Cheryi的个人主页 - 老虎社区

Cheryi

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4主题

0勋章

2022-07-11

Ok

抱歉，原内容已删除

2022-07-09

Ok

Is TSLA Stock a Buy Ahead of the Tesla Stock Split?<blockquote>在特斯拉股票分割之前，特斯拉股票值得买入吗？</blockquote>

2022-07-06

Good

抱歉，原内容已删除

2022-07-06

Ok

@期权小班长:半导体到底了吗？又有大资金埋伏推特了！

2022-07-05

Good

AMC’s Growth Prospects Make It Worth Considering Again<blockquote>AMC的增长前景值得再次考虑</blockquote>

2022-07-01

Good

NIO Delivered 12,961 Vehicles in June 2022, Increasing By 60.3% Year-Over-Year<blockquote>蔚来2022年6月交付12,961辆，同比增长60.3%</blockquote>

2022-06-29

Great

NIO: A Volatile But Very Profitable Road Ahead<blockquote>蔚来：未来的道路不稳定但利润丰厚</blockquote>

2022-06-23

Ok

抱歉，原内容已删除

2022-06-21

Ok

EV Stocks Jumped in Morning Trading<blockquote>电动汽车股早盘上涨</blockquote>

2022-06-21

Ok

Palantir Shares Jumped 7.5% in Morning Trading<blockquote>Palantir股价早盘上涨7.5%</blockquote>

2022-06-21

Ok

Tesla Shares Gained 2.7% in Premarket Trading<blockquote>特斯拉股价在盘前交易中上涨2.7%</blockquote>

2022-06-20

Ok

抱歉，原内容已删除

2022-06-20

Ok

@Lashsmith:$AMC Entertainment(AMC)$If you have a margin account, brokers can lend out your shares. It's important to make sure you turn off the "share lend" feature, especially now that shares for Shorts to borrow are drying up. If you have a cash accr, you should still confirm to your broker that you don't want your shares lent out.

2022-06-20

Ok

抱歉，原内容已删除

2022-06-20

Ok

抱歉，原内容已删除

2022-06-20

Ok

@价值投资为王:美股崩盘启示录：敬畏估值、心存希望！

2022-06-19

Ok

Meme Stocks Soared in Morning Trading, With AMC Rising Over 6% and Palantir Rising Nearly 5%<blockquote>Meme股早盘大涨AMC涨超6%Palantir涨近5%</blockquote>

2022-06-17

Ok

@Lashsmith:$AMC Entertainment(AMC)$If you have a margin account, brokers can lend out your shares. It's important to make sure you turn off the "share lend" feature, especially now that shares for Shorts to borrow are drying up. If you have a cash accr, you should still confirm to your broker that you don't want your shares lent out.

2022-06-15

Good

NIO, Rivian, Coinbase and More: U.S. Stocks To Watch<blockquote>蔚来、Rivian、Coinbase等：值得关注的美国股票</blockquote>

2022-06-14

Ok

NIO: Time For Massive Growth<blockquote>蔚来：大规模增长的时候到了</blockquote>

去老虎APP查看更多动态

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09:43","market":"us","language":"en","title":"Is TSLA Stock a Buy Ahead of the Tesla Stock Split?<blockquote>在特斯拉股票分割之前，特斯拉股票值得买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175896146","media":"InvestorPlace","summary":"The Tesla(TSLA) stock split vote is rapidly approaching.Recent turbulence in TSLA stock has called t","content":"<p><div> The Tesla(TSLA) stock split vote is rapidly approaching.Recent turbulence in TSLA stock has called the shares into question.While it has been volatile, investors shouldn't be concerned about the ...</p><p><blockquote><div>特斯拉（TSLA）股票分割投票即将到来。特斯拉股价最近的动荡使该股受到质疑。虽然它一直不稳定，但投资者不应该担心...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/07/is-tsla-stock-a-buy-ahead-of-the-tesla-stock-split/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/07/is-tsla-stock-a-buy-ahead-of-the-tesla-stock-split/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is TSLA Stock a Buy Ahead of the Tesla Stock Split?<blockquote>在特斯拉股票分割之前，特斯拉股票值得买入吗？</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\">\nIs TSLA Stock a Buy Ahead of the Tesla Stock Split?<blockquote>在特斯拉股票分割之前，特斯拉股票值得买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2022-07-09 09:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The Tesla(TSLA) stock split vote is rapidly approaching.Recent turbulence in TSLA stock has called the shares into question.While it has been volatile, investors shouldn't be concerned about the ...</p><p><blockquote><div>特斯拉（TSLA）股票分割投票即将到来。特斯拉股价最近的动荡使该股受到质疑。虽然它一直不稳定，但投资者不应该担心...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/07/is-tsla-stock-a-buy-ahead-of-the-tesla-stock-split/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/07/is-tsla-stock-a-buy-ahead-of-the-tesla-stock-split/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2022/07/is-tsla-stock-a-buy-ahead-of-the-tesla-stock-split/\">InvestorPlace</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":{"TSLA":"特斯拉"},"source_url":"https://investorplace.com/2022/07/is-tsla-stock-a-buy-ahead-of-the-tesla-stock-split/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175896146","content_text":"The Tesla(TSLA) stock split vote is rapidly approaching.Recent turbulence in TSLA stock has called the shares into question.While it has been volatile, investors shouldn't be concerned about the potential split.The summer of stock splitsis just heating up. This week brought announcements from Gamestop(NYSE:GME) and Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL), but investors shouldn’t lose sight of what promises to be the most important split of the season.Tesla(NASDAQ:TSLA) shareholders are voting on the proposed stock split on Aug. 4. If they vote in its favor, it will mean a significant catalyst for TSLA stock.Let’s take a closer look at the potential Tesla stock split and why TSLA is still a buy as it approaches.Inside the Tesla Stock SplitInvestors have plenty of reason to approach TSLA stock with caution. It is up 3% today, but has still shed more than 27% of its value over the past six months. Supply chain constraints and broad market forces have made it difficult for high-growth tech stocks to thrive, but there have also been plenty of negative Tesla-specific catalysts.The company’s second-quarter deliveries fell by 18%, disappointing many experts. CEO Elon Musk has classified Tesla’s factories as“gigantic money furnaces,” and more recently placed the company’s Shanghai and Berlin plants on a two week pause.However, investors shouldn’t be confused by the bearish chatter. The majority of analysts remain bullish on TSLA stock. AsInvestorPlacewriter William White reports, experts from Deutsche Bank, Wedbush and Oppenheimer still regard it as a buy. They know while Tesla has had a difficult year, it still has the potential to keep growing, especially with the pending stock split.No one should have any doubts that the Tesla stock split will move forward. It is still contingent on shareholder approval, but investors have strong incentive to vote in its favor. They remember that TSLA stock surged 80%in the weeks leading up to the 2020 split through its finalization.After a difficult year, investors want to see Tesla soar back to its early 2022 highs. A stock split is a quick and easy path to a price per share of $1,000 at a time when Tesla has struggled significantly.The Road Ahead for TSLA StockTSLA stock is still a buy ahead of the split. Granted, the proposal is for a 3-for-1 stock split, while the 2020 stock split was a 5-for-1. It may not yield gains of that magnitude, but it can absolutely trigger a trading frenzy as new investors rush to scoop up newly discounted TSLA shares. The company’s stock has plenty of potential to start rising, and when it does, investors who bought on the stock split dip will reap the benefits.Tesla is already encouraging investors to vote in favor of the split. The company has made it clear that it feels the move is in the best interests of everyone, including shareholders. With history on its side, it’s hard to argue.AsInvestorPlacecontributor Faizan Farooque recently noted, the stock has multiple growth levers that can propel it forward as market momentum shifts and bearish energy fades. The Tesla stock split is an opportunity for both new and current investors to profit.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2750,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":681553443,"gmtCreate":1657080058884,"gmtModify":1704866472834,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/681553443","repostId":"2249532188","repostType":4,"isVote":1,"tweetType":1,"viewCount":2908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":681553106,"gmtCreate":1657079807410,"gmtModify":1704866471977,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/681553106","repostId":"681242226","repostType":1,"repost":{"id":681242226,"gmtCreate":1657029797042,"gmtModify":1704866325169,"author":{"id":"3527667590215376","authorId":"3527667590215376","name":"期权小班长","avatar":"https://static.tigerbbs.com/e785bea87af8baf08d2b24111b78c16a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667590215376","idStr":"3527667590215376"},"themes":[],"title":"半导体到底了吗？又有大资金埋伏推特了！","htmlText":"上周五我愿称之为奇迹。在芯片板块集体暴跌的情况情况下，三大指数还能良好收涨，只能说国庆节的魅力实在太大了，CPU烧坏了服务器冒烟了的情况下硬是放出了烟花。<a target=\"_blank\" href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$</a>不过很显然奇迹只能维持住一天，今天就没有那么幸运了，因为欧洲板块全线崩盘了：欧元崩了，欧股也崩了，而领跌股毫无意外依然是半导体<a target=\"_blank\" href=\"https://laohu8.com/S/ASML\">$阿斯麦(ASML)$</a>好消息是每当ASML大跌7%以上没多久股市就快要见底了，但坏消息是谁也说不准这一规律能否每次都生效。如果是前者那芯片股离抄底也就不远了。今天又翻到几只异动股：虽然今天这个行情不适合推荐call，但实事求是，大单押注就是押注了，也不能说今天市场不好上周的钱就白花了。尤其是对于<a target=\"_blank\" href=\"https://laohu8.com/S/TWTR\">$Twitter(TWTR)$</a> 这种有内幕的股票，如图所示，594万美元押注2023年1月20日到期，行权价为50的call。910万美元押注2023年1月20日到期45美元的call。因为下单时间相同，所以有两个方向的可能性。1是马斯克将要进一步公布收购进度，大单押注买入；2是马斯克在今年内都不会宣布收购进度，但也不会宣布放弃收购，完全将此事放置一边。结合当今金融市场状况，2概率会更大，即马斯克拖延收购，但问题在于下半年市场好转，推特股价未必不会上涨。我个人偏向1，更偏向看涨投机。有进展也不代表收购明确确定，有可能就是放","listText":"上周五我愿称之为奇迹。在芯片板块集体暴跌的情况情况下，三大指数还能良好收涨，只能说国庆节的魅力实在太大了，CPU烧坏了服务器冒烟了的情况下硬是放出了烟花。<a target=\"_blank\" href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$</a>不过很显然奇迹只能维持住一天，今天就没有那么幸运了，因为欧洲板块全线崩盘了：欧元崩了，欧股也崩了，而领跌股毫无意外依然是半导体<a target=\"_blank\" href=\"https://laohu8.com/S/ASML\">$阿斯麦(ASML)$</a>好消息是每当ASML大跌7%以上没多久股市就快要见底了，但坏消息是谁也说不准这一规律能否每次都生效。如果是前者那芯片股离抄底也就不远了。今天又翻到几只异动股：虽然今天这个行情不适合推荐call，但实事求是，大单押注就是押注了，也不能说今天市场不好上周的钱就白花了。尤其是对于<a target=\"_blank\" href=\"https://laohu8.com/S/TWTR\">$Twitter(TWTR)$</a> 这种有内幕的股票，如图所示，594万美元押注2023年1月20日到期，行权价为50的call。910万美元押注2023年1月20日到期45美元的call。因为下单时间相同，所以有两个方向的可能性。1是马斯克将要进一步公布收购进度，大单押注买入；2是马斯克在今年内都不会宣布收购进度，但也不会宣布放弃收购，完全将此事放置一边。结合当今金融市场状况，2概率会更大，即马斯克拖延收购，但问题在于下半年市场好转，推特股价未必不会上涨。我个人偏向1，更偏向看涨投机。有进展也不代表收购明确确定，有可能就是放","text":"上周五我愿称之为奇迹。在芯片板块集体暴跌的情况情况下，三大指数还能良好收涨，只能说国庆节的魅力实在太大了，CPU烧坏了服务器冒烟了的情况下硬是放出了烟花。$英伟达(NVDA)$ $美国超微公司(AMD)$不过很显然奇迹只能维持住一天，今天就没有那么幸运了，因为欧洲板块全线崩盘了：欧元崩了，欧股也崩了，而领跌股毫无意外依然是半导体$阿斯麦(ASML)$好消息是每当ASML大跌7%以上没多久股市就快要见底了，但坏消息是谁也说不准这一规律能否每次都生效。如果是前者那芯片股离抄底也就不远了。今天又翻到几只异动股：虽然今天这个行情不适合推荐call，但实事求是，大单押注就是押注了，也不能说今天市场不好上周的钱就白花了。尤其是对于$Twitter(TWTR)$ 这种有内幕的股票，如图所示，594万美元押注2023年1月20日到期，行权价为50的call。910万美元押注2023年1月20日到期45美元的call。因为下单时间相同，所以有两个方向的可能性。1是马斯克将要进一步公布收购进度，大单押注买入；2是马斯克在今年内都不会宣布收购进度，但也不会宣布放弃收购，完全将此事放置一边。结合当今金融市场状况，2概率会更大，即马斯克拖延收购，但问题在于下半年市场好转，推特股价未必不会上涨。我个人偏向1，更偏向看涨投机。有进展也不代表收购明确确定，有可能就是放","images":[{"img":"https://static.tigerbbs.com/3679e30ebc8ddb3f907f3a92ff24eefd","width":"1122","height":"1594"},{"img":"https://static.tigerbbs.com/9b2c9d78ea0580ea46de1d2b6b946d4d","width":"1170","height":"538"},{"img":"https://static.tigerbbs.com/d67753b441b279b58f51240ac95a11da","width":"1066","height":"617"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/681242226","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":681297846,"gmtCreate":1657002516789,"gmtModify":1704866210860,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/681297846","repostId":"1117792171","repostType":4,"repost":{"id":"1117792171","kind":"news","pubTimestamp":1657004417,"share":"https://www.laohu8.com/m/news/1117792171?lang=zh_CN&edition=full","pubTime":"2022-07-05 15:00","market":"us","language":"en","title":"AMC’s Growth Prospects Make It Worth Considering Again<blockquote>AMC的增长前景值得再次考虑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117792171","media":"TipRanks","summary":"Story HighlightsAMC has embarked on its road to recovery with its robust first-quarter revenue growt","content":"<p><div> Story HighlightsAMC has embarked on its road to recovery with its robust first-quarter revenue growth. Its CEO plans on undertaking multiple projects to help the company grow beyond its current ...</p><p><blockquote><div>故事亮点随着第一季度收入的强劲增长，AMC已走上复苏之路。其首席执行官计划开展多个项目，以帮助公司超越目前的发展……</div></blockquote></p><p>  <a href=\"https://www.tipranks.com/news/article/amc-stocks-growth-prospects-make-it-worth-considering-again/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.tipranks.com/news/article/amc-stocks-growth-prospects-make-it-worth-considering-again/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606183248679","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’s Growth Prospects Make It Worth Considering Again<blockquote>AMC的增长前景值得再次考虑</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’s Growth Prospects Make It Worth Considering Again<blockquote>AMC的增长前景值得再次考虑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TipRanks</strong><span class=\"h-time small\">2022-07-05 15:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Story HighlightsAMC has embarked on its road to recovery with its robust first-quarter revenue growth. Its CEO plans on undertaking multiple projects to help the company grow beyond its current ...</p><p><blockquote><div>故事亮点随着第一季度收入的强劲增长，AMC已走上复苏之路。其首席执行官计划开展多个项目，以帮助公司超越目前的发展……</div></blockquote></p><p>  <a href=\"https://www.tipranks.com/news/article/amc-stocks-growth-prospects-make-it-worth-considering-again/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.tipranks.com/news/article/amc-stocks-growth-prospects-make-it-worth-considering-again/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.tipranks.com/news/article/amc-stocks-growth-prospects-make-it-worth-considering-again/\">TipRanks</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":{"AMC":"AMC院线"},"source_url":"https://www.tipranks.com/news/article/amc-stocks-growth-prospects-make-it-worth-considering-again/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117792171","content_text":"Story HighlightsAMC has embarked on its road to recovery with its robust first-quarter revenue growth. Its CEO plans on undertaking multiple projects to help the company grow beyond its current operations.AMC Entertainment Holdings (AMC) stock has experienced a wild ride over the past couple of years. Nevertheless, its underlying business is slowly picking up from the pandemic-induced weakness. AMC stock has a negative year-to-date return of around 50%, but the company is showing signs of a robust recovery from the pandemic.Its recent results have breathed new life into the stock, and an incredible film slate ahead promises more fireworks. Thus, the combination of growth prospects, improved fundamentals, and higher revenue makes AMC more than just a meme stock. We are bullish on AMC stock.AMC’s Fundamentals are RecoveringAMC’s fundamentals haven’t completely recovered from the effects of COVID-19. However, the company is getting close to hitting pre-pandemic levels. AMC reported its best first quarter in the last two years, with revenue increasing five-fold. In the first quarter of 2022, AMC’s revenue hit 65% of pre-pandemic levels, signaling that the pandemic is in the rear-view mirror.The company reported revenue of more than $785 million in the first quarter of 2022. Top-line growth exceeded Wall Street’s expectations of $743 million.In the first quarter of 2022, AMC celebrated a total attendance of more than 39 million, which is an almost five-fold improvement from the same quarter last year.Along with impressive footfall, AMC enjoyed $252.5 million in revenue from its Food and Beverage business. The amount indicates a five-fold increase as more movies hit the market.Concerning the company’s balance sheet, it suffered due to a negative free cash flow figure of $330 million for the quarter. However, this issue shouldn’t hinder AMC from embarking on recovery bolstered by its strong liquidity position of $1.376 billion.The Road Ahead: “Value-Creating Investments”AMC’s management believes that bringing the company back to pre-pandemic levels isn’t their end goal. Therefore, during the earnings calls held in May 2022, CEO Adam Aron provided details on AMC’s initiatives.According to him, AMC’s slogan is “Recovery, Agility, and Transformation.” Hence, the company can do more than just recover from the pit dug by COVID-19.The company aims to employ cash to support operations, repay loans, and invest in growth prospects. Its investment in Hycroft Mining(HYMC) is an example of the transformation that AMC is planning to do. The CEO also added that he is constantly searching for “value-creating investments that will benefit the company in the long run.”Along with its investment in Hycroft Mining, AMC also plans to dive deeper into the retail popcorn market. In late 2021, the company announced its intention to produce branded popcorn this year.Moreover, AMC is also pivoting towards NFT initiatives, with eight projects in progress. These initiatives could help AMC become the next big thing in some years.AMC: Not Diluting Shareholders AnymoreEquity raises are always a delicate topic, especially for stocks with massive retail ownership. Share issues mean greater dilution, which impedes the power of individual shareholders. However, the importance of issuing shares is crucial to businesses like AMC because the extra cash helps them execute their long-term strategies.Usually, announcements concerning share issues result in sell-offs, but AMC has experienced the opposite. In January 2021, the share price soared after AMC issued more shares. The same happened in June 2021. This could be beneficial for AMC, but the company paused share issues since then to reward its existing shareholders.Wall Street’s TakeTurning to Wall Street, AMC stock maintains a Moderate Sell consensus rating. Out of five total analyst ratings, zero Buys, two Holds, and three Sell ratings were assigned over the past three months.The average AMC stock price target is $6, implying 55.65% downside potential. Analyst price targets range from a low of $1 per share to a high of $11 per share.Takeaway – Don’t Walk Out on AMC StockYou could dread AMC for its cash burn rate, but it’s tough to bet against AMC’s long-term outlook. The company is on a post-COVID recovery journey, and it seems that AMC is headed in the right direction. Sure, the free cash flow isn’t too attractive, but AMC’s business fundamentals and revenue growth are solid.Moreover, the company’s decision to stop share dilution is a cherry on top for worrisome investors. Things are getting back to normal as COVID-19 cases decline and more people get out of their homes to watch movies. Therefore, it is possibly time to start believing in AMC again.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":3355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":681326506,"gmtCreate":1656678599706,"gmtModify":1704865603088,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/681326506","repostId":"1102227783","repostType":4,"repost":{"id":"1102227783","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":1656671560,"share":"https://www.laohu8.com/m/news/1102227783?lang=zh_CN&edition=full","pubTime":"2022-07-01 18:32","market":"hk","language":"en","title":"NIO Delivered 12,961 Vehicles in June 2022, Increasing By 60.3% Year-Over-Year<blockquote>蔚来2022年6月交付12,961辆，同比增长60.3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102227783","media":"Tiger Newspress","summary":"NIO delivered 12,961 vehicles in June 2022, increasing by 60.3% year-over-yearNIO delivered 25,059 v","content":"<p><html><head></head><body><ul><li>NIO delivered 12,961 vehicles in June 2022, increasing by 60.3% year-over-year</li></ul><ul><li>NIO delivered 25,059 vehicles in the three months ended June 2022, increasing by 14.4% year-over-year</li></ul><ul><li>Cumulative deliveries of NIO vehicles reached 217,897 as of June 30, 2022</li></ul>NIO delivered 12,961 vehicles in June 2022, representing a strong increase of 60.3% year-over-year. The deliveries consisted of 8,612 premium smart electric SUVs, including 1,684 ES8s, 5,100 ES6s and 1,828 EC6s, and 4,349 ET7s, the Company’s flagship premium smart electric sedan. NIO delivered 25,059 vehicles in the second quarter of 2022, increasing by 14.4% year-over-year. Cumulative deliveries of NIO vehicles reached 217,897 as of June 30, 2022.</p><p><blockquote><html><head></head><body><ul><li>蔚来2022年6月交付12,961辆，同比增长60.3%</li></ul><ul><li>蔚来在截至2022年6月的三个月内交付了25,059辆汽车，同比增长14.4%</li></ul><ul><li>截至2022年6月30日蔚来汽车累计交付217,897辆</li></ul>2022年6月，蔚来交付了12,961辆汽车，同比强劲增长60.3%。交付量包括8,612辆高端智能电动SUV，包括1,684辆ES8、5,100辆ES6和1,828辆EC6，以及4,349辆ET7（该公司的旗舰高端智能电动轿车）。蔚来2022年第二季度交付了25,059辆汽车，同比增长14.4%。截至2022年6月30日，蔚来汽车累计交付量达到217,897辆。</body></html></blockquote></p><p>On June 15, 2022, NIO unveiled the ES7, a brand new mid-large five-seater smart electric SUV. The ES7 is the first SUV product based on NIO Technology 2.0 (NT2.0), the latest technology platform of the Company. NIO also launched the 2022 ES8, ES6 and EC6 equipped with the upgraded digital cockpit domain controller and sensing suite, enhancing the computing and perception capabilities as well as digital experience of the vehicles. The Company expects to start deliveries of the ES7 and the 2022 ES8, ES6 and EC6 in August 2022.</p><p><blockquote>2022年6月15日，蔚来发布了全新中大五座智能电动SUV ES7。ES7是首款基于公司最新技术平台蔚来技术2.0（NT2.0）打造的SUV产品。蔚来还推出了搭载升级后的数字座舱域控制器和传感套件的2022款ES8、ES6和EC6，增强了车辆的计算和感知能力以及数字化体验。该公司预计将于2022年8月开始交付ES7和2022款ES8、ES6和EC6。</blockquote></p><p></body></html></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>NIO Delivered 12,961 Vehicles in June 2022, Increasing By 60.3% Year-Over-Year<blockquote>蔚来2022年6月交付12,961辆，同比增长60.3%</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\">\nNIO Delivered 12,961 Vehicles in June 2022, Increasing By 60.3% Year-Over-Year<blockquote>蔚来2022年6月交付12,961辆，同比增长60.3%</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\">2022-07-01 18:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><ul><li>NIO delivered 12,961 vehicles in June 2022, increasing by 60.3% year-over-year</li></ul><ul><li>NIO delivered 25,059 vehicles in the three months ended June 2022, increasing by 14.4% year-over-year</li></ul><ul><li>Cumulative deliveries of NIO vehicles reached 217,897 as of June 30, 2022</li></ul>NIO delivered 12,961 vehicles in June 2022, representing a strong increase of 60.3% year-over-year. The deliveries consisted of 8,612 premium smart electric SUVs, including 1,684 ES8s, 5,100 ES6s and 1,828 EC6s, and 4,349 ET7s, the Company’s flagship premium smart electric sedan. NIO delivered 25,059 vehicles in the second quarter of 2022, increasing by 14.4% year-over-year. Cumulative deliveries of NIO vehicles reached 217,897 as of June 30, 2022.</p><p><blockquote><html><head></head><body><ul><li>蔚来2022年6月交付12,961辆，同比增长60.3%</li></ul><ul><li>蔚来在截至2022年6月的三个月内交付了25,059辆汽车，同比增长14.4%</li></ul><ul><li>截至2022年6月30日蔚来汽车累计交付217,897辆</li></ul>2022年6月，蔚来交付了12,961辆汽车，同比强劲增长60.3%。交付量包括8,612辆高端智能电动SUV，包括1,684辆ES8、5,100辆ES6和1,828辆EC6，以及4,349辆ET7（该公司的旗舰高端智能电动轿车）。蔚来2022年第二季度交付了25,059辆汽车，同比增长14.4%。截至2022年6月30日，蔚来汽车累计交付量达到217,897辆。</body></html></blockquote></p><p>On June 15, 2022, NIO unveiled the ES7, a brand new mid-large five-seater smart electric SUV. The ES7 is the first SUV product based on NIO Technology 2.0 (NT2.0), the latest technology platform of the Company. NIO also launched the 2022 ES8, ES6 and EC6 equipped with the upgraded digital cockpit domain controller and sensing suite, enhancing the computing and perception capabilities as well as digital experience of the vehicles. The Company expects to start deliveries of the ES7 and the 2022 ES8, ES6 and EC6 in August 2022.</p><p><blockquote>2022年6月15日，蔚来发布了全新中大五座智能电动SUV ES7。ES7是首款基于公司最新技术平台蔚来技术2.0（NT2.0）打造的SUV产品。蔚来还推出了搭载升级后的数字座舱域控制器和传感套件的2022款ES8、ES6和EC6，增强了车辆的计算和感知能力以及数字化体验。该公司预计将于2022年8月开始交付ES7和2022款ES8、ES6和EC6。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09866":"蔚来-SW","NIO":"蔚来","NIO.SI":"蔚来"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102227783","content_text":"NIO delivered 12,961 vehicles in June 2022, increasing by 60.3% year-over-yearNIO delivered 25,059 vehicles in the three months ended June 2022, increasing by 14.4% year-over-yearCumulative deliveries of NIO vehicles reached 217,897 as of June 30, 2022NIO delivered 12,961 vehicles in June 2022, representing a strong increase of 60.3% year-over-year. The deliveries consisted of 8,612 premium smart electric SUVs, including 1,684 ES8s, 5,100 ES6s and 1,828 EC6s, and 4,349 ET7s, the Company’s flagship premium smart electric sedan. NIO delivered 25,059 vehicles in the second quarter of 2022, increasing by 14.4% year-over-year. Cumulative deliveries of NIO vehicles reached 217,897 as of June 30, 2022.On June 15, 2022, NIO unveiled the ES7, a brand new mid-large five-seater smart electric SUV. The ES7 is the first SUV product based on NIO Technology 2.0 (NT2.0), the latest technology platform of the Company. NIO also launched the 2022 ES8, ES6 and EC6 equipped with the upgraded digital cockpit domain controller and sensing suite, enhancing the computing and perception capabilities as well as digital experience of the vehicles. The Company expects to start deliveries of the ES7 and the 2022 ES8, ES6 and EC6 in August 2022.","news_type":1,"symbols_score_info":{"09866":0.9,"NIO.SI":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":3352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":683493531,"gmtCreate":1656452733325,"gmtModify":1704864827977,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/683493531","repostId":"2246206338","repostType":4,"repost":{"id":"2246206338","kind":"highlight","pubTimestamp":1656399806,"share":"https://www.laohu8.com/m/news/2246206338?lang=zh_CN&edition=full","pubTime":"2022-06-28 15:03","market":"sg","language":"en","title":"NIO: A Volatile But Very Profitable Road Ahead<blockquote>蔚来：未来的道路不稳定但利润丰厚</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2246206338","media":"Seekingalpha","summary":"There's a lot to like concerning NIO Inc. (NYSE:NIO) after it got hammered in the face of several ne","content":"<p><html><head></head><body>There&#39;s a lot to like concerning NIO Inc. (NYSE:NIO) after it got hammered in the face of several negative catalysts that drove the price down to as low as $11.67 on May 12. Since then, it has doubled as I write, making it a terrific performer for those that got in near the low.</p><p><blockquote><html><head></head><body>蔚来(NYSE：蔚来)在5月12日遭遇多个负面催化剂，导致股价跌至11.67美元，之后有很多值得喜欢的地方。从那以后，在我写这篇文章的时候，它已经翻了一番，对于那些接近低点的人来说，它是一个了不起的表演者。</body></html></blockquote></p><p>The quick jump in price does make me believe there will be an eventual sell-off as investors take some profits off the table, which could further drop if temporary bad news hits the stock near the time of a sell-off; the most likely being another shutdown in Shanghai.</p><p><blockquote>价格的快速上涨确实让我相信，随着投资者获利了结，最终会出现抛售，如果在抛售临近时出现暂时的坏消息，股价可能会进一步下跌；最有可能的是上海再次停工。</blockquote></p><p>But even in that worst-case scenario, the downward pressure on the price of NIO would only be temporary because the narrative surrounding the company has been consistently improving over the last month or so.</p><p><blockquote>但即使在最坏的情况下，蔚来价格的下行压力也只是暂时的，因为围绕该公司的叙述在过去一个月左右一直在持续改善。</blockquote></p><p>I believe the worst is behind NIO because the negative catalysts have already been baked into its share price. For that reason, it should enjoy steady and consistent growth going forward, although it will likely be a bumpy ride. Patient investors should generate some solid returns over the next couple of years and further out if there are no macro-economic or significant geopolitical events that impact the global economy and the EV sector.</p><p><blockquote>我相信蔚来最糟糕的时期已经过去，因为负面催化剂已经影响到其股价。因此，它未来应该会享受稳定持续的增长，尽管这可能会是一段坎坷的旅程。如果没有影响全球经济和电动汽车行业的宏观经济或重大地缘政治事件，耐心的投资者应该会在未来几年甚至更长时间内获得一些稳健的回报。</blockquote></p><p><h2>How to view the temporary macro challenges NIO faces</h2>I always ask myself two questions when looking at a company that appears to have been oversold like NIO, and they&#39;re these: has anything changed in the fundamentals of the sector, or has anything changed in the fundamentals of the company? The answer to both of these questions for NIO is no.</p><p><blockquote><h2>如何看待蔚来面临的暂时宏观挑战</h2>当我看到像蔚来这样似乎已经超卖的公司时，我总是问自己两个问题，它们是：行业的基本面是否发生了任何变化，或者公司的基本面是否发生了任何变化？蔚来对这两个问题的答案都是否定的。</blockquote></p><p>The EV sector is on a long-term growth trajectory, and NIO has positioned itself, through the increase of its production capacity and the introduction of new models, to take advantage of the EV trend.</p><p><blockquote>电动汽车行业正处于长期增长轨道，蔚来已通过提高产能和推出新车型来利用电动汽车趋势。</blockquote></p><p>Even with chips shortages, government shutdowns in China, temporary negative sentiment concerning China-based companies in general, the weakening global economy, delisting concerns in the U.S., and some inflationary pressure on commodities and chips, NIO is still managing to work its way out of short-term delivery challenges as demand for its vehicles continue to remain high.</p><p><blockquote>尽管存在芯片短缺、中国政府关门、对中国企业普遍存在暂时的负面情绪、全球经济疲软、美国退市担忧以及大宗商品和芯片面临的一些通胀压力，但蔚来仍在设法摆脱由于对其汽车的需求继续保持高位，短期交付挑战。</blockquote></p><p>Concerning things it has control over, it is raising prices and boosting production in order to mitigate increasing prices for commodities and chips. It has also listed on the Main Board of the Singapore Exchange to assuage concerns over possibly being delisted in the U.S.</p><p><blockquote>关于它可以控制的事情，它正在提高价格和增加产量，以缓解大宗商品和芯片价格的上涨。它还在新加坡交易所主板上市，以缓解人们对可能在美国退市的担忧。</blockquote></p><p>It also continues to enlarge its charging and swapping network. At the end of the first quarter, it had over 960 battery swapping stations installed in 197 cities. It has &#34;829 supercharging stations and 1,140 destination chargers.&#34;</p><p><blockquote>它还继续扩大其充换电网络。截至第一季度末，其在197个城市安装了超过960个电池交换站。它拥有“829个超级充电站和1,140个目的地充电器”。</blockquote></p><p>As for chip shortages, management stated in its latest earnings report that the chip shortage in June is related less to previous chip supply constraints and more to the boost in production capacity; for that reason the company believes chip supplies can be managed.</p><p><blockquote>至于芯片短缺，管理层在最新财报中表示，6月芯片短缺与此前芯片供应紧张关系较小，更多与产能提振有关；因此，该公司相信芯片供应是可以管理的。</blockquote></p><p><h2>Positive catalysts for NIO</h2>Among the positive catalysts for the company are the attractive valuation as a result of being oversold, increasing deliveries, expanding model portfolio, its boost in production, and the growth of its battery swap stations.</p><p><blockquote><h2>蔚来的积极催化剂</h2>该公司的积极催化剂包括超卖带来的有吸引力的估值、交付量的增加、车型组合的扩大、产量的提高以及电池交换站的增长。</blockquote></p><p>Initial response to the company&#39;s latest earnings report was a sell-off, as investors reacted to contracting margins coming from higher commodity and chip prices. But once the market absorbed the overall report and more numbers have come in, investors started looking at deliveries and the expected increase in production going forward.</p><p><blockquote>对该公司最新收益报告的最初反应是抛售，因为投资者对大宗商品和芯片价格上涨导致利润率收缩做出了反应。但一旦市场吸收了整体报告并且更多数据出现，投资者就开始关注交付量和未来产量的预期增长。</blockquote></p><p>For example, in May NIO boosted deliveries to 7,024, bring its total for the year to 37,866, up almost 12 percent year-over-year. Revenue jumped to $1.56 billion, a gain of 24 percent from 1Q 2021.</p><p><blockquote>例如，5月份蔚来的交付量增至7,024辆，全年交付量达到37,866辆，同比增长近12%。收入跃升至15.6亿美元，较2021年第一季度增长24%。</blockquote></p><p>The point here is investors are starting to look at revenue and deliveries more than the past negative catalysts, as I mentioned earlier, have been already baked into the share price of NIO.</p><p><blockquote>这里的要点是，投资者开始更多地关注收入和交付量，正如我之前提到的，过去的负面催化剂已经融入了蔚来的股价中。</blockquote></p><p>Other positive catalysts include the recent launch of its highly anticipated ES7. Deliveries for the crossover are scheduled for August 28th. China&#39;s Ministry of Industry and Information Technology (MIIT) stated in a symposium that it is researching ways to boost its manufacturing sector as a result of the impact from COVID-19 restrictions. It is believed the EV sector in China will be a beneficiary of the new policies.</p><p><blockquote>其他积极的催化剂包括最近推出的备受期待的ES7。跨界车计划于8月28日交付。中国工业和信息化部（MIIT）在一次研讨会上表示，由于新冠肺炎限制的影响，它正在研究提振制造业的方法。相信中国电动汽车行业将成为新政策的受益者。</blockquote></p><p>Last, China&#39;s State Council is expected to retain tax breaks already in place in order to stimulate demand for EV sales. Council members believe the tax cuts would generate $29.8 billion in consumer spending on the sector.</p><p><blockquote>最后，中国国务院预计将保留现有的税收减免政策，以刺激电动汽车销售需求。委员会成员认为，减税将为该行业带来298亿美元的消费者支出。</blockquote></p><p>All of these things are tailwinds for NIO as it continues growth momentum.</p><p><blockquote>所有这些都是蔚来持续增长势头的顺风车。</blockquote></p><p></p><p><h2>Probable taking of profits from NIO stock</h2>If we see any negative catalyst that spooks NIO shareholders, I believe we&#39;ll see a fairly quick sell-off in shares in order to protect profits. To get an idea of the type of numbers we&#39;re looking at in a sell-off, we&#39;ll look at the last couple of months when the share price of NIO corrected.</p><p><blockquote><h2>蔚来股票可能获利了结</h2>如果我们看到任何令蔚来股东感到恐慌的负面催化剂，我相信我们会看到股票相当快的抛售，以保护利润。为了了解我们在抛售中看到的数字类型，我们将看看过去几个月蔚来股价调整的情况。</blockquote></p><p>On May 4 traded at a little over $18.00 per share as a high, and by May 12 dropped to a 52-week low of $11.67. On May 20 it traded at a high of around $17.50, and by May 25 fell to $14.00 per share. More recently, on June 8 it traded at close to $20.45, and on June 13 dropped to a little under $16.00 per share. Since it dropped to about $16.00 per share on June 13, the price has soared to over $23.00 per share on June 23. Since May 12 the share price of NIO has about doubled.</p><p><blockquote>5月4日，该股的交易价格略高于每股18.00美元，到5月12日，该股跌至52周低点11.67美元。5月20日，该股的交易价格约为17.50美元，到5月25日跌至每股14.00美元。最近，6月8日，该股交易价格接近20.45美元，6月13日跌至略低于每股16.00美元。自6月13日跌至每股16.00美元左右以来，该价格在6月23日飙升至每股23.00美元以上。自5月12日以来，蔚来的股价上涨了约一倍。</blockquote></p><p>My thought here is anything that causes the market to produce fear will result in some quick offloading of shares in NIO. If there is a negative catalyst combined with taking profits, the share price will take a significant hit, but I don&#39;t see it lingering for long. I believe NIO has turned the corner and any negative news will only have a temporal effect on the company. As mentioned above, everything negative has already been priced into the share price of NIO, and the only thing that will potentially disrupt its momentum is another prolonged shutdown of Shanghai in response to a COVID outbreak. But again, this does nothing to change the fundamentals of the EV market, neither the fundamentals of NIO as a company.</p><p><blockquote>我在这里的想法是，任何导致市场产生恐惧的事情都会导致蔚来股票的快速抛售。如果出现负面催化剂加上获利了结，股价将受到重大打击，但我认为这种情况不会持续太久。我相信蔚来已经度过了难关，任何负面消息只会对公司产生暂时的影响。如上所述，所有负面因素都已反映在蔚来股价中，唯一可能扰乱其势头的是上海为应对新冠疫情而再次长期关闭。但同样，这并没有改变电动汽车市场的基本面，也没有改变蔚来作为一家公司的基本面。</blockquote></p><p>I&#39;m bringing this up because shareholders shouldn&#39;t be too concerned about this in any way. My point of view is NIO is in no danger in the short or long term, and the only thing that negative catalysts can do is extend the time it takes for the company to resume extraordinary growth.</p><p><blockquote>我提出这个问题是因为股东不应该以任何方式太担心这一点。我的观点是，蔚来在短期或长期都没有危险，负面催化剂唯一能做的就是延长公司恢复非凡增长的时间。</blockquote></p><p><h2>Conclusion</h2>Since I see NIO&#39;s share price being disproportionately punished in response to macroeconomic and geopolitical events and concerns, it is very likely to outperform its peers in the near term as it moves back into alignment with its strong fundamentals.</p><p><blockquote><h2>结论</h2>由于我认为蔚来的股价因宏观经济和地缘政治事件和担忧而受到不成比例的惩罚，因此随着它重新与其强劲的基本面保持一致，它很可能在短期内跑赢同行。</blockquote></p><p>Further out, it is wisely building out production capacity as it introduces new models, positioning itself for a strong growth spurt as consumers start to spend again.</p><p><blockquote>此外，该公司在推出新车型时明智地扩大产能，为消费者再次开始消费时的强劲增长做好准备。</blockquote></p><p>With supply chains improving and the company boosting the price of its models in response to increase in the price of commodities and chips, it is improving its margins and bottom line under difficult circumstances. That said, some of its pre-orders in the past will take a hit until the company works through its inventory and fills those orders.</p><p><blockquote>随着供应链的改善以及该公司提高其车型的价格以应对大宗商品和芯片价格的上涨，该公司正在困难的情况下提高其利润率和利润。也就是说，在公司清理库存并完成这些订单之前，过去的一些预购订单将受到打击。</blockquote></p><p>My thesis is it&#39;s not a matter of if, but when NIO starts to regain strong growth momentum as it increases deliveries from strong consumer demand and larger production capacity.</p><p><blockquote>我的论点是，这不是是否的问题，而是蔚来何时开始恢复强劲的增长势头，因为强劲的消费者需求和更大的产能增加了交付量。</blockquote></p><p>As we&#39;ve seen after it hit its 52-week low on May 12, it has already doubled from that level. Once market sentiment improves even more, it&#39;s going to go a lot higher in the long haul.</p><p><blockquote>正如我们在5月12日触及52周低点后看到的那样，它已经较该水平翻了一番。一旦市场情绪进一步改善，从长远来看，市场情绪将会走高。</blockquote></p><p>The key to me is to ignore the volatility in the EV sector and NIO&#39;s share price, focusing rather on the way the company has positioned itself to grow long into the future.</p><p><blockquote>对我来说，关键是忽略电动汽车行业和蔚来股价的波动，而是关注该公司为未来长期发展定位的方式。</blockquote></p><p>There is no doubt in my mind that patient investors are going to be handsomely rewarded.</p><p><blockquote>毫无疑问，耐心的投资者将获得丰厚的回报。</blockquote></p><p></body></html></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>NIO: A Volatile But Very Profitable Road Ahead<blockquote>蔚来：未来的道路不稳定但利润丰厚</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\">\nNIO: A Volatile But Very Profitable Road Ahead<blockquote>蔚来：未来的道路不稳定但利润丰厚</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seekingalpha</strong><span class=\"h-time small\">2022-06-28 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>There&#39;s a lot to like concerning NIO Inc. (NYSE:NIO) after it got hammered in the face of several negative catalysts that drove the price down to as low as $11.67 on May 12. Since then, it has doubled as I write, making it a terrific performer for those that got in near the low.</p><p><blockquote><html><head></head><body>蔚来(NYSE：蔚来)在5月12日遭遇多个负面催化剂，导致股价跌至11.67美元，之后有很多值得喜欢的地方。从那以后，在我写这篇文章的时候，它已经翻了一番，对于那些接近低点的人来说，它是一个了不起的表演者。</body></html></blockquote></p><p>The quick jump in price does make me believe there will be an eventual sell-off as investors take some profits off the table, which could further drop if temporary bad news hits the stock near the time of a sell-off; the most likely being another shutdown in Shanghai.</p><p><blockquote>价格的快速上涨确实让我相信，随着投资者获利了结，最终会出现抛售，如果在抛售临近时出现暂时的坏消息，股价可能会进一步下跌；最有可能的是上海再次停工。</blockquote></p><p>But even in that worst-case scenario, the downward pressure on the price of NIO would only be temporary because the narrative surrounding the company has been consistently improving over the last month or so.</p><p><blockquote>但即使在最坏的情况下，蔚来价格的下行压力也只是暂时的，因为围绕该公司的叙述在过去一个月左右一直在持续改善。</blockquote></p><p>I believe the worst is behind NIO because the negative catalysts have already been baked into its share price. For that reason, it should enjoy steady and consistent growth going forward, although it will likely be a bumpy ride. Patient investors should generate some solid returns over the next couple of years and further out if there are no macro-economic or significant geopolitical events that impact the global economy and the EV sector.</p><p><blockquote>我相信蔚来最糟糕的时期已经过去，因为负面催化剂已经影响到其股价。因此，它未来应该会享受稳定持续的增长，尽管这可能会是一段坎坷的旅程。如果没有影响全球经济和电动汽车行业的宏观经济或重大地缘政治事件，耐心的投资者应该会在未来几年甚至更长时间内获得一些稳健的回报。</blockquote></p><p><h2>How to view the temporary macro challenges NIO faces</h2>I always ask myself two questions when looking at a company that appears to have been oversold like NIO, and they&#39;re these: has anything changed in the fundamentals of the sector, or has anything changed in the fundamentals of the company? The answer to both of these questions for NIO is no.</p><p><blockquote><h2>如何看待蔚来面临的暂时宏观挑战</h2>当我看到像蔚来这样似乎已经超卖的公司时，我总是问自己两个问题，它们是：行业的基本面是否发生了任何变化，或者公司的基本面是否发生了任何变化？蔚来对这两个问题的答案都是否定的。</blockquote></p><p>The EV sector is on a long-term growth trajectory, and NIO has positioned itself, through the increase of its production capacity and the introduction of new models, to take advantage of the EV trend.</p><p><blockquote>电动汽车行业正处于长期增长轨道，蔚来已通过提高产能和推出新车型来利用电动汽车趋势。</blockquote></p><p>Even with chips shortages, government shutdowns in China, temporary negative sentiment concerning China-based companies in general, the weakening global economy, delisting concerns in the U.S., and some inflationary pressure on commodities and chips, NIO is still managing to work its way out of short-term delivery challenges as demand for its vehicles continue to remain high.</p><p><blockquote>尽管存在芯片短缺、中国政府关门、对中国企业普遍存在暂时的负面情绪、全球经济疲软、美国退市担忧以及大宗商品和芯片面临的一些通胀压力，但蔚来仍在设法摆脱由于对其汽车的需求继续保持高位，短期交付挑战。</blockquote></p><p>Concerning things it has control over, it is raising prices and boosting production in order to mitigate increasing prices for commodities and chips. It has also listed on the Main Board of the Singapore Exchange to assuage concerns over possibly being delisted in the U.S.</p><p><blockquote>关于它可以控制的事情，它正在提高价格和增加产量，以缓解大宗商品和芯片价格的上涨。它还在新加坡交易所主板上市，以缓解人们对可能在美国退市的担忧。</blockquote></p><p>It also continues to enlarge its charging and swapping network. At the end of the first quarter, it had over 960 battery swapping stations installed in 197 cities. It has &#34;829 supercharging stations and 1,140 destination chargers.&#34;</p><p><blockquote>它还继续扩大其充换电网络。截至第一季度末，其在197个城市安装了超过960个电池交换站。它拥有“829个超级充电站和1,140个目的地充电器”。</blockquote></p><p>As for chip shortages, management stated in its latest earnings report that the chip shortage in June is related less to previous chip supply constraints and more to the boost in production capacity; for that reason the company believes chip supplies can be managed.</p><p><blockquote>至于芯片短缺，管理层在最新财报中表示，6月芯片短缺与此前芯片供应紧张关系较小，更多与产能提振有关；因此，该公司相信芯片供应是可以管理的。</blockquote></p><p><h2>Positive catalysts for NIO</h2>Among the positive catalysts for the company are the attractive valuation as a result of being oversold, increasing deliveries, expanding model portfolio, its boost in production, and the growth of its battery swap stations.</p><p><blockquote><h2>蔚来的积极催化剂</h2>该公司的积极催化剂包括超卖带来的有吸引力的估值、交付量的增加、车型组合的扩大、产量的提高以及电池交换站的增长。</blockquote></p><p>Initial response to the company&#39;s latest earnings report was a sell-off, as investors reacted to contracting margins coming from higher commodity and chip prices. But once the market absorbed the overall report and more numbers have come in, investors started looking at deliveries and the expected increase in production going forward.</p><p><blockquote>对该公司最新收益报告的最初反应是抛售，因为投资者对大宗商品和芯片价格上涨导致利润率收缩做出了反应。但一旦市场吸收了整体报告并且更多数据出现，投资者就开始关注交付量和未来产量的预期增长。</blockquote></p><p>For example, in May NIO boosted deliveries to 7,024, bring its total for the year to 37,866, up almost 12 percent year-over-year. Revenue jumped to $1.56 billion, a gain of 24 percent from 1Q 2021.</p><p><blockquote>例如，5月份蔚来的交付量增至7,024辆，全年交付量达到37,866辆，同比增长近12%。收入跃升至15.6亿美元，较2021年第一季度增长24%。</blockquote></p><p>The point here is investors are starting to look at revenue and deliveries more than the past negative catalysts, as I mentioned earlier, have been already baked into the share price of NIO.</p><p><blockquote>这里的要点是，投资者开始更多地关注收入和交付量，正如我之前提到的，过去的负面催化剂已经融入了蔚来的股价中。</blockquote></p><p>Other positive catalysts include the recent launch of its highly anticipated ES7. Deliveries for the crossover are scheduled for August 28th. China&#39;s Ministry of Industry and Information Technology (MIIT) stated in a symposium that it is researching ways to boost its manufacturing sector as a result of the impact from COVID-19 restrictions. It is believed the EV sector in China will be a beneficiary of the new policies.</p><p><blockquote>其他积极的催化剂包括最近推出的备受期待的ES7。跨界车计划于8月28日交付。中国工业和信息化部（MIIT）在一次研讨会上表示，由于新冠肺炎限制的影响，它正在研究提振制造业的方法。相信中国电动汽车行业将成为新政策的受益者。</blockquote></p><p>Last, China&#39;s State Council is expected to retain tax breaks already in place in order to stimulate demand for EV sales. Council members believe the tax cuts would generate $29.8 billion in consumer spending on the sector.</p><p><blockquote>最后，中国国务院预计将保留现有的税收减免政策，以刺激电动汽车销售需求。委员会成员认为，减税将为该行业带来298亿美元的消费者支出。</blockquote></p><p>All of these things are tailwinds for NIO as it continues growth momentum.</p><p><blockquote>所有这些都是蔚来持续增长势头的顺风车。</blockquote></p><p></p><p><h2>Probable taking of profits from NIO stock</h2>If we see any negative catalyst that spooks NIO shareholders, I believe we&#39;ll see a fairly quick sell-off in shares in order to protect profits. To get an idea of the type of numbers we&#39;re looking at in a sell-off, we&#39;ll look at the last couple of months when the share price of NIO corrected.</p><p><blockquote><h2>蔚来股票可能获利了结</h2>如果我们看到任何令蔚来股东感到恐慌的负面催化剂，我相信我们会看到股票相当快的抛售，以保护利润。为了了解我们在抛售中看到的数字类型，我们将看看过去几个月蔚来股价调整的情况。</blockquote></p><p>On May 4 traded at a little over $18.00 per share as a high, and by May 12 dropped to a 52-week low of $11.67. On May 20 it traded at a high of around $17.50, and by May 25 fell to $14.00 per share. More recently, on June 8 it traded at close to $20.45, and on June 13 dropped to a little under $16.00 per share. Since it dropped to about $16.00 per share on June 13, the price has soared to over $23.00 per share on June 23. Since May 12 the share price of NIO has about doubled.</p><p><blockquote>5月4日，该股的交易价格略高于每股18.00美元，到5月12日，该股跌至52周低点11.67美元。5月20日，该股的交易价格约为17.50美元，到5月25日跌至每股14.00美元。最近，6月8日，该股交易价格接近20.45美元，6月13日跌至略低于每股16.00美元。自6月13日跌至每股16.00美元左右以来，该价格在6月23日飙升至每股23.00美元以上。自5月12日以来，蔚来的股价上涨了约一倍。</blockquote></p><p>My thought here is anything that causes the market to produce fear will result in some quick offloading of shares in NIO. If there is a negative catalyst combined with taking profits, the share price will take a significant hit, but I don&#39;t see it lingering for long. I believe NIO has turned the corner and any negative news will only have a temporal effect on the company. As mentioned above, everything negative has already been priced into the share price of NIO, and the only thing that will potentially disrupt its momentum is another prolonged shutdown of Shanghai in response to a COVID outbreak. But again, this does nothing to change the fundamentals of the EV market, neither the fundamentals of NIO as a company.</p><p><blockquote>我在这里的想法是，任何导致市场产生恐惧的事情都会导致蔚来股票的快速抛售。如果出现负面催化剂加上获利了结，股价将受到重大打击，但我认为这种情况不会持续太久。我相信蔚来已经度过了难关，任何负面消息只会对公司产生暂时的影响。如上所述，所有负面因素都已反映在蔚来股价中，唯一可能扰乱其势头的是上海为应对新冠疫情而再次长期关闭。但同样，这并没有改变电动汽车市场的基本面，也没有改变蔚来作为一家公司的基本面。</blockquote></p><p>I&#39;m bringing this up because shareholders shouldn&#39;t be too concerned about this in any way. My point of view is NIO is in no danger in the short or long term, and the only thing that negative catalysts can do is extend the time it takes for the company to resume extraordinary growth.</p><p><blockquote>我提出这个问题是因为股东不应该以任何方式太担心这一点。我的观点是，蔚来在短期或长期都没有危险，负面催化剂唯一能做的就是延长公司恢复非凡增长的时间。</blockquote></p><p><h2>Conclusion</h2>Since I see NIO&#39;s share price being disproportionately punished in response to macroeconomic and geopolitical events and concerns, it is very likely to outperform its peers in the near term as it moves back into alignment with its strong fundamentals.</p><p><blockquote><h2>结论</h2>由于我认为蔚来的股价因宏观经济和地缘政治事件和担忧而受到不成比例的惩罚，因此随着它重新与其强劲的基本面保持一致，它很可能在短期内跑赢同行。</blockquote></p><p>Further out, it is wisely building out production capacity as it introduces new models, positioning itself for a strong growth spurt as consumers start to spend again.</p><p><blockquote>此外，该公司在推出新车型时明智地扩大产能，为消费者再次开始消费时的强劲增长做好准备。</blockquote></p><p>With supply chains improving and the company boosting the price of its models in response to increase in the price of commodities and chips, it is improving its margins and bottom line under difficult circumstances. That said, some of its pre-orders in the past will take a hit until the company works through its inventory and fills those orders.</p><p><blockquote>随着供应链的改善以及该公司提高其车型的价格以应对大宗商品和芯片价格的上涨，该公司正在困难的情况下提高其利润率和利润。也就是说，在公司清理库存并完成这些订单之前，过去的一些预购订单将受到打击。</blockquote></p><p>My thesis is it&#39;s not a matter of if, but when NIO starts to regain strong growth momentum as it increases deliveries from strong consumer demand and larger production capacity.</p><p><blockquote>我的论点是，这不是是否的问题，而是蔚来何时开始恢复强劲的增长势头，因为强劲的消费者需求和更大的产能增加了交付量。</blockquote></p><p>As we&#39;ve seen after it hit its 52-week low on May 12, it has already doubled from that level. Once market sentiment improves even more, it&#39;s going to go a lot higher in the long haul.</p><p><blockquote>正如我们在5月12日触及52周低点后看到的那样，它已经较该水平翻了一番。一旦市场情绪进一步改善，从长远来看，市场情绪将会走高。</blockquote></p><p>The key to me is to ignore the volatility in the EV sector and NIO&#39;s share price, focusing rather on the way the company has positioned itself to grow long into the future.</p><p><blockquote>对我来说，关键是忽略电动汽车行业和蔚来股价的波动，而是关注该公司为未来长期发展定位的方式。</blockquote></p><p>There is no doubt in my mind that patient investors are going to be handsomely rewarded.</p><p><blockquote>毫无疑问，耐心的投资者将获得丰厚的回报。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4520117-nio-volatile-profitable-road-ahead\">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":{"09866":"蔚来-SW","NIO.SI":"蔚来","NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4520117-nio-volatile-profitable-road-ahead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2246206338","content_text":"There's a lot to like concerning NIO Inc. (NYSE:NIO) after it got hammered in the face of several negative catalysts that drove the price down to as low as $11.67 on May 12. Since then, it has doubled as I write, making it a terrific performer for those that got in near the low.The quick jump in price does make me believe there will be an eventual sell-off as investors take some profits off the table, which could further drop if temporary bad news hits the stock near the time of a sell-off; the most likely being another shutdown in Shanghai.But even in that worst-case scenario, the downward pressure on the price of NIO would only be temporary because the narrative surrounding the company has been consistently improving over the last month or so.I believe the worst is behind NIO because the negative catalysts have already been baked into its share price. For that reason, it should enjoy steady and consistent growth going forward, although it will likely be a bumpy ride. Patient investors should generate some solid returns over the next couple of years and further out if there are no macro-economic or significant geopolitical events that impact the global economy and the EV sector.How to view the temporary macro challenges NIO facesI always ask myself two questions when looking at a company that appears to have been oversold like NIO, and they're these: has anything changed in the fundamentals of the sector, or has anything changed in the fundamentals of the company? The answer to both of these questions for NIO is no.The EV sector is on a long-term growth trajectory, and NIO has positioned itself, through the increase of its production capacity and the introduction of new models, to take advantage of the EV trend.Even with chips shortages, government shutdowns in China, temporary negative sentiment concerning China-based companies in general, the weakening global economy, delisting concerns in the U.S., and some inflationary pressure on commodities and chips, NIO is still managing to work its way out of short-term delivery challenges as demand for its vehicles continue to remain high.Concerning things it has control over, it is raising prices and boosting production in order to mitigate increasing prices for commodities and chips. It has also listed on the Main Board of the Singapore Exchange to assuage concerns over possibly being delisted in the U.S.It also continues to enlarge its charging and swapping network. At the end of the first quarter, it had over 960 battery swapping stations installed in 197 cities. It has \"829 supercharging stations and 1,140 destination chargers.\"As for chip shortages, management stated in its latest earnings report that the chip shortage in June is related less to previous chip supply constraints and more to the boost in production capacity; for that reason the company believes chip supplies can be managed.Positive catalysts for NIOAmong the positive catalysts for the company are the attractive valuation as a result of being oversold, increasing deliveries, expanding model portfolio, its boost in production, and the growth of its battery swap stations.Initial response to the company's latest earnings report was a sell-off, as investors reacted to contracting margins coming from higher commodity and chip prices. But once the market absorbed the overall report and more numbers have come in, investors started looking at deliveries and the expected increase in production going forward.For example, in May NIO boosted deliveries to 7,024, bring its total for the year to 37,866, up almost 12 percent year-over-year. Revenue jumped to $1.56 billion, a gain of 24 percent from 1Q 2021.The point here is investors are starting to look at revenue and deliveries more than the past negative catalysts, as I mentioned earlier, have been already baked into the share price of NIO.Other positive catalysts include the recent launch of its highly anticipated ES7. Deliveries for the crossover are scheduled for August 28th. China's Ministry of Industry and Information Technology (MIIT) stated in a symposium that it is researching ways to boost its manufacturing sector as a result of the impact from COVID-19 restrictions. It is believed the EV sector in China will be a beneficiary of the new policies.Last, China's State Council is expected to retain tax breaks already in place in order to stimulate demand for EV sales. Council members believe the tax cuts would generate $29.8 billion in consumer spending on the sector.All of these things are tailwinds for NIO as it continues growth momentum.Probable taking of profits from NIO stockIf we see any negative catalyst that spooks NIO shareholders, I believe we'll see a fairly quick sell-off in shares in order to protect profits. To get an idea of the type of numbers we're looking at in a sell-off, we'll look at the last couple of months when the share price of NIO corrected.On May 4 traded at a little over $18.00 per share as a high, and by May 12 dropped to a 52-week low of $11.67. On May 20 it traded at a high of around $17.50, and by May 25 fell to $14.00 per share. More recently, on June 8 it traded at close to $20.45, and on June 13 dropped to a little under $16.00 per share. Since it dropped to about $16.00 per share on June 13, the price has soared to over $23.00 per share on June 23. Since May 12 the share price of NIO has about doubled.My thought here is anything that causes the market to produce fear will result in some quick offloading of shares in NIO. If there is a negative catalyst combined with taking profits, the share price will take a significant hit, but I don't see it lingering for long. I believe NIO has turned the corner and any negative news will only have a temporal effect on the company. As mentioned above, everything negative has already been priced into the share price of NIO, and the only thing that will potentially disrupt its momentum is another prolonged shutdown of Shanghai in response to a COVID outbreak. But again, this does nothing to change the fundamentals of the EV market, neither the fundamentals of NIO as a company.I'm bringing this up because shareholders shouldn't be too concerned about this in any way. My point of view is NIO is in no danger in the short or long term, and the only thing that negative catalysts can do is extend the time it takes for the company to resume extraordinary growth.ConclusionSince I see NIO's share price being disproportionately punished in response to macroeconomic and geopolitical events and concerns, it is very likely to outperform its peers in the near term as it moves back into alignment with its strong fundamentals.Further out, it is wisely building out production capacity as it introduces new models, positioning itself for a strong growth spurt as consumers start to spend again.With supply chains improving and the company boosting the price of its models in response to increase in the price of commodities and chips, it is improving its margins and bottom line under difficult circumstances. That said, some of its pre-orders in the past will take a hit until the company works through its inventory and fills those orders.My thesis is it's not a matter of if, but when NIO starts to regain strong growth momentum as it increases deliveries from strong consumer demand and larger production capacity.As we've seen after it hit its 52-week low on May 12, it has already doubled from that level. Once market sentiment improves even more, it's going to go a lot higher in the long haul.The key to me is to ignore the volatility in the EV sector and NIO's share price, focusing rather on the way the company has positioned itself to grow long into the future.There is no doubt in my mind that patient investors are going to be handsomely rewarded.","news_type":1,"symbols_score_info":{"09866":0.6,"NIO.SI":0.6,"NIO":1}},"isVote":1,"tweetType":1,"viewCount":2405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":683380537,"gmtCreate":1655998097834,"gmtModify":1704863845141,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/683380537","repostId":"2245088225","repostType":4,"isVote":1,"tweetType":1,"viewCount":2454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":689798419,"gmtCreate":1655819956034,"gmtModify":1704863289627,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/689798419","repostId":"1173452481","repostType":4,"repost":{"id":"1173452481","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":1655818545,"share":"https://www.laohu8.com/m/news/1173452481?lang=zh_CN&edition=full","pubTime":"2022-06-21 21:35","market":"us","language":"en","title":"EV Stocks Jumped in Morning Trading<blockquote>电动汽车股早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173452481","media":"Tiger Newspress","summary":"EV Stocks jumped in morning trading. Tesla, Lucid, Rivian, Nio, Li Auto, Xpeng Motors, Nikola, Canoo","content":"<p><html><head></head><body>EV Stocks jumped in morning trading. Tesla, Lucid, Rivian, Nio, Li Auto, Xpeng Motors, Nikola, Canoo and Niu Technologies climbed between 2% and 9%.</p><p><blockquote><html><head></head><body>电动汽车股早盘上涨。特斯拉、Lucid、Rivian、蔚来、理想汽车、小鹏汽车、Nikola、Canoo和小牛电动股价上涨2%至9%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/d448d86a1ebd14ba6fbb1a727b3d8ddd\" tg-width=\"387\" tg-height=\"717\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p></body></html></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>EV Stocks Jumped in Morning Trading<blockquote>电动汽车股早盘上涨</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nEV Stocks Jumped in Morning Trading<blockquote>电动汽车股早盘上涨</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\">2022-06-21 21:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>EV Stocks jumped in morning trading. Tesla, Lucid, Rivian, Nio, Li Auto, Xpeng Motors, Nikola, Canoo and Niu Technologies climbed between 2% and 9%.</p><p><blockquote><html><head></head><body>电动汽车股早盘上涨。特斯拉、Lucid、Rivian、蔚来、理想汽车、小鹏汽车、Nikola、Canoo和小牛电动股价上涨2%至9%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/d448d86a1ebd14ba6fbb1a727b3d8ddd\" tg-width=\"387\" tg-height=\"717\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","RIVN":"Rivian Automotive, Inc.","XPEV":"小鹏汽车","TSLA":"特斯拉","NIU":"小牛电动","LCID":"Lucid Group Inc","LI":"理想汽车"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173452481","content_text":"EV Stocks jumped in morning trading. Tesla, Lucid, Rivian, Nio, Li Auto, Xpeng Motors, Nikola, Canoo and Niu Technologies climbed between 2% and 9%.","news_type":1,"symbols_score_info":{"XPEV":0.9,"TSP":0.9,"ARVL":0.9,"LCID":0.9,"NIO":0.9,"NIU":0.9,"RIVN":0.9,"GOEV":0.9,"NKLA":0.9,"TSLA":0.9,"FFIE":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":3729,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":689798578,"gmtCreate":1655819914197,"gmtModify":1704863289455,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/689798578","repostId":"1146013913","repostType":4,"repost":{"id":"1146013913","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":1655819622,"share":"https://www.laohu8.com/m/news/1146013913?lang=zh_CN&edition=full","pubTime":"2022-06-21 21:53","market":"us","language":"en","title":"Palantir Shares Jumped 7.5% in Morning Trading<blockquote>Palantir股价早盘上涨7.5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146013913","media":"Tiger Newspress","summary":"Palantir shares jumped 7.5% in morning trading after Palantir initiated with a Buy at BofA.BofA anal","content":"<p><html><head></head><body>Palantir shares jumped 7.5% in morning trading after Palantir initiated with a Buy at BofA.</p><p><blockquote><html><head></head><body>Palantir在美国银行首次买入后，Palantir股价在早盘交易中上涨7.5%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae4273543430d9a9f601fa2349f39218\" tg-width=\"874\" tg-height=\"621\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>BofA analyst Mariana Perez Mora initiated coverage of Palantir Technologies with a Buy rating and $13 price target. The analyst sees the company as a beneficiary of &#34;rapidly growing demand&#34; for acritical intelligence platforms in both commercial and government end markets. Palantir&#39;s &#34;dominant&#34; position in the AI-powered software market should support more than 30% annual revenue growth and improving profits, Perez Mora tells investors in a research note.</p><p><blockquote>美国银行分析师Mariana Perez Mora首次对Palantir Technologies给予买入评级和13美元的目标价。分析师认为该公司是商业和政府终端市场对关键情报平台“快速增长的需求”的受益者。Perez Mora在一份研究报告中告诉投资者，Palantir在人工智能软件市场的“主导”地位应该会支持超过30%的年收入增长和利润的提高。</blockquote></p><p></body></html></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>Palantir Shares Jumped 7.5% in Morning Trading<blockquote>Palantir股价早盘上涨7.5%</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\">\nPalantir Shares Jumped 7.5% in Morning Trading<blockquote>Palantir股价早盘上涨7.5%</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\">2022-06-21 21:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Palantir shares jumped 7.5% in morning trading after Palantir initiated with a Buy at BofA.</p><p><blockquote><html><head></head><body>Palantir在美国银行首次买入后，Palantir股价在早盘交易中上涨7.5%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae4273543430d9a9f601fa2349f39218\" tg-width=\"874\" tg-height=\"621\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>BofA analyst Mariana Perez Mora initiated coverage of Palantir Technologies with a Buy rating and $13 price target. The analyst sees the company as a beneficiary of &#34;rapidly growing demand&#34; for acritical intelligence platforms in both commercial and government end markets. Palantir&#39;s &#34;dominant&#34; position in the AI-powered software market should support more than 30% annual revenue growth and improving profits, Perez Mora tells investors in a research note.</p><p><blockquote>美国银行分析师Mariana Perez Mora首次对Palantir Technologies给予买入评级和13美元的目标价。分析师认为该公司是商业和政府终端市场对关键情报平台“快速增长的需求”的受益者。Perez Mora在一份研究报告中告诉投资者，Palantir在人工智能软件市场的“主导”地位应该会支持超过30%的年收入增长和利润的提高。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146013913","content_text":"Palantir shares jumped 7.5% in morning trading after Palantir initiated with a Buy at BofA.BofA analyst Mariana Perez Mora initiated coverage of Palantir Technologies with a Buy rating and $13 price target. The analyst sees the company as a beneficiary of \"rapidly growing demand\" for acritical intelligence platforms in both commercial and government end markets. Palantir's \"dominant\" position in the AI-powered software market should support more than 30% annual revenue growth and improving profits, Perez Mora tells investors in a research note.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":4689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":689429270,"gmtCreate":1655799199993,"gmtModify":1704863199328,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/689429270","repostId":"1162401941","repostType":4,"repost":{"id":"1162401941","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":1655798474,"share":"https://www.laohu8.com/m/news/1162401941?lang=zh_CN&edition=full","pubTime":"2022-06-21 16:01","market":"us","language":"en","title":"Tesla Shares Gained 2.7% in Premarket Trading<blockquote>特斯拉股价在盘前交易中上涨2.7%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162401941","media":"Tiger Newspress","summary":"Tesla shares gained 2.7% in premarket trading after Musk said Tesla to cut salaried workforce by 10%","content":"<p><html><head></head><body>Tesla shares gained 2.7% in premarket trading after Musk said Tesla to cut salaried workforce by 10% over next 3 months.</p><p><blockquote><html><head></head><body>在马斯克表示特斯拉将在未来3个月内将受薪员工削减10%后，特斯拉股价在盘前交易中上涨2.7%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/9408b2baaffa8607375fc24eac1b0af3\" tg-width=\"874\" tg-height=\"622\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Electric carmaker Tesla will reduce its salaried workforce by roughly 10% over the next three months, Chief Executive Elon Musk said on Tuesday.</p><p><blockquote>电动汽车制造商特斯拉首席执行官Elon Musk周二表示，未来三个月将把受薪员工减少约10%。</blockquote></p><p>The cuts would amount to about a 3.5% reduction in total headcount at the company, Musk said at the Qatar Economic Forum organised by Bloomberg.</p><p><blockquote>马斯克在彭博社组织的卡塔尔经济论坛上表示，此次裁员将使公司员工总数减少约3.5%。</blockquote></p><p></body></html></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>Tesla Shares Gained 2.7% in Premarket Trading<blockquote>特斯拉股价在盘前交易中上涨2.7%</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\">\nTesla Shares Gained 2.7% in Premarket Trading<blockquote>特斯拉股价在盘前交易中上涨2.7%</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\">2022-06-21 16:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Tesla shares gained 2.7% in premarket trading after Musk said Tesla to cut salaried workforce by 10% over next 3 months.</p><p><blockquote><html><head></head><body>在马斯克表示特斯拉将在未来3个月内将受薪员工削减10%后，特斯拉股价在盘前交易中上涨2.7%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/9408b2baaffa8607375fc24eac1b0af3\" tg-width=\"874\" tg-height=\"622\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>Electric carmaker Tesla will reduce its salaried workforce by roughly 10% over the next three months, Chief Executive Elon Musk said on Tuesday.</p><p><blockquote>电动汽车制造商特斯拉首席执行官Elon Musk周二表示，未来三个月将把受薪员工减少约10%。</blockquote></p><p>The cuts would amount to about a 3.5% reduction in total headcount at the company, Musk said at the Qatar Economic Forum organised by Bloomberg.</p><p><blockquote>马斯克在彭博社组织的卡塔尔经济论坛上表示，此次裁员将使公司员工总数减少约3.5%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162401941","content_text":"Tesla shares gained 2.7% in premarket trading after Musk said Tesla to cut salaried workforce by 10% over next 3 months.Electric carmaker Tesla will reduce its salaried workforce by roughly 10% over the next three months, Chief Executive Elon Musk said on Tuesday.The cuts would amount to about a 3.5% reduction in total headcount at the company, Musk said at the Qatar Economic Forum organised by Bloomberg.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":689595996,"gmtCreate":1655712564818,"gmtModify":1704862954875,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/689595996","repostId":"2244108315","repostType":4,"isVote":1,"tweetType":1,"viewCount":908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":689592559,"gmtCreate":1655712533175,"gmtModify":1704862954186,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/689592559","repostId":"689349661","repostType":1,"repost":{"id":689349661,"gmtCreate":1655389542555,"gmtModify":1704862204628,"author":{"id":"4094925871338340","authorId":"4094925871338340","name":"Lashsmith","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4094925871338340","idStr":"4094925871338340"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>If you have a margin account, brokers can lend out your shares.&nbsp; It's important to make sure you turn off the \"share lend\" feature, especially now that shares for Shorts to borrow are drying up.&nbsp; If you have a cash accr, you should still confirm to your broker that you don't want your shares lent out.&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>If you have a margin account, brokers can lend out your shares.&nbsp; It's important to make sure you turn off the \"share lend\" feature, especially now that shares for Shorts to borrow are drying up.&nbsp; If you have a cash accr, you should still confirm to your broker that you don't want your shares lent out.&nbsp;&nbsp;","text":"$AMC Entertainment(AMC)$If you have a margin account, brokers can lend out your shares. It's important to make sure you turn off the \"share lend\" feature, especially now that shares for Shorts to borrow are drying up. If you have a cash accr, you should still confirm to your broker that you don't want your shares lent 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的情况下，阿斯麦估值生拔至60倍，如果不暴跌，这样的估值该怎么消化？奢侈品顶流爱马仕，算是欧洲股市的代表，2021年估值曾接近90pe，考虑到2020年疫情对爱马仕的利润产生不利影响，但即使按照2021年底55倍的市盈率计算，这个水平，也明显高于40倍的历史均值：爱马仕坚持手工制作，即使市场需求爆发，生产力也能以瞬时提升，因此，业绩增速在历史上维持在10%左右，2021年41%的增速同样不可维持：无法靠成长消化估值，大跌就是唯一选择。","images":[{"img":"https://static.tigerbbs.com/b7665ac6013b585baa476d54b3355a0a","width":"632","height":"367"},{"img":"https://static.tigerbbs.com/8093dcc8214b78197da30385894560b2","width":"632","height":"364"},{"img":"https://static.tigerbbs.com/090acfd3ea5a44bd1219288d81f24fc3","width":"632","height":"252"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/689817544","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"comments":[],"imageCount":11,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":689659925,"gmtCreate":1655578636768,"gmtModify":1704862703137,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/689659925","repostId":"1155780948","repostType":4,"repost":{"id":"1155780948","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":1655473779,"share":"https://www.laohu8.com/m/news/1155780948?lang=zh_CN&edition=full","pubTime":"2022-06-17 21:49","market":"us","language":"en","title":"Meme Stocks Soared in Morning Trading, With AMC Rising Over 6% and Palantir Rising Nearly 5%<blockquote>Meme股早盘大涨AMC涨超6%Palantir涨近5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155780948","media":"Tiger Newspress","summary":"Meme stocks soared in morning trading, with AMC rising over 6% and Palantir rising nearly 5%.","content":"<p><html><head></head><body>Meme stocks soared in morning trading, with AMC rising over 6% and Palantir rising nearly 5%.<img src=\"https://static.tigerbbs.com/a1a707901480149b0ab91fad1e4aa32f\" tg-width=\"315\" tg-height=\"456\" width=\"100%\" height=\"auto\"/></p><p><blockquote><html><head></head><body>Meme股早盘飙升，AMC涨超6%，Palantir涨近5%。</body></html></blockquote></p><p></body></html></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>Meme Stocks Soared in Morning Trading, With AMC Rising Over 6% and Palantir Rising Nearly 5%<blockquote>Meme股早盘大涨AMC涨超6%Palantir涨近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\">\nMeme Stocks Soared in Morning Trading, With AMC Rising Over 6% and Palantir Rising Nearly 5%<blockquote>Meme股早盘大涨AMC涨超6%Palantir涨近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\">2022-06-17 21:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Meme stocks soared in morning trading, with AMC rising over 6% and Palantir rising nearly 5%.<img src=\"https://static.tigerbbs.com/a1a707901480149b0ab91fad1e4aa32f\" tg-width=\"315\" tg-height=\"456\" width=\"100%\" height=\"auto\"/></p><p><blockquote><html><head></head><body>Meme股早盘飙升，AMC涨超6%，Palantir涨近5%。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc.","AMC":"AMC院线"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155780948","content_text":"Meme stocks soared in morning trading, with AMC rising over 6% and Palantir rising nearly 5%.","news_type":1,"symbols_score_info":{"PLTR":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":689863514,"gmtCreate":1655468048147,"gmtModify":1704862498371,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/689863514","repostId":"689349661","repostType":1,"repost":{"id":689349661,"gmtCreate":1655389542555,"gmtModify":1704862204628,"author":{"id":"4094925871338340","authorId":"4094925871338340","name":"Lashsmith","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4094925871338340","idStr":"4094925871338340"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>If you have a margin account, brokers can lend out your shares.&nbsp; It's important to make sure you turn off the \"share lend\" feature, especially now that shares for Shorts to borrow are drying up.&nbsp; If you have a cash accr, you should still confirm to your broker that you don't want your shares lent out.&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>If you have a margin account, brokers can lend out your shares.&nbsp; It's important to make sure you turn off the \"share lend\" feature, especially now that shares for Shorts to borrow are drying up.&nbsp; If you have a cash accr, you should still confirm to your broker that you don't want your shares lent out.&nbsp;&nbsp;","text":"$AMC Entertainment(AMC)$If you have a margin account, brokers can lend out your shares. It's important to make sure you turn off the \"share lend\" feature, especially now that shares for Shorts to borrow are drying up. If you have a cash accr, you should still confirm to your broker that you don't want your shares lent out.","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/689349661","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":935,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":689021345,"gmtCreate":1655297843392,"gmtModify":1704861828333,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/689021345","repostId":"1137759031","repostType":4,"repost":{"id":"1137759031","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":1655281322,"share":"https://www.laohu8.com/m/news/1137759031?lang=zh_CN&edition=full","pubTime":"2022-06-15 16:22","market":"us","language":"en","title":"NIO, Rivian, Coinbase and More: U.S. Stocks To Watch<blockquote>蔚来、Rivian、Coinbase等：值得关注的美国股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137759031","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:NIO will release new pure electric cars to","content":"<p><html><head></head><body>Some of the stocks that may grab investor focus today are:</p><p><blockquote><html><head></head><body>今天可能引起投资者关注的一些股票包括：</body></html></blockquote></p><p><b>NIO</b> will release new pure electric cars tonight. A product launch conference will be held at 8:00 pm today. The company will releaseES7 and other pure electric new cars.</p><p><blockquote><b>蔚来</b>将于今晚发布纯电新车。今天晚上8点将举行产品发布会。公司将发布ES7等纯电动新车。</blockquote></p><p>Early buyers of <b>Rivian</b>’s latest electric SUV are facing another delivery delay. A number of customers who pre-ordered Rivian’s R1S SUV received an email this week informing them that an expected June or July delivery window has been pushed back several months. According to Auto Evolution, customers posted on Rivian’s forum that their delivery window had been updated to August or September 2022, or as late as October through December 2022.</p><p><blockquote>的早期买家<b>Rivian</b>最新的电动SUV再次面临交付延迟。许多预订Rivian R1S SUV的客户本周收到一封电子邮件，通知他们预计6月或7月的交付窗口已推迟几个月。据Auto Evolution报道，客户在Rivian论坛上发帖称，他们的交付窗口已更新至2022年8月或9月，或最迟至2022年10月至12月。</blockquote></p><p>About half of bitcoin holders using <b>Coinbase</b> as an exchange likely are facing losses, after the largest cryptocurrency fell to $20,834 late Monday, the lowest level since December 2020, according to analysts at Mizuho. Besides, Coinbase said it will reduce its workforce by 1,100 employees, or about 18% of its staff, as part of its efforts to manage operating expenses.</p><p><blockquote>大约一半的比特币持有者使用<b>Coinbase</b>瑞穗分析师表示，周一晚间最大的加密货币跌至20,834美元，为2020年12月以来的最低水平，交易所可能面临损失。此外，Coinbase表示，作为管理运营费用努力的一部分，将裁员1100名员工，约占员工总数的18%。</blockquote></p><p>Wall Street expects <b>John Wiley &amp; Sons, Inc.</b> to post quarterly earnings at $0.97 per share on revenue of $558.60 million before the opening bell. John Wiley &amp; Sons shares gained 2.1% to $49.10 in after-hours trading.</p><p><blockquote>华尔街预计<b>约翰·威利父子公司。</b>开盘前公布季度收益为每股0.97美元，营收为5.586亿美元。John Wiley&amp;Sons股价在盘后交易中上涨2.1%，至49.10美元。</blockquote></p><p><b>Planet Labs PBC</b> reported mixed financial results for its first quarter. The company’s revenue increased 26% year-over-year to $40.1 million, beating market estimates of $39.5 million. The company, meanwhile, reported a quarterly earnings loss of 17 cents per share. Planet Labs shares dipped 11.5% to $4.56 in the after-hours trading session.</p><p><blockquote><b>行星实验室PBC</b>公布的第一季度财务业绩好坏参半。该公司营收同比增长26%至4010万美元，超过市场预期的3950万美元。与此同时，该公司报告季度收益每股亏损17美分。Planet Labs股价在盘后交易时段下跌11.5%至4.56美元。</blockquote></p><p><b>Waterdrop Inc.</b> is projected to report earnings for its first quarter before the opening bell today. Waterdrop shares gained 1.9% to $1.62 in the after-hours trading session.</p><p><blockquote><b>水滴公司。</b>预计将在今天开盘前公布第一季度收益。Waterdrop股价在盘后交易时段上涨1.9%，至1.62美元。</blockquote></p><p><b>RF Industries, Ltd.</b> reported better-than-expected results for its second quarter and raised its FY22 sales forecast. RF Industries shares jumped 5.7% to $6.45 in the after-hours trading session.</p><p><blockquote><b>射频工业有限公司。</b>报告第二季度业绩好于预期，并上调了2022财年销售预期。RF Industries股价在盘后交易时段上涨5.7%，至6.45美元。</blockquote></p><p><b>Western Asset Mortgage Capital Corporation</b> named Robert W. Lehman as Chief Financial Officer. Western Asset Mortgage Capital shares gained 2.5% to $1.23 in after-hours trading.</p><p><blockquote><b>西部资产抵押资本公司</b>任命罗伯特·W·雷曼为首席财务官。Western Asset Mortgage Capital股价在盘后交易中上涨2.5%，至1.23美元。</blockquote></p><p></body></html></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>NIO, Rivian, Coinbase and More: U.S. Stocks To Watch<blockquote>蔚来、Rivian、Coinbase等：值得关注的美国股票</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\">\nNIO, Rivian, Coinbase and More: U.S. Stocks To Watch<blockquote>蔚来、Rivian、Coinbase等：值得关注的美国股票</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\">2022-06-15 16:22</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Some of the stocks that may grab investor focus today are:</p><p><blockquote><html><head></head><body>今天可能引起投资者关注的一些股票包括：</body></html></blockquote></p><p><b>NIO</b> will release new pure electric cars tonight. A product launch conference will be held at 8:00 pm today. The company will releaseES7 and other pure electric new cars.</p><p><blockquote><b>蔚来</b>将于今晚发布纯电新车。今天晚上8点将举行产品发布会。公司将发布ES7等纯电动新车。</blockquote></p><p>Early buyers of <b>Rivian</b>’s latest electric SUV are facing another delivery delay. A number of customers who pre-ordered Rivian’s R1S SUV received an email this week informing them that an expected June or July delivery window has been pushed back several months. According to Auto Evolution, customers posted on Rivian’s forum that their delivery window had been updated to August or September 2022, or as late as October through December 2022.</p><p><blockquote>的早期买家<b>Rivian</b>最新的电动SUV再次面临交付延迟。许多预订Rivian R1S SUV的客户本周收到一封电子邮件，通知他们预计6月或7月的交付窗口已推迟几个月。据Auto Evolution报道，客户在Rivian论坛上发帖称，他们的交付窗口已更新至2022年8月或9月，或最迟至2022年10月至12月。</blockquote></p><p>About half of bitcoin holders using <b>Coinbase</b> as an exchange likely are facing losses, after the largest cryptocurrency fell to $20,834 late Monday, the lowest level since December 2020, according to analysts at Mizuho. Besides, Coinbase said it will reduce its workforce by 1,100 employees, or about 18% of its staff, as part of its efforts to manage operating expenses.</p><p><blockquote>大约一半的比特币持有者使用<b>Coinbase</b>瑞穗分析师表示，周一晚间最大的加密货币跌至20,834美元，为2020年12月以来的最低水平，交易所可能面临损失。此外，Coinbase表示，作为管理运营费用努力的一部分，将裁员1100名员工，约占员工总数的18%。</blockquote></p><p>Wall Street expects <b>John Wiley &amp; Sons, Inc.</b> to post quarterly earnings at $0.97 per share on revenue of $558.60 million before the opening bell. John Wiley &amp; Sons shares gained 2.1% to $49.10 in after-hours trading.</p><p><blockquote>华尔街预计<b>约翰·威利父子公司。</b>开盘前公布季度收益为每股0.97美元，营收为5.586亿美元。John Wiley&amp;Sons股价在盘后交易中上涨2.1%，至49.10美元。</blockquote></p><p><b>Planet Labs PBC</b> reported mixed financial results for its first quarter. The company’s revenue increased 26% year-over-year to $40.1 million, beating market estimates of $39.5 million. The company, meanwhile, reported a quarterly earnings loss of 17 cents per share. Planet Labs shares dipped 11.5% to $4.56 in the after-hours trading session.</p><p><blockquote><b>行星实验室PBC</b>公布的第一季度财务业绩好坏参半。该公司营收同比增长26%至4010万美元，超过市场预期的3950万美元。与此同时，该公司报告季度收益每股亏损17美分。Planet Labs股价在盘后交易时段下跌11.5%至4.56美元。</blockquote></p><p><b>Waterdrop Inc.</b> is projected to report earnings for its first quarter before the opening bell today. Waterdrop shares gained 1.9% to $1.62 in the after-hours trading session.</p><p><blockquote><b>水滴公司。</b>预计将在今天开盘前公布第一季度收益。Waterdrop股价在盘后交易时段上涨1.9%，至1.62美元。</blockquote></p><p><b>RF Industries, Ltd.</b> reported better-than-expected results for its second quarter and raised its FY22 sales forecast. RF Industries shares jumped 5.7% to $6.45 in the after-hours trading session.</p><p><blockquote><b>射频工业有限公司。</b>报告第二季度业绩好于预期，并上调了2022财年销售预期。RF Industries股价在盘后交易时段上涨5.7%，至6.45美元。</blockquote></p><p><b>Western Asset Mortgage Capital Corporation</b> named Robert W. Lehman as Chief Financial Officer. Western Asset Mortgage Capital shares gained 2.5% to $1.23 in after-hours trading.</p><p><blockquote><b>西部资产抵押资本公司</b>任命罗伯特·W·雷曼为首席财务官。Western Asset Mortgage Capital股价在盘后交易中上涨2.5%，至1.23美元。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WDH":"水滴","WLY":"约翰威立国际出版-A","NIO":"蔚来","COIN":"Coinbase Global, Inc.","PL":"Planet  Labs Pbc","RIVN":"Rivian Automotive, Inc.","RFIL":"RF Industries"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137759031","content_text":"Some of the stocks that may grab investor focus today are:NIO will release new pure electric cars tonight. A product launch conference will be held at 8:00 pm today. The company will releaseES7 and other pure electric new cars.Early buyers of Rivian’s latest electric SUV are facing another delivery delay. A number of customers who pre-ordered Rivian’s R1S SUV received an email this week informing them that an expected June or July delivery window has been pushed back several months. According to Auto Evolution, customers posted on Rivian’s forum that their delivery window had been updated to August or September 2022, or as late as October through December 2022.About half of bitcoin holders using Coinbase as an exchange likely are facing losses, after the largest cryptocurrency fell to $20,834 late Monday, the lowest level since December 2020, according to analysts at Mizuho. Besides, Coinbase said it will reduce its workforce by 1,100 employees, or about 18% of its staff, as part of its efforts to manage operating expenses.Wall Street expects John Wiley & Sons, Inc. to post quarterly earnings at $0.97 per share on revenue of $558.60 million before the opening bell. John Wiley & Sons shares gained 2.1% to $49.10 in after-hours trading.Planet Labs PBC reported mixed financial results for its first quarter. The company’s revenue increased 26% year-over-year to $40.1 million, beating market estimates of $39.5 million. The company, meanwhile, reported a quarterly earnings loss of 17 cents per share. Planet Labs shares dipped 11.5% to $4.56 in the after-hours trading session.Waterdrop Inc. is projected to report earnings for its first quarter before the opening bell today. Waterdrop shares gained 1.9% to $1.62 in the after-hours trading session.RF Industries, Ltd. reported better-than-expected results for its second quarter and raised its FY22 sales forecast. RF Industries shares jumped 5.7% to $6.45 in the after-hours trading session.Western Asset Mortgage Capital Corporation named Robert W. Lehman as Chief Financial Officer. Western Asset Mortgage Capital shares gained 2.5% to $1.23 in after-hours trading.","news_type":1,"symbols_score_info":{"WLY":0.9,"WDH":0.9,"PL":0.9,"RFIL":0.9,"NIO":0.9,"COIN":0.9,"RIVN":0.9,"WMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":680522646,"gmtCreate":1655168344387,"gmtModify":1704861317707,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/680522646","repostId":"1138793205","repostType":4,"repost":{"id":"1138793205","kind":"news","pubTimestamp":1655134386,"share":"https://www.laohu8.com/m/news/1138793205?lang=zh_CN&edition=full","pubTime":"2022-06-13 23:33","market":"sg","language":"en","title":"NIO: Time For Massive Growth<blockquote>蔚来：大规模增长的时候到了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138793205","media":"Seeking Alpha","summary":"SummaryResults pressured by China covid lockdowns.Production set to soar in coming quarters.Street sees stock doubling from current level.Late last week, one of the weaker names in the market was Chin","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Results pressured by China covid lockdowns.</li><li>Production set to soar in coming quarters.</li><li>Street sees stock doubling from current level.</li></ul>Late last week, one of the weaker names in the market was Chinese electric vehicle maker NIO (NYSE:NIO), after the company reported itsfirst quarter results. Investors focused on weaker than expected guidance for Q2, but it was already known that the situation in China was going to pressure results for the period. The most important part of last week&#39;s earnings report was management&#39;s commentary on upcoming production plans, which showed that massive growth is finally about to come.</p><p><blockquote><ul><li>中国新冠疫情封锁给业绩带来压力。</li><li>未来几个季度产量将飙升。</li><li>Street预计股价将比当前水平翻倍。</li></ul>上周晚些时候，中国电动汽车制造商蔚来（纽约证券交易所股票代码：蔚来）公布了第一季度业绩，成为市场上表现较弱的公司之一。投资者关注的是第二季度弱于预期的指引，但众所周知，中国的情况将给该期间的业绩带来压力。上周财报中最重要的部分是管理层对即将到来的生产计划的评论，这表明大规模增长终于即将到来。</blockquote></p><p>For Q1, revenues came in at $1.56 billion, which was up more than 24% year over year, and came in a little ahead of estimates. One of my main issues with NIO is that it usually reports results so late in the quarter that these numbers seem basically irrelevant, since we&#39;re almost done with Q2 already. On the bottom line, non-GAAP earnings per ADS beat by three cents, but this is still a company that&#39;s losing plenty of money at this time.</p><p><blockquote>第一季度收入为15.6亿美元，同比增长超过24%，略高于预期。我对蔚来的主要问题之一是，它通常在本季度很晚才报告业绩，以至于这些数字似乎基本上无关紧要，因为我们已经几乎完成了第二季度的工作。从底线来看，非公认会计准则每股美国存托凭证收益超出了3美分，但这仍然是一家目前亏损大量资金的公司。</blockquote></p><p>The main reason for shares dropping after Thursday&#39;s report was the following headline - management guided to between $1.47 billion and $1.59 billion in revenues for the second quarter. Wall Street had anticipated second quarter revenue to reach $1.79 billion. Deliveries are expected to be in a range of 23,000 to 25,000, with even the high end of that being a sequential decline from Q1&#39;s 25,768 units. As a reminder, Q2 is the first full quarter for deliveries of the ET7 sedan, which saw just 163 deliveries late in Q1.</p><p><blockquote>周四报告发布后股价下跌的主要原因是以下头条新闻——管理层预计第二季度收入在14.7亿美元至15.9亿美元之间。华尔街此前预计第二季度营收将达到17.9亿美元。交付量预计在23,000至25,000辆之间，即使是高端也较第一季度的25,768辆环比下降。提醒一下，第二季度是ET7轿车交付的第一个完整季度，第一季度末仅交付了163辆。</blockquote></p><p>I&#39;m pretty much discounting this guidance miss, just because the analyst average seemed so ridiculous going into last week&#39;s report. NIO had already reported its April and May delivery numbers, which were heavily pressured by China&#39;s covid lockdowns. Even though we knew June would be better, supply chain issues are still a problem, so to think revenues were going to jump over $200 million sequentially seemed highly questionable. Management is basically guiding for a monthly record in terms of June vehicle deliveries, and yet it is still likely to fall a bit short of Q1&#39;s quarterly total. I think analysts were just waiting to see what was reported and then adjust, but the result was a headline of very weak guidance.</p><p><blockquote>我几乎不考虑这一指引失误，只是因为分析师的平均水平在上周的报告中显得如此荒谬。蔚来已经公布了4月和5月的交付数据，这些数据受到中国新冠疫情封锁的沉重压力。尽管我们知道6月份会更好，但供应链问题仍然是一个问题，因此认为收入会连续超过2亿美元似乎非常值得怀疑。管理层基本上指导6月份车辆交付量创下月度纪录，但仍可能略低于第一季度的季度总量。我认为分析师只是在等着看报告的内容，然后进行调整，但结果是一个非常弱的指导的标题。</blockquote></p><p>NIO investors have been waiting for several quarters now to see production really ramp up. It has been over a year now since the company announceda new production agreementwith its partner JAC to double factory output to 240,000 units a year. Still, though, the company hasn&#39;t been able to report even 26,000 deliveries in a single quarter. The company is also in the process of building out its own facility called NeoPark. Duringthe conference call, management provided this key update regarding production, with &#34;F2&#34; referring to NeoPark:</p><p><blockquote>蔚来投资者已经等待了几个季度，希望看到产量真正增加。自该公司宣布与其合作伙伴江淮汽车达成新的生产协议，将工厂产量翻一番，达到每年24万辆以来，已经过去了一年多。尽管如此，该公司仍未能报告单季度交付量达26,000辆。该公司还在建设自己的设施，名为NeoPark。在电话会议期间，管理层提供了有关生产的关键更新，其中“F2”指的是NeoPark：</blockquote></p><p>For the production capacity of our first plant with JAC-NIO, as we have mentioned, we will continue to ramp up its production capacity in Q3. I think probably at least in the second half of the year, our overall plant capacity should reach 20,000 units per month. It can be -- it&#39;s not probably too hard for us to see when.And then for the F2&#39;s ramp-up pace, actually, first, we will kick off the delivery of ET5 from this plant in Q3. So it will start production in Q3 and that we try to reach 10,000 units within quite a short period, probably three, four months. I think that&#39;s our plan.Of course, next year, as we introduce more models into this factory, the overall production volume of F2 will continue to rise.It remains to be seen how quickly NIO will actually reach these rates. As I&#39;vedetailed in the past, the company&#39;s growth timelines haven&#39;t worked out as some may have hoped. All it takes is some more supply chain issues or another round of covid lockdowns, and these production rates won&#39;t be seen until sometime in 2023. This kind of tremendous growth in units is expected to drive a major surge in NIO revenues, with analyst estimates shown below.</p><p><blockquote>对于我们与江淮蔚来合作的第一家工厂的产能，正如我们所提到的，我们将在第三季度继续提高其产能。我想大概至少在下半年，我们的整个工厂产能应该达到每月2万台。可能是——对我们来说可能不难看出什么时候。然后对于F2的加速步伐，实际上，首先，我们将在第三季度开始从该工厂交付ET5。因此，它将在第三季度开始生产，我们试图在相当短的时间内（可能是三、四个月）达到10,000辆。我想这就是我们的计划。当然，明年随着我们把更多的车型引入这个工厂，F2的整体生产量还会继续上升。蔚来实际达到这些比率的速度还有待观察。正如我过去详细介绍的那样，该公司的增长时间表并没有像一些人希望的那样顺利。所需要的只是更多的供应链问题或另一轮新冠疫情封锁，而这些生产率要到2023年的某个时候才能看到。这种单位的巨大增长预计将推动蔚来收入大幅增长，分析师的估计如下所示。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e17e14941758d428fd4219d8740bb4d\" tg-width=\"640\" tg-height=\"264\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>NIO Revenue Estimates(Seeking Alpha)</p><p><blockquote>蔚来收入预测(Seeking Alpha)</blockquote></p><p>This significant expected revenue growth in the next 12-18 months is a main reason why theaverage price targeton the street is double what NIO shares closed at on Friday. The valuation seems quite reasonable currently, with the stock going for 1.9 times expected 2023 sales, as opposed to fellow Chinese EV names like XPeng (XPEV) going for 2.1 times and Li Auto (LI) at 2.2 times. Of course, EV giant Tesla (TSLA) trades for over 6.2 times projected sales for next year, as investors are certainly willing to pay a lot more for that name.</p><p><blockquote>未来12-18个月的预期收入显着增长是华尔街平均目标价是蔚来股价周五收盘价两倍的主要原因。目前估值似乎相当合理，该股2023年预期销量的1.9倍，而小鹏汽车(XPEV)和理想汽车(LI)等中国电动汽车公司的估值分别为2.1倍和2.2倍。当然，电动汽车巨头特斯拉(TSLA)明年预计销售额的6.2倍以上，因为投资者肯定愿意为这个名字支付更多费用。</blockquote></p><p></body></html></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>NIO: Time For Massive Growth<blockquote>蔚来：大规模增长的时候到了</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\">\nNIO: Time For Massive Growth<blockquote>蔚来：大规模增长的时候到了</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\">2022-06-13 23:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Results pressured by China covid lockdowns.</li><li>Production set to soar in coming quarters.</li><li>Street sees stock doubling from current level.</li></ul>Late last week, one of the weaker names in the market was Chinese electric vehicle maker NIO (NYSE:NIO), after the company reported itsfirst quarter results. Investors focused on weaker than expected guidance for Q2, but it was already known that the situation in China was going to pressure results for the period. The most important part of last week&#39;s earnings report was management&#39;s commentary on upcoming production plans, which showed that massive growth is finally about to come.</p><p><blockquote><ul><li>中国新冠疫情封锁给业绩带来压力。</li><li>未来几个季度产量将飙升。</li><li>Street预计股价将比当前水平翻倍。</li></ul>上周晚些时候，中国电动汽车制造商蔚来（纽约证券交易所股票代码：蔚来）公布了第一季度业绩，成为市场上表现较弱的公司之一。投资者关注的是第二季度弱于预期的指引，但众所周知，中国的情况将给该期间的业绩带来压力。上周财报中最重要的部分是管理层对即将到来的生产计划的评论，这表明大规模增长终于即将到来。</blockquote></p><p>For Q1, revenues came in at $1.56 billion, which was up more than 24% year over year, and came in a little ahead of estimates. One of my main issues with NIO is that it usually reports results so late in the quarter that these numbers seem basically irrelevant, since we&#39;re almost done with Q2 already. On the bottom line, non-GAAP earnings per ADS beat by three cents, but this is still a company that&#39;s losing plenty of money at this time.</p><p><blockquote>第一季度收入为15.6亿美元，同比增长超过24%，略高于预期。我对蔚来的主要问题之一是，它通常在本季度很晚才报告业绩，以至于这些数字似乎基本上无关紧要，因为我们已经几乎完成了第二季度的工作。从底线来看，非公认会计准则每股美国存托凭证收益超出了3美分，但这仍然是一家目前亏损大量资金的公司。</blockquote></p><p>The main reason for shares dropping after Thursday&#39;s report was the following headline - management guided to between $1.47 billion and $1.59 billion in revenues for the second quarter. Wall Street had anticipated second quarter revenue to reach $1.79 billion. Deliveries are expected to be in a range of 23,000 to 25,000, with even the high end of that being a sequential decline from Q1&#39;s 25,768 units. As a reminder, Q2 is the first full quarter for deliveries of the ET7 sedan, which saw just 163 deliveries late in Q1.</p><p><blockquote>周四报告发布后股价下跌的主要原因是以下头条新闻——管理层预计第二季度收入在14.7亿美元至15.9亿美元之间。华尔街此前预计第二季度营收将达到17.9亿美元。交付量预计在23,000至25,000辆之间，即使是高端也较第一季度的25,768辆环比下降。提醒一下，第二季度是ET7轿车交付的第一个完整季度，第一季度末仅交付了163辆。</blockquote></p><p>I&#39;m pretty much discounting this guidance miss, just because the analyst average seemed so ridiculous going into last week&#39;s report. NIO had already reported its April and May delivery numbers, which were heavily pressured by China&#39;s covid lockdowns. Even though we knew June would be better, supply chain issues are still a problem, so to think revenues were going to jump over $200 million sequentially seemed highly questionable. Management is basically guiding for a monthly record in terms of June vehicle deliveries, and yet it is still likely to fall a bit short of Q1&#39;s quarterly total. I think analysts were just waiting to see what was reported and then adjust, but the result was a headline of very weak guidance.</p><p><blockquote>我几乎不考虑这一指引失误，只是因为分析师的平均水平在上周的报告中显得如此荒谬。蔚来已经公布了4月和5月的交付数据，这些数据受到中国新冠疫情封锁的沉重压力。尽管我们知道6月份会更好，但供应链问题仍然是一个问题，因此认为收入会连续超过2亿美元似乎非常值得怀疑。管理层基本上指导6月份车辆交付量创下月度纪录，但仍可能略低于第一季度的季度总量。我认为分析师只是在等着看报告的内容，然后进行调整，但结果是一个非常弱的指导的标题。</blockquote></p><p>NIO investors have been waiting for several quarters now to see production really ramp up. It has been over a year now since the company announceda new production agreementwith its partner JAC to double factory output to 240,000 units a year. Still, though, the company hasn&#39;t been able to report even 26,000 deliveries in a single quarter. The company is also in the process of building out its own facility called NeoPark. Duringthe conference call, management provided this key update regarding production, with &#34;F2&#34; referring to NeoPark:</p><p><blockquote>蔚来投资者已经等待了几个季度，希望看到产量真正增加。自该公司宣布与其合作伙伴江淮汽车达成新的生产协议，将工厂产量翻一番，达到每年24万辆以来，已经过去了一年多。尽管如此，该公司仍未能报告单季度交付量达26,000辆。该公司还在建设自己的设施，名为NeoPark。在电话会议期间，管理层提供了有关生产的关键更新，其中“F2”指的是NeoPark：</blockquote></p><p>For the production capacity of our first plant with JAC-NIO, as we have mentioned, we will continue to ramp up its production capacity in Q3. I think probably at least in the second half of the year, our overall plant capacity should reach 20,000 units per month. It can be -- it&#39;s not probably too hard for us to see when.And then for the F2&#39;s ramp-up pace, actually, first, we will kick off the delivery of ET5 from this plant in Q3. So it will start production in Q3 and that we try to reach 10,000 units within quite a short period, probably three, four months. I think that&#39;s our plan.Of course, next year, as we introduce more models into this factory, the overall production volume of F2 will continue to rise.It remains to be seen how quickly NIO will actually reach these rates. As I&#39;vedetailed in the past, the company&#39;s growth timelines haven&#39;t worked out as some may have hoped. All it takes is some more supply chain issues or another round of covid lockdowns, and these production rates won&#39;t be seen until sometime in 2023. This kind of tremendous growth in units is expected to drive a major surge in NIO revenues, with analyst estimates shown below.</p><p><blockquote>对于我们与江淮蔚来合作的第一家工厂的产能，正如我们所提到的，我们将在第三季度继续提高其产能。我想大概至少在下半年，我们的整个工厂产能应该达到每月2万台。可能是——对我们来说可能不难看出什么时候。然后对于F2的加速步伐，实际上，首先，我们将在第三季度开始从该工厂交付ET5。因此，它将在第三季度开始生产，我们试图在相当短的时间内（可能是三、四个月）达到10,000辆。我想这就是我们的计划。当然，明年随着我们把更多的车型引入这个工厂，F2的整体生产量还会继续上升。蔚来实际达到这些比率的速度还有待观察。正如我过去详细介绍的那样，该公司的增长时间表并没有像一些人希望的那样顺利。所需要的只是更多的供应链问题或另一轮新冠疫情封锁，而这些生产率要到2023年的某个时候才能看到。这种单位的巨大增长预计将推动蔚来收入大幅增长，分析师的估计如下所示。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e17e14941758d428fd4219d8740bb4d\" tg-width=\"640\" tg-height=\"264\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>NIO Revenue Estimates(Seeking Alpha)</p><p><blockquote>蔚来收入预测(Seeking Alpha)</blockquote></p><p>This significant expected revenue growth in the next 12-18 months is a main reason why theaverage price targeton the street is double what NIO shares closed at on Friday. The valuation seems quite reasonable currently, with the stock going for 1.9 times expected 2023 sales, as opposed to fellow Chinese EV names like XPeng (XPEV) going for 2.1 times and Li Auto (LI) at 2.2 times. Of course, EV giant Tesla (TSLA) trades for over 6.2 times projected sales for next year, as investors are certainly willing to pay a lot more for that name.</p><p><blockquote>未来12-18个月的预期收入显着增长是华尔街平均目标价是蔚来股价周五收盘价两倍的主要原因。目前估值似乎相当合理，该股2023年预期销量的1.9倍，而小鹏汽车(XPEV)和理想汽车(LI)等中国电动汽车公司的估值分别为2.1倍和2.2倍。当然，电动汽车巨头特斯拉(TSLA)明年预计销售额的6.2倍以上，因为投资者肯定愿意为这个名字支付更多费用。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4518041-nio-stock-time-for-massive-growth\">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":{"09866":"蔚来-SW","NIO.SI":"蔚来","NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4518041-nio-stock-time-for-massive-growth","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138793205","content_text":"SummaryResults pressured by China covid lockdowns.Production set to soar in coming quarters.Street sees stock doubling from current level.Late last week, one of the weaker names in the market was Chinese electric vehicle maker NIO (NYSE:NIO), after the company reported itsfirst quarter results. Investors focused on weaker than expected guidance for Q2, but it was already known that the situation in China was going to pressure results for the period. The most important part of last week's earnings report was management's commentary on upcoming production plans, which showed that massive growth is finally about to come.For Q1, revenues came in at $1.56 billion, which was up more than 24% year over year, and came in a little ahead of estimates. One of my main issues with NIO is that it usually reports results so late in the quarter that these numbers seem basically irrelevant, since we're almost done with Q2 already. On the bottom line, non-GAAP earnings per ADS beat by three cents, but this is still a company that's losing plenty of money at this time.The main reason for shares dropping after Thursday's report was the following headline - management guided to between $1.47 billion and $1.59 billion in revenues for the second quarter. Wall Street had anticipated second quarter revenue to reach $1.79 billion. Deliveries are expected to be in a range of 23,000 to 25,000, with even the high end of that being a sequential decline from Q1's 25,768 units. As a reminder, Q2 is the first full quarter for deliveries of the ET7 sedan, which saw just 163 deliveries late in Q1.I'm pretty much discounting this guidance miss, just because the analyst average seemed so ridiculous going into last week's report. NIO had already reported its April and May delivery numbers, which were heavily pressured by China's covid lockdowns. Even though we knew June would be better, supply chain issues are still a problem, so to think revenues were going to jump over $200 million sequentially seemed highly questionable. Management is basically guiding for a monthly record in terms of June vehicle deliveries, and yet it is still likely to fall a bit short of Q1's quarterly total. I think analysts were just waiting to see what was reported and then adjust, but the result was a headline of very weak guidance.NIO investors have been waiting for several quarters now to see production really ramp up. It has been over a year now since the company announceda new production agreementwith its partner JAC to double factory output to 240,000 units a year. Still, though, the company hasn't been able to report even 26,000 deliveries in a single quarter. The company is also in the process of building out its own facility called NeoPark. Duringthe conference call, management provided this key update regarding production, with \"F2\" referring to NeoPark:For the production capacity of our first plant with JAC-NIO, as we have mentioned, we will continue to ramp up its production capacity in Q3. I think probably at least in the second half of the year, our overall plant capacity should reach 20,000 units per month. It can be -- it's not probably too hard for us to see when.And then for the F2's ramp-up pace, actually, first, we will kick off the delivery of ET5 from this plant in Q3. So it will start production in Q3 and that we try to reach 10,000 units within quite a short period, probably three, four months. I think that's our plan.Of course, next year, as we introduce more models into this factory, the overall production volume of F2 will continue to rise.It remains to be seen how quickly NIO will actually reach these rates. As I'vedetailed in the past, the company's growth timelines haven't worked out as some may have hoped. All it takes is some more supply chain issues or another round of covid lockdowns, and these production rates won't be seen until sometime in 2023. This kind of tremendous growth in units is expected to drive a major surge in NIO revenues, with analyst estimates shown below.NIO Revenue Estimates(Seeking Alpha)This significant expected revenue growth in the next 12-18 months is a main reason why theaverage price targeton the street is double what NIO shares closed at on Friday. The valuation seems quite reasonable currently, with the stock going for 1.9 times expected 2023 sales, as opposed to fellow Chinese EV names like XPeng (XPEV) going for 2.1 times and Li Auto (LI) at 2.2 times. Of course, EV giant Tesla (TSLA) trades for over 6.2 times projected sales for next year, as investors are certainly willing to pay a lot more for that name.","news_type":1,"symbols_score_info":{"09866":0.9,"NIO":0.9,"NIO.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":948,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":827956661,"gmtCreate":1634395616500,"gmtModify":1634395616909,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/827956661","repostId":"2175112192","repostType":4,"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608698869,"gmtCreate":1638702274773,"gmtModify":1638702274935,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/608698869","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886327496,"gmtCreate":1631568202715,"gmtModify":1631889841085,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Great!","listText":"Great!","text":"Great!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/886327496","repostId":"2167630550","repostType":4,"isVote":1,"tweetType":1,"viewCount":367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894472445,"gmtCreate":1628852625887,"gmtModify":1631891973267,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Have always like 'Lord of the Rings'","listText":"Have always like 'Lord of the Rings'","text":"Have always like 'Lord of the Rings'","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/894472445","repostId":"1131592543","repostType":4,"isVote":1,"tweetType":1,"viewCount":626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":636266158,"gmtCreate":1645907777081,"gmtModify":1645907777521,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/636266158","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://www.laohu8.com/m/news/1125580913?lang=zh_CN&edition=full","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<p><html><head></head><body>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p><blockquote><html><head></head><body>沃伦·巴菲特周六发布了致伯克希尔·哈撒韦公司股东的年度信。这位91岁的投资传奇人物已经出版这封信60多年了，它已成为世界各地投资者的必读书目。</body></html></blockquote></p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p><blockquote>沃伦·巴菲特表示，他现在认为科技巨头苹果是推动伯克希尔·哈撒韦公司的四大支柱之一，伯克希尔·哈撒韦公司是沃伦·巴菲特在过去50年里组建的主要由旧经济企业组成的企业集团。</blockquote></p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p><blockquote>在周六发布的致股东的年度信中，这位91岁的投资传奇人物将苹果列为“我们的四大巨头”，甚至称该公司是仅次于伯克希尔保险集团的第二大保险公司，这要归功于伯克希尔的首席执行官。</blockquote></p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p><blockquote>信中写道：“苹果才华横溢的首席执行官蒂姆·库克非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。”</blockquote></p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p><blockquote>巴菲特明确表示，他是库克股票回购策略的粉丝，以及该策略如何让该集团增加对这家iPhone制造商每一美元收益的所有权，而投资者无需动一根手指。</blockquote></p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p><blockquote>巴菲特在信中表示：“以年终市值衡量，苹果是我们的第二大巨头。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。”“这一增长听起来像是小巫见大巫。但考虑到苹果2021年盈利的0.1%相当于1亿美元。我们没有花费伯克希尔的资金来获得增长。苹果的回购完成了这项工作。”</blockquote></p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p><blockquote>在巴菲特投资副手Todd Combs和Ted Weschler的影响下，Berkshire于2016年开始买入苹果股票。到2018年中期，该集团积累了这家iPhone制造商5%的股份，价值360亿美元。如今，苹果的投资价值超过1600亿美元，占伯克希尔股票投资组合的40%。</blockquote></p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p><blockquote>“重要的是要明白，伯克希尔的GAAP收益报告中只有苹果的股息被计算在内——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的‘份额’达到了惊人的56亿美元。公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。”</blockquote></p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p><blockquote>除了指数和交易所交易基金提供商之外，Berkshire是苹果最大的股东。</blockquote></p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p><blockquote>巴菲特还将他的铁路业务BNSF和能源部门BHE视为该集团的另外两家巨头，这两家公司在2021年的盈利均创历史新高。</blockquote></p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><blockquote>巴菲特表示：“我们的第三大巨头BNSF仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。”“BHE已成为美国大部分地区的公用事业巨头以及风能、太阳能和输电领域的主导力量。”</blockquote></p><p><b>Read the full letter here：</b></p><p><blockquote><b>在这里阅读完整的信：</b></blockquote></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p><blockquote>致伯克希尔哈撒韦公司股东：</blockquote></p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p><blockquote>我的长期合伙人查理·芒格和我的工作是管理你的一部分储蓄。我们很荣幸得到你的信任。</blockquote></p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p><blockquote>如果我们是缺席的所有者，而您是经理，我们的职位有责任向您报告我们想知道的信息。我们喜欢通过这封年度信函和年会直接与您交流。</blockquote></p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p><blockquote>我们的政策是平等对待所有股东。因此，我们不与分析师或大型机构进行讨论。此外，只要有可能，我们会在周六上午发布重要信息，以便最大限度地让股东和媒体在周一开市前有时间了解新闻。</blockquote></p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p><blockquote>伯克希尔定期向美国证券交易委员会提交的年度10-K报告中列出了大量事实和数据。我们在K-1-K-119页复制了这一点。一些股东会发现这个细节引人入胜；其他人则更愿意了解查理和我认为伯克希尔的新事物或有趣之处。</blockquote></p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><blockquote>唉，2021年几乎没有这样的行动。不过，我们在增加您股票的内在价值方面确实取得了合理的进展。57年来，这项任务一直是我的主要职责。并将继续如此。</blockquote></p><p><b>What You Own</b></p><p><blockquote><b>你拥有什么</b></blockquote></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p><blockquote>伯克希尔拥有各种各样的业务，有些是全部，有些只是部分。第二组主要由美国大公司的有价证券普通股组成。此外，我们拥有一些非美国股票，并参与多家合资企业或其他合作活动。</blockquote></p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p><blockquote>无论我们的所有权形式如何，我们的目标都是对既有持久经济优势又有一流首席执行官的企业进行有意义的投资。请特别注意，我们持有股票是基于我们对其长期业务表现的预期，而不是因为我们将它们视为及时市场波动的工具。这一点至关重要：查理和我不是选股者；我们是挑选生意的人。</blockquote></p><p></p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><p><blockquote>我犯了很多错误。因此，我们广泛收集的企业包括一些具有真正非凡经济效益的企业，许多其他享有良好经济特征的企业，以及少数边缘企业。我们普通股部门的一个优势是——有时——以优惠的价格购买精彩的业务变得很容易。这种在谈判交易中射鱼的经历非常罕见，而且永远不会集体发生。当错误发生在市场舞台上时，从错误中退出也要容易得多。</blockquote></p><p><h2><b>Surprise, Surprise</b></h2>Here are a few items about your company that often surprise even seasoned investors:</p><p><blockquote><h2><b>惊喜，惊喜</b></h2>以下是有关贵公司的一些事项，即使是经验丰富的投资者也常常感到惊讶：</blockquote></p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p><blockquote>•许多人认为伯克希尔是一个庞大而有些奇怪的金融资产集合体。事实上，伯克希尔拥有和经营的美国“基础设施”资产（在我们的资产负债表上归类为财产、厂房和设备）比任何其他美国公司拥有和经营的都多。这种霸权从来都不是我们的目标。然而，这已经成为事实。</blockquote></p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p><blockquote>截至年底，这些国内基础设施资产在伯克希尔资产负债表上的价值为1580亿美元。这一数字去年有所增加，并将继续增加。伯克希尔将永远在建设。</blockquote></p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p><blockquote>•您的公司每年都要缴纳大量的联邦所得税。例如，在2021年，我们支付了</blockquote></p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p><blockquote>33亿美元，而美国财政部报告的企业所得税总收入为4020亿美元。此外，伯克希尔还缴纳大量州税和外国税。“我在办公室给了”是伯克希尔股东不容置疑的断言。</blockquote></p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p><blockquote>伯克希尔的历史生动地说明了政府和美国企业之间看不见的、往往不被认可的金融伙伴关系。我们的故事始于1955年初，当时伯克希尔精细纺纱公司和哈撒韦制造公司同意合并他们的业务。在请求股东批准的请求中，这些历史悠久的新英格兰纺织公司对合并寄予厚望。</blockquote></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p><blockquote>例如，哈撒韦公司的招标向其股东保证，“资源和管理的结合将产生纺织行业最强大、最高效的组织之一。”这种乐观的观点得到了该公司顾问雷曼兄弟（是的，就是雷曼兄弟）的认可。</blockquote></p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p><blockquote>我敢肯定，当联盟完成时，福尔里弗（伯克郡）和新贝德福德（哈撒韦）都是欢乐的一天。然而，在乐队停止演奏、银行家们回家后，股东们却收获了一场灾难。</blockquote></p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p><blockquote>在合并后的九年里，伯克希尔的所有者眼睁睁地看着公司的净资产从</blockquote></p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p><blockquote>5140万美元至2210万美元。这种下降在一定程度上是由股票回购、不明智的股息和工厂关闭造成的。但数千名员工九年的努力也带来了运营亏损。伯克希尔的挣扎并不罕见：新英格兰纺织业已经悄然进入了漫长且不可逆转的死亡行军。</blockquote></p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p><blockquote>在合并后的九年里，美国财政部也遭受了伯克希尔的麻烦。在此期间，该公司总共只向政府缴纳了337,359美元的所得税——每天只有可怜的100美元。</blockquote></p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p><blockquote>1965年初，情况发生了变化。伯克希尔任命了新的管理层，重新部署了可用现金，并将基本上所有收益转移到各种良好的业务中，其中大多数业务多年来一直保持良好状态。将收益再投资与复利的力量结合起来发挥了它的魔力，股东们也因此繁荣起来。</blockquote></p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p><blockquote>应该指出的是，伯克希尔的所有者并不是这一路线调整的唯一受益者。他们的“沉默伙伴”，美国财政部，继续从该公司收取数百亿美元的所得税。还记得每天100美元吗？现在，伯克希尔每天向财政部支付大约900万美元。</blockquote></p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p><blockquote>为我们的政府合作伙伴说句公道话，我们的股东应该承认——事实上是鼓吹——这样一个事实：伯克希尔的繁荣得到了极大的促进，因为该公司在美国运营。如果没有伯克希尔，我们的国家在1965年以来的几年里会做得非常出色。然而，如果没有我们的美国家园，伯克希尔永远不会成为今天的样子。当你看到旗子时，说声谢谢。</blockquote></p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p><blockquote>1967年，伯克希尔斥资860万美元收购了美国国家赔偿公司（National Indemnity），如今已成为保险“浮动”（float）领域的全球领导者——我们持有并可以投资但不属于我们的资金。包括来自人寿保险的相对较小的金额在内，伯克希尔的总流通量已从我们进入保险业务时的1900万美元增长到1470亿美元。</blockquote></p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p><blockquote>到目前为止，这辆彩车让我们付出了不到一分钱的代价。尽管我们经历了多年保险损失加上运营费用超过保费的情况，但总体而言，我们从产生流通量的承保活动中获得了55年的适度利润。</blockquote></p><p></p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p><blockquote>同样重要的是，浮子非常粘。归属于我们保险业务的资金每天来来去去，但其总额不会急剧下降。因此，在投资流通量时，我们可以从长计议。</blockquote></p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p><blockquote>如果你还不熟悉浮点的概念，我建议你参考A-5页的长篇解释。令我惊讶的是，我们的流通量去年增加了90亿美元，这一价值的积累对伯克希尔所有者来说很重要，但并未反映在我们的GAAP（“公认会计原则”）收益和净值列报中。</blockquote></p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p><blockquote>我们在保险业创造的巨大价值很大程度上要归功于伯克希尔的好运，我在1986年聘请了阿吉特·贾恩。我们第一次见面是在一个周六的早上，我很快问阿吉特他的保险经历是什么。他回答说：“没有。”</blockquote></p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p><blockquote>我说，“人无完人”，就雇了他。那是我的幸运日：阿吉特实际上是一个完美的选择。更好的是，35年后，他仍然是。</blockquote></p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p><blockquote>关于保险的最后一个想法：我相信伯克希尔哈撒韦公司的流通股很可能——但远不能确定——能够在不遭受长期承保损失的情况下维持下去。然而，我确信，我们将在未来几年经历这种损失，可能涉及非常大的金额。</blockquote></p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><p><blockquote>伯克希尔在处理灾难性事件方面的能力与其他保险公司不同——在查理和我离开后很长一段时间内，这一优先事项仍将继续存在。</blockquote></p><p><h2>Our Four Giants</h2>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p><blockquote><h2>我们的四大巨头</h2>通过伯克希尔，我们的股东拥有数十家企业。反过来，其中一些又有自己的子公司。例如，Marmon拥有100多项个体业务，从铁路车辆租赁到医疗设备制造。</blockquote></p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p><blockquote>·尽管如此，我们的“四大”公司的运营在伯克希尔的价值中占了非常大的一块。领先的是我们的保险公司集群。伯克希尔实际上拥有该集团100%的股份，其巨大的流通价值我们之前描述过。我们为支持这些保险公司的承诺而投入的大量资本进一步扩大了这些保险公司的投资资产。</blockquote></p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p><blockquote>保险业务是为伯克希尔定制的。该产品永远不会过时，销量通常会随着经济增长和通货膨胀而增加。此外，诚信和资本永远很重要。我们公司能够也将会表现良好。</blockquote></p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p><blockquote>当然，还有其他保险公司拥有出色的商业模式和前景。然而，复制伯克希尔的运作几乎是不可能的。</blockquote></p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p><blockquote>·苹果——以年终市值衡量，它是我们的第二大巨头——是一种不同的持股类型。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。这种增长听起来像是小事。但考虑到苹果2021年盈利的0.1%总计1亿美元。我们没有花费伯克希尔的资金来获得我们的增长。苹果的回购起到了作用。</blockquote></p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p><blockquote>重要的是要明白，伯克希尔的GAAP收益报告中只有苹果的股息被计算在内——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的“份额”达到了惊人的56亿美元。该公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。苹果杰出的首席执行官蒂姆·库克（Tim Cook）非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。</blockquote></p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p><blockquote>•我们的第三大巨头BNSF仍然是美国商业的头号动脉，这使它成为美国和伯克希尔不可或缺的资产。如果BNSF运输的许多基本产品改为用卡车运输，美国的碳排放量将会飙升。</blockquote></p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p><blockquote>你们的铁路在2021年的收入达到了创纪录的60亿美元。这里应该指出的是，我们谈论的是我们喜欢的老式收入：扣除利息、税收、折旧、摊销和所有形式的补偿后计算的数字。（我们的定义暗示了一个警告：随着股市上涨，欺骗性的盈利“调整”——用礼貌的描述——变得越来越频繁，也越来越异想天开。不那么礼貌地说，我会说牛市滋生了混乱的牛市）</blockquote></p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p><blockquote>BNSF列车去年行驶了1.43亿英里，运载了5.35亿吨货物。这两项成就都远远超过了任何其他美国航空公司。你可以为你的铁路感到骄傲。</blockquote></p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p><blockquote>•我们最后的巨头BHE在2021年赚了创纪录的40亿美元。这比2000年（伯克希尔哈撒韦公司首次购买BHE股份的那一年）的1.22亿美元收入增长了30多倍。现在，伯克希尔拥有该公司91.1%的股份。</blockquote></p><p></p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p><blockquote>BHE的社会成就记录与其财务表现一样引人注目。该公司在2000年没有风能或太阳能发电。当时，它只是被视为庞大的电力行业中一个相对较新的次要参与者。随后，在David Sokol和Greg Abel的领导下，BHE已成为一家公用事业巨头（请不要呻吟）以及美国大部分地区风能、太阳能和输电领域的主导力量。</blockquote></p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p><blockquote>格雷格关于这些成就的报告出现在A-3和A-4页。你会在那里找到的简介绝不是那些当前流行的“洗绿”故事。自2007年以来，BHE每年都忠实地详细介绍其在可再生能源和输电方面的计划和业绩。</blockquote></p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><p><blockquote>要进一步查看这些信息，请访问BHE在brkenergy.com的网站。在那里，你会看到该公司长期以来一直在采取气候意识举措，吸收了其所有收益。更多的机会就在前方。BHE拥有我国所需的管理、经验、资金和巨大电力项目的胃口。</blockquote></p><p><h2>Investments</h2>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><blockquote><h2>投资</h2>现在让我们谈谈我们不控制的公司，这份名单再次提到了苹果。下面我们列出了我们持有的15只最大的股票，其中几只是伯克希尔的两位长期投资经理托德·库姆斯和特德·韦施勒的精选。截至年底，这对有价值的投资拥有340亿美元投资的总权限，其中许多投资不符合我们在表中使用的阈值。此外，托德和特德管理的很大一部分资金存入伯克希尔旗下企业的各种养老金计划，这些计划的资产不包括在本表中。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p><blockquote>*这是我们的实际购买价格，也是我们的计税基础。</blockquote></p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p><blockquote>**由BHE持有；因此，伯克希尔股东在该职位上仅拥有91.1%的权益。</blockquote></p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p><blockquote>***包括对西方石油公司100亿美元的投资，包括优先股和购买普通股的认股权证，目前这一组合的价值为107亿美元。</blockquote></p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p><blockquote>除了脚注中提到的Occidental holding和我们的各种普通股头寸之外，Berkshire还拥有卡夫亨氏26.6%的权益（按“权益”法核算，而不是市值，账面价值为131亿美元）和Pilot Corp.38.6%的权益，Pilot Corp.是旅游中心的领导者，去年的收入为450亿美元。</blockquote></p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><p><blockquote>自从我们在2017年购买了我们的试点股份以来，这种持股已经保证了“权益”会计处理。2023年初，伯克希尔将购买Pilot的额外权益，这将使我们的所有权提高到80%，并使我们在财务报表中完全合并Pilot的收益、资产和负债。</blockquote></p><p><h2>U.S. Treasury Bills</h2>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p><blockquote><h2>美国国库券</h2>伯克希尔的资产负债表包括1440亿美元的现金和现金等价物（不包括持有的BNSF和BHE）。其中，1200亿美元是美国国库券，全部在不到一年的时间内到期。这些股份使伯克希尔哈撒韦公司为公共持有的国债的1%中的约12提供融资。</blockquote></p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><p><blockquote>查理和我承诺，伯克希尔（连同我们除BNSF和BHE之外的子公司）将始终持有超过300亿美元的现金和等价物。我们希望你的公司在财务上坚不可摧，永远不要依赖陌生人（甚至朋友）的善意。我们都喜欢睡得很香，我们希望我们的债权人、保险索赔人和你也这样做。</blockquote></p><p><h2>But $144 billion?</h2>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p><blockquote><h2>但是1440亿美元？</h2>我向你保证，这笔巨额资金并不是某种疯狂的爱国主义表达。查理和我也没有失去对企业所有权的压倒性偏好。事实上，80年前的1942年3月11日，我第一次表现出了我对此的热情，当时我购买了三股城市服务公司的优先股。它们的成本是114.75美元，需要我所有的积蓄。（道琼斯工业平均指数当天收于99点，这个事实应该让你尖叫：永远不要做空美国。）</blockquote></p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p><blockquote>在我最初的暴跌之后，我总是将至少80%的净资产投资于股票。在那段时间里，我最喜欢的状态是100%——现在仍然如此。伯克希尔目前80%左右的企业头寸是我未能找到符合我们长期持有标准的整个公司或其中一小部分（即有价证券）的结果。</blockquote></p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><p><blockquote>查理和我过去也不时经历过类似的现金密集型头寸。这些时期从来都不愉快；它们也不是永久的。幸运的是，我们在2020年和2021年期间有一个稍微有吸引力的资本部署替代方案。继续读下去。</blockquote></p><p></p><p><h2>Share Repurchases</h2>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p><blockquote><h2>股份购回</h2>我们有三种方法可以增加您的投资价值。第一个始终是我们最关心的问题：通过内部增长或收购来提高伯克希尔控制业务的长期盈利能力。如今，内部机会比收购带来更好的回报。然而，与伯克希尔的资源相比，这些机会的规模很小。</blockquote></p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p><blockquote>我们的第二个选择是购买许多公开交易的优秀或伟大企业的非控股部分权益。有时，这样的可能性既众多又极具吸引力。然而今天，我们很少发现让我们兴奋的东西。</blockquote></p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p><blockquote>这在很大程度上是因为一个不言而喻的事实：低长期利率会推高所有生产性投资的价格，无论是股票、公寓、农场、油井等等。其他因素也会影响估值，但利率始终很重要。</blockquote></p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p><blockquote>我们创造价值的最终途径是回购伯克希尔股票。通过这一简单的行为，我们增加了您在伯克希尔拥有的许多受控和非受控业务中的份额。当价格/价值等式正确时，这条路径是我们增加您财富的最简单、最确定的方式。（除了持续股东的价值增加之外，其他一些人也会受益：回购对回购股票的卖方和社会都有适度的好处。）</blockquote></p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p><blockquote>周期性地，随着替代路径变得没有吸引力，回购对伯克希尔的所有者来说是有意义的。因此，在过去两年中，我们回购了2019年底已发行股票的9%，总成本为517亿美元。这笔支出使我们的持续股东拥有伯克希尔所有业务约10%的股份，无论这些业务是全资拥有的（如BNSF和GEICO）还是部分拥有的（如可口可乐和穆迪）。</blockquote></p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p><blockquote>我想强调的是，为了让伯克希尔的回购有意义，我们的股票必须提供适当的价值。我们不想为其他公司的股票支付过高的价格，如果我们在购买伯克希尔时支付过高的价格，那将是对价值的破坏。截至2022年2月23日，自年底以来，我们以12亿美元的成本回购了额外股票。我们的胃口仍然很大，但将始终取决于价格。</blockquote></p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p><blockquote>需要注意的是，伯克希尔的回购机会有限，因为其投资者基础很高。倘我们的股份被短期投机者大量持有，价格波动及交易量将大幅增加。这种重塑将为我们提供更多通过回购创造价值的机会。然而，查理和我更喜欢我们现有的所有者，尽管他们令人钦佩的买入并持有态度限制了长期股东从机会主义回购中获利的程度。</blockquote></p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><p><blockquote>最后，一个容易被忽视的伯克希尔特有的价值计算：正如我们已经讨论过的，正确类型的保险“浮动”对我们来说非常有价值。碰巧的是，回购会自动增加每股的“流通量”。这一数字在过去两年中增长了25%，从每股“A”股79,387美元增至99,497美元，如前所述，这一有意义的涨幅在一定程度上要归功于回购。</blockquote></p><p><h2>A Wonderful Man and a Wonderful Business</h2>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p><blockquote><h2>一个了不起的人和一个了不起的企业</h2>去年，保罗·安德鲁斯去世了。保罗是伯克希尔哈撒韦公司位于沃思堡的子公司TTI的创始人兼首席执行官。在他的一生中——在他的事业和个人追求中——保罗悄悄地展示了查理和我所钦佩的所有品质。他的故事应该被讲述。</blockquote></p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p><blockquote>1971年，当屋顶倒塌时，保罗正在通用动力公司担任采购代理。在失去一份巨额国防合同后，该公司解雇了数千名员工，其中包括保罗。</blockquote></p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p><blockquote>随着他的第一个孩子即将出生，保罗决定把赌注押在自己身上，用他的500美元积蓄创办了Tex-Tronics（后来更名为TTI）。该公司致力于分销小型电子元件，第一年的销售额总计112,000美元。如今，创科实业销售超过100万种不同的产品，年销售额达77亿美元。</blockquote></p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p><blockquote>但回到2006年：63岁的保罗发现自己对家庭、工作和同事都很满意。但他有一个挥之不去的担忧，因为他最近目睹了一个朋友的早逝以及随之而来的对那个人的家庭和生意的灾难性后果，这种担忧加剧了。保罗在2006年问自己，如果他意外去世，许多依赖他的人会怎么样？</blockquote></p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p><blockquote>一年来，保罗一直在纠结自己的选择。卖给竞争对手？从严格的经济角度来看，这个过程是最有意义的。毕竟，竞争对手可以设想利润丰厚的“协同效应”——随着收购方削减TTI的重复职能，将实现节省。</blockquote></p><p></p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p><blockquote>但是...这样的购买者肯定还会保留其首席财务官、法律顾问和人力资源部门。因此，他们的TTI同行将被打包发送。还有啊！如果需要一个新的配送中心，收购方的家乡城市肯定会比沃思堡更受青睐。</blockquote></p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p><blockquote>不管经济利益如何，保罗很快得出结论，卖给竞争对手不适合他。接下来，他考虑寻找一家金融买家，这种买家曾经被恰当地称为杠杆收购公司。然而，保罗知道这样的买家会专注于“退出策略”。谁知道那会是什么？考虑到这一切，保罗发现自己没有兴趣将他35岁的创作交给经销商。</blockquote></p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p><blockquote>当保罗见到我时，他解释了为什么他作为买家排除了这两种选择。然后，他用比这更委婉的措辞总结了自己的困境：“经过一年的思考，我想把它卖给伯克希尔，因为你是唯一剩下的人。”所以，我提出了一个提议，保罗答应了。一次会议；一顿午餐；一笔交易。</blockquote></p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p><blockquote>说我们从此过上了幸福的生活是一种保守的说法。当伯克希尔收购TTI时，该公司拥有2,387名员工。现在这个数字是8043。其中很大一部分增长发生在沃思堡及周边地区。盈利增长了673%。</blockquote></p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p><blockquote>每年，我都会给保罗发看涨期权，告诉他他的薪水应该大幅增加。每年，他都会告诉我，“我们可以明年再谈这个，沃伦，我现在太忙了。”</blockquote></p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p><blockquote>当格雷格·阿贝尔和我参加保罗的追悼会时，我们见到了孩子、孙子、长期合作伙伴（包括创科实业的第一位员工）和约翰·罗奇，他是伯克希尔2000年收购的沃斯堡一家公司的前首席执行官。约翰带着他的朋友保罗去了奥马哈，本能地知道我们会是一对。</blockquote></p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p><blockquote>在仪式上，格雷格和我听说了保罗默默支持的许多人和组织。他的慷慨是非凡的——总是致力于改善他人的生活，尤其是那些在沃思堡的人。</blockquote></p><p>In all ways, Paul was a class act.</p><p><blockquote>从各方面来看，保罗都是一流的。</blockquote></p><p>* * * * * * * * * * * *</p><p><blockquote>**</blockquote></p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p><blockquote>好运——偶尔是非凡的运气——在伯克希尔发挥了作用。如果保罗和我没有一个共同的朋友——约翰·罗奇——TTI就不会在我们身边找到它的家。但是这种充足的运气仅仅是个开始。TTI很快就带领伯克希尔完成了其最重要的收购。</blockquote></p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p><blockquote>每年秋天，伯克希尔的董事们都会聚集在一起，听取我们几位高管的演讲。我们有时会根据最近收购的地点来选择地点，这样可以让董事会见新子公司的首席执行官，并更多地了解被收购方的活动。</blockquote></p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p><blockquote>因此，在2009年秋天，我们选择了沃思堡，这样我们就可以参观TTI。当时，BNSF的家乡也是沃思堡，是我们有价证券中的第三大持股。尽管有这么大的股份，我从未去过铁路总部。</blockquote></p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p><blockquote>我的助手Deb Bosanek将我们董事会的开幕晚宴安排在10月22日。与此同时，我安排当天早些时候到达，会见BNSF首席执行官马特·罗斯，他的成就我长期以来一直钦佩。当我确定这个日期时，我不知道我们的聚会会恰逢BNSF于22日晚些时候发布的第三季度收益报告。</blockquote></p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p><blockquote>市场对铁路公司的业绩反应不佳。大衰退在第三季度全面爆发，BNSF的盈利反映了这种下滑。经济前景也很黯淡，华尔街对铁路或其他许多行业都不太友好。</blockquote></p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p><blockquote>第二天，我再次和马特聚在一起，建议伯克希尔为铁路公司提供一个比上市公司更好的长期住所。我还告诉了他伯克希尔愿意支付的最高价格。</blockquote></p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p><blockquote>马特向他的董事和顾问转达了这一提议。忙碌了11天后，伯克希尔和BNSF宣布了一项确定的交易。在这里，我大胆地做一个罕见的预测：一个世纪后，BNSF将成为伯克希尔和我们国家的关键资产。</blockquote></p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><p><blockquote>如果保罗·安德鲁斯(Paul Andrews)没有将伯克希尔视为TTI的合适住所，BNSF的收购永远不会发生。</blockquote></p><p><h2>Thanks</h2>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p><blockquote><h2>谢谢</h2>70年前，我教了我的第一堂投资课。从那以后，我几乎每年都喜欢和各个年龄段的学生一起工作，最终在2018年从这种追求中“退休”。</blockquote></p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p><blockquote>一路上，我最难对付的观众是我孙子五年级的班级。11岁的孩子们在座位上蠕动，茫然地看着我，直到我提到可口可乐和它著名的秘密配方。立刻，每个人都举起了手，我明白了“秘密”对孩子们来说是猫薄荷。</blockquote></p><p></p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p><blockquote>教学和写作一样，帮助我发展和理清了自己的思想。查理·评级这种现象猩猩效应：如果你和一只猩猩坐下来，仔细地向它解释你珍视的一个想法，你可能会留下一只困惑的灵长类动物，但你自己会更清楚地思考吗？</blockquote></p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p><blockquote>和大学生说话要优越得多。我敦促他们在（1）这个领域和（2）如果他们不需要钱，他们会选择的那种人那里找工作。我承认，经济现实可能会干扰这种搜索。即便如此，我敦促学生们永远不要放弃追求，因为当他们找到那种工作时，他们将不再是“工作”。</blockquote></p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p><blockquote>查理和我，我们自己，在经历了一些早期的挫折后，走上了解放的道路。我们都是从我祖父的杂货店兼职开始的，查理是1940年，我是1942年。我们每个人都被分配了无聊的任务，报酬很低，绝对不是我们想要的。查理后来从事法律工作，我尝试出售证券。工作满意度继续困扰着我们。</blockquote></p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p><blockquote>最后，在伯克希尔，我们找到了自己喜欢做的事情。除了极少数例外，我们现在已经和我们喜欢和信任的人“工作”了几十年。与保罗·安德鲁斯或我去年告诉过你的伯克希尔家族等经理人一起工作是生活中的一种乐趣。在我们的家庭办公室，我们雇佣体面和有才华的人——没有混蛋。平均离职人数可能是每年一人。</blockquote></p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p><blockquote>然而，我想强调另一个项目，它将我们的工作变成有趣和令人满意的工作</blockquote></p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p><blockquote>为了你。对查理和我来说，没有什么比享受个人长期股东的信任更有意义的了，几十年来，他们加入我们的期望是我们将成为他们资金的可靠托管人。</blockquote></p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p><blockquote>显然，我们不能选择我们的所有者，如果我们的运营形式是合伙企业，我们可以这样做。任何人今天都可以购买伯克希尔的股票，并打算很快转售。当然，我们有一些此类股东，就像我们有指数基金持有大量伯克希尔哈撒韦公司股票一样，因为它们被要求这样做。</blockquote></p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p><blockquote>然而，在一个真正不寻常的程度上，伯克希尔拥有一大批个人和家庭作为所有者，他们选择加入我们，意图是“直到死亡将我们分开”。通常，他们把很大一部分——有些人可能会说是过多的——储蓄托付给我们。</blockquote></p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p><blockquote>这些股东有时会承认，伯克希尔可能远非他们所能做出的最佳选择。但他们会补充说，伯克希尔将在他们最满意的公司中排名靠前。平均而言，对自己的投资感到满意的人会比那些被不断变化的头条新闻、喋喋不休和承诺所激励的人取得更好的结果。</blockquote></p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><p><blockquote>长期个人所有者既是查理和我一直在寻找的“合作伙伴”，也是我们在伯克希尔做决策时一直牢记的“合作伙伴”。我们对他们说：“为你们‘工作’的感觉真好，我们感谢你们的信任。”</blockquote></p><p><h2>The Annual Meeting</h2>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p><blockquote><h2>年会</h2>清除您的日历！伯克希尔将于4月29日星期五至5月1日星期日在奥马哈举行年度资本家聚会。关于周末的细节列在A-1和A-2页。奥马哈急切地等待着你，我也是。</blockquote></p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p><blockquote>我将以推销来结束这封信。“表哥”吉米·巴菲特设计了一艘浮桥“派对”船，现在由伯克希尔旗下的森林河公司制造。这艘船将于4月29日在我们的伯克希尔便宜货市场推出。而且，仅在两天内，股东就可以以10%的折扣购买吉米的杰作。你的便宜货董事长会买一艘船给他的家人使用。加入我。</blockquote></p><p>February 26, 2022</p><p><blockquote>2022年2月26日</blockquote></p><p>Warren E. Buffett Chairman of the Board</p><p><blockquote>沃伦·E·巴菲特董事会主席</blockquote></p><p></body></html></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>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</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\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</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\">2022-02-27 09:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p><blockquote><html><head></head><body>沃伦·巴菲特周六发布了致伯克希尔·哈撒韦公司股东的年度信。这位91岁的投资传奇人物已经出版这封信60多年了，它已成为世界各地投资者的必读书目。</body></html></blockquote></p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p><blockquote>沃伦·巴菲特表示，他现在认为科技巨头苹果是推动伯克希尔·哈撒韦公司的四大支柱之一，伯克希尔·哈撒韦公司是沃伦·巴菲特在过去50年里组建的主要由旧经济企业组成的企业集团。</blockquote></p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p><blockquote>在周六发布的致股东的年度信中，这位91岁的投资传奇人物将苹果列为“我们的四大巨头”，甚至称该公司是仅次于伯克希尔保险集团的第二大保险公司，这要归功于伯克希尔的首席执行官。</blockquote></p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p><blockquote>信中写道：“苹果才华横溢的首席执行官蒂姆·库克非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。”</blockquote></p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p><blockquote>巴菲特明确表示，他是库克股票回购策略的粉丝，以及该策略如何让该集团增加对这家iPhone制造商每一美元收益的所有权，而投资者无需动一根手指。</blockquote></p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p><blockquote>巴菲特在信中表示：“以年终市值衡量，苹果是我们的第二大巨头。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。”“这一增长听起来像是小巫见大巫。但考虑到苹果2021年盈利的0.1%相当于1亿美元。我们没有花费伯克希尔的资金来获得增长。苹果的回购完成了这项工作。”</blockquote></p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p><blockquote>在巴菲特投资副手Todd Combs和Ted Weschler的影响下，Berkshire于2016年开始买入苹果股票。到2018年中期，该集团积累了这家iPhone制造商5%的股份，价值360亿美元。如今，苹果的投资价值超过1600亿美元，占伯克希尔股票投资组合的40%。</blockquote></p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p><blockquote>“重要的是要明白，伯克希尔的GAAP收益报告中只有苹果的股息被计算在内——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的‘份额’达到了惊人的56亿美元。公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。”</blockquote></p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p><blockquote>除了指数和交易所交易基金提供商之外，Berkshire是苹果最大的股东。</blockquote></p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p><blockquote>巴菲特还将他的铁路业务BNSF和能源部门BHE视为该集团的另外两家巨头，这两家公司在2021年的盈利均创历史新高。</blockquote></p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><blockquote>巴菲特表示：“我们的第三大巨头BNSF仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。”“BHE已成为美国大部分地区的公用事业巨头以及风能、太阳能和输电领域的主导力量。”</blockquote></p><p><b>Read the full letter here：</b></p><p><blockquote><b>在这里阅读完整的信：</b></blockquote></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p><blockquote>致伯克希尔哈撒韦公司股东：</blockquote></p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p><blockquote>我的长期合伙人查理·芒格和我的工作是管理你的一部分储蓄。我们很荣幸得到你的信任。</blockquote></p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p><blockquote>如果我们是缺席的所有者，而您是经理，我们的职位有责任向您报告我们想知道的信息。我们喜欢通过这封年度信函和年会直接与您交流。</blockquote></p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p><blockquote>我们的政策是平等对待所有股东。因此，我们不与分析师或大型机构进行讨论。此外，只要有可能，我们会在周六上午发布重要信息，以便最大限度地让股东和媒体在周一开市前有时间了解新闻。</blockquote></p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p><blockquote>伯克希尔定期向美国证券交易委员会提交的年度10-K报告中列出了大量事实和数据。我们在K-1-K-119页复制了这一点。一些股东会发现这个细节引人入胜；其他人则更愿意了解查理和我认为伯克希尔的新事物或有趣之处。</blockquote></p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><blockquote>唉，2021年几乎没有这样的行动。不过，我们在增加您股票的内在价值方面确实取得了合理的进展。57年来，这项任务一直是我的主要职责。并将继续如此。</blockquote></p><p><b>What You Own</b></p><p><blockquote><b>你拥有什么</b></blockquote></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p><blockquote>伯克希尔拥有各种各样的业务，有些是全部，有些只是部分。第二组主要由美国大公司的有价证券普通股组成。此外，我们拥有一些非美国股票，并参与多家合资企业或其他合作活动。</blockquote></p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p><blockquote>无论我们的所有权形式如何，我们的目标都是对既有持久经济优势又有一流首席执行官的企业进行有意义的投资。请特别注意，我们持有股票是基于我们对其长期业务表现的预期，而不是因为我们将它们视为及时市场波动的工具。这一点至关重要：查理和我不是选股者；我们是挑选生意的人。</blockquote></p><p></p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><p><blockquote>我犯了很多错误。因此，我们广泛收集的企业包括一些具有真正非凡经济效益的企业，许多其他享有良好经济特征的企业，以及少数边缘企业。我们普通股部门的一个优势是——有时——以优惠的价格购买精彩的业务变得很容易。这种在谈判交易中射鱼的经历非常罕见，而且永远不会集体发生。当错误发生在市场舞台上时，从错误中退出也要容易得多。</blockquote></p><p><h2><b>Surprise, Surprise</b></h2>Here are a few items about your company that often surprise even seasoned investors:</p><p><blockquote><h2><b>惊喜，惊喜</b></h2>以下是有关贵公司的一些事项，即使是经验丰富的投资者也常常感到惊讶：</blockquote></p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p><blockquote>•许多人认为伯克希尔是一个庞大而有些奇怪的金融资产集合体。事实上，伯克希尔拥有和经营的美国“基础设施”资产（在我们的资产负债表上归类为财产、厂房和设备）比任何其他美国公司拥有和经营的都多。这种霸权从来都不是我们的目标。然而，这已经成为事实。</blockquote></p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p><blockquote>截至年底，这些国内基础设施资产在伯克希尔资产负债表上的价值为1580亿美元。这一数字去年有所增加，并将继续增加。伯克希尔将永远在建设。</blockquote></p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p><blockquote>•您的公司每年都要缴纳大量的联邦所得税。例如，在2021年，我们支付了</blockquote></p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p><blockquote>33亿美元，而美国财政部报告的企业所得税总收入为4020亿美元。此外，伯克希尔还缴纳大量州税和外国税。“我在办公室给了”是伯克希尔股东不容置疑的断言。</blockquote></p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p><blockquote>伯克希尔的历史生动地说明了政府和美国企业之间看不见的、往往不被认可的金融伙伴关系。我们的故事始于1955年初，当时伯克希尔精细纺纱公司和哈撒韦制造公司同意合并他们的业务。在请求股东批准的请求中，这些历史悠久的新英格兰纺织公司对合并寄予厚望。</blockquote></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p><blockquote>例如，哈撒韦公司的招标向其股东保证，“资源和管理的结合将产生纺织行业最强大、最高效的组织之一。”这种乐观的观点得到了该公司顾问雷曼兄弟（是的，就是雷曼兄弟）的认可。</blockquote></p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p><blockquote>我敢肯定，当联盟完成时，福尔里弗（伯克郡）和新贝德福德（哈撒韦）都是欢乐的一天。然而，在乐队停止演奏、银行家们回家后，股东们却收获了一场灾难。</blockquote></p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p><blockquote>在合并后的九年里，伯克希尔的所有者眼睁睁地看着公司的净资产从</blockquote></p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p><blockquote>5140万美元至2210万美元。这种下降在一定程度上是由股票回购、不明智的股息和工厂关闭造成的。但数千名员工九年的努力也带来了运营亏损。伯克希尔的挣扎并不罕见：新英格兰纺织业已经悄然进入了漫长且不可逆转的死亡行军。</blockquote></p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p><blockquote>在合并后的九年里，美国财政部也遭受了伯克希尔的麻烦。在此期间，该公司总共只向政府缴纳了337,359美元的所得税——每天只有可怜的100美元。</blockquote></p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p><blockquote>1965年初，情况发生了变化。伯克希尔任命了新的管理层，重新部署了可用现金，并将基本上所有收益转移到各种良好的业务中，其中大多数业务多年来一直保持良好状态。将收益再投资与复利的力量结合起来发挥了它的魔力，股东们也因此繁荣起来。</blockquote></p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p><blockquote>应该指出的是，伯克希尔的所有者并不是这一路线调整的唯一受益者。他们的“沉默伙伴”，美国财政部，继续从该公司收取数百亿美元的所得税。还记得每天100美元吗？现在，伯克希尔每天向财政部支付大约900万美元。</blockquote></p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p><blockquote>为我们的政府合作伙伴说句公道话，我们的股东应该承认——事实上是鼓吹——这样一个事实：伯克希尔的繁荣得到了极大的促进，因为该公司在美国运营。如果没有伯克希尔，我们的国家在1965年以来的几年里会做得非常出色。然而，如果没有我们的美国家园，伯克希尔永远不会成为今天的样子。当你看到旗子时，说声谢谢。</blockquote></p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p><blockquote>1967年，伯克希尔斥资860万美元收购了美国国家赔偿公司（National Indemnity），如今已成为保险“浮动”（float）领域的全球领导者——我们持有并可以投资但不属于我们的资金。包括来自人寿保险的相对较小的金额在内，伯克希尔的总流通量已从我们进入保险业务时的1900万美元增长到1470亿美元。</blockquote></p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p><blockquote>到目前为止，这辆彩车让我们付出了不到一分钱的代价。尽管我们经历了多年保险损失加上运营费用超过保费的情况，但总体而言，我们从产生流通量的承保活动中获得了55年的适度利润。</blockquote></p><p></p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p><blockquote>同样重要的是，浮子非常粘。归属于我们保险业务的资金每天来来去去，但其总额不会急剧下降。因此，在投资流通量时，我们可以从长计议。</blockquote></p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p><blockquote>如果你还不熟悉浮点的概念，我建议你参考A-5页的长篇解释。令我惊讶的是，我们的流通量去年增加了90亿美元，这一价值的积累对伯克希尔所有者来说很重要，但并未反映在我们的GAAP（“公认会计原则”）收益和净值列报中。</blockquote></p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p><blockquote>我们在保险业创造的巨大价值很大程度上要归功于伯克希尔的好运，我在1986年聘请了阿吉特·贾恩。我们第一次见面是在一个周六的早上，我很快问阿吉特他的保险经历是什么。他回答说：“没有。”</blockquote></p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p><blockquote>我说，“人无完人”，就雇了他。那是我的幸运日：阿吉特实际上是一个完美的选择。更好的是，35年后，他仍然是。</blockquote></p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p><blockquote>关于保险的最后一个想法：我相信伯克希尔哈撒韦公司的流通股很可能——但远不能确定——能够在不遭受长期承保损失的情况下维持下去。然而，我确信，我们将在未来几年经历这种损失，可能涉及非常大的金额。</blockquote></p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><p><blockquote>伯克希尔在处理灾难性事件方面的能力与其他保险公司不同——在查理和我离开后很长一段时间内，这一优先事项仍将继续存在。</blockquote></p><p><h2>Our Four Giants</h2>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p><blockquote><h2>我们的四大巨头</h2>通过伯克希尔，我们的股东拥有数十家企业。反过来，其中一些又有自己的子公司。例如，Marmon拥有100多项个体业务，从铁路车辆租赁到医疗设备制造。</blockquote></p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p><blockquote>·尽管如此，我们的“四大”公司的运营在伯克希尔的价值中占了非常大的一块。领先的是我们的保险公司集群。伯克希尔实际上拥有该集团100%的股份，其巨大的流通价值我们之前描述过。我们为支持这些保险公司的承诺而投入的大量资本进一步扩大了这些保险公司的投资资产。</blockquote></p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p><blockquote>保险业务是为伯克希尔定制的。该产品永远不会过时，销量通常会随着经济增长和通货膨胀而增加。此外，诚信和资本永远很重要。我们公司能够也将会表现良好。</blockquote></p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p><blockquote>当然，还有其他保险公司拥有出色的商业模式和前景。然而，复制伯克希尔的运作几乎是不可能的。</blockquote></p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p><blockquote>·苹果——以年终市值衡量，它是我们的第二大巨头——是一种不同的持股类型。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。这种增长听起来像是小事。但考虑到苹果2021年盈利的0.1%总计1亿美元。我们没有花费伯克希尔的资金来获得我们的增长。苹果的回购起到了作用。</blockquote></p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p><blockquote>重要的是要明白，伯克希尔的GAAP收益报告中只有苹果的股息被计算在内——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的“份额”达到了惊人的56亿美元。该公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。苹果杰出的首席执行官蒂姆·库克（Tim Cook）非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。</blockquote></p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p><blockquote>•我们的第三大巨头BNSF仍然是美国商业的头号动脉，这使它成为美国和伯克希尔不可或缺的资产。如果BNSF运输的许多基本产品改为用卡车运输，美国的碳排放量将会飙升。</blockquote></p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p><blockquote>你们的铁路在2021年的收入达到了创纪录的60亿美元。这里应该指出的是，我们谈论的是我们喜欢的老式收入：扣除利息、税收、折旧、摊销和所有形式的补偿后计算的数字。（我们的定义暗示了一个警告：随着股市上涨，欺骗性的盈利“调整”——用礼貌的描述——变得越来越频繁，也越来越异想天开。不那么礼貌地说，我会说牛市滋生了混乱的牛市）</blockquote></p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p><blockquote>BNSF列车去年行驶了1.43亿英里，运载了5.35亿吨货物。这两项成就都远远超过了任何其他美国航空公司。你可以为你的铁路感到骄傲。</blockquote></p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p><blockquote>•我们最后的巨头BHE在2021年赚了创纪录的40亿美元。这比2000年（伯克希尔哈撒韦公司首次购买BHE股份的那一年）的1.22亿美元收入增长了30多倍。现在，伯克希尔拥有该公司91.1%的股份。</blockquote></p><p></p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p><blockquote>BHE的社会成就记录与其财务表现一样引人注目。该公司在2000年没有风能或太阳能发电。当时，它只是被视为庞大的电力行业中一个相对较新的次要参与者。随后，在David Sokol和Greg Abel的领导下，BHE已成为一家公用事业巨头（请不要呻吟）以及美国大部分地区风能、太阳能和输电领域的主导力量。</blockquote></p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p><blockquote>格雷格关于这些成就的报告出现在A-3和A-4页。你会在那里找到的简介绝不是那些当前流行的“洗绿”故事。自2007年以来，BHE每年都忠实地详细介绍其在可再生能源和输电方面的计划和业绩。</blockquote></p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><p><blockquote>要进一步查看这些信息，请访问BHE在brkenergy.com的网站。在那里，你会看到该公司长期以来一直在采取气候意识举措，吸收了其所有收益。更多的机会就在前方。BHE拥有我国所需的管理、经验、资金和巨大电力项目的胃口。</blockquote></p><p><h2>Investments</h2>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><blockquote><h2>投资</h2>现在让我们谈谈我们不控制的公司，这份名单再次提到了苹果。下面我们列出了我们持有的15只最大的股票，其中几只是伯克希尔的两位长期投资经理托德·库姆斯和特德·韦施勒的精选。截至年底，这对有价值的投资拥有340亿美元投资的总权限，其中许多投资不符合我们在表中使用的阈值。此外，托德和特德管理的很大一部分资金存入伯克希尔旗下企业的各种养老金计划，这些计划的资产不包括在本表中。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p><blockquote>*这是我们的实际购买价格，也是我们的计税基础。</blockquote></p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p><blockquote>**由BHE持有；因此，伯克希尔股东在该职位上仅拥有91.1%的权益。</blockquote></p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p><blockquote>***包括对西方石油公司100亿美元的投资，包括优先股和购买普通股的认股权证，目前这一组合的价值为107亿美元。</blockquote></p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p><blockquote>除了脚注中提到的Occidental holding和我们的各种普通股头寸之外，Berkshire还拥有卡夫亨氏26.6%的权益（按“权益”法核算，而不是市值，账面价值为131亿美元）和Pilot Corp.38.6%的权益，Pilot Corp.是旅游中心的领导者，去年的收入为450亿美元。</blockquote></p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><p><blockquote>自从我们在2017年购买了我们的试点股份以来，这种持股已经保证了“权益”会计处理。2023年初，伯克希尔将购买Pilot的额外权益，这将使我们的所有权提高到80%，并使我们在财务报表中完全合并Pilot的收益、资产和负债。</blockquote></p><p><h2>U.S. Treasury Bills</h2>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p><blockquote><h2>美国国库券</h2>伯克希尔的资产负债表包括1440亿美元的现金和现金等价物（不包括持有的BNSF和BHE）。其中，1200亿美元是美国国库券，全部在不到一年的时间内到期。这些股份使伯克希尔哈撒韦公司为公共持有的国债的1%中的约12提供融资。</blockquote></p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><p><blockquote>查理和我承诺，伯克希尔（连同我们除BNSF和BHE之外的子公司）将始终持有超过300亿美元的现金和等价物。我们希望你的公司在财务上坚不可摧，永远不要依赖陌生人（甚至朋友）的善意。我们都喜欢睡得很香，我们希望我们的债权人、保险索赔人和你也这样做。</blockquote></p><p><h2>But $144 billion?</h2>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p><blockquote><h2>但是1440亿美元？</h2>我向你保证，这笔巨额资金并不是某种疯狂的爱国主义表达。查理和我也没有失去对企业所有权的压倒性偏好。事实上，80年前的1942年3月11日，我第一次表现出了我对此的热情，当时我购买了三股城市服务公司的优先股。它们的成本是114.75美元，需要我所有的积蓄。（道琼斯工业平均指数当天收于99点，这个事实应该让你尖叫：永远不要做空美国。）</blockquote></p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p><blockquote>在我最初的暴跌之后，我总是将至少80%的净资产投资于股票。在那段时间里，我最喜欢的状态是100%——现在仍然如此。伯克希尔目前80%左右的企业头寸是我未能找到符合我们长期持有标准的整个公司或其中一小部分（即有价证券）的结果。</blockquote></p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><p><blockquote>查理和我过去也不时经历过类似的现金密集型头寸。这些时期从来都不愉快；它们也不是永久的。幸运的是，我们在2020年和2021年期间有一个稍微有吸引力的资本部署替代方案。继续读下去。</blockquote></p><p></p><p><h2>Share Repurchases</h2>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p><blockquote><h2>股份购回</h2>我们有三种方法可以增加您的投资价值。第一个始终是我们最关心的问题：通过内部增长或收购来提高伯克希尔控制业务的长期盈利能力。如今，内部机会比收购带来更好的回报。然而，与伯克希尔的资源相比，这些机会的规模很小。</blockquote></p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p><blockquote>我们的第二个选择是购买许多公开交易的优秀或伟大企业的非控股部分权益。有时，这样的可能性既众多又极具吸引力。然而今天，我们很少发现让我们兴奋的东西。</blockquote></p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p><blockquote>这在很大程度上是因为一个不言而喻的事实：低长期利率会推高所有生产性投资的价格，无论是股票、公寓、农场、油井等等。其他因素也会影响估值，但利率始终很重要。</blockquote></p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p><blockquote>我们创造价值的最终途径是回购伯克希尔股票。通过这一简单的行为，我们增加了您在伯克希尔拥有的许多受控和非受控业务中的份额。当价格/价值等式正确时，这条路径是我们增加您财富的最简单、最确定的方式。（除了持续股东的价值增加之外，其他一些人也会受益：回购对回购股票的卖方和社会都有适度的好处。）</blockquote></p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p><blockquote>周期性地，随着替代路径变得没有吸引力，回购对伯克希尔的所有者来说是有意义的。因此，在过去两年中，我们回购了2019年底已发行股票的9%，总成本为517亿美元。这笔支出使我们的持续股东拥有伯克希尔所有业务约10%的股份，无论这些业务是全资拥有的（如BNSF和GEICO）还是部分拥有的（如可口可乐和穆迪）。</blockquote></p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p><blockquote>我想强调的是，为了让伯克希尔的回购有意义，我们的股票必须提供适当的价值。我们不想为其他公司的股票支付过高的价格，如果我们在购买伯克希尔时支付过高的价格，那将是对价值的破坏。截至2022年2月23日，自年底以来，我们以12亿美元的成本回购了额外股票。我们的胃口仍然很大，但将始终取决于价格。</blockquote></p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p><blockquote>需要注意的是，伯克希尔的回购机会有限，因为其投资者基础很高。倘我们的股份被短期投机者大量持有，价格波动及交易量将大幅增加。这种重塑将为我们提供更多通过回购创造价值的机会。然而，查理和我更喜欢我们现有的所有者，尽管他们令人钦佩的买入并持有态度限制了长期股东从机会主义回购中获利的程度。</blockquote></p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><p><blockquote>最后，一个容易被忽视的伯克希尔特有的价值计算：正如我们已经讨论过的，正确类型的保险“浮动”对我们来说非常有价值。碰巧的是，回购会自动增加每股的“流通量”。这一数字在过去两年中增长了25%，从每股“A”股79,387美元增至99,497美元，如前所述，这一有意义的涨幅在一定程度上要归功于回购。</blockquote></p><p><h2>A Wonderful Man and a Wonderful Business</h2>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p><blockquote><h2>一个了不起的人和一个了不起的企业</h2>去年，保罗·安德鲁斯去世了。保罗是伯克希尔哈撒韦公司位于沃思堡的子公司TTI的创始人兼首席执行官。在他的一生中——在他的事业和个人追求中——保罗悄悄地展示了查理和我所钦佩的所有品质。他的故事应该被讲述。</blockquote></p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p><blockquote>1971年，当屋顶倒塌时，保罗正在通用动力公司担任采购代理。在失去一份巨额国防合同后，该公司解雇了数千名员工，其中包括保罗。</blockquote></p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p><blockquote>随着他的第一个孩子即将出生，保罗决定把赌注押在自己身上，用他的500美元积蓄创办了Tex-Tronics（后来更名为TTI）。该公司致力于分销小型电子元件，第一年的销售额总计112,000美元。如今，创科实业销售超过100万种不同的产品，年销售额达77亿美元。</blockquote></p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p><blockquote>但回到2006年：63岁的保罗发现自己对家庭、工作和同事都很满意。但他有一个挥之不去的担忧，因为他最近目睹了一个朋友的早逝以及随之而来的对那个人的家庭和生意的灾难性后果，这种担忧加剧了。保罗在2006年问自己，如果他意外去世，许多依赖他的人会怎么样？</blockquote></p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p><blockquote>一年来，保罗一直在纠结自己的选择。卖给竞争对手？从严格的经济角度来看，这个过程是最有意义的。毕竟，竞争对手可以设想利润丰厚的“协同效应”——随着收购方削减TTI的重复职能，将实现节省。</blockquote></p><p></p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p><blockquote>但是...这样的购买者肯定还会保留其首席财务官、法律顾问和人力资源部门。因此，他们的TTI同行将被打包发送。还有啊！如果需要一个新的配送中心，收购方的家乡城市肯定会比沃思堡更受青睐。</blockquote></p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p><blockquote>不管经济利益如何，保罗很快得出结论，卖给竞争对手不适合他。接下来，他考虑寻找一家金融买家，这种买家曾经被恰当地称为杠杆收购公司。然而，保罗知道这样的买家会专注于“退出策略”。谁知道那会是什么？考虑到这一切，保罗发现自己没有兴趣将他35岁的创作交给经销商。</blockquote></p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p><blockquote>当保罗见到我时，他解释了为什么他作为买家排除了这两种选择。然后，他用比这更委婉的措辞总结了自己的困境：“经过一年的思考，我想把它卖给伯克希尔，因为你是唯一剩下的人。”所以，我提出了一个提议，保罗答应了。一次会议；一顿午餐；一笔交易。</blockquote></p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p><blockquote>说我们从此过上了幸福的生活是一种保守的说法。当伯克希尔收购TTI时，该公司拥有2,387名员工。现在这个数字是8043。其中很大一部分增长发生在沃思堡及周边地区。盈利增长了673%。</blockquote></p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p><blockquote>每年，我都会给保罗发看涨期权，告诉他他的薪水应该大幅增加。每年，他都会告诉我，“我们可以明年再谈这个，沃伦，我现在太忙了。”</blockquote></p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p><blockquote>当格雷格·阿贝尔和我参加保罗的追悼会时，我们见到了孩子、孙子、长期合作伙伴（包括创科实业的第一位员工）和约翰·罗奇，他是伯克希尔2000年收购的沃斯堡一家公司的前首席执行官。约翰带着他的朋友保罗去了奥马哈，本能地知道我们会是一对。</blockquote></p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p><blockquote>在仪式上，格雷格和我听说了保罗默默支持的许多人和组织。他的慷慨是非凡的——总是致力于改善他人的生活，尤其是那些在沃思堡的人。</blockquote></p><p>In all ways, Paul was a class act.</p><p><blockquote>从各方面来看，保罗都是一流的。</blockquote></p><p>* * * * * * * * * * * *</p><p><blockquote>**</blockquote></p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p><blockquote>好运——偶尔是非凡的运气——在伯克希尔发挥了作用。如果保罗和我没有一个共同的朋友——约翰·罗奇——TTI就不会在我们身边找到它的家。但是这种充足的运气仅仅是个开始。TTI很快就带领伯克希尔完成了其最重要的收购。</blockquote></p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p><blockquote>每年秋天，伯克希尔的董事们都会聚集在一起，听取我们几位高管的演讲。我们有时会根据最近收购的地点来选择地点，这样可以让董事会见新子公司的首席执行官，并更多地了解被收购方的活动。</blockquote></p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p><blockquote>因此，在2009年秋天，我们选择了沃思堡，这样我们就可以参观TTI。当时，BNSF的家乡也是沃思堡，是我们有价证券中的第三大持股。尽管有这么大的股份，我从未去过铁路总部。</blockquote></p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p><blockquote>我的助手Deb Bosanek将我们董事会的开幕晚宴安排在10月22日。与此同时，我安排当天早些时候到达，会见BNSF首席执行官马特·罗斯，他的成就我长期以来一直钦佩。当我确定这个日期时，我不知道我们的聚会会恰逢BNSF于22日晚些时候发布的第三季度收益报告。</blockquote></p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p><blockquote>市场对铁路公司的业绩反应不佳。大衰退在第三季度全面爆发，BNSF的盈利反映了这种下滑。经济前景也很黯淡，华尔街对铁路或其他许多行业都不太友好。</blockquote></p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p><blockquote>第二天，我再次和马特聚在一起，建议伯克希尔为铁路公司提供一个比上市公司更好的长期住所。我还告诉了他伯克希尔愿意支付的最高价格。</blockquote></p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p><blockquote>马特向他的董事和顾问转达了这一提议。忙碌了11天后，伯克希尔和BNSF宣布了一项确定的交易。在这里，我大胆地做一个罕见的预测：一个世纪后，BNSF将成为伯克希尔和我们国家的关键资产。</blockquote></p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><p><blockquote>如果保罗·安德鲁斯(Paul Andrews)没有将伯克希尔视为TTI的合适住所，BNSF的收购永远不会发生。</blockquote></p><p><h2>Thanks</h2>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p><blockquote><h2>谢谢</h2>70年前，我教了我的第一堂投资课。从那以后，我几乎每年都喜欢和各个年龄段的学生一起工作，最终在2018年从这种追求中“退休”。</blockquote></p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p><blockquote>一路上，我最难对付的观众是我孙子五年级的班级。11岁的孩子们在座位上蠕动，茫然地看着我，直到我提到可口可乐和它著名的秘密配方。立刻，每个人都举起了手，我明白了“秘密”对孩子们来说是猫薄荷。</blockquote></p><p></p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p><blockquote>教学和写作一样，帮助我发展和理清了自己的思想。查理·评级这种现象猩猩效应：如果你和一只猩猩坐下来，仔细地向它解释你珍视的一个想法，你可能会留下一只困惑的灵长类动物，但你自己会更清楚地思考吗？</blockquote></p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p><blockquote>和大学生说话要优越得多。我敦促他们在（1）这个领域和（2）如果他们不需要钱，他们会选择的那种人那里找工作。我承认，经济现实可能会干扰这种搜索。即便如此，我敦促学生们永远不要放弃追求，因为当他们找到那种工作时，他们将不再是“工作”。</blockquote></p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p><blockquote>查理和我，我们自己，在经历了一些早期的挫折后，走上了解放的道路。我们都是从我祖父的杂货店兼职开始的，查理是1940年，我是1942年。我们每个人都被分配了无聊的任务，报酬很低，绝对不是我们想要的。查理后来从事法律工作，我尝试出售证券。工作满意度继续困扰着我们。</blockquote></p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p><blockquote>最后，在伯克希尔，我们找到了自己喜欢做的事情。除了极少数例外，我们现在已经和我们喜欢和信任的人“工作”了几十年。与保罗·安德鲁斯或我去年告诉过你的伯克希尔家族等经理人一起工作是生活中的一种乐趣。在我们的家庭办公室，我们雇佣体面和有才华的人——没有混蛋。平均离职人数可能是每年一人。</blockquote></p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p><blockquote>然而，我想强调另一个项目，它将我们的工作变成有趣和令人满意的工作</blockquote></p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p><blockquote>为了你。对查理和我来说，没有什么比享受个人长期股东的信任更有意义的了，几十年来，他们加入我们的期望是我们将成为他们资金的可靠托管人。</blockquote></p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p><blockquote>显然，我们不能选择我们的所有者，如果我们的运营形式是合伙企业，我们可以这样做。任何人今天都可以购买伯克希尔的股票，并打算很快转售。当然，我们有一些此类股东，就像我们有指数基金持有大量伯克希尔哈撒韦公司股票一样，因为它们被要求这样做。</blockquote></p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p><blockquote>然而，在一个真正不寻常的程度上，伯克希尔拥有一大批个人和家庭作为所有者，他们选择加入我们，意图是“直到死亡将我们分开”。通常，他们把很大一部分——有些人可能会说是过多的——储蓄托付给我们。</blockquote></p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p><blockquote>这些股东有时会承认，伯克希尔可能远非他们所能做出的最佳选择。但他们会补充说，伯克希尔将在他们最满意的公司中排名靠前。平均而言，对自己的投资感到满意的人会比那些被不断变化的头条新闻、喋喋不休和承诺所激励的人取得更好的结果。</blockquote></p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><p><blockquote>长期个人所有者既是查理和我一直在寻找的“合作伙伴”，也是我们在伯克希尔做决策时一直牢记的“合作伙伴”。我们对他们说：“为你们‘工作’的感觉真好，我们感谢你们的信任。”</blockquote></p><p><h2>The Annual Meeting</h2>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p><blockquote><h2>年会</h2>清除您的日历！伯克希尔将于4月29日星期五至5月1日星期日在奥马哈举行年度资本家聚会。关于周末的细节列在A-1和A-2页。奥马哈急切地等待着你，我也是。</blockquote></p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p><blockquote>我将以推销来结束这封信。“表哥”吉米·巴菲特设计了一艘浮桥“派对”船，现在由伯克希尔旗下的森林河公司制造。这艘船将于4月29日在我们的伯克希尔便宜货市场推出。而且，仅在两天内，股东就可以以10%的折扣购买吉米的杰作。你的便宜货董事长会买一艘船给他的家人使用。加入我。</blockquote></p><p>February 26, 2022</p><p><blockquote>2022年2月26日</blockquote></p><p>Warren E. Buffett Chairman of the Board</p><p><blockquote>沃伦·E·巴菲特董事会主席</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860977953,"gmtCreate":1632128935072,"gmtModify":1632802663227,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/860977953","repostId":"1111254320","repostType":4,"repost":{"id":"1111254320","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":1632127101,"share":"https://www.laohu8.com/m/news/1111254320?lang=zh_CN&edition=full","pubTime":"2021-09-20 16:38","market":"us","language":"en","title":"AMC gives back gains, it falls over 6% in premarket trading<blockquote>AMC回吐涨幅，盘前交易跌超6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111254320","media":"Tiger Newspress","summary":"(Sept 20) AMC Entertainment gives back gains, it falls over 6% in premarket trading.\nOne of the hott","content":"<p>(Sept 20)&nbsp;<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> gives back gains, it falls over 6% in premarket trading.</p><p><blockquote>（9月20日）<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>回吐涨幅后，盘前交易中跌幅超过6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fc642621773e1f05ceb243ea0e880131\" tg-width=\"1066\" tg-height=\"536\" referrerpolicy=\"no-referrer\">One of the hottest 2021 stocks has been&nbsp;<b><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings Inc</b>. The stock has gained favor with a loyal community that sees a strong recovery coming for the movie theater company. CEO&nbsp;<b>Adam Aron</b>&nbsp;may have brought in new fans and investors with an openness to accept several cryptocurrencies for payment.</p><p><blockquote>2021年最热门的股票之一是<b><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>控股公司</b>该股赢得了忠实社区的青睐，他们认为这家电影院公司即将强劲复苏。首席执行官<b>亚当·阿伦</b>可能带来了新的粉丝和投资者，他们愿意接受多种加密货币进行支付。</blockquote></p><p> <b>What Happened:</b>&nbsp;Aronannouncedthis week that AMC Entertainment Holdings will accept&nbsp;<b>Bitcoin</b>,&nbsp;<b>Ethereum</b>,&nbsp;<b>Litecoin</b> and&nbsp;<b>Bitcoin Cash</b>&nbsp;transactions as payment.</p><p><blockquote><b>发生了什么：</b>阿罗本周宣布AMC院线控股公司将接受<b>比特币</b>, <b>以太币</b>, <b>莱特币</b>和<b>比特币·卡什</b>作为支付的交易。</blockquote></p><p> The announcement came after Aronsaidon the second quarter earnings call that the movie theater company would accept Bitcoin payments by the end of the year.</p><p><blockquote>这一消息是在Aronsaidon第二季度收益看涨期权上发布的，该电影院公司将在今年年底前接受比特币付款。</blockquote></p><p> Aron’s announcement ruffled some feathers in the<b>Dogecoin</b>(CRYPTO: DOGE) community, as no announcement has been made to accept the popular meme cryptocurrency at the theaters yet.</p><p><blockquote>阿伦的声明激怒了一些人<b>狗狗币</b>（CRYPTO：DOGE）社区，因为尚未宣布在影院接受流行的迷因加密货币。</blockquote></p><p> <b>NFTs Next?:</b>&nbsp;Many companies have been seeking ways to get more involved with cryptocurrencies to take advantage of rising interest and valuations and also potential new customer bases.</p><p><blockquote><b>接下来是NFT？：</b>许多公司一直在寻找更多地参与加密货币的方法，以利用不断上升的兴趣和估值以及潜在的新客户群。</blockquote></p><p> The rise ofnon-fungible tokensis another area many companies are exploring to see if there are ways to diversify their businesses.</p><p><blockquote>不可替代代币的兴起是许多公司正在探索的另一个领域，看看是否有办法实现业务多元化。</blockquote></p><p> <b>DraftKings Inc</b>&nbsp;,<b>PLBY Group</b>&nbsp;and&nbsp;<b>Funko Inc</b>&nbsp;are among the well-known companies that have dipped their toes into the NFT market.</p><p><blockquote><b>DraftKings公司</b> ,<b>PLBY集团</b>和<b>丰科公司</b>是涉足NFT市场的知名公司之一。</blockquote></p><p> ArontoldCNBC in early September that the company was exploring NFTs as a way to grow the business.</p><p><blockquote>Aron在9月初告诉CNBC，该公司正在探索NFT作为发展业务的一种方式。</blockquote></p><p> “There are some ideas that have surfaced,” Aron said.</p><p><blockquote>“有一些想法已经浮出水面，”阿伦说。</blockquote></p><p> The CEO indicated that adding NFTs to the business model could create “real value” for AMC investors and the company.</p><p><blockquote>首席执行官表示，将NFT添加到商业模式中可以为AMC投资者和公司创造“真正的价值”。</blockquote></p><p> “One of the ones I particularly love is to make commemorative movie tickets as an NFT.”</p><p><blockquote>“我特别喜欢的一件事，就是把纪念电影票做成NFT。”</blockquote></p><p> Aron told CNBC that it could be a “really smart idea” to launch movie ticket NFTs as the movie chain has 50 to 100 big releases in theaters a year.</p><p><blockquote>Aron告诉CNBC，推出电影票NFT可能是一个“非常聪明的主意”，因为该电影连锁店每年有50到100部大型电影在影院上映。</blockquote></p><p> The move could make NFTs “mean something for us and customers,” Aron added. The launch of NFTs could drive the business going forward.</p><p><blockquote>Aron补充说，此举可能会使NFT“对我们和客户都有意义”。NFT的推出可以推动业务向前发展。</blockquote></p><p> CNBC Fast Money member<b>Guy Adami</b>liked the idea of NFTs from AMC and its CEO while brushing aside talk of a short squeeze in the stock.</p><p><blockquote>CNBC快钱会员<b>盖伊·阿达米</b>喜欢AMC及其首席执行官提出的NFT想法，同时对该股的轧空言论置之不理。</blockquote></p><p> “I respect that,” Adami said of a potential NFT launch.</p><p><blockquote>“我尊重这一点，”阿达米在谈到潜在的NFT发布时说道。</blockquote></p><p> The open mindedness from Aron is a reason for bullishness, Adami added.</p><p><blockquote>阿达米补充说，阿伦的开放思想是看涨的一个原因。</blockquote></p><p> While Adami doesn’t love the current AMC business model, he highlighted that he likes how Aron could be skating to where the puck might be going, referencing a famous quote from NHL great Wayne Gretzky.</p><p><blockquote>虽然阿达米不喜欢AMC目前的商业模式，但他强调，他喜欢阿伦如何滑到冰球可能去的地方，引用了NHL伟大的韦恩·格雷茨基的一句名言。</blockquote></p><p> <b>Price Action:</b>&nbsp;AMC shares were trading at $44.09 last Friday. Shares have traded between $1.91 and $72.62 over the last 52 weeks.</p><p><blockquote><b>价格走势：</b>上周五AMC股价为44.09美元。过去52周内，股价交易价格在1.91美元至72.62美元之间。</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 gives back gains, it falls over 6% in premarket trading<blockquote>AMC回吐涨幅，盘前交易跌超6%</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 gives back gains, it falls over 6% in premarket trading<blockquote>AMC回吐涨幅，盘前交易跌超6%</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\">2021-09-20 16:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 20)&nbsp;<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> gives back gains, it falls over 6% in premarket trading.</p><p><blockquote>（9月20日）<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>回吐涨幅后，盘前交易中跌幅超过6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fc642621773e1f05ceb243ea0e880131\" tg-width=\"1066\" tg-height=\"536\" referrerpolicy=\"no-referrer\">One of the hottest 2021 stocks has been&nbsp;<b><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings Inc</b>. The stock has gained favor with a loyal community that sees a strong recovery coming for the movie theater company. CEO&nbsp;<b>Adam Aron</b>&nbsp;may have brought in new fans and investors with an openness to accept several cryptocurrencies for payment.</p><p><blockquote>2021年最热门的股票之一是<b><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>控股公司</b>该股赢得了忠实社区的青睐，他们认为这家电影院公司即将强劲复苏。首席执行官<b>亚当·阿伦</b>可能带来了新的粉丝和投资者，他们愿意接受多种加密货币进行支付。</blockquote></p><p> <b>What Happened:</b>&nbsp;Aronannouncedthis week that AMC Entertainment Holdings will accept&nbsp;<b>Bitcoin</b>,&nbsp;<b>Ethereum</b>,&nbsp;<b>Litecoin</b> and&nbsp;<b>Bitcoin Cash</b>&nbsp;transactions as payment.</p><p><blockquote><b>发生了什么：</b>阿罗本周宣布AMC院线控股公司将接受<b>比特币</b>, <b>以太币</b>, <b>莱特币</b>和<b>比特币·卡什</b>作为支付的交易。</blockquote></p><p> The announcement came after Aronsaidon the second quarter earnings call that the movie theater company would accept Bitcoin payments by the end of the year.</p><p><blockquote>这一消息是在Aronsaidon第二季度收益看涨期权上发布的，该电影院公司将在今年年底前接受比特币付款。</blockquote></p><p> Aron’s announcement ruffled some feathers in the<b>Dogecoin</b>(CRYPTO: DOGE) community, as no announcement has been made to accept the popular meme cryptocurrency at the theaters yet.</p><p><blockquote>阿伦的声明激怒了一些人<b>狗狗币</b>（CRYPTO：DOGE）社区，因为尚未宣布在影院接受流行的迷因加密货币。</blockquote></p><p> <b>NFTs Next?:</b>&nbsp;Many companies have been seeking ways to get more involved with cryptocurrencies to take advantage of rising interest and valuations and also potential new customer bases.</p><p><blockquote><b>接下来是NFT？：</b>许多公司一直在寻找更多地参与加密货币的方法，以利用不断上升的兴趣和估值以及潜在的新客户群。</blockquote></p><p> The rise ofnon-fungible tokensis another area many companies are exploring to see if there are ways to diversify their businesses.</p><p><blockquote>不可替代代币的兴起是许多公司正在探索的另一个领域，看看是否有办法实现业务多元化。</blockquote></p><p> <b>DraftKings Inc</b>&nbsp;,<b>PLBY Group</b>&nbsp;and&nbsp;<b>Funko Inc</b>&nbsp;are among the well-known companies that have dipped their toes into the NFT market.</p><p><blockquote><b>DraftKings公司</b> ,<b>PLBY集团</b>和<b>丰科公司</b>是涉足NFT市场的知名公司之一。</blockquote></p><p> ArontoldCNBC in early September that the company was exploring NFTs as a way to grow the business.</p><p><blockquote>Aron在9月初告诉CNBC，该公司正在探索NFT作为发展业务的一种方式。</blockquote></p><p> “There are some ideas that have surfaced,” Aron said.</p><p><blockquote>“有一些想法已经浮出水面，”阿伦说。</blockquote></p><p> The CEO indicated that adding NFTs to the business model could create “real value” for AMC investors and the company.</p><p><blockquote>首席执行官表示，将NFT添加到商业模式中可以为AMC投资者和公司创造“真正的价值”。</blockquote></p><p> “One of the ones I particularly love is to make commemorative movie tickets as an NFT.”</p><p><blockquote>“我特别喜欢的一件事，就是把纪念电影票做成NFT。”</blockquote></p><p> Aron told CNBC that it could be a “really smart idea” to launch movie ticket NFTs as the movie chain has 50 to 100 big releases in theaters a year.</p><p><blockquote>Aron告诉CNBC，推出电影票NFT可能是一个“非常聪明的主意”，因为该电影连锁店每年有50到100部大型电影在影院上映。</blockquote></p><p> The move could make NFTs “mean something for us and customers,” Aron added. The launch of NFTs could drive the business going forward.</p><p><blockquote>Aron补充说，此举可能会使NFT“对我们和客户都有意义”。NFT的推出可以推动业务向前发展。</blockquote></p><p> CNBC Fast Money member<b>Guy Adami</b>liked the idea of NFTs from AMC and its CEO while brushing aside talk of a short squeeze in the stock.</p><p><blockquote>CNBC快钱会员<b>盖伊·阿达米</b>喜欢AMC及其首席执行官提出的NFT想法，同时对该股的轧空言论置之不理。</blockquote></p><p> “I respect that,” Adami said of a potential NFT launch.</p><p><blockquote>“我尊重这一点，”阿达米在谈到潜在的NFT发布时说道。</blockquote></p><p> The open mindedness from Aron is a reason for bullishness, Adami added.</p><p><blockquote>阿达米补充说，阿伦的开放思想是看涨的一个原因。</blockquote></p><p> While Adami doesn’t love the current AMC business model, he highlighted that he likes how Aron could be skating to where the puck might be going, referencing a famous quote from NHL great Wayne Gretzky.</p><p><blockquote>虽然阿达米不喜欢AMC目前的商业模式，但他强调，他喜欢阿伦如何滑到冰球可能去的地方，引用了NHL伟大的韦恩·格雷茨基的一句名言。</blockquote></p><p> <b>Price Action:</b>&nbsp;AMC shares were trading at $44.09 last Friday. Shares have traded between $1.91 and $72.62 over the last 52 weeks.</p><p><blockquote><b>价格走势：</b>上周五AMC股价为44.09美元。过去52周内，股价交易价格在1.91美元至72.62美元之间。</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":"1111254320","content_text":"(Sept 20) AMC Entertainment gives back gains, it falls over 6% in premarket trading.\nOne of the hottest 2021 stocks has been AMC Entertainment Holdings Inc. The stock has gained favor with a loyal community that sees a strong recovery coming for the movie theater company. CEO Adam Aron may have brought in new fans and investors with an openness to accept several cryptocurrencies for payment.\nWhat Happened: Aronannouncedthis week that AMC Entertainment Holdings will accept Bitcoin, Ethereum, Litecoin and Bitcoin Cash transactions as payment.\nThe announcement came after Aronsaidon the second quarter earnings call that the movie theater company would accept Bitcoin payments by the end of the year.\nAron’s announcement ruffled some feathers in theDogecoin(CRYPTO: DOGE) community, as no announcement has been made to accept the popular meme cryptocurrency at the theaters yet.\nNFTs Next?: Many companies have been seeking ways to get more involved with cryptocurrencies to take advantage of rising interest and valuations and also potential new customer bases.\nThe rise ofnon-fungible tokensis another area many companies are exploring to see if there are ways to diversify their businesses.\nDraftKings Inc ,PLBY Group and Funko Inc are among the well-known companies that have dipped their toes into the NFT market.\nArontoldCNBC in early September that the company was exploring NFTs as a way to grow the business.\n“There are some ideas that have surfaced,” Aron said.\nThe CEO indicated that adding NFTs to the business model could create “real value” for AMC investors and the company.\n“One of the ones I particularly love is to make commemorative movie tickets as an NFT.”\nAron told CNBC that it could be a “really smart idea” to launch movie ticket NFTs as the movie chain has 50 to 100 big releases in theaters a year.\nThe move could make NFTs “mean something for us and customers,” Aron added. The launch of NFTs could drive the business going forward.\nCNBC Fast Money memberGuy Adamiliked the idea of NFTs from AMC and its CEO while brushing aside talk of a short squeeze in the stock.\n“I respect that,” Adami said of a potential NFT launch.\nThe open mindedness from Aron is a reason for bullishness, Adami added.\nWhile Adami doesn’t love the current AMC business model, he highlighted that he likes how Aron could be skating to where the puck might be going, referencing a famous quote from NHL great Wayne Gretzky.\nPrice Action: AMC shares were trading at $44.09 last Friday. Shares have traded between $1.91 and $72.62 over the last 52 weeks.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801387704,"gmtCreate":1627483109408,"gmtModify":1631893720180,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/801387704","repostId":"1163790008","repostType":4,"repost":{"id":"1163790008","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":1627482520,"share":"https://www.laohu8.com/m/news/1163790008?lang=zh_CN&edition=full","pubTime":"2021-07-28 22:28","market":"us","language":"en","title":"EV Stocks Skyrocketed in Wednesday morning trading<blockquote>周三早盘电动汽车股飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163790008","media":"Tiger Newspress","summary":"EV Stocks Skyrocketed in Wednesday morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Niu Technologies,L","content":"<p>EV Stocks Skyrocketed in Wednesday morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Niu Technologies,Lucid Motors,Faraday Future,Nikola&nbsp;and&nbsp;Fisker&nbsp;climbed between 1% and 10%.</p><p><blockquote>电动汽车股周三早盘飙升。特斯拉、蔚来、小鹏汽车、理想汽车、小牛电动、Lucid Motors、法拉第未来、尼古拉和菲斯克涨幅在1%至10%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/09ef2d58b55347b0b464a1202035836b\" tg-width=\"374\" tg-height=\"667\" 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>EV Stocks Skyrocketed in Wednesday morning trading<blockquote>周三早盘电动汽车股飙升</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{ 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}\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\">\nEV Stocks Skyrocketed in Wednesday morning trading<blockquote>周三早盘电动汽车股飙升</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\">2021-07-28 22:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV Stocks Skyrocketed in Wednesday morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Niu Technologies,Lucid Motors,Faraday Future,Nikola&nbsp;and&nbsp;Fisker&nbsp;climbed between 1% and 10%.</p><p><blockquote>电动汽车股周三早盘飙升。特斯拉、蔚来、小鹏汽车、理想汽车、小牛电动、Lucid Motors、法拉第未来、尼古拉和菲斯克涨幅在1%至10%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/09ef2d58b55347b0b464a1202035836b\" tg-width=\"374\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","NIO":"蔚来","TSLA":"特斯拉","XPEV":"小鹏汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163790008","content_text":"EV Stocks Skyrocketed in Wednesday morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Niu Technologies,Lucid Motors,Faraday Future,Nikola and Fisker climbed between 1% and 10%.","news_type":1,"symbols_score_info":{"LI":0.9,"XPEV":0.9,"TSLA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":619770609,"gmtCreate":1649504324605,"gmtModify":1649504325019,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/619770609","repostId":"2226207085","repostType":4,"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856378756,"gmtCreate":1635156166064,"gmtModify":1635156190169,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/856378756","repostId":"2178808449","repostType":4,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":882254636,"gmtCreate":1631699687825,"gmtModify":1631889841078,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Done","listText":"Done","text":"Done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882254636","repostId":"1148341685","repostType":4,"repost":{"id":"1148341685","kind":"news","pubTimestamp":1631660884,"share":"https://www.laohu8.com/m/news/1148341685?lang=zh_CN&edition=full","pubTime":"2021-09-15 07:08","market":"us","language":"en","title":"U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148341685","media":"Reuters","summary":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing","content":"<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>路透纽约-华尔街周二下跌，原因是经济不确定性和企业税率上调的可能性越来越大，抑制了投资者情绪，并引发了广泛的抛售，尽管通胀有缓解的迹象。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>整个交易日乐观情绪消退，扭转了劳工部消费者价格指数报告发布后最初的涨势。美国三大股指均收于负值，提醒人们9月份对于股市来说是历史上艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月迄今为止，标普500已下跌近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>纽约CFRA Research首席投资策略师Sam Stovall表示：“市场有可能只是准备好经历一次迟来的调整。”“从季节性来看，9月往往是基金经理的粉饰期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现导致人们对从全球健康危机中复苏的看跌情绪增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>芝加哥Kingsview Asset Management投资组合经理保罗·诺尔特(Paul Nolte)表示：“我们仍处于人们几个月来一直呼吁的纠正模式。”“经济数据点一直低于预期，而这与德尔塔变异毒株的上升同时发生。”</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份读数低于市场普遍预期，这一减速支持了美联储主席杰罗姆·鲍威尔的说法，即通胀飙升是暂时的，并平息了市场对美联储将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>美国国债收益率因数据而下跌，这给金融股带来压力，投资者的青睐转向增长，而牺牲了价值。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔·拜登（Joe Biden）的3.5万亿美元预算计划逐渐接近通过，人们期待已久的公司税上调（如果民主党获胜，将从21%上调至26.5%）即将实现。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼工业指数跌292.06点，或0.84%，报34577.57点；标普500跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌67.82点，跌幅0.45%，至15037.76点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11大板块全部收红，能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了iPhone 13，并为其iPad和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为的更严格审查。其股价收盘下跌1.0%，对标普500和纳斯达克拖累最大。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>TurboTax制造商Intuit Inc宣布将以120亿美元收购数字营销公司Mailchimp后，该公司股价上涨1.9%。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司CureVac取消其实验性COVID-19疫苗的生产交易后，股价下跌8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为2.25比1；在纳斯达克，2.40比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数录得50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为100.7亿股，而过去20个交易日的平均成交量为93.8亿股。</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 close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</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; 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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\">\nU.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-15 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>路透纽约-华尔街周二下跌，原因是经济不确定性和企业税率上调的可能性越来越大，抑制了投资者情绪，并引发了广泛的抛售，尽管通胀有缓解的迹象。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>整个交易日乐观情绪消退，扭转了劳工部消费者价格指数报告发布后最初的涨势。美国三大股指均收于负值，提醒人们9月份对于股市来说是历史上艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月迄今为止，标普500已下跌近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>纽约CFRA Research首席投资策略师Sam Stovall表示：“市场有可能只是准备好经历一次迟来的调整。”“从季节性来看，9月往往是基金经理的粉饰期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现导致人们对从全球健康危机中复苏的看跌情绪增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>芝加哥Kingsview Asset Management投资组合经理保罗·诺尔特(Paul Nolte)表示：“我们仍处于人们几个月来一直呼吁的纠正模式。”“经济数据点一直低于预期，而这与德尔塔变异毒株的上升同时发生。”</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份读数低于市场普遍预期，这一减速支持了美联储主席杰罗姆·鲍威尔的说法，即通胀飙升是暂时的，并平息了市场对美联储将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>美国国债收益率因数据而下跌，这给金融股带来压力，投资者的青睐转向增长，而牺牲了价值。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔·拜登（Joe Biden）的3.5万亿美元预算计划逐渐接近通过，人们期待已久的公司税上调（如果民主党获胜，将从21%上调至26.5%）即将实现。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼工业指数跌292.06点，或0.84%，报34577.57点；标普500跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌67.82点，跌幅0.45%，至15037.76点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11大板块全部收红，能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了iPhone 13，并为其iPad和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为的更严格审查。其股价收盘下跌1.0%，对标普500和纳斯达克拖累最大。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>TurboTax制造商Intuit Inc宣布将以120亿美元收购数字营销公司Mailchimp后，该公司股价上涨1.9%。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司CureVac取消其实验性COVID-19疫苗的生产交易后，股价下跌8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为2.25比1；在纳斯达克，2.40比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数录得50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为100.7亿股，而过去20个交易日的平均成交量为93.8亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9\">Reuters</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",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148341685","content_text":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.\nOptimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.\nSo far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.\n“There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”\nThe advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.\n“We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”\nThe CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.\nU.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]\nThe long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.\nThe Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.\nAll 11 major sectors in the S&P 500 ended the session red, with energy and financials suffering the largest percentage drops.\nApple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&P 500 and the Nasdaq.\nIntuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.\nCureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.\nThe S&P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.\nVolume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831336236,"gmtCreate":1629287144125,"gmtModify":1631891973221,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Believe in the fundamental&nbsp;","listText":"Believe in the fundamental&nbsp;","text":"Believe in the fundamental","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/831336236","repostId":"1143139790","repostType":4,"isVote":1,"tweetType":1,"viewCount":447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":633081393,"gmtCreate":1643584807243,"gmtModify":1643584807644,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/633081393","repostId":"2207800554","repostType":4,"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":151174940,"gmtCreate":1625069333080,"gmtModify":1633945151571,"author":{"id":"3568940106394782","authorId":"3568940106394782","name":"Cheryi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568940106394782","idStr":"3568940106394782"},"themes":[],"htmlText":"Hold till to the moon!&nbsp;","listText":"Hold till to the moon!&nbsp;","text":"Hold till to the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/151174940","repostId":"1121473384","repostType":4,"repost":{"id":"1121473384","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":1625067394,"share":"https://www.laohu8.com/m/news/1121473384?lang=zh_CN&edition=full","pubTime":"2021-06-30 23:36","market":"us","language":"en","title":"Why NIO Stock Is Moving Higher Today<blockquote>为什么蔚来股价今天走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121473384","media":"Tiger Newspress","summary":"A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.Shares of Chinese electric-vehicle maker NIOwere moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.As of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $5","content":"<p>A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.</p><p><blockquote>在蔚来公布6月份销售报告之前，华尔街的一份看涨报告提高了人们的预期。</blockquote></p><p> Shares of Chinese electric-vehicle maker&nbsp;<b>NIO</b>(NYSE:NIO)were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.</p><p><blockquote>中国电动汽车制造商的股票<b>蔚来</b>（纽约证券交易所股票代码：蔚来）周三早盘走高，此前一位华尔街分析师在一份看涨报告中上调了该行对该股的目标价。</blockquote></p><p> As of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.</p><p><blockquote>截至美国东部时间上午11点35分，蔚来美国存托股票较周二收盘价上涨约5.9%。</blockquote></p><p> In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.</p><p><blockquote>在周二下午发布的一份报告中。花旗银行分析师Jeff Chung将该行对蔚来的目标股价从58.30美元上调至72美元，同时重申了此前对该股的买入评级。</blockquote></p><p> Chung wrote that he expects NIO to report \"robust shipment volume\" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target&nbsp;price-to-earnings multiple&nbsp;for NIO's shares.</p><p><blockquote>Chung写道，他预计蔚来6月份将报告“强劲的出货量”，他认为随后将在2021年第三和第四季度实现环比增长。他现在预计蔚来将在2021年交付93,000辆汽车，高于他之前估计的90,000辆，并上调了对2022年和2024年的预测，同时还提高了蔚来股票的目标市盈率。</blockquote></p><p> NIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of&nbsp;between 21,000 and 22,000 vehicles&nbsp;for the second quarter. Through the end of May, it had&nbsp;delivered 13,183 vehicles&nbsp;despite production disruptions caused by shortages of computer chips.</p><p><blockquote>蔚来通常会在月底后不久发布每月交付总量，这意味着我们最早可以在周四上午看到蔚来6月份的业绩。该公司本月早些时候重申了评级第二季度总交付量为21,000至22,000辆汽车的指引。尽管计算机芯片短缺导致生产中断，截至5月底，该公司仍交付了13,183辆汽车。</blockquote></p><p> Will NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or two.</p><p><blockquote>蔚来的表现会超出自己的指导吗？我认为这是可能的，但考虑到持续的芯片短缺问题，可能性不大。然而，如果其6月份的业绩使其第二季度的总额处于指导范围的高端，我不会感到惊讶。一两天后我们就会知道了。</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 NIO Stock Is Moving Higher Today<blockquote>为什么蔚来股价今天走高</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; 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\">\nWhy NIO Stock Is Moving Higher Today<blockquote>为什么蔚来股价今天走高</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\">2021-06-30 23:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.</p><p><blockquote>在蔚来公布6月份销售报告之前，华尔街的一份看涨报告提高了人们的预期。</blockquote></p><p> Shares of Chinese electric-vehicle maker&nbsp;<b>NIO</b>(NYSE:NIO)were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.</p><p><blockquote>中国电动汽车制造商的股票<b>蔚来</b>（纽约证券交易所股票代码：蔚来）周三早盘走高，此前一位华尔街分析师在一份看涨报告中上调了该行对该股的目标价。</blockquote></p><p> As of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.</p><p><blockquote>截至美国东部时间上午11点35分，蔚来美国存托股票较周二收盘价上涨约5.9%。</blockquote></p><p> In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.</p><p><blockquote>在周二下午发布的一份报告中。花旗银行分析师Jeff Chung将该行对蔚来的目标股价从58.30美元上调至72美元，同时重申了此前对该股的买入评级。</blockquote></p><p> Chung wrote that he expects NIO to report \"robust shipment volume\" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target&nbsp;price-to-earnings multiple&nbsp;for NIO's shares.</p><p><blockquote>Chung写道，他预计蔚来6月份将报告“强劲的出货量”，他认为随后将在2021年第三和第四季度实现环比增长。他现在预计蔚来将在2021年交付93,000辆汽车，高于他之前估计的90,000辆，并上调了对2022年和2024年的预测，同时还提高了蔚来股票的目标市盈率。</blockquote></p><p> NIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of&nbsp;between 21,000 and 22,000 vehicles&nbsp;for the second quarter. Through the end of May, it had&nbsp;delivered 13,183 vehicles&nbsp;despite production disruptions caused by shortages of computer chips.</p><p><blockquote>蔚来通常会在月底后不久发布每月交付总量，这意味着我们最早可以在周四上午看到蔚来6月份的业绩。该公司本月早些时候重申了评级第二季度总交付量为21,000至22,000辆汽车的指引。尽管计算机芯片短缺导致生产中断，截至5月底，该公司仍交付了13,183辆汽车。</blockquote></p><p> Will NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or two.</p><p><blockquote>蔚来的表现会超出自己的指导吗？我认为这是可能的，但考虑到持续的芯片短缺问题，可能性不大。然而，如果其6月份的业绩使其第二季度的总额处于指导范围的高端，我不会感到惊讶。一两天后我们就会知道了。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121473384","content_text":"A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.\nShares of Chinese electric-vehicle maker NIO(NYSE:NIO)were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.\nAs of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.\nIn a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.\nChung wrote that he expects NIO to report \"robust shipment volume\" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target price-to-earnings multiple for NIO's shares.\nNIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of between 21,000 and 22,000 vehicles for the second quarter. Through the end of May, it had delivered 13,183 vehicles despite production disruptions caused by shortages of computer chips.\nWill NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or 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