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.\nIt is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.\nI am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.\nAs you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\nSource: author and Seeking Alpha data.\nCatalysts and risks\nThe long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.\nThe most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:\n\n \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"\n\n\nVasant Prabhu, Visa CFO (Q3 FY21 earnings call)\n\nIn terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by Natalie Koo.\nConclusion and final thought\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that:\n\nV not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nThe ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.\nAnd the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\n\nAs such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.","news_type":1,"symbols_score_info":{"V":0.9}},"isVote":1,"tweetType":1,"viewCount":812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":800687716,"gmtCreate":1627298468435,"gmtModify":1633766406937,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>If its real","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>If its real","text":"$NIO Inc.(NIO)$If its real","images":[{"img":"https://static.tigerbbs.com/763da6812d7e5fbdc796616b5bc3921a","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/800687716","isVote":1,"tweetType":1,"viewCount":543,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":869998992,"gmtCreate":1632233359516,"gmtModify":1632801891753,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Nice 👍&nbsp;","listText":"Nice 👍&nbsp;","text":"Nice 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869998992","repostId":"1140143812","repostType":4,"repost":{"id":"1140143812","kind":"news","pubTimestamp":1632233062,"share":"https://www.laohu8.com/m/news/1140143812?lang=zh_CN&edition=full","pubTime":"2021-09-21 22:04","market":"us","language":"en","title":"Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140143812","media":"fxstreet","summary":"GREE shares continue to collapse after the merger deal with Support.com (SPRT).\nGREE stock falls ove","content":"<p><ul>  <li><b>GREE shares continue to collapse after the merger deal with Support.com (SPRT).</b></li>  <li><b>GREE stock falls over 20% on Monday.</b></li>  <li><b>Equity markets suffer, but retail names really fall as volatility is high.</b></li> </ul> GREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over&nbsp;things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?</p><p><blockquote><ul><li><b>与Support.com(SPRT)合并后，格力股价继续暴跌。</b></li><li><b>格力股价周一下跌超过20%。</b></li><li><b>股市受到影响，但由于波动性很高，散户股票确实下跌。</b></li></ul>随着周一灾难性下跌的继续，格力股价继续因各种错误的原因而出名。对于那些长期持有旧SPRT股票的人来说，情况已经很黯淡，但自从格力接手以来，情况变得越来越糟。格力周一再跌22%，收盘略高于30美元。格力上周达到60美元的峰值，因此在短短四个交易日内就损失了一半的价值。投资者和交易者一定想知道的是，还会有多少痛苦？</blockquote></p><p> GREE stock news</p><p><blockquote>格力股票新闻</blockquote></p><p> Just as a back story, GREE was formed as Greenidge Generation Holdings&nbsp;took over&nbsp;Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.&nbsp; Support.com was a good fit for retail traders as it was a facilitator&nbsp;of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a&nbsp;much smaller entity despite having a public listing.</p><p><blockquote>作为背景故事，格力是在Greenidge Generation Holdings收购Support.com时成立的。Support.com的股票代码为SPRT，在社交媒体上热烈讨论该股票后，它是大型散户最喜欢的模因股票。与许多其他零售或模因名称一样，SPRT股票也出现了巨大的价格波动。回到今年三月，事情开始变得有趣，散户交易者开始真正注意到这只股票。与Greenidge的交易于三月份宣布。Support.com非常适合零售交易者，因为它是远程工作解决方案的推动者，而远程工作解决方案在大流行期间越来越受欢迎。然而，尽管Support.com公开上市，但其实体规模要小得多。</blockquote></p><p> After the merger, Support.com became&nbsp;a small part or subsidiary&nbsp;of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company.&nbsp;There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.</p><p><blockquote>合并后，Support.com成为Greenidge的一小部分或子公司。早在3月份宣布这笔交易后，SPRT股价就飙升，但随后又平静下来，直到8月份散户兴趣似乎有所回升。由于空头兴趣很高，SPRT股票在各种社交媒体聊天网站上流通，这意味着散户交易者决定尝试发起轧空。这显然在GME和AMC等其他模因名称中运行良好，但SPRT的情况并不完全相同。SPRT股票在整个格力公司中所占的份额要小得多。还有人担心，SPRT的飙升使合并后的格力公司的估值过高。投资者因此抛售。通常在合并或收购中，旧股票代码中的头寸会转入新股票代码。</blockquote></p><p> GREE stock forecast</p><p><blockquote>格力股票预测</blockquote></p><p> As we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.</p><p><blockquote>从下图可以看出，格力推出以来的控制点为47.56美元，成交量加权平均价格（VWAP）略低于43美元。这是一个体积阻力，因为大部分体积都在这里。否则，图表就没有太多历史数据可供查看，而且波动性使分析变得相当困难。请在所有名称中使用风险控制，尤其是像这样不稳定的名称。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4002c7efb50cc1afa912ddea168ab7b7\" tg-width=\"2097\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Greenidge Generation&nbsp;falls&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/1cb93fe02339099c8852eaa00d07bd9d\" tg-width=\"1185\" tg-height=\"583\" width=\"100%\" height=\"auto\"></p><p><blockquote>Greenidge Generation早盘下跌近9%。</blockquote></p><p></p>","source":"lsy1617153743470","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>Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nGreenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fxstreet</strong><span class=\"h-time small\">2021-09-21 22:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>GREE shares continue to collapse after the merger deal with Support.com (SPRT).</b></li>  <li><b>GREE stock falls over 20% on Monday.</b></li>  <li><b>Equity markets suffer, but retail names really fall as volatility is high.</b></li> </ul> GREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over&nbsp;things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?</p><p><blockquote><ul><li><b>与Support.com(SPRT)合并后，格力股价继续暴跌。</b></li><li><b>格力股价周一下跌超过20%。</b></li><li><b>股市受到影响，但由于波动性很高，散户股票确实下跌。</b></li></ul>随着周一灾难性下跌的继续，格力股价继续因各种错误的原因而出名。对于那些长期持有旧SPRT股票的人来说，情况已经很黯淡，但自从格力接手以来，情况变得越来越糟。格力周一再跌22%，收盘略高于30美元。格力上周达到60美元的峰值，因此在短短四个交易日内就损失了一半的价值。投资者和交易者一定想知道的是，还会有多少痛苦？</blockquote></p><p> GREE stock news</p><p><blockquote>格力股票新闻</blockquote></p><p> Just as a back story, GREE was formed as Greenidge Generation Holdings&nbsp;took over&nbsp;Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.&nbsp; Support.com was a good fit for retail traders as it was a facilitator&nbsp;of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a&nbsp;much smaller entity despite having a public listing.</p><p><blockquote>作为背景故事，格力是在Greenidge Generation Holdings收购Support.com时成立的。Support.com的股票代码为SPRT，在社交媒体上热烈讨论该股票后，它是大型散户最喜欢的模因股票。与许多其他零售或模因名称一样，SPRT股票也出现了巨大的价格波动。回到今年三月，事情开始变得有趣，散户交易者开始真正注意到这只股票。与Greenidge的交易于三月份宣布。Support.com非常适合零售交易者，因为它是远程工作解决方案的推动者，而远程工作解决方案在大流行期间越来越受欢迎。然而，尽管Support.com公开上市，但其实体规模要小得多。</blockquote></p><p> After the merger, Support.com became&nbsp;a small part or subsidiary&nbsp;of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company.&nbsp;There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.</p><p><blockquote>合并后，Support.com成为Greenidge的一小部分或子公司。早在3月份宣布这笔交易后，SPRT股价就飙升，但随后又平静下来，直到8月份散户兴趣似乎有所回升。由于空头兴趣很高，SPRT股票在各种社交媒体聊天网站上流通，这意味着散户交易者决定尝试发起轧空。这显然在GME和AMC等其他模因名称中运行良好，但SPRT的情况并不完全相同。SPRT股票在整个格力公司中所占的份额要小得多。还有人担心，SPRT的飙升使合并后的格力公司的估值过高。投资者因此抛售。通常在合并或收购中，旧股票代码中的头寸会转入新股票代码。</blockquote></p><p> GREE stock forecast</p><p><blockquote>格力股票预测</blockquote></p><p> As we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.</p><p><blockquote>从下图可以看出，格力推出以来的控制点为47.56美元，成交量加权平均价格（VWAP）略低于43美元。这是一个体积阻力，因为大部分体积都在这里。否则，图表就没有太多历史数据可供查看，而且波动性使分析变得相当困难。请在所有名称中使用风险控制，尤其是像这样不稳定的名称。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4002c7efb50cc1afa912ddea168ab7b7\" tg-width=\"2097\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Greenidge Generation&nbsp;falls&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/1cb93fe02339099c8852eaa00d07bd9d\" tg-width=\"1185\" tg-height=\"583\" width=\"100%\" height=\"auto\"></p><p><blockquote>Greenidge Generation早盘下跌近9%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fxstreet.com/news/greenidge-generation-holdings-gree-supportcom-sprt-stock-news-and-forecast-why-is-gree-down-202109211205\">fxstreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GREE":"Greenidge Generation Holdings Inc."},"source_url":"https://www.fxstreet.com/news/greenidge-generation-holdings-gree-supportcom-sprt-stock-news-and-forecast-why-is-gree-down-202109211205","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140143812","content_text":"GREE shares continue to collapse after the merger deal with Support.com (SPRT).\nGREE stock falls over 20% on Monday.\nEquity markets suffer, but retail names really fall as volatility is high.\n\nGREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?\nGREE stock news\nJust as a back story, GREE was formed as Greenidge Generation Holdings took over Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.  Support.com was a good fit for retail traders as it was a facilitator of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a much smaller entity despite having a public listing.\nAfter the merger, Support.com became a small part or subsidiary of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company. There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.\nGREE stock forecast\nAs we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.\n\nGreenidge Generation falls nearly 9% in morning trading.","news_type":1,"symbols_score_info":{"GREE":0.9}},"isVote":1,"tweetType":1,"viewCount":694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170484572,"gmtCreate":1626446010496,"gmtModify":1633926654225,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NVDA\">$NVIDIA Corp(NVDA)$</a>Fall just begin","listText":"<a href=\"https://laohu8.com/S/NVDA\">$NVIDIA Corp(NVDA)$</a>Fall just begin","text":"$NVIDIA Corp(NVDA)$Fall just begin","images":[{"img":"https://static.tigerbbs.com/e3b2682a198ed5518eee45a5fcacf558","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/170484572","isVote":1,"tweetType":1,"viewCount":828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":150928990,"gmtCreate":1624883657910,"gmtModify":1633947562314,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Leave 1 comment","listText":"Leave 1 comment","text":"Leave 1 comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/150928990","repostId":"1103992527","repostType":4,"isVote":1,"tweetType":1,"viewCount":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147346193,"gmtCreate":1626337581512,"gmtModify":1633927737548,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Drop more pls","listText":"Drop more pls","text":"Drop more pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/147346193","repostId":"1199986106","repostType":4,"repost":{"id":"1199986106","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":1626336201,"share":"https://www.laohu8.com/m/news/1199986106?lang=zh_CN&edition=full","pubTime":"2021-07-15 16:03","market":"us","language":"en","title":"TSMC shares fell nearly 3% in premarket trading.<blockquote>台积电股价在盘前交易中下跌近3%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199986106","media":"Tiger Newspress","summary":"TSMC shares fell nearly 3% in premarket trading.\nTaiwan Semiconductor Manufacturing Co. reported an ","content":"<p>TSMC&nbsp;shares fell&nbsp;nearly 3% in premarket&nbsp;trading.</p><p><blockquote>台积电股价在盘前交易中下跌近3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/39144cc7b27d38adf552b552e51d9eb2\" tg-width=\"1293\" tg-height=\"621\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a> Co. reported an 11% increase in quarterly profit, underscoring how the company has benefited from a global chip shortage that’s driven up orders from the automotive and other industries.</p><p><blockquote><a href=\"https://laohu8.com/S/TSM\">台积电</a>Co.报告季度利润增长11%，突显出该公司如何从全球芯片短缺中受益，这推动了汽车和其他行业的订单增加。</blockquote></p><p> Net income for the quarter ended in June rose to NT$134.4 billion ($4.8 billion), slightly below the average analyst estimate of NT$136.15 billion. Revenue came in at NT$372.15 billion based on previously released monthly sales figures.</p><p><blockquote>截至6月份的季度净利润升至新台币1,344亿元（合48亿美元），略低于分析师平均预期的1,361.5亿元。根据之前发布的月度销售数据，收入为新台币3,721.5亿元。</blockquote></p><p> On Thursday, TSMC said on an analyst call that the auto chip shortage will gradually reduce for its customers from this quarter but expects overall semiconductor capacity tightness to extend possibly into next year.</p><p><blockquote>周四，台积电在分析师看涨期权上表示，从本季度开始，其客户的汽车芯片短缺将逐渐减少，但预计整体半导体产能紧张可能会延续到明年。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TSMC shares fell nearly 3% in premarket trading.<blockquote>台积电股价在盘前交易中下跌近3%。</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nTSMC shares fell nearly 3% in premarket trading.<blockquote>台积电股价在盘前交易中下跌近3%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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 smaller\">2021-07-15 16:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>TSMC&nbsp;shares fell&nbsp;nearly 3% in premarket&nbsp;trading.</p><p><blockquote>台积电股价在盘前交易中下跌近3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/39144cc7b27d38adf552b552e51d9eb2\" tg-width=\"1293\" tg-height=\"621\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a> Co. reported an 11% increase in quarterly profit, underscoring how the company has benefited from a global chip shortage that’s driven up orders from the automotive and other industries.</p><p><blockquote><a href=\"https://laohu8.com/S/TSM\">台积电</a>Co.报告季度利润增长11%，突显出该公司如何从全球芯片短缺中受益，这推动了汽车和其他行业的订单增加。</blockquote></p><p> Net income for the quarter ended in June rose to NT$134.4 billion ($4.8 billion), slightly below the average analyst estimate of NT$136.15 billion. Revenue came in at NT$372.15 billion based on previously released monthly sales figures.</p><p><blockquote>截至6月份的季度净利润升至新台币1,344亿元（合48亿美元），略低于分析师平均预期的1,361.5亿元。根据之前发布的月度销售数据，收入为新台币3,721.5亿元。</blockquote></p><p> On Thursday, TSMC said on an analyst call that the auto chip shortage will gradually reduce for its customers from this quarter but expects overall semiconductor capacity tightness to extend possibly into next year.</p><p><blockquote>周四，台积电在分析师看涨期权上表示，从本季度开始，其客户的汽车芯片短缺将逐渐减少，但预计整体半导体产能紧张可能会延续到明年。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199986106","content_text":"TSMC shares fell nearly 3% in premarket trading.\nTaiwan Semiconductor Manufacturing Co. reported an 11% increase in quarterly profit, underscoring how the company has benefited from a global chip shortage that’s driven up orders from the automotive and other industries.\nNet income for the quarter ended in June rose to NT$134.4 billion ($4.8 billion), slightly below the average analyst estimate of NT$136.15 billion. Revenue came in at NT$372.15 billion based on previously released monthly sales figures.\nOn Thursday, TSMC said on an analyst call that the auto chip shortage will gradually reduce for its customers from this quarter but expects overall semiconductor capacity tightness to extend possibly into next year.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144939471,"gmtCreate":1626259488193,"gmtModify":1633928563775,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Sell?","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Sell?","text":"$Tesla Motors(TSLA)$Sell?","images":[{"img":"https://static.tigerbbs.com/b7330bbb422e659fe3fc6185c07fdc2d","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/144939471","isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":144939970,"gmtCreate":1626259418890,"gmtModify":1633928564360,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Prepare to short it down 😁","listText":"Prepare to short it down 😁","text":"Prepare to short it down 😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/144939970","repostId":"1165083410","repostType":4,"repost":{"id":"1165083410","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":1626256074,"share":"https://www.laohu8.com/m/news/1165083410?lang=zh_CN&edition=full","pubTime":"2021-07-14 17:47","market":"us","language":"en","title":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165083410","media":"Tiger Newspress","summary":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of ","content":"<p>Cannabis&nbsp;stocks&nbsp;gains&nbsp;in premarket&nbsp;trading,as&nbsp;senators unveiling plan to end federal prohibition of cannabis.</p><p><blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote></p><p> SNDL&nbsp;shares&nbsp;rises&nbsp;4%&nbsp;in&nbsp;premarket,&nbsp;TLRY&nbsp;and&nbsp;ACB&nbsp;shares&nbsp;are&nbsp;up&nbsp;2%.</p><p><blockquote>SNDL股价盘前上涨4%，TLRY和ACB股价上涨2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/231cd44d5edcf10717dd42ede4ccbed1\" tg-width=\"1289\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.</p><p><blockquote>参议院多数党领袖查克·舒默（纽约州民主党）、参议员罗恩·怀登（俄勒冈州民主党）。）和新泽西州民主党参议员科里·布克（Cory Booker）公布了一份结束联邦大麻禁令的立法讨论草案。参议员们将在7月14日的新闻发布会上详细介绍他们的计划。</blockquote></p><p> The proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.</p><p><blockquote>该提案被称为《大麻管理和机会法案》，评级将大麻从联邦受控物质清单中删除，允许各州就大麻做出自己的决定。许多州已经采取行动将娱乐性或医用大麻使用合法化，但根据联邦法律，这仍然是非法的。</blockquote></p><p> \"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"</p><p><blockquote>“通过结束失败的联邦大麻禁令，《大麻管理和机会法案》将确保美国人——尤其是黑人和棕色人种美国人——不再担心因使用大麻而被捕或被禁止获得公共住房或联邦高等教育财政援助。在合法的州，”讨论草案中写道。“符合国家规定的大麻企业最终将像其他企业一样受到对待，并被允许获得基本的金融服务，例如银行账户和贷款。医学研究将不再受到抑制。”</blockquote></p><p> The proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.</p><p><blockquote>该提案将21岁定为购买大麻的最低年龄，并将大麻的零售额限制在不超过10盎司。评级是联邦机构研究大麻使用、合法化和大麻损害驾驶的影响，包括研究建立大麻影响下驾驶的损害标准。</blockquote></p><p> The Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"</p><p><blockquote>民主党三人组已经为这项立法工作了几个月。在宣布制定该提案的计划后不久，怀登参议员在接受雅虎财经采访时表示，国会应该“最终认识到禁毒战争已经失败”。</blockquote></p><p> The plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.</p><p><blockquote>该计划将要求删除联邦非暴力大麻定罪，并鼓励州和地方政府也这样做。它将防止人们因为使用或持有大麻而被剥夺联邦福利，如住房或联邦财政援助。根据移民法，非美国公民不能被剥夺福利或保护。</blockquote></p><p> The plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.</p><p><blockquote>该计划还将创建新的拨款计划，为帮助“受到毒品战争不利影响”的人们的非营利组织提供资金。它将向大麻行业的小企业提供贷款，并帮助各州和地方实施大麻许可计划。</blockquote></p><p> President Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.</p><p><blockquote>乔·拜登总统在竞选中支持大麻合法化，但白宫不支持大麻合法化的努力。去年12月，众议院通过了MORE法案——该法案将大麻从受控物质清单中删除，并创建恢复性司法计划。今年早些时候，纽约州民主党众议员杰里·纳德勒重新提出了这项立法。</blockquote></p><p> The senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.</p><p><blockquote>参议员们要求在9月1日之前对该提案提出意见，以便他们可以在起草最终法案之前考虑反馈。该提案在平分秋色的参议院面临艰难的投票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nCannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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 smaller\">2021-07-14 17:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Cannabis&nbsp;stocks&nbsp;gains&nbsp;in premarket&nbsp;trading,as&nbsp;senators unveiling plan to end federal prohibition of cannabis.</p><p><blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote></p><p> SNDL&nbsp;shares&nbsp;rises&nbsp;4%&nbsp;in&nbsp;premarket,&nbsp;TLRY&nbsp;and&nbsp;ACB&nbsp;shares&nbsp;are&nbsp;up&nbsp;2%.</p><p><blockquote>SNDL股价盘前上涨4%，TLRY和ACB股价上涨2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/231cd44d5edcf10717dd42ede4ccbed1\" tg-width=\"1289\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.</p><p><blockquote>参议院多数党领袖查克·舒默（纽约州民主党）、参议员罗恩·怀登（俄勒冈州民主党）。）和新泽西州民主党参议员科里·布克（Cory Booker）公布了一份结束联邦大麻禁令的立法讨论草案。参议员们将在7月14日的新闻发布会上详细介绍他们的计划。</blockquote></p><p> The proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.</p><p><blockquote>该提案被称为《大麻管理和机会法案》，评级将大麻从联邦受控物质清单中删除，允许各州就大麻做出自己的决定。许多州已经采取行动将娱乐性或医用大麻使用合法化，但根据联邦法律，这仍然是非法的。</blockquote></p><p> \"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"</p><p><blockquote>“通过结束失败的联邦大麻禁令，《大麻管理和机会法案》将确保美国人——尤其是黑人和棕色人种美国人——不再担心因使用大麻而被捕或被禁止获得公共住房或联邦高等教育财政援助。在合法的州，”讨论草案中写道。“符合国家规定的大麻企业最终将像其他企业一样受到对待，并被允许获得基本的金融服务，例如银行账户和贷款。医学研究将不再受到抑制。”</blockquote></p><p> The proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.</p><p><blockquote>该提案将21岁定为购买大麻的最低年龄，并将大麻的零售额限制在不超过10盎司。评级是联邦机构研究大麻使用、合法化和大麻损害驾驶的影响，包括研究建立大麻影响下驾驶的损害标准。</blockquote></p><p> The Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"</p><p><blockquote>民主党三人组已经为这项立法工作了几个月。在宣布制定该提案的计划后不久，怀登参议员在接受雅虎财经采访时表示，国会应该“最终认识到禁毒战争已经失败”。</blockquote></p><p> The plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.</p><p><blockquote>该计划将要求删除联邦非暴力大麻定罪，并鼓励州和地方政府也这样做。它将防止人们因为使用或持有大麻而被剥夺联邦福利，如住房或联邦财政援助。根据移民法，非美国公民不能被剥夺福利或保护。</blockquote></p><p> The plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.</p><p><blockquote>该计划还将创建新的拨款计划，为帮助“受到毒品战争不利影响”的人们的非营利组织提供资金。它将向大麻行业的小企业提供贷款，并帮助各州和地方实施大麻许可计划。</blockquote></p><p> President Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.</p><p><blockquote>乔·拜登总统在竞选中支持大麻合法化，但白宫不支持大麻合法化的努力。去年12月，众议院通过了MORE法案——该法案将大麻从受控物质清单中删除，并创建恢复性司法计划。今年早些时候，纽约州民主党众议员杰里·纳德勒重新提出了这项立法。</blockquote></p><p> The senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.</p><p><blockquote>参议员们要求在9月1日之前对该提案提出意见，以便他们可以在起草最终法案之前考虑反馈。该提案在平分秋色的参议院面临艰难的投票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNDL":"SNDL Inc.","TLRY":"Tilray Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165083410","content_text":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.\nSNDL shares rises 4% in premarket, TLRY and ACB shares are up 2%.\n\nSenate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.\nThe proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.\n\"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"\nThe proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.\nThe Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"\nThe plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.\nThe plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.\nPresident Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.\nThe senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.","news_type":1,"symbols_score_info":{"SNDL":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142719567,"gmtCreate":1626175949159,"gmtModify":1633929404126,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Wow.","listText":"Wow.","text":"Wow.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142719567","repostId":"2151563412","repostType":4,"repost":{"id":"2151563412","kind":"highlight","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":1626175491,"share":"https://www.laohu8.com/m/news/2151563412?lang=zh_CN&edition=full","pubTime":"2021-07-13 19:24","market":"us","language":"en","title":"Goldman Sachs Group Q2 EPS $15.02 Beats $10.23 Estimate<blockquote>高盛集团第二季度每股收益15.02美元，超出预期10.23美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2151563412","media":"Tiger Newspress","summary":"Goldman Sachs reported its second-quarter earnings before the bell on Tuesday.\nHere are the numbers:","content":"<p>Goldman Sachs&nbsp;reported its second-quarter earnings before the bell on Tuesday.</p><p><blockquote>高盛周二盘前公布了第二季度财报。</blockquote></p><p> Here are the numbers:</p><p><blockquote>以下是数字：</blockquote></p><p> <b>Earnings:</b>&nbsp;$15.02 per share vs. $10.24 expected by analysts polled by Refinitiv. A year ago, Goldman recorded an EPS of $6.26 (53 cents per share if accounted for costs related to the 1MDB settlement.)</p><p><blockquote><b>收益：</b>每股15.02美元，而Refinitiv调查的分析师预期为10.24美元。一年前，高盛的每股收益为6.26美元（如果考虑到与1MDB和解相关的成本，每股收益为53美分。）</blockquote></p><p> <b>Revenue:</b>&nbsp;$15.39 billion vs. $12.17 billion expected</p><p><blockquote><b>收入：</b>153.9亿美元，预期121.7亿美元</blockquote></p><p> Investment banking posted its second-highest revenue quarter ever with $3.61 billion, behind the first quarter of 2021, as a booming IPO market boosted Goldman's equity underwriting.</p><p><blockquote>投资银行业务公布了有史以来第二高的季度收入，达到36.1亿美元，仅次于2021年第一季度，因为蓬勃发展的IPO市场提振了高盛的股票承销。</blockquote></p><p> Last month, following the strong results of the Federal Reserve'sannual stress test,&nbsp;Goldman&nbsp;said it planned on boosting its dividend by 60% to $2 per share, subject to approval from the bank's board.</p><p><blockquote>上个月，在美联储年度压力测试取得强劲结果后，高盛表示计划将股息提高60%至每股2美元，但须获得银行董事会批准。</blockquote></p><p> For its first quarter of 2021, the New York-based bankblew past analysts' expectationswith record net profits and revenues on strong performance from the firm's investment banking and trading businesses, thanks to a rise in retail banking fueled by cheap consumer deposits.</p><p><blockquote>2021年第一季度，由于廉价消费者存款推动零售银行业务的增长，该公司投资银行和交易业务表现强劲，净利润和收入创历史新高，超出了分析师的预期。</blockquote></p><p> Of the six biggest U.S. banks, Goldman gets the largest share of its revenue from Wall Street activities including trading and investment banking.</p><p><blockquote>在美国六大银行中，高盛从包括交易和投资银行在内的华尔街活动中获得的收入份额最大。</blockquote></p><p> Shares of Goldman have risen 45% in 2021 on the back of the economic recovery from the Covid-19 pandemic.</p><p><blockquote>在经济从Covid-19大流行中复苏的背景下，高盛股价在2021年上涨了45%。</blockquote></p><p> Goldman Sachs&nbsp;shares&nbsp;rises&nbsp;0.7%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>高盛股价在盘前交易中上涨0。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a40ec6831977fb2be9119f32e2df1b54\" tg-width=\"1260\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs Group Q2 EPS $15.02 Beats $10.23 Estimate<blockquote>高盛集团第二季度每股收益15.02美元，超出预期10.23美元</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nGoldman Sachs Group Q2 EPS $15.02 Beats $10.23 Estimate<blockquote>高盛集团第二季度每股收益15.02美元，超出预期10.23美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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 smaller\">2021-07-13 19:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Goldman Sachs&nbsp;reported its second-quarter earnings before the bell on Tuesday.</p><p><blockquote>高盛周二盘前公布了第二季度财报。</blockquote></p><p> Here are the numbers:</p><p><blockquote>以下是数字：</blockquote></p><p> <b>Earnings:</b>&nbsp;$15.02 per share vs. $10.24 expected by analysts polled by Refinitiv. A year ago, Goldman recorded an EPS of $6.26 (53 cents per share if accounted for costs related to the 1MDB settlement.)</p><p><blockquote><b>收益：</b>每股15.02美元，而Refinitiv调查的分析师预期为10.24美元。一年前，高盛的每股收益为6.26美元（如果考虑到与1MDB和解相关的成本，每股收益为53美分。）</blockquote></p><p> <b>Revenue:</b>&nbsp;$15.39 billion vs. $12.17 billion expected</p><p><blockquote><b>收入：</b>153.9亿美元，预期121.7亿美元</blockquote></p><p> Investment banking posted its second-highest revenue quarter ever with $3.61 billion, behind the first quarter of 2021, as a booming IPO market boosted Goldman's equity underwriting.</p><p><blockquote>投资银行业务公布了有史以来第二高的季度收入，达到36.1亿美元，仅次于2021年第一季度，因为蓬勃发展的IPO市场提振了高盛的股票承销。</blockquote></p><p> Last month, following the strong results of the Federal Reserve'sannual stress test,&nbsp;Goldman&nbsp;said it planned on boosting its dividend by 60% to $2 per share, subject to approval from the bank's board.</p><p><blockquote>上个月，在美联储年度压力测试取得强劲结果后，高盛表示计划将股息提高60%至每股2美元，但须获得银行董事会批准。</blockquote></p><p> For its first quarter of 2021, the New York-based bankblew past analysts' expectationswith record net profits and revenues on strong performance from the firm's investment banking and trading businesses, thanks to a rise in retail banking fueled by cheap consumer deposits.</p><p><blockquote>2021年第一季度，由于廉价消费者存款推动零售银行业务的增长，该公司投资银行和交易业务表现强劲，净利润和收入创历史新高，超出了分析师的预期。</blockquote></p><p> Of the six biggest U.S. banks, Goldman gets the largest share of its revenue from Wall Street activities including trading and investment banking.</p><p><blockquote>在美国六大银行中，高盛从包括交易和投资银行在内的华尔街活动中获得的收入份额最大。</blockquote></p><p> Shares of Goldman have risen 45% in 2021 on the back of the economic recovery from the Covid-19 pandemic.</p><p><blockquote>在经济从Covid-19大流行中复苏的背景下，高盛股价在2021年上涨了45%。</blockquote></p><p> Goldman Sachs&nbsp;shares&nbsp;rises&nbsp;0.7%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>高盛股价在盘前交易中上涨0。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a40ec6831977fb2be9119f32e2df1b54\" tg-width=\"1260\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QTWO":"Q2 Holdings Inc","GS":"高盛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151563412","content_text":"Goldman Sachs reported its second-quarter earnings before the bell on Tuesday.\nHere are the numbers:\nEarnings: $15.02 per share vs. $10.24 expected by analysts polled by Refinitiv. A year ago, Goldman recorded an EPS of $6.26 (53 cents per share if accounted for costs related to the 1MDB settlement.)\nRevenue: $15.39 billion vs. $12.17 billion expected\nInvestment banking posted its second-highest revenue quarter ever with $3.61 billion, behind the first quarter of 2021, as a booming IPO market boosted Goldman's equity underwriting.\nLast month, following the strong results of the Federal Reserve'sannual stress test, Goldman said it planned on boosting its dividend by 60% to $2 per share, subject to approval from the bank's board.\nFor its first quarter of 2021, the New York-based bankblew past analysts' expectationswith record net profits and revenues on strong performance from the firm's investment banking and trading businesses, thanks to a rise in retail banking fueled by cheap consumer deposits.\nOf the six biggest U.S. banks, Goldman gets the largest share of its revenue from Wall Street activities including trading and investment banking.\nShares of Goldman have risen 45% in 2021 on the back of the economic recovery from the Covid-19 pandemic.\nGoldman Sachs shares rises 0.7% in premarket trading.","news_type":1,"symbols_score_info":{"QTWO":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815840702,"gmtCreate":1630669651806,"gmtModify":1632467808615,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Oops","listText":"Oops","text":"Oops","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815840702","repostId":"2164876311","repostType":4,"isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171356845,"gmtCreate":1626707835787,"gmtModify":1633924732477,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171356845","repostId":"1114662059","repostType":4,"repost":{"id":"1114662059","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":1626704591,"share":"https://www.laohu8.com/m/news/1114662059?lang=zh_CN&edition=full","pubTime":"2021-07-19 22:23","market":"us","language":"en","title":"Virgin Galactic surged over 5% in morning trading<blockquote>维珍银河早盘飙升逾5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114662059","media":"Tiger Newspress","summary":"(July 19) Virgin Galactic surged over 5% in morning trading.","content":"<p>(July 19)&nbsp;Virgin Galactic surged over 5% in morning trading.</p><p><blockquote>（7月19日）维珍银河早盘大涨超5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b8f94a7f1c7d417d76de1d48eeab69bb\" tg-width=\"709\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Virgin Galactic surged over 5% in morning trading<blockquote>维珍银河早盘飙升逾5%</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nVirgin Galactic surged over 5% in morning trading<blockquote>维珍银河早盘飙升逾5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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 smaller\">2021-07-19 22:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(July 19)&nbsp;Virgin Galactic surged over 5% in morning trading.</p><p><blockquote>（7月19日）维珍银河早盘大涨超5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b8f94a7f1c7d417d76de1d48eeab69bb\" tg-width=\"709\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114662059","content_text":"(July 19) Virgin Galactic surged over 5% in morning trading.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170485762,"gmtCreate":1626445957456,"gmtModify":1633926654843,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Yes! Down down down","listText":"Yes! Down down down","text":"Yes! Down down down","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170485762","repostId":"2151502268","repostType":4,"isVote":1,"tweetType":1,"viewCount":465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141329325,"gmtCreate":1625839462867,"gmtModify":1633936821648,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Its over","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Its over","text":"$Tesla Motors(TSLA)$Its over","images":[{"img":"https://static.tigerbbs.com/512d32fdc1f78551290017fbaf1f82b7","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/141329325","isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":143925633,"gmtCreate":1625756827822,"gmtModify":1633937616596,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/143925633","repostId":"1162204971","repostType":4,"isVote":1,"tweetType":1,"viewCount":175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155060823,"gmtCreate":1625364257962,"gmtModify":1633941276091,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Short short shot","listText":"Short short shot","text":"Short short shot","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155060823","repostId":"1136694264","repostType":4,"repost":{"id":"1136694264","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1625293431,"share":"https://www.laohu8.com/m/news/1136694264?lang=zh_CN&edition=full","pubTime":"2021-07-03 14:23","market":"us","language":"en","title":"AMC Options Traders Aren't Discouraged, Repeatedly Hammer Calls<blockquote>AMC期权交易员并不气馁，多次抨击评级</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136694264","media":"Benzinga","summary":"On Friday morning, Iceberg Researchannouncedit had taken a short position inAMC Entertainment Holdin","content":"<p>On Friday morning, Iceberg Researchannouncedit had taken a short position in<b>AMC Entertainment Holdings</b>AMC 4.08%. Iceberg said options traders have lost money due to the stock trading sideways for the month of June and that the pump around the stock looks shaky.</p><p><blockquote>周五上午，Iceberg Research宣布在<b>AMC院线控股</b>AMC 4.08%。Iceberg表示，由于该股6月份横盘整理，期权交易员已经亏损，而且该股周围的人气看起来不稳定。</blockquote></p><p> The news didn’t stop institutions from continuously hammering AMC call contracts and on Friday options traders had purchased over $2.59 million worth. The expiration dates for the contracts ranged from today up until Dec. 17 and a few traders chose a strike price of a whopping $145.</p><p><blockquote>这一消息并没有阻止机构不断抛售AMC看涨期权合约，周五期权交易员购买了价值超过259万美元的合约。这些合约的到期日从今天到12月17日不等，一些交易员选择了高达145美元的执行价。</blockquote></p><p> AMC’s stock broke bearishly from a symmetrical triangle it had formed through its sideways trading on Friday, but held a support level at $47.91 and bounced from it. Bulls would like to see the dip continue to be bought and for AMC to end the day by printing a hammer candlestick and closing above the 21-day exponential moving average.</p><p><blockquote>AMC的股价看跌突破了周五横盘交易形成的对称三角形，但守住了47.91美元的支撑位并从中反弹。多头希望看到继续逢低买入，并希望AMC通过打印锤子烛台并收于21日指数移动平均线上方来结束这一天。</blockquote></p><p> <b>Why It’s Important:</b>When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.</p><p><blockquote><b>为什么它很重要：</b>当出现扫单时，表明交易者希望快速建仓，并预计股价即将大幅波动。清扫者为看涨期权或看跌期权支付市场价格，而不是出价，清扫多个交易所的订单簿以立即执行订单。</blockquote></p><p> These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.</p><p><blockquote>这些类型的看涨期权期权订单通常由机构发出，散户投资者会发现观察清道夫很有用，因为这表明“聪明的资金”已经建仓。</blockquote></p><p> <b>The AMC Option Trades:</b>Below is a look at the notable options alerts, courtesy ofBenzinga Pro:</p><p><blockquote><b>AMC期权交易：</b>以下是由Benzinga Pro提供的值得注意的选项警报：</blockquote></p><p></p><p> <ul>  <li>At 9:42 a.m., Friday a trader executed a call sweep near the bid of 265 AMC Entertainment options with a strike price of $59 expiring on July 9. The trade represented a $52,205 bullish bet for which the trader paid $1.97 per option contract.</li>  <li>At 9:51 a.m., a trader executed a call sweep near the bid of 247 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $221,065 bullish bet for which the trader paid $8.95 per option contract.</li>  <li>At 9:52 a.m., a trader executed a call sweep near the bid of 248 AMC Entertainment options with a strike price of $120 expiring on Dec. 17. The trade represented a $260,400 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 356 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $311,500 bullish bet for which the trader paid $8.75 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:56 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:57 a.m., a trader executed a call sweep near the bid of 300 AMC Entertainment options with a strike price of $28 expiring on July 2. The trade represented a $221,065 bullish bet for which the trader paid $23.40 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 289 AMC Entertainment options with a strike price of $120 expiring on Dec., 17. The trade represented a $303,450 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 580 AMC Entertainment options with a strike price of $55 expiring on July 16. The trade represented a $278,400 bullish bet for which the trader paid $4.80 per option contract.</li>  <li>At 10:07 a.m., a trader executed a call sweep near the bid of 258 AMC Entertainment options with a strike price of $80 expiring on July 16. The trade represented a $39,216 bullish bet for which the trader paid $1.52 per option contract.</li>  <li>At 10:24 a.m., a trader executed a call sweep near the bid of 352 AMC Entertainment options with a strike price of $50 expiring on July 2. The trade represented a $54,560 bullish bet for which the trader paid $1.55 per option contract.</li>  <li>At 10:26 a.m., a trader executed a call sweep near the bid of 234 AMC Entertainment options with a strike price of $145 expiring on July 23. The trade represented a $39,216 bullish bet for which the trader paid $1.31 per option contract.</li>  <li>At 10:31 a.m., a trader executed a call sweep near the bid of 224 AMC Entertainment options with a strike price of $145 expiring on Sept. 17. The trade represented a $105,280 bullish bet for which the trader paid $4.70 per option contract.</li>  <li>At 10:38 a.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $47 expiring on July 2. The trade represented a $146,000 bullish bet for which the trader paid $2.92 per option contract.</li>  <li>At 12:02 p.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $45 expiring on July 9. The trade represented a $305,000 bullish bet for which the trader paid $6.10 per option contract.</li> </ul> <b>AMC Price Action:</b>Shares of AMC Entertainment were trading down 5.3% to $51.33 at publication time.</p><p><blockquote><ul><li>周五上午9点42分，一名交易员在265份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为59美元，将于7月9日到期。该交易代表了52,205美元的看涨押注，交易者为每份期权合约支付了1.97美元。</li><li>上午9点51分，一名交易员在247份执行价为65美元、将于8月20日到期的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了221,065美元的看涨押注，交易者为每份期权合约支付了8.95美元。</li><li>上午9点52分，一名交易员在248份执行价为120美元、将于12月17日到期的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了260,400美元的看涨押注，交易者为每份期权合约支付了10.50美元。</li><li>上午9点53分，一名交易员在356份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为65美元，将于8月20日到期。该交易代表了311,500美元的看涨押注，交易者为每份期权合约支付了8.75美元。</li><li>上午9点53分，一名交易员在310份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为65美元，将于8月20日到期。该交易代表了266,600美元的看涨押注，交易者为每份期权合约支付了8.60美元。</li><li>上午9点56分，一名交易员在310份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为65美元，将于8月20日到期。该交易代表了266,600美元的看涨押注，交易者为每份期权合约支付了8.60美元。</li><li>上午9点57分，一名交易员在7月2日到期的300份执行价为28美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了221,065美元的看涨押注，交易者为每份期权合约支付了23.40美元。</li><li>上午9点58分，一名交易员在289份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为120美元，将于12月17日到期。该交易代表了303,450美元的看涨押注，交易者为每份期权合约支付了10.50美元。</li><li>上午9点58分，一名交易员在7月16日到期的580份执行价为55美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了278,400美元的看涨押注，交易者为每份期权合约支付了4.80美元。</li><li>上午10点07分，一名交易员在7月16日到期的258份执行价为80美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表39,216美元的看涨押注，交易者为每份期权合约支付1.52美元。</li><li>上午10点24分，一名交易员在7月2日到期的执行价为50美元的352份AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了54,560美元的看涨押注，交易者为每份期权合约支付了1.55美元。</li><li>上午10点26分，一名交易员在7月23日到期的234份执行价为145美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表39,216美元的看涨押注，交易者为每份期权合约支付1.31美元。</li><li>上午10点31分，一名交易员在224份AMC院线期权的买入价附近执行了看涨期权清仓，执行价为145美元，将于9月17日到期。该交易代表了105,280美元的看涨押注，交易者为每份期权合约支付了4.70美元。</li><li>上午10点38分，一名交易员在7月2日到期的500份执行价为47美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了146,000美元的看涨押注，交易者为每份期权合约支付了2.92美元。</li><li>中午12点02分，一名交易员在7月9日到期的500份执行价为45美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了305,000美元的看涨押注，交易者为每份期权合约支付了6.10美元。</li></ul><b>AMC价格走势：</b>截至发稿时，AMC院线股价下跌5.3%，至51.33美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC Options Traders Aren't Discouraged, Repeatedly Hammer Calls<blockquote>AMC期权交易员并不气馁，多次抨击评级</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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 Options Traders Aren't Discouraged, Repeatedly Hammer Calls<blockquote>AMC期权交易员并不气馁，多次抨击评级</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-07-03 14:23</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>On Friday morning, Iceberg Researchannouncedit had taken a short position in<b>AMC Entertainment Holdings</b>AMC 4.08%. Iceberg said options traders have lost money due to the stock trading sideways for the month of June and that the pump around the stock looks shaky.</p><p><blockquote>周五上午，Iceberg Research宣布在<b>AMC院线控股</b>AMC 4.08%。Iceberg表示，由于该股6月份横盘整理，期权交易员已经亏损，而且该股周围的人气看起来不稳定。</blockquote></p><p> The news didn’t stop institutions from continuously hammering AMC call contracts and on Friday options traders had purchased over $2.59 million worth. The expiration dates for the contracts ranged from today up until Dec. 17 and a few traders chose a strike price of a whopping $145.</p><p><blockquote>这一消息并没有阻止机构不断抛售AMC看涨期权合约，周五期权交易员购买了价值超过259万美元的合约。这些合约的到期日从今天到12月17日不等，一些交易员选择了高达145美元的执行价。</blockquote></p><p> AMC’s stock broke bearishly from a symmetrical triangle it had formed through its sideways trading on Friday, but held a support level at $47.91 and bounced from it. Bulls would like to see the dip continue to be bought and for AMC to end the day by printing a hammer candlestick and closing above the 21-day exponential moving average.</p><p><blockquote>AMC的股价看跌突破了周五横盘交易形成的对称三角形，但守住了47.91美元的支撑位并从中反弹。多头希望看到继续逢低买入，并希望AMC通过打印锤子烛台并收于21日指数移动平均线上方来结束这一天。</blockquote></p><p> <b>Why It’s Important:</b>When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.</p><p><blockquote><b>为什么它很重要：</b>当出现扫单时，表明交易者希望快速建仓，并预计股价即将大幅波动。清扫者为看涨期权或看跌期权支付市场价格，而不是出价，清扫多个交易所的订单簿以立即执行订单。</blockquote></p><p> These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.</p><p><blockquote>这些类型的看涨期权期权订单通常由机构发出，散户投资者会发现观察清道夫很有用，因为这表明“聪明的资金”已经建仓。</blockquote></p><p> <b>The AMC Option Trades:</b>Below is a look at the notable options alerts, courtesy ofBenzinga Pro:</p><p><blockquote><b>AMC期权交易：</b>以下是由Benzinga Pro提供的值得注意的选项警报：</blockquote></p><p></p><p> <ul>  <li>At 9:42 a.m., Friday a trader executed a call sweep near the bid of 265 AMC Entertainment options with a strike price of $59 expiring on July 9. The trade represented a $52,205 bullish bet for which the trader paid $1.97 per option contract.</li>  <li>At 9:51 a.m., a trader executed a call sweep near the bid of 247 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $221,065 bullish bet for which the trader paid $8.95 per option contract.</li>  <li>At 9:52 a.m., a trader executed a call sweep near the bid of 248 AMC Entertainment options with a strike price of $120 expiring on Dec. 17. The trade represented a $260,400 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 356 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $311,500 bullish bet for which the trader paid $8.75 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:56 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:57 a.m., a trader executed a call sweep near the bid of 300 AMC Entertainment options with a strike price of $28 expiring on July 2. The trade represented a $221,065 bullish bet for which the trader paid $23.40 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 289 AMC Entertainment options with a strike price of $120 expiring on Dec., 17. The trade represented a $303,450 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 580 AMC Entertainment options with a strike price of $55 expiring on July 16. The trade represented a $278,400 bullish bet for which the trader paid $4.80 per option contract.</li>  <li>At 10:07 a.m., a trader executed a call sweep near the bid of 258 AMC Entertainment options with a strike price of $80 expiring on July 16. The trade represented a $39,216 bullish bet for which the trader paid $1.52 per option contract.</li>  <li>At 10:24 a.m., a trader executed a call sweep near the bid of 352 AMC Entertainment options with a strike price of $50 expiring on July 2. The trade represented a $54,560 bullish bet for which the trader paid $1.55 per option contract.</li>  <li>At 10:26 a.m., a trader executed a call sweep near the bid of 234 AMC Entertainment options with a strike price of $145 expiring on July 23. The trade represented a $39,216 bullish bet for which the trader paid $1.31 per option contract.</li>  <li>At 10:31 a.m., a trader executed a call sweep near the bid of 224 AMC Entertainment options with a strike price of $145 expiring on Sept. 17. The trade represented a $105,280 bullish bet for which the trader paid $4.70 per option contract.</li>  <li>At 10:38 a.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $47 expiring on July 2. The trade represented a $146,000 bullish bet for which the trader paid $2.92 per option contract.</li>  <li>At 12:02 p.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $45 expiring on July 9. The trade represented a $305,000 bullish bet for which the trader paid $6.10 per option contract.</li> </ul> <b>AMC Price Action:</b>Shares of AMC Entertainment were trading down 5.3% to $51.33 at publication time.</p><p><blockquote><ul><li>周五上午9点42分，一名交易员在265份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为59美元，将于7月9日到期。该交易代表了52,205美元的看涨押注，交易者为每份期权合约支付了1.97美元。</li><li>上午9点51分，一名交易员在247份执行价为65美元、将于8月20日到期的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了221,065美元的看涨押注，交易者为每份期权合约支付了8.95美元。</li><li>上午9点52分，一名交易员在248份执行价为120美元、将于12月17日到期的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了260,400美元的看涨押注，交易者为每份期权合约支付了10.50美元。</li><li>上午9点53分，一名交易员在356份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为65美元，将于8月20日到期。该交易代表了311,500美元的看涨押注，交易者为每份期权合约支付了8.75美元。</li><li>上午9点53分，一名交易员在310份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为65美元，将于8月20日到期。该交易代表了266,600美元的看涨押注，交易者为每份期权合约支付了8.60美元。</li><li>上午9点56分，一名交易员在310份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为65美元，将于8月20日到期。该交易代表了266,600美元的看涨押注，交易者为每份期权合约支付了8.60美元。</li><li>上午9点57分，一名交易员在7月2日到期的300份执行价为28美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了221,065美元的看涨押注，交易者为每份期权合约支付了23.40美元。</li><li>上午9点58分，一名交易员在289份AMC院线期权的买入价附近执行了看涨期权清仓，执行价格为120美元，将于12月17日到期。该交易代表了303,450美元的看涨押注，交易者为每份期权合约支付了10.50美元。</li><li>上午9点58分，一名交易员在7月16日到期的580份执行价为55美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了278,400美元的看涨押注，交易者为每份期权合约支付了4.80美元。</li><li>上午10点07分，一名交易员在7月16日到期的258份执行价为80美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表39,216美元的看涨押注，交易者为每份期权合约支付1.52美元。</li><li>上午10点24分，一名交易员在7月2日到期的执行价为50美元的352份AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了54,560美元的看涨押注，交易者为每份期权合约支付了1.55美元。</li><li>上午10点26分，一名交易员在7月23日到期的234份执行价为145美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表39,216美元的看涨押注，交易者为每份期权合约支付1.31美元。</li><li>上午10点31分，一名交易员在224份AMC院线期权的买入价附近执行了看涨期权清仓，执行价为145美元，将于9月17日到期。该交易代表了105,280美元的看涨押注，交易者为每份期权合约支付了4.70美元。</li><li>上午10点38分，一名交易员在7月2日到期的500份执行价为47美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了146,000美元的看涨押注，交易者为每份期权合约支付了2.92美元。</li><li>中午12点02分，一名交易员在7月9日到期的500份执行价为45美元的AMC院线期权的买入价附近执行了看涨期权清仓。该交易代表了305,000美元的看涨押注，交易者为每份期权合约支付了6.10美元。</li></ul><b>AMC价格走势：</b>截至发稿时，AMC院线股价下跌5.3%，至51.33美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136694264","content_text":"On Friday morning, Iceberg Researchannouncedit had taken a short position inAMC Entertainment HoldingsAMC 4.08%. Iceberg said options traders have lost money due to the stock trading sideways for the month of June and that the pump around the stock looks shaky.\nThe news didn’t stop institutions from continuously hammering AMC call contracts and on Friday options traders had purchased over $2.59 million worth. The expiration dates for the contracts ranged from today up until Dec. 17 and a few traders chose a strike price of a whopping $145.\nAMC’s stock broke bearishly from a symmetrical triangle it had formed through its sideways trading on Friday, but held a support level at $47.91 and bounced from it. Bulls would like to see the dip continue to be bought and for AMC to end the day by printing a hammer candlestick and closing above the 21-day exponential moving average.\nWhy It’s Important:When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.\nThese types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.\nThe AMC Option Trades:Below is a look at the notable options alerts, courtesy ofBenzinga Pro:\n\nAt 9:42 a.m., Friday a trader executed a call sweep near the bid of 265 AMC Entertainment options with a strike price of $59 expiring on July 9. The trade represented a $52,205 bullish bet for which the trader paid $1.97 per option contract.\nAt 9:51 a.m., a trader executed a call sweep near the bid of 247 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $221,065 bullish bet for which the trader paid $8.95 per option contract.\nAt 9:52 a.m., a trader executed a call sweep near the bid of 248 AMC Entertainment options with a strike price of $120 expiring on Dec. 17. The trade represented a $260,400 bullish bet for which the trader paid $10.50 per option contract.\nAt 9:53 a.m., a trader executed a call sweep near the bid of 356 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $311,500 bullish bet for which the trader paid $8.75 per option contract.\nAt 9:53 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.\nAt 9:56 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.\nAt 9:57 a.m., a trader executed a call sweep near the bid of 300 AMC Entertainment options with a strike price of $28 expiring on July 2. The trade represented a $221,065 bullish bet for which the trader paid $23.40 per option contract.\nAt 9:58 a.m., a trader executed a call sweep near the bid of 289 AMC Entertainment options with a strike price of $120 expiring on Dec., 17. The trade represented a $303,450 bullish bet for which the trader paid $10.50 per option contract.\nAt 9:58 a.m., a trader executed a call sweep near the bid of 580 AMC Entertainment options with a strike price of $55 expiring on July 16. The trade represented a $278,400 bullish bet for which the trader paid $4.80 per option contract.\nAt 10:07 a.m., a trader executed a call sweep near the bid of 258 AMC Entertainment options with a strike price of $80 expiring on July 16. The trade represented a $39,216 bullish bet for which the trader paid $1.52 per option contract.\nAt 10:24 a.m., a trader executed a call sweep near the bid of 352 AMC Entertainment options with a strike price of $50 expiring on July 2. The trade represented a $54,560 bullish bet for which the trader paid $1.55 per option contract.\nAt 10:26 a.m., a trader executed a call sweep near the bid of 234 AMC Entertainment options with a strike price of $145 expiring on July 23. The trade represented a $39,216 bullish bet for which the trader paid $1.31 per option contract.\nAt 10:31 a.m., a trader executed a call sweep near the bid of 224 AMC Entertainment options with a strike price of $145 expiring on Sept. 17. The trade represented a $105,280 bullish bet for which the trader paid $4.70 per option contract.\nAt 10:38 a.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $47 expiring on July 2. The trade represented a $146,000 bullish bet for which the trader paid $2.92 per option contract.\nAt 12:02 p.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $45 expiring on July 9. The trade represented a $305,000 bullish bet for which the trader paid $6.10 per option contract.\n\nAMC Price Action:Shares of AMC Entertainment were trading down 5.3% to $51.33 at publication time.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158331662,"gmtCreate":1625128372856,"gmtModify":1633944489562,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Leave 1 comment","listText":"Leave 1 comment","text":"Leave 1 comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/158331662","repostId":"1109123438","repostType":4,"isVote":1,"tweetType":1,"viewCount":191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167745525,"gmtCreate":1624286344067,"gmtModify":1634008361304,"author":{"id":"3559732583760300","authorId":"3559732583760300","name":"Jason7890","avatar":"https://static.tigerbbs.com/7f2abf8ef7cf6c1e2a2371d9882f2b91","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559732583760300","idStr":"3559732583760300"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/167745525","repostId":"1132969592","repostType":4,"isVote":1,"tweetType":1,"viewCount":201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}