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philodendron

philodendron

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2022-01-29

hopefully

7 Big Tech Stocks Likely to Outperform the Nasdaq in 2022<blockquote>2022 年可能跑赢纳斯达克的 7 只大型科技股</blockquote>

2021-12-20

🚀

Nio unveils new model and talks power at Nio Day event<blockquote>蔚来在蔚来日活动上推出新车型并谈论动力</blockquote>

2021-12-19

ooh

抱歉，原内容已删除

2021-12-17

Hmm

Intel: Mobileye IPO Could Be A Masterstroke<blockquote>英特尔：Mobileye IPO 可能是一个绝妙的举动</blockquote>

2021-11-13

$KraneShares CSI China Internet ETF(KWEB)$omggahh pls dont stop going up thanks

2021-10-30

Great ariticle, would you like to share it?

@小虎活动:[Halloween Game] Trade or Treat!

2021-10-03

saving for later

@WYCKOFFPRO:The two proxies to confirm the super bull run

2021-10-02

mm hmm

抱歉，原内容已删除

2021-10-02

for myself to read later.

抱歉，原内容已删除

2021-09-11

meme your head ah

抱歉，原内容已删除

2021-08-25

$Palantir Technologies Inc.(PLTR)$slowly crawling out of the grave. hahaha

2021-08-25

hmmm

抱歉，原内容已删除

2021-08-25

ooh

EV stocks surged in Monday morning trading<blockquote>周一早盘交易中电动汽车股飙升</blockquote>

2021-08-25

we are still alive!!

2021-08-15

AMD or Nvidia?

AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>

2021-08-12

$Palantir Technologies Inc.(PLTR)$like a finally

2021-08-12

wheeee

2021-07-31

this makes me wonder, is the opposite happening?

Here’s your to-do list before the stock market’s next dive<blockquote>以下是您在股市下一次暴跌前的待办事项清单</blockquote>

2021-07-31

I need my stocks to breakeven so I can de-risk leh

抱歉，原内容已删除

2021-07-31

isn't this similar to what ARK is doing

You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>

去老虎APP查看更多动态

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23:16","market":"us","language":"en","title":"7 Big Tech Stocks Likely to Outperform the Nasdaq in 2022<blockquote>2022 年可能跑赢纳斯达克的 7 只大型科技股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175743992","media":"InvestorPlace","summary":"Tech stocks, including most big tech names, have been performing very badly in the first few weeks o","content":"<p><div> Tech stocks, including most big tech names, have been performing very badly in the first few weeks of this year. The Nasdaq 100, which is made up primarily of large tech companies, has tumbled 13% in ...</p><p><blockquote><div>包括大多数大型科技公司在内的科技股在今年前几周表现非常糟糕。主要由大型科技公司组成的纳斯达克100强在2010年下跌了13%……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/01/7-big-tech-stocks-likely-to-outperform-the-nasdaq-in-2022/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/01/7-big-tech-stocks-likely-to-outperform-the-nasdaq-in-2022/\">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>7 Big Tech Stocks Likely to Outperform the Nasdaq in 2022<blockquote>2022 年可能跑赢纳斯达克的 7 只大型科技股</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\">\n7 Big Tech Stocks Likely to Outperform the Nasdaq in 2022<blockquote>2022 年可能跑赢纳斯达克的 7 只大型科技股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2022-01-28 23:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Tech stocks, including most big tech names, have been performing very badly in the first few weeks of this year. The Nasdaq 100, which is made up primarily of large tech companies, has tumbled 13% in ...</p><p><blockquote><div>包括大多数大型科技公司在内的科技股在今年前几周表现非常糟糕。主要由大型科技公司组成的纳斯达克100强在2010年下跌了13%……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/01/7-big-tech-stocks-likely-to-outperform-the-nasdaq-in-2022/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/01/7-big-tech-stocks-likely-to-outperform-the-nasdaq-in-2022/\">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/2022/01/7-big-tech-stocks-likely-to-outperform-the-nasdaq-in-2022/\">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":{"TSM":"台积电","IBM":"IBM","PANW":"Palo Alto Networks","CIEN":"Ciena科技","GOOG":"谷歌","PYPL":"PayPal","MSFT":"微软"},"source_url":"https://investorplace.com/2022/01/7-big-tech-stocks-likely-to-outperform-the-nasdaq-in-2022/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175743992","content_text":"Tech stocks, including most big tech names, have been performing very badly in the first few weeks of this year. The Nasdaq 100, which is made up primarily of large tech companies, has tumbled 13% in 2022 so far.But investors who follow a few principles when it comes to buying large tech stocks can easily outperform the Nasdaq and the Nasdaq 100, while making significant profits this year.First of all, with the Street very bearish on unprofitable and high-valuation firms in this elevated inflation, rising interest rate environment, medium-term investors should only buy the shares of large tech companies that are firmly in the black. Secondly, with very few exceptions, they should avoid the shares of companies seen as pandemic plays.Also importantly, tech stocks that are in the sectors viewed relatively optimistically by Wall Street should be emphasized. Among these are IT security, the cloud, semiconductors and fiber optics.With this in mind, here are seven big tech stock likely to outperform the Nasdaq this year:IBM(NYSE:IBM)Microsoft(NASDAQ:MSFT)Palo Alto Networks(NASDAQ:PANW)Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL)Taiwan Semiconductor(NYSE:TSM)PayPal(NASDAQ:PYPL)Ciena(NYSE:CIEN)Tech Stocks to Beat the Nasdaq: IBM (IBM)This “old tech” stock has all of the characteristics that I outlined in this column’s introduction. It’s definitely profitable, as analysts on average expect its 2022 earnings per shareto come in at nearly $10. And, trading at about 13 times that $10 estimate, it’s certainly cheap. Finally, IBM is heavily involved in the cloud.More specifically,as I pointed out in a December 2021 column, IBM CEO Arvind Krishna has adopted a hybrid cloud strategy, which involves marketing the conglomerate’s “software tools that connect multiple public clouds to companies’ on-premise data centers and edge environments.” With many businesses very concerned about cloud outages, that should be a winning strategy this year.Additionally, IBM’s spinoff of its less profitable businesses, completed in November, should greatly boost the valuation of IBM stock.Finally, Krishna is widely viewed as doing a good job so far, and the company does not face significant regulatory headwinds.Microsoft (MSFT)The second-largest cloud infrastructure provider, Microsoft is very well-positioned to benefit from the technology’s growth his year. Specifically, well-respected research firm Gartner predicts that cloud spending will grow to $482 billion this year, versus $313 billion in 2020.Indeed, with the work-from-home trend staying stronger than many had expected, the cloud is going to stay critical for the foreseeable future.Microsoft has a reasonable valuation (after its recent pullback, MSFT stock is changing hands for less than 32 times analysts’ average 2022 earnings per share (EPS) estimate). Meanwhile, like IBM, it definitely is quite profitable, and it’s unlikely to face any difficult regulatory challenges in 2022.Also like IBM, the company is poised to continue getting a lift from the work-from-home trend. Not only will Microsoft’s cloud unit be boosted by that trend, but its Windows business should continue to be lifted as more work-from-home employees upgrade their home computer hardware and software.Tech Stocks to Beat the Nasdaq: Palo Alto Networks (PANW)One of the world’s premiere cybersecurity companies, Palo Alto is often on “the short lists” of major IT security deals. And given the multiple huge cyberattacks that major companies and governments have absorbed in recent years, cybersecurity is becoming more crucial than ever. Also likely to increase cybersecurity companies’ top and bottom lines is the ever-accelerating Internet of Things trend, including the rise of connected cars.Importantly, with the federal government continuing to rapidly increase its spending on cybersecurity initiatives, the company has a substantial federal IT security business. What’s more, as artificial intelligence is becoming much more important in the sector, Palo Alto is quickly increasing its utilization of the technology.Analysts expect the IT security giant to generate EPS of $7.23 this year, up from $6.14 in 2021. PANW stock is changing hands for 67 times the mean 2022 EPS estimate. That sounds high, but it’s actually fairly low for the hot cybersecurity sector.Alphabet (GOOG, GOOGL)With its highly profitable search ad business that’s seemingly impervious to recession, the pandemic, the recovery from the pandemic, Apple’s (NASDAQ:AAPL) new privacy rules and inflation, Alphabet has become a FAANG favorite on the Street.In Q3 2021, the company’s profit rose by a huge 66% year-over-year to an incredible $19 billion, while its ad revenue climbed 43% YoY.Alphabet has been cutting its costs, and 2022 could be the year when its Waymo self-driving unit starts really putting its tremendous commercial potential on display. The unit intends to launch multiple pilots in Texas with its partner, logistics firmJB Hunt(NASDAQ:JBHT), this year.JMP Securities analyst Andrew Boone told The New York Times that “it just appears that the company is immune to the impact” of government regulations. The company’s financial help for the Democratic Party will probably help it avoid any tough penalties from Washington.Tech Stocks to Beat the Nasdaq: Taiwan Semiconductors (TSM)Benefitting from the incredibly strong demand for chips, the company recently reported higher-than-expectedQ4 EPS, which represented an all-time high for Taiwan Semiconductor. In Q1, the chip giant expects its operating profit margin to come in at 42%-44%.With the chip shortage still going strong and Taiwan Semiconductorinvesting heavily in expanding its capacity, the company should continue to benefit from incredibly strong demand for its products for a long time. That’s especially true since it makes top-notch chips for which there is exceptionally strong demand.TSM stock is down 1.4% year to date and down 14.5% since Jan. 14, creating a very good entry point.According to Marketwatch, the shares are trading at an undemanding price-earnings ratio of 29.PayPal (PYPL)PayPal is not in one of the sectors currently favored by Wall Street, and some see its sector, fintech, as a pandemic play.Nonetheless, the company is the top name in the fintech space, which is still expected to grow at a very healthy compound annual growth rate of 24%from 2022 to 2027. As I pointed out in a previous column, PayPal has a tremendous first-mover advantage in the sector, with 400 million customers and “5 billion transactions plus a quarter.”PayPal’s 2021 EPSis expected by analysts, on average, to be a robust $3.48, and its 2022 EPS is expected to climb to $3.97.Considering all of these positive points, its forward price/earnings ratio of 33, based on analysts’ average 2022 revenue estimate, is a steal.Tech Stocks to Beat the Nasdaq: Ciena (CIEN)Benefiting from the rollout of 5G, CIEN stock is still up 21% over the past three months despite the tech pullback.In a Jan. 11 note to investors, Bank of America wrote that“networking is back.” In the same note, the firm raised its price target on CIEN stock to $91 from $83.In Ciena’s fiscal Q4 that ended in October, its revenue jumped 26% YoY to $1.04billion, and its EPS came in at 85 cents. And in very good news for the company’s shareholders, its board authorized $1 billion of stock repurchases. Impressively, its backlog reached $2.2 billion as of the end of October, up from $1 billion during the same period a year earlier.Ciena’s CEO, Gary Smith, toldBarron’sthat it was benefiting from prolific orders by both telecom carriers and companies in the cloud sector.","news_type":1,"symbols_score_info":{"PANW":0.9,"MSFT":0.9,"TSM":0.9,"IBM":0.9,"GOOG":0.9,"CIEN":0.9,"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693021271,"gmtCreate":1639936125852,"gmtModify":1639936126115,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"🚀","listText":"🚀","text":"🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693021271","repostId":"1170599515","repostType":4,"repost":{"id":"1170599515","kind":"news","pubTimestamp":1639872378,"share":"https://www.laohunote.com/m/news/1170599515?lang=zh_CN&edition=full","pubTime":"2021-12-19 08:06","market":"us","language":"en","title":"Nio unveils new model and talks power at Nio Day event<blockquote>蔚来在蔚来日活动上推出新车型并谈论动力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170599515","media":"Seeking Alpha","summary":"$Nio $ unveiled its the ET5 mid-size smart electric sedan at Nio Day 2021 today. The vehicle is the fifth mass-produced model from the Chinese electric vehicle maker.The automaker says the ET5 draws on the fluid silhouette of ET7 and \"seamlessly integrates high-performance autonomous driving sensors into its pure yet progressive body lines.\". The ET5 features the latest NIO Autonomous Driving and is said to be set to gradually achieve a safe and reassuring autonomous driving experience in scenar","content":"<p><a href=\"https://laohu8.com/S/NIO\">Nio </a> unveiled its the ET5 mid-size smart electric sedan at Nio Day 2021 today. The vehicle is the fifth mass-produced model from the Chinese electric vehicle maker.</p><p><blockquote><a href=\"https://laohu8.com/S/NIO\">蔚来</a>今天在 2021 年蔚来日上推出了 ET5 中型智能电动轿车。该车是这家中国电动汽车制造商的第五款量产车型。</blockquote></p><p> The automaker says the ET5 draws on the fluid silhouette of ET7 and \"seamlessly integrates high-performance autonomous driving sensors into its pure yet progressive body lines.\"</p><p><blockquote>该汽车制造商表示，ET5 借鉴了 ET7 的流体轮廓，并“将高性能自动驾驶传感器无缝集成到其纯粹而先进的车身线条中”。</blockquote></p><p> Customers can buy the ET5 with battery pack for 328,000 yuan ($51,450) for the version with 75kWh battery pack and 386,000 yuan ($60,550) for the 100kWh version. Those prices are before subsidies.</p><p><blockquote>客户可以以328,000元（51,450美元）的价格购买75kWh电池组版本的ET5，以386,000元（60,550美元）的价格购买100kWh版本的ET5。这些价格是补贴前的价格。</blockquote></p><p> The ET5 features the latest NIO Autonomous Driving and is said to be set to gradually achieve a safe and reassuring autonomous driving experience in scenarios such as highways, urban areas, parking and battery swapping.</p><p><blockquote>ET5采用了最新的蔚来自动驾驶，据说将在高速公路、城市地区、停车和电池更换等场景中逐步实现安全可靠的自动驾驶体验。</blockquote></p><p> Other highlights from Nio's (NIO) event included updates on the ET7. The company also talked up its power and battery charging initiatives. Nio (NIO) said it has now deployed 3,348 destination chargers and 3,136 super chargers across China. Home chargers have been installed for 94K users.</p><p><blockquote>蔚来（蔚来）活动的其他亮点包括 ET7 的更新。该公司还谈到了其电力和电池充电计划。蔚来（蔚来）表示，目前已在全国部署3348个目的地充电器和3136个超级充电器。已经为9.4万用户安装了家用充电器。</blockquote></p><p> Watch Nio (NIO) for a bounce on Monday if the event creates buzz. Nio is already one of the most discussed stocks on StockTwits and Reddit's WallStreetBets. See all the stocks on watch next week for some share price volatility.</p><p><blockquote>如果赛事引起轰动，请关注周一蔚来（蔚来）的反弹。蔚来已经是 StockTwits 和 Reddit 的 WallStreetBets 上讨论最多的股票之一。查看下周所有关注的股票，了解一些股价波动。</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 unveils new model and talks power at Nio Day event<blockquote>蔚来在蔚来日活动上推出新车型并谈论动力</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 unveils new model and talks power at Nio Day event<blockquote>蔚来在蔚来日活动上推出新车型并谈论动力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-19 08:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/NIO\">Nio </a> unveiled its the ET5 mid-size smart electric sedan at Nio Day 2021 today. The vehicle is the fifth mass-produced model from the Chinese electric vehicle maker.</p><p><blockquote><a href=\"https://laohu8.com/S/NIO\">蔚来</a>今天在 2021 年蔚来日上推出了 ET5 中型智能电动轿车。该车是这家中国电动汽车制造商的第五款量产车型。</blockquote></p><p> The automaker says the ET5 draws on the fluid silhouette of ET7 and \"seamlessly integrates high-performance autonomous driving sensors into its pure yet progressive body lines.\"</p><p><blockquote>该汽车制造商表示，ET5 借鉴了 ET7 的流体轮廓，并“将高性能自动驾驶传感器无缝集成到其纯粹而先进的车身线条中”。</blockquote></p><p> Customers can buy the ET5 with battery pack for 328,000 yuan ($51,450) for the version with 75kWh battery pack and 386,000 yuan ($60,550) for the 100kWh version. Those prices are before subsidies.</p><p><blockquote>客户可以以328,000元（51,450美元）的价格购买75kWh电池组版本的ET5，以386,000元（60,550美元）的价格购买100kWh版本的ET5。这些价格是补贴前的价格。</blockquote></p><p> The ET5 features the latest NIO Autonomous Driving and is said to be set to gradually achieve a safe and reassuring autonomous driving experience in scenarios such as highways, urban areas, parking and battery swapping.</p><p><blockquote>ET5采用了最新的蔚来自动驾驶，据说将在高速公路、城市地区、停车和电池更换等场景中逐步实现安全可靠的自动驾驶体验。</blockquote></p><p> Other highlights from Nio's (NIO) event included updates on the ET7. The company also talked up its power and battery charging initiatives. Nio (NIO) said it has now deployed 3,348 destination chargers and 3,136 super chargers across China. Home chargers have been installed for 94K users.</p><p><blockquote>蔚来（蔚来）活动的其他亮点包括 ET7 的更新。该公司还谈到了其电力和电池充电计划。蔚来（蔚来）表示，目前已在全国部署3348个目的地充电器和3136个超级充电器。已经为9.4万用户安装了家用充电器。</blockquote></p><p> Watch Nio (NIO) for a bounce on Monday if the event creates buzz. Nio is already one of the most discussed stocks on StockTwits and Reddit's WallStreetBets. See all the stocks on watch next week for some share price volatility.</p><p><blockquote>如果赛事引起轰动，请关注周一蔚来（蔚来）的反弹。蔚来已经是 StockTwits 和 Reddit 的 WallStreetBets 上讨论最多的股票之一。查看下周所有关注的股票，了解一些股价波动。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3781485-nio-unveils-new-model-and-talks-power-at-nio-day-event\">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":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/news/3781485-nio-unveils-new-model-and-talks-power-at-nio-day-event","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170599515","content_text":"Nio  unveiled its the ET5 mid-size smart electric sedan at Nio Day 2021 today. The vehicle is the fifth mass-produced model from the Chinese electric vehicle maker.\nThe automaker says the ET5 draws on the fluid silhouette of ET7 and \"seamlessly integrates high-performance autonomous driving sensors into its pure yet progressive body lines.\"\nCustomers can buy the ET5 with battery pack for 328,000 yuan ($51,450) for the version with 75kWh battery pack and 386,000 yuan ($60,550) for the 100kWh version. Those prices are before subsidies.\nThe ET5 features the latest NIO Autonomous Driving and is said to be set to gradually achieve a safe and reassuring autonomous driving experience in scenarios such as highways, urban areas, parking and battery swapping.\nOther highlights from Nio's (NIO) event included updates on the ET7. The company also talked up its power and battery charging initiatives. Nio (NIO) said it has now deployed 3,348 destination chargers and 3,136 super chargers across China. Home chargers have been installed for 94K users.\nWatch Nio (NIO) for a bounce on Monday if the event creates buzz. Nio is already one of the most discussed stocks on StockTwits and Reddit's WallStreetBets. See all the stocks on watch next week for some share price volatility.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699527941,"gmtCreate":1639845662787,"gmtModify":1639845663113,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"ooh","listText":"ooh","text":"ooh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699527941","repostId":"2192754259","repostType":4,"isVote":1,"tweetType":1,"viewCount":3856,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699083020,"gmtCreate":1639722261293,"gmtModify":1639722261582,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699083020","repostId":"1169026598","repostType":2,"repost":{"id":"1169026598","kind":"news","pubTimestamp":1639698567,"share":"https://www.laohunote.com/m/news/1169026598?lang=zh_CN&edition=full","pubTime":"2021-12-17 07:49","market":"us","language":"en","title":"Intel: Mobileye IPO Could Be A Masterstroke<blockquote>英特尔：Mobileye IPO 可能是一个绝妙的举动</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169026598","media":"seekingalpha","summary":"Summary\n\nIntel is spinning off Mobileye via an IPO in mid 2022 to raise capital for its ambitious gr","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel is spinning off Mobileye via an IPO in mid 2022 to raise capital for its ambitious growth plans. In this note, we will discuss the logic of this transaction.</li>  <li>Mobileye is one of the leading players in autonomous vehicle technology, which means it should command a much higher multiple than Intel.</li>  <li>At ~9x Price-to-FCF, Intel is massively undervalued, and as such Mobileye's valuation is suppressed. The IPO is likely to act as a significant value unlocking event for Intel.</li>  <li>According to my analysis, Mobileye could quite easily fetch a valuation of $50-100B in the current market environment. Hence, Intel could raise a significant sum by selling just a minor stake.</li>  <li>Even after the IPO, Intel will continue to control Mobileye with a majority stake, and Intel's CEO, Pat Gelsinger, will be shaping Mobileye's future as the Chairman of its Board. Hence, Intel is getting the best of both worlds with this deal. I rate Intel a strong buy at $50.</li>  <li>Looking for a portfolio of ideas like this one? Members of Beating the Market get exclusive access to our model portfolio.</li> </ul> <b>Introduction</b></p><p><blockquote><ul><li>英特尔将于 2022 年中期通过 IPO 分拆 Mobileye，为其雄心勃勃的增长计划筹集资金。在本说明中，我们将讨论此交易的逻辑。</li><li>Mobileye 是自动驾驶汽车技术领域的领先企业之一，这意味着它的市盈率应该比英特尔高得多。</li><li>英特尔的市盈率约为 9 倍，被严重低估，因此 Mobileye 的估值受到抑制。此次IPO可能会成为英特尔的一个重要价值释放事件。</li><li>根据我的分析，在当前的市场环境下，Mobileye可以很容易地获得50-100B美元的估值。因此，英特尔只需出售少量股份就可以筹集一大笔钱。</li><li>即使在 IPO 之后，英特尔仍将继续以多数股权控制 Mobileye，英特尔首席执行官帕特·基辛格 (Pat Gelsinger) 将作为董事会主席塑造 Mobileye 的未来。因此，英特尔通过这笔交易获得了两全其美的结果。我以 50 美元的价格强力买入英特尔。</li><li>寻找像这样的创意组合？击败市场的成员可以独家访问我们的模型组合。</li></ul><b>介绍</b></blockquote></p><p> Despite the astounding rally in chip stocks over the last 18-24 months, Intel's (NASDAQ:INTC) valuation (~12x P/FCF) continues to remain depressed. The semiconductor supply shortage is showing no signs of abating, with Intel selling all that it could make. In 2021, Intel is set to generate record revenues and operating cash flows. Although Intel is facing margin pressures due to heightened competition, its business fundamentals remain strong. Intel's balance sheet and free cash flow generation are robust. An inflationary environment is supposed to be supportive of cash flow machines like Intel. Hence, the weak price action in Intel is puzzling (even after considering Intel's manufacturing woes over the last few years).</p><p><blockquote>尽管芯片股在过去 18-24 个月中出现了惊人的反弹，但英特尔（纳斯达克股票代码：INTC）的估值（约 12 倍市盈率/自由现金流）仍然低迷。半导体供应短缺没有缓解的迹象，英特尔出售了所有能生产的产品。2021年，英特尔将产生创纪录的收入和运营现金流。尽管英特尔因竞争加剧而面临利润率压力，但其业务基本面依然强劲。英特尔的资产负债表和自由现金流生成非常强劲。通货膨胀环境应该有利于英特尔等现金流机器。因此，英特尔疲软的价格走势令人费解（即使考虑到英特尔过去几年的制造困境）。</blockquote></p><p> In today's note, we will focus our discussion on Intel's upcoming spinoff Mobileye, which is likely to act as a value unlocking catalyst for this chip giant.</p><p><blockquote>在今天的报告中，我们将重点讨论英特尔即将推出的衍生产品 Mobileye，该产品可能会成为这家芯片巨头价值解锁的催化剂。</blockquote></p><p> Let's begin our analysis by deciphering the logic behind an IPO for Mobileye.</p><p><blockquote>让我们从解读 Mobileye IPO 背后的逻辑开始分析。</blockquote></p><p> <b>Understanding The Motivation Behind Intel's Mobileye Spinoff</b></p><p><blockquote><b>了解英特尔分拆 Mobileye 背后的动机</b></blockquote></p><p> Soon after rejoining Intel as CEO, Pat Gelsinger outlined an aggressive hybrid-sourcing and foundry plan to take the semiconductor giant back to its past glory (after some woeful execution from previous management). On paper, Pat's strategy is very simple. Intel will outsource next-gen chip manufacturing to foundries like TSMC (NYSE:TSM), which would enable them to compete against rivals like AMD (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA). While Intel is working toward fixing its manufacturing woes and regaining the technological lead at the node level, the company also is opening up its manufacturing plants in the Western Hemisphere for other companies (i.e., entering the foundry business).</p><p><blockquote>在重新加入英特尔担任首席执行官后不久，帕特·基辛格概述了一项积极的混合采购和代工计划，旨在让这家半导体巨头重返昔日的辉煌（在前任管理层进行了一些糟糕的执行之后）。从纸面上看，帕特的策略非常简单。英特尔将把下一代芯片制造外包给台积电（纽约证券交易所股票代码：TSM）等代工厂，这将使他们能够与 AMD（纳斯达克股票代码：AMD）和英伟达（纳斯达克股票代码：NVDA）等竞争对手竞争。虽然英特尔正在努力解决其制造困境，并在节点层面重新获得技术领先地位，但该公司也在向其他公司开放其在西半球的制造工厂（即进入代工业务）。</blockquote></p><p> The semiconductor industry is undergoing a painful supply crisis that has had far-reaching impacts across multiple industries. With the EV revolution, the demand for automotive chips is set to explode higher. Hence, the chip shortage could last for years and years. Only a handful of companies can solve this crisis, and Intel is probably the only company that could help abate this semiconductor shortage in the Western Hemisphere.</p><p><blockquote>半导体行业正在经历一场痛苦的供应危机，这场危机对多个行业产生了深远影响。随着电动汽车革命，对汽车芯片的需求将会爆炸式增长。因此，芯片短缺可能会持续很多年。只有少数几家公司能够解决这场危机，而英特尔可能是唯一一家能够帮助缓解西半球半导体短缺问题的公司。</blockquote></p><p> Pat Gelsinger has put forward an aggressive growth plan for Intel, which could see the company growing at ~10-12% CAGR from 2023-2027. However, Pat's plan is highly capital intensive, and so Intel needs more capital.</p><p><blockquote>帕特·基辛格 (Pat Gelsinger) 为英特尔提出了一项积极的增长计划，预计该公司从 2023 年到 2027 年的复合年增长率将达到约 10-12%。然而，帕特的计划是高度资本密集型的，因此英特尔需要更多的资本。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/469130405b455b41aba450a41af1ccd1\" tg-width=\"1122\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Intel is set to enter a heavy capex-spending cycle with plans to increase capex for 2022 to ~$25B-$28B. With Intel's stock trading close to record low valuation (by P/FCF) from the past 10 years, raising capital through fresh equity issuance would be highly dilutionary for Intel's shareholders. Intel is one of the most-hated stocks on Wall Street, and the management certainly is not interested in alienating more of its investor base. Hence, a capital raise through equity is ruled out.</p><p><blockquote>英特尔将进入一个繁重的资本支出周期，计划将 2022 年的资本支出增加到约 $25B-$28B。由于英特尔股票交易接近过去10年的历史最低估值（按市盈率计算），通过新的股票发行筹集资金对英特尔股东来说将是高度稀释的。英特尔是华尔街最令人憎恨的股票之一，管理层当然没有兴趣疏远更多的投资者基础。因此，排除了通过股权融资的可能性。</blockquote></p><p> Another way to raise capital would be through debt issuance, and Intel's balance sheet and free cash flow generation are strong enough to allow for more debt. However, Intel's margins are set to come under pressure due to a potential price war with the likes of AMD, and with increased CAPEX-spending, Intel's free cash flows may suffer too in the near term. Hence, Intel's management could be unwilling to raise more capital via debt (which already stands at ~$40B).</p><p><blockquote>另一种筹集资金的方式是通过发债，而英特尔的资产负债表和自由现金流产生足够强劲，可以承担更多债务。然而，由于与 AMD 等公司潜在的价格战，英特尔的利润率将面临压力，而且随着资本支出的增加，英特尔的自由现金流在短期内也可能受到影响。因此，英特尔管理层可能不愿意通过债务筹集更多资本（债务已经达到约 40B 美元）。</blockquote></p><p></p><p> Asset monetization was probably the only viable alternative for raising capital to fund Intel's growth plan. And if we look at Intel's business, Mobileye is probably the most under-appreciated asset buried under a steep conglomerate discount. Mobileye is a category-leading business in autonomous driving (one of the hottest spaces in the market), and it would undoubtedly command a much higher trading multiple in the current market environment than what Intel paid for it back in 2017. Hence, the Mobileye spinoff is a very sound and logical decision from Intel's management.</p><p><blockquote>资产货币化可能是筹集资金为英特尔增长计划提供资金的唯一可行选择。如果我们看看英特尔的业务，Mobileye 可能是被企业集团大幅折扣掩盖的最被低估的资产。Mobileye是自动驾驶领域的领先企业（市场上最热门的领域之一），在当前的市场环境下，它的交易倍数无疑会比英特尔在2017年支付的价格高得多。因此，Mobileye分拆是英特尔管理层做出的一个非常明智和合乎逻辑的决定。</blockquote></p><p> <b>Pat Says Mobileye Is Comparable To Tesla! Is It Though?</b></p><p><blockquote><b>帕特说Mobileye堪比特斯拉!是吗？</b></blockquote></p><p> In 2017, Intel acquired Mobileye for an eye-watering sum of ~$15.3B. Since this acquisition, Mobileye has delivered significant revenue growth, achieved numerous technical innovations, and invested capital toward solving the most critical problems in the scaled deployment of autonomous driving technology. Unlike most IPOs, Mobileye is already a highly-profitable company. Hence, Intel could get a big return on its investment by selling a minority stake in Mobileye.</p><p><blockquote>2017 年，英特尔以约 15.3B 美元的惊人价格收购了 Mobileye。自此次收购以来，Mobileye实现了显著的收入增长，实现了众多技术创新，并投入资金解决了自动驾驶技术大规模部署中最关键的问题。与大多数 IPO 不同，Mobileye 已经是一家高利润的公司。因此，英特尔可以通过出售Mobileye的少数股权获得丰厚的投资回报。</blockquote></p><p> In the last 12 months, Mobileye has generated revenues of $1.36B, with operating profits coming in at $471M (operating margin of ~35%). Also, Mobileye achieved the milestone of delivering its 100 millionth EyeQ SOC, unveiled its production robotaxi (network coming live in 2022) and won 41 new ADAS and full self-driving programs with 30 legacy automakers. In a nutshell, Mobileye has taken tremendous strides both from a technical and financial standpoint.</p><p><blockquote>过去 12 个月，Mobileye 的收入为 13.6 亿美元，营业利润为 4.71 亿美元（营业利润率约为 35%）。此外，Mobileye 实现了交付第 1 亿台 EyeQ SOC 的里程碑，推出了量产版 robotaxi（网络将于 2022 年上线），并与 30 家传统汽车制造商合作赢得了 41 个新的 ADAS 和全自动驾驶项目。简而言之，Mobileye 从技术和财务角度都取得了巨大的进步。</blockquote></p><p> Since Mobileye has always operated as an independent subsidiary within Intel, the separation won't be hard. The strategic partnership with Intel will remain in place, and higher visibility should enable Mobileye to win more partners across the globe. With its robotaxi network set to go live in 2022, Mobileye is probably going to be the first to market in L3/L4 AV technology.</p><p><blockquote>由于 Mobileye 一直作为英特尔内部的独立子公司运营，因此分离并不困难。与英特尔的战略合作伙伴关系将继续存在，更高的知名度将使Mobileye能够在全球赢得更多合作伙伴。随着其机器人出租车网络将于2022年上线，Mobileye可能会成为第一个推出L3/L4 AV技术的公司。</blockquote></p><p> Mobileye is truly at an inflection point, and its future looks as bright as ever. Some critics would say that Intel is selling its future to chase the past. However, we must acknowledge the realities around us. The hype around autonomous driving and EVs has never been higher, and Mobileye's spectacular growth story is buried under Intel's umbrella. By bringing Mobileye to the public markets as a standalone entity, Intel is likely to receive a cash boost (at a rich trading multiple), whilst it will also maintain its majority stake (control) in the company.</p><p><blockquote>Mobileye确实处于拐点，它的未来看起来一如既往地光明。一些批评者会说，英特尔正在出卖自己的未来来追逐过去。然而，我们必须承认我们周围的现实。围绕自动驾驶和电动汽车的炒作从未如此之高，Mobileye 惊人的增长故事被埋没在英特尔的保护伞下。通过将 Mobileye 作为一个独立实体推向公开市场，英特尔可能会获得现金增长（以丰富的交易倍数），同时还将保持其在该公司的多数股权（控制权）。</blockquote></p><p> Although Pat compared Mobileye to Tesla (NASDAQ:TSLA) due to its AV technology (and future Robotaxi business), I think it's more comparable to Nvidia. For the purpose of this note, we shall create a guesstimate for Mobileye's valuation using trading multiples for both Tesla and Nvidia. Due to its relatively small size, I would expect Mobileye to command a higher multiple than these companies.</p><p><blockquote>尽管 Pat 因其 AV 技术（以及未来的机器人出租车业务）而将 Mobileye 与特斯拉（纳斯达克股票代码：TSLA）进行了比较，但我认为它与 Nvidia 更具可比性。出于本说明的目的，我们将使用特斯拉和英伟达的交易倍数来创建 Mobileye 估值的猜测。由于其规模相对较小，我预计 Mobileye 的市盈率会高于这些公司。</blockquote></p><p> Looking through the lens of relative valuation, Mobileye's IPO could be valued anywhere in the range of ~$50B to $70B. However, let us also determine Mobileye's absolute valuation using its financials.</p><p><blockquote>从相对估值的角度来看，Mobileye 的 IPO 估值可能在约 $50B 到 $70B 之间。然而，让我们也利用 Mobileye 的财务数据来确定其绝对估值。</blockquote></p><p> <b>Estimating Mobileye's Fair Value</b></p><p><blockquote><b>估计 Mobileye 的公允价值</b></blockquote></p><p> To determine Mobileye's fair value, we will employ our proprietary valuation model. Here's what it entails:</p><p><blockquote>为厘定Mobileye的公允价值，我们将采用我们专有的估值模型。以下是它需要的内容：</blockquote></p><p> <ul>  <li>In step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.</li>  <li></li>  <li>In step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).</li>  <li></li>  <li>In step 3, we normalize valuation for future growth prospects at the end of the ten years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.</li>  <li></li>  <li>In step 4, the model accounts for dividends.</li> </ul> <b>Assumptions:</b></p><p><blockquote><ul><li>在第一步中，我们使用传统的DCF模型，自由现金流被我们（股东）的资本成本贴现。</li><li></li><li>在步骤2中，该模型考虑了流通股变化（回购/稀释）的影响。</li><li></li><li>在第三步中，我们在十年结束时对未来增长前景进行估值正常化。然后，我们使用今天的股价和 10 年底的预计股价得出 CAGR。如果这比市场有足够的优势，我们就会投资。如果没有，我们等待更好的切入点。</li><li></li><li>在步骤4中，模型考虑了股息。</li></ul><b>假设：</b></blockquote></p><p> Mobileye is a rapidly-growing, highly-profitable business. With a massive TAM and leading ADAS &amp; Autonomous Vehicle [AV] technology, Mobileye is set to ride an enormous secular growth trend as the shift to autonomous-driving EVs accelerates over the 2020s. Hence, a 10-year CAGR growth rate of 25% could be highly conservative. As the MoovitAV robotaxi network grows, Mobileye's margins are likely to head higher. Therefore, Mobileye's FCF margin could quite comfortably hover at more than 30% when the business matures, and growth slows down (not going to happen for another decade or two).</p><p><blockquote>Mobileye是一项快速增长、高利润的业务。凭借庞大的TAM和领先的ADAS和自动驾驶汽车[AV]技术，随着2020年代向自动驾驶电动汽车的加速转变，Mobileye将迎来巨大的长期增长趋势。因此，25%的10年CAGR增长率可能是高度保守的。随着 MoovitAV 机器人出租车网络的发展，Mobileye 的利润率可能会更高。因此，当业务成熟且增长放缓时，Mobileye 的自由现金流利润率可以相当轻松地徘徊在 30% 以上（这种情况在未来一二十年内不会发生）。</blockquote></p><p> As you can see, Mobileye is worth ~$15 per share or ~$60B market cap. The assumptions utilized in this valuation exercise are conservative, which means Mobileye could be worth even more than $60B.</p><p><blockquote>如您所见，Mobileye 每股价值约 15 美元，市值约为 60B 美元。本次估值工作中使用的假设是保守的，这意味着 Mobileye 的价值可能超过 $60B。</blockquote></p><p></p><p> If Mobileye's 10-year CAGR revenue growth rate were to be in the 30%-50% range (instead of our estimate of 25%), Mobileye's fair value would come out to be ~$88B to ~$340B. At a $1T valuation, Tesla's implied 10-year CAGR revenue growth rate is ~50%. Since Mobileye is growing from a much smaller base, and considering the fact that it could become the industry standard for AV technology (by leveraging existing relationships with legacy automakers like Ford, BMW, and many others), I would imagine Mobileye has a better chance of delivering such hyper-growth than Tesla.</p><p><blockquote>如果 Mobileye 的 10 年 CAGR 收入增长率在 30%-50% 范围内（而不是我们估计的 25%），则 Mobileye 的公允价值将达到约 $88B 至约 $340B。按 1 万美元估值计算，特斯拉隐含 10 年复合年增长率收入增长率约为 50%。由于 Mobileye 的基础要小得多，并且考虑到它可能成为 AV 技术的行业标准（通过利用与福特、宝马等传统汽车制造商的现有关系），我认为 Mobileye 比特斯拉更有机会实现这种高速增长。</blockquote></p><p> Even after the spinoff of Mobileye, Intel would generate revenues of ~$73B in 2022 with virtually zero impact on its cash flow generation. Although Intel will lose one of its key assets in this transaction (not really, as Intel will still control Mobileye through a majority stake), the proceeds will help Intel's management execute its ambitious growth plans. Using conservative estimates, Intel (minus Mobileye) is still worth ~$70 per share (~$280B market cap) (this valuation exercise is available in my previous articles on Intel). Therefore, the Mobileye spinoff is very likely to unlock hidden value for Intel's shareholders.</p><p><blockquote>即使在 Mobileye 分拆之后，英特尔在 2022 年仍将产生约 73B 美元的收入，对其现金流产生的影响几乎为零。尽管英特尔将在此次交易中失去一项关键资产（实际上并非如此，因为英特尔仍将通过多数股权控制 Mobileye），但所得收益将帮助英特尔管理层执行其雄心勃勃的增长计划。根据保守估计，英特尔（减去 Mobileye）每股仍价值约 70 美元（市值约 280B 美元）（此估值练习可在我之前关于英特尔的文章中找到）。因此，Mobileye 分拆很可能为英特尔股东释放隐藏的价值。</blockquote></p><p> <b>Concluding Thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> With Intel's market cap hovering at just about $200B, raising capital through stock issuance is not viable. Although Intel's balance sheet and free cash flow generation remain robust, the company is entering a heavy capex-spending cycle, which makes an additional debt raise troublesome. Mobileye is one of the faster-growing business lines at Intel. However, selling a small piece of it could yield a massive sum for Intel, which could be utilized toward Pat Gelsinger's ambitious growth plan for the company. According to my analysis, Mobileye could fetch a valuation of $50B-$100B in the current market environment, and I think Intel will end up raising ~$10B-$15B from the Mobileye IPO while retaining control of the company. I like this move from Intel's management as I can see significant value unlocking from this spinoff.</p><p><blockquote>由于英特尔的市值徘徊在2000亿美元左右，通过发行股票筹集资金是不可行的。尽管英特尔的资产负债表和自由现金流生成仍然强劲，但该公司正在进入一个沉重的资本支出周期，这使得额外的债务筹集变得麻烦。Mobileye是英特尔发展最快的业务线之一。然而，出售其中的一小部分可能会为英特尔带来一大笔钱，这笔钱可以用于帕特·基辛格雄心勃勃的公司增长计划。根据我的分析，在当前的市场环境下，Mobileye 的估值可能达到 500 亿美元至 1000 亿美元，我认为英特尔最终将从 Mobileye IPO 中筹集约 100 亿美元至 150 亿美元，同时保留对公司的控制权。我喜欢英特尔管理层的这一举措，因为我可以看到这次分拆带来的巨大价值。</blockquote></p><p> Intel is a deeply undervalued cash cow that pays out a healthy, growing dividend. With the Mobileye IPO set to unlock some of Intel's hidden value, I expect to see big capital appreciation in Intel over the next 12-24 months. Therefore, I continue to rate Intel a strong buy at $50.</p><p><blockquote>英特尔是一头被严重低估的摇钱树，支付健康、不断增长的股息。随着 Mobileye IPO 将释放英特尔的一些隐藏价值，我预计英特尔将在未来 12-24 个月内大幅增值。因此，我继续给予英特尔 50 美元的强力买入评级。</blockquote></p><p> Key Takeaway: I rate Intel a strong buy at $50.</p><p><blockquote>关键要点：我以 50 美元的价格强力买入英特尔。</blockquote></p><p> Thanks for reading, and happy investing. Please share your thoughts, concerns, and/or questions in the comments section below.</p><p><blockquote>感谢您的阅读，祝您投资愉快。请在下面的评论区分享您的想法、担忧和/或问题。</blockquote></p><p></p>","source":"lsy1638401102509","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>Intel: Mobileye IPO Could Be A Masterstroke<blockquote>英特尔：Mobileye IPO 可能是一个绝妙的举动</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\">\nIntel: Mobileye IPO Could Be A Masterstroke<blockquote>英特尔：Mobileye IPO 可能是一个绝妙的举动</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-12-17 07:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel is spinning off Mobileye via an IPO in mid 2022 to raise capital for its ambitious growth plans. In this note, we will discuss the logic of this transaction.</li>  <li>Mobileye is one of the leading players in autonomous vehicle technology, which means it should command a much higher multiple than Intel.</li>  <li>At ~9x Price-to-FCF, Intel is massively undervalued, and as such Mobileye's valuation is suppressed. The IPO is likely to act as a significant value unlocking event for Intel.</li>  <li>According to my analysis, Mobileye could quite easily fetch a valuation of $50-100B in the current market environment. Hence, Intel could raise a significant sum by selling just a minor stake.</li>  <li>Even after the IPO, Intel will continue to control Mobileye with a majority stake, and Intel's CEO, Pat Gelsinger, will be shaping Mobileye's future as the Chairman of its Board. Hence, Intel is getting the best of both worlds with this deal. I rate Intel a strong buy at $50.</li>  <li>Looking for a portfolio of ideas like this one? Members of Beating the Market get exclusive access to our model portfolio.</li> </ul> <b>Introduction</b></p><p><blockquote><ul><li>英特尔将于 2022 年中期通过 IPO 分拆 Mobileye，为其雄心勃勃的增长计划筹集资金。在本说明中，我们将讨论此交易的逻辑。</li><li>Mobileye 是自动驾驶汽车技术领域的领先企业之一，这意味着它的市盈率应该比英特尔高得多。</li><li>英特尔的市盈率约为 9 倍，被严重低估，因此 Mobileye 的估值受到抑制。此次IPO可能会成为英特尔的一个重要价值释放事件。</li><li>根据我的分析，在当前的市场环境下，Mobileye可以很容易地获得50-100B美元的估值。因此，英特尔只需出售少量股份就可以筹集一大笔钱。</li><li>即使在 IPO 之后，英特尔仍将继续以多数股权控制 Mobileye，英特尔首席执行官帕特·基辛格 (Pat Gelsinger) 将作为董事会主席塑造 Mobileye 的未来。因此，英特尔通过这笔交易获得了两全其美的结果。我以 50 美元的价格强力买入英特尔。</li><li>寻找像这样的创意组合？击败市场的成员可以独家访问我们的模型组合。</li></ul><b>介绍</b></blockquote></p><p> Despite the astounding rally in chip stocks over the last 18-24 months, Intel's (NASDAQ:INTC) valuation (~12x P/FCF) continues to remain depressed. The semiconductor supply shortage is showing no signs of abating, with Intel selling all that it could make. In 2021, Intel is set to generate record revenues and operating cash flows. Although Intel is facing margin pressures due to heightened competition, its business fundamentals remain strong. Intel's balance sheet and free cash flow generation are robust. An inflationary environment is supposed to be supportive of cash flow machines like Intel. Hence, the weak price action in Intel is puzzling (even after considering Intel's manufacturing woes over the last few years).</p><p><blockquote>尽管芯片股在过去 18-24 个月中出现了惊人的反弹，但英特尔（纳斯达克股票代码：INTC）的估值（约 12 倍市盈率/自由现金流）仍然低迷。半导体供应短缺没有缓解的迹象，英特尔出售了所有能生产的产品。2021年，英特尔将产生创纪录的收入和运营现金流。尽管英特尔因竞争加剧而面临利润率压力，但其业务基本面依然强劲。英特尔的资产负债表和自由现金流生成非常强劲。通货膨胀环境应该有利于英特尔等现金流机器。因此，英特尔疲软的价格走势令人费解（即使考虑到英特尔过去几年的制造困境）。</blockquote></p><p> In today's note, we will focus our discussion on Intel's upcoming spinoff Mobileye, which is likely to act as a value unlocking catalyst for this chip giant.</p><p><blockquote>在今天的报告中，我们将重点讨论英特尔即将推出的衍生产品 Mobileye，该产品可能会成为这家芯片巨头价值解锁的催化剂。</blockquote></p><p> Let's begin our analysis by deciphering the logic behind an IPO for Mobileye.</p><p><blockquote>让我们从解读 Mobileye IPO 背后的逻辑开始分析。</blockquote></p><p> <b>Understanding The Motivation Behind Intel's Mobileye Spinoff</b></p><p><blockquote><b>了解英特尔分拆 Mobileye 背后的动机</b></blockquote></p><p> Soon after rejoining Intel as CEO, Pat Gelsinger outlined an aggressive hybrid-sourcing and foundry plan to take the semiconductor giant back to its past glory (after some woeful execution from previous management). On paper, Pat's strategy is very simple. Intel will outsource next-gen chip manufacturing to foundries like TSMC (NYSE:TSM), which would enable them to compete against rivals like AMD (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA). While Intel is working toward fixing its manufacturing woes and regaining the technological lead at the node level, the company also is opening up its manufacturing plants in the Western Hemisphere for other companies (i.e., entering the foundry business).</p><p><blockquote>在重新加入英特尔担任首席执行官后不久，帕特·基辛格概述了一项积极的混合采购和代工计划，旨在让这家半导体巨头重返昔日的辉煌（在前任管理层进行了一些糟糕的执行之后）。从纸面上看，帕特的策略非常简单。英特尔将把下一代芯片制造外包给台积电（纽约证券交易所股票代码：TSM）等代工厂，这将使他们能够与 AMD（纳斯达克股票代码：AMD）和英伟达（纳斯达克股票代码：NVDA）等竞争对手竞争。虽然英特尔正在努力解决其制造困境，并在节点层面重新获得技术领先地位，但该公司也在向其他公司开放其在西半球的制造工厂（即进入代工业务）。</blockquote></p><p> The semiconductor industry is undergoing a painful supply crisis that has had far-reaching impacts across multiple industries. With the EV revolution, the demand for automotive chips is set to explode higher. Hence, the chip shortage could last for years and years. Only a handful of companies can solve this crisis, and Intel is probably the only company that could help abate this semiconductor shortage in the Western Hemisphere.</p><p><blockquote>半导体行业正在经历一场痛苦的供应危机，这场危机对多个行业产生了深远影响。随着电动汽车革命，对汽车芯片的需求将会爆炸式增长。因此，芯片短缺可能会持续很多年。只有少数几家公司能够解决这场危机，而英特尔可能是唯一一家能够帮助缓解西半球半导体短缺问题的公司。</blockquote></p><p> Pat Gelsinger has put forward an aggressive growth plan for Intel, which could see the company growing at ~10-12% CAGR from 2023-2027. However, Pat's plan is highly capital intensive, and so Intel needs more capital.</p><p><blockquote>帕特·基辛格 (Pat Gelsinger) 为英特尔提出了一项积极的增长计划，预计该公司从 2023 年到 2027 年的复合年增长率将达到约 10-12%。然而，帕特的计划是高度资本密集型的，因此英特尔需要更多的资本。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/469130405b455b41aba450a41af1ccd1\" tg-width=\"1122\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Intel is set to enter a heavy capex-spending cycle with plans to increase capex for 2022 to ~$25B-$28B. With Intel's stock trading close to record low valuation (by P/FCF) from the past 10 years, raising capital through fresh equity issuance would be highly dilutionary for Intel's shareholders. Intel is one of the most-hated stocks on Wall Street, and the management certainly is not interested in alienating more of its investor base. Hence, a capital raise through equity is ruled out.</p><p><blockquote>英特尔将进入一个繁重的资本支出周期，计划将 2022 年的资本支出增加到约 $25B-$28B。由于英特尔股票交易接近过去10年的历史最低估值（按市盈率计算），通过新的股票发行筹集资金对英特尔股东来说将是高度稀释的。英特尔是华尔街最令人憎恨的股票之一，管理层当然没有兴趣疏远更多的投资者基础。因此，排除了通过股权融资的可能性。</blockquote></p><p> Another way to raise capital would be through debt issuance, and Intel's balance sheet and free cash flow generation are strong enough to allow for more debt. However, Intel's margins are set to come under pressure due to a potential price war with the likes of AMD, and with increased CAPEX-spending, Intel's free cash flows may suffer too in the near term. Hence, Intel's management could be unwilling to raise more capital via debt (which already stands at ~$40B).</p><p><blockquote>另一种筹集资金的方式是通过发债，而英特尔的资产负债表和自由现金流产生足够强劲，可以承担更多债务。然而，由于与 AMD 等公司潜在的价格战，英特尔的利润率将面临压力，而且随着资本支出的增加，英特尔的自由现金流在短期内也可能受到影响。因此，英特尔管理层可能不愿意通过债务筹集更多资本（债务已经达到约 40B 美元）。</blockquote></p><p></p><p> Asset monetization was probably the only viable alternative for raising capital to fund Intel's growth plan. And if we look at Intel's business, Mobileye is probably the most under-appreciated asset buried under a steep conglomerate discount. Mobileye is a category-leading business in autonomous driving (one of the hottest spaces in the market), and it would undoubtedly command a much higher trading multiple in the current market environment than what Intel paid for it back in 2017. Hence, the Mobileye spinoff is a very sound and logical decision from Intel's management.</p><p><blockquote>资产货币化可能是筹集资金为英特尔增长计划提供资金的唯一可行选择。如果我们看看英特尔的业务，Mobileye 可能是被企业集团大幅折扣掩盖的最被低估的资产。Mobileye是自动驾驶领域的领先企业（市场上最热门的领域之一），在当前的市场环境下，它的交易倍数无疑会比英特尔在2017年支付的价格高得多。因此，Mobileye分拆是英特尔管理层做出的一个非常明智和合乎逻辑的决定。</blockquote></p><p> <b>Pat Says Mobileye Is Comparable To Tesla! Is It Though?</b></p><p><blockquote><b>帕特说Mobileye堪比特斯拉!是吗？</b></blockquote></p><p> In 2017, Intel acquired Mobileye for an eye-watering sum of ~$15.3B. Since this acquisition, Mobileye has delivered significant revenue growth, achieved numerous technical innovations, and invested capital toward solving the most critical problems in the scaled deployment of autonomous driving technology. Unlike most IPOs, Mobileye is already a highly-profitable company. Hence, Intel could get a big return on its investment by selling a minority stake in Mobileye.</p><p><blockquote>2017 年，英特尔以约 15.3B 美元的惊人价格收购了 Mobileye。自此次收购以来，Mobileye实现了显著的收入增长，实现了众多技术创新，并投入资金解决了自动驾驶技术大规模部署中最关键的问题。与大多数 IPO 不同，Mobileye 已经是一家高利润的公司。因此，英特尔可以通过出售Mobileye的少数股权获得丰厚的投资回报。</blockquote></p><p> In the last 12 months, Mobileye has generated revenues of $1.36B, with operating profits coming in at $471M (operating margin of ~35%). Also, Mobileye achieved the milestone of delivering its 100 millionth EyeQ SOC, unveiled its production robotaxi (network coming live in 2022) and won 41 new ADAS and full self-driving programs with 30 legacy automakers. In a nutshell, Mobileye has taken tremendous strides both from a technical and financial standpoint.</p><p><blockquote>过去 12 个月，Mobileye 的收入为 13.6 亿美元，营业利润为 4.71 亿美元（营业利润率约为 35%）。此外，Mobileye 实现了交付第 1 亿台 EyeQ SOC 的里程碑，推出了量产版 robotaxi（网络将于 2022 年上线），并与 30 家传统汽车制造商合作赢得了 41 个新的 ADAS 和全自动驾驶项目。简而言之，Mobileye 从技术和财务角度都取得了巨大的进步。</blockquote></p><p> Since Mobileye has always operated as an independent subsidiary within Intel, the separation won't be hard. The strategic partnership with Intel will remain in place, and higher visibility should enable Mobileye to win more partners across the globe. With its robotaxi network set to go live in 2022, Mobileye is probably going to be the first to market in L3/L4 AV technology.</p><p><blockquote>由于 Mobileye 一直作为英特尔内部的独立子公司运营，因此分离并不困难。与英特尔的战略合作伙伴关系将继续存在，更高的知名度将使Mobileye能够在全球赢得更多合作伙伴。随着其机器人出租车网络将于2022年上线，Mobileye可能会成为第一个推出L3/L4 AV技术的公司。</blockquote></p><p> Mobileye is truly at an inflection point, and its future looks as bright as ever. Some critics would say that Intel is selling its future to chase the past. However, we must acknowledge the realities around us. The hype around autonomous driving and EVs has never been higher, and Mobileye's spectacular growth story is buried under Intel's umbrella. By bringing Mobileye to the public markets as a standalone entity, Intel is likely to receive a cash boost (at a rich trading multiple), whilst it will also maintain its majority stake (control) in the company.</p><p><blockquote>Mobileye确实处于拐点，它的未来看起来一如既往地光明。一些批评者会说，英特尔正在出卖自己的未来来追逐过去。然而，我们必须承认我们周围的现实。围绕自动驾驶和电动汽车的炒作从未如此之高，Mobileye 惊人的增长故事被埋没在英特尔的保护伞下。通过将 Mobileye 作为一个独立实体推向公开市场，英特尔可能会获得现金增长（以丰富的交易倍数），同时还将保持其在该公司的多数股权（控制权）。</blockquote></p><p> Although Pat compared Mobileye to Tesla (NASDAQ:TSLA) due to its AV technology (and future Robotaxi business), I think it's more comparable to Nvidia. For the purpose of this note, we shall create a guesstimate for Mobileye's valuation using trading multiples for both Tesla and Nvidia. Due to its relatively small size, I would expect Mobileye to command a higher multiple than these companies.</p><p><blockquote>尽管 Pat 因其 AV 技术（以及未来的机器人出租车业务）而将 Mobileye 与特斯拉（纳斯达克股票代码：TSLA）进行了比较，但我认为它与 Nvidia 更具可比性。出于本说明的目的，我们将使用特斯拉和英伟达的交易倍数来创建 Mobileye 估值的猜测。由于其规模相对较小，我预计 Mobileye 的市盈率会高于这些公司。</blockquote></p><p> Looking through the lens of relative valuation, Mobileye's IPO could be valued anywhere in the range of ~$50B to $70B. However, let us also determine Mobileye's absolute valuation using its financials.</p><p><blockquote>从相对估值的角度来看，Mobileye 的 IPO 估值可能在约 $50B 到 $70B 之间。然而，让我们也利用 Mobileye 的财务数据来确定其绝对估值。</blockquote></p><p> <b>Estimating Mobileye's Fair Value</b></p><p><blockquote><b>估计 Mobileye 的公允价值</b></blockquote></p><p> To determine Mobileye's fair value, we will employ our proprietary valuation model. Here's what it entails:</p><p><blockquote>为厘定Mobileye的公允价值，我们将采用我们专有的估值模型。以下是它需要的内容：</blockquote></p><p> <ul>  <li>In step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.</li>  <li></li>  <li>In step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).</li>  <li></li>  <li>In step 3, we normalize valuation for future growth prospects at the end of the ten years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.</li>  <li></li>  <li>In step 4, the model accounts for dividends.</li> </ul> <b>Assumptions:</b></p><p><blockquote><ul><li>在第一步中，我们使用传统的DCF模型，自由现金流被我们（股东）的资本成本贴现。</li><li></li><li>在步骤2中，该模型考虑了流通股变化（回购/稀释）的影响。</li><li></li><li>在第三步中，我们在十年结束时对未来增长前景进行估值正常化。然后，我们使用今天的股价和 10 年底的预计股价得出 CAGR。如果这比市场有足够的优势，我们就会投资。如果没有，我们等待更好的切入点。</li><li></li><li>在步骤4中，模型考虑了股息。</li></ul><b>假设：</b></blockquote></p><p> Mobileye is a rapidly-growing, highly-profitable business. With a massive TAM and leading ADAS &amp; Autonomous Vehicle [AV] technology, Mobileye is set to ride an enormous secular growth trend as the shift to autonomous-driving EVs accelerates over the 2020s. Hence, a 10-year CAGR growth rate of 25% could be highly conservative. As the MoovitAV robotaxi network grows, Mobileye's margins are likely to head higher. Therefore, Mobileye's FCF margin could quite comfortably hover at more than 30% when the business matures, and growth slows down (not going to happen for another decade or two).</p><p><blockquote>Mobileye是一项快速增长、高利润的业务。凭借庞大的TAM和领先的ADAS和自动驾驶汽车[AV]技术，随着2020年代向自动驾驶电动汽车的加速转变，Mobileye将迎来巨大的长期增长趋势。因此，25%的10年CAGR增长率可能是高度保守的。随着 MoovitAV 机器人出租车网络的发展，Mobileye 的利润率可能会更高。因此，当业务成熟且增长放缓时，Mobileye 的自由现金流利润率可以相当轻松地徘徊在 30% 以上（这种情况在未来一二十年内不会发生）。</blockquote></p><p> As you can see, Mobileye is worth ~$15 per share or ~$60B market cap. The assumptions utilized in this valuation exercise are conservative, which means Mobileye could be worth even more than $60B.</p><p><blockquote>如您所见，Mobileye 每股价值约 15 美元，市值约为 60B 美元。本次估值工作中使用的假设是保守的，这意味着 Mobileye 的价值可能超过 $60B。</blockquote></p><p></p><p> If Mobileye's 10-year CAGR revenue growth rate were to be in the 30%-50% range (instead of our estimate of 25%), Mobileye's fair value would come out to be ~$88B to ~$340B. At a $1T valuation, Tesla's implied 10-year CAGR revenue growth rate is ~50%. Since Mobileye is growing from a much smaller base, and considering the fact that it could become the industry standard for AV technology (by leveraging existing relationships with legacy automakers like Ford, BMW, and many others), I would imagine Mobileye has a better chance of delivering such hyper-growth than Tesla.</p><p><blockquote>如果 Mobileye 的 10 年 CAGR 收入增长率在 30%-50% 范围内（而不是我们估计的 25%），则 Mobileye 的公允价值将达到约 $88B 至约 $340B。按 1 万美元估值计算，特斯拉隐含 10 年复合年增长率收入增长率约为 50%。由于 Mobileye 的基础要小得多，并且考虑到它可能成为 AV 技术的行业标准（通过利用与福特、宝马等传统汽车制造商的现有关系），我认为 Mobileye 比特斯拉更有机会实现这种高速增长。</blockquote></p><p> Even after the spinoff of Mobileye, Intel would generate revenues of ~$73B in 2022 with virtually zero impact on its cash flow generation. Although Intel will lose one of its key assets in this transaction (not really, as Intel will still control Mobileye through a majority stake), the proceeds will help Intel's management execute its ambitious growth plans. Using conservative estimates, Intel (minus Mobileye) is still worth ~$70 per share (~$280B market cap) (this valuation exercise is available in my previous articles on Intel). Therefore, the Mobileye spinoff is very likely to unlock hidden value for Intel's shareholders.</p><p><blockquote>即使在 Mobileye 分拆之后，英特尔在 2022 年仍将产生约 73B 美元的收入，对其现金流产生的影响几乎为零。尽管英特尔将在此次交易中失去一项关键资产（实际上并非如此，因为英特尔仍将通过多数股权控制 Mobileye），但所得收益将帮助英特尔管理层执行其雄心勃勃的增长计划。根据保守估计，英特尔（减去 Mobileye）每股仍价值约 70 美元（市值约 280B 美元）（此估值练习可在我之前关于英特尔的文章中找到）。因此，Mobileye 分拆很可能为英特尔股东释放隐藏的价值。</blockquote></p><p> <b>Concluding Thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> With Intel's market cap hovering at just about $200B, raising capital through stock issuance is not viable. Although Intel's balance sheet and free cash flow generation remain robust, the company is entering a heavy capex-spending cycle, which makes an additional debt raise troublesome. Mobileye is one of the faster-growing business lines at Intel. However, selling a small piece of it could yield a massive sum for Intel, which could be utilized toward Pat Gelsinger's ambitious growth plan for the company. According to my analysis, Mobileye could fetch a valuation of $50B-$100B in the current market environment, and I think Intel will end up raising ~$10B-$15B from the Mobileye IPO while retaining control of the company. I like this move from Intel's management as I can see significant value unlocking from this spinoff.</p><p><blockquote>由于英特尔的市值徘徊在2000亿美元左右，通过发行股票筹集资金是不可行的。尽管英特尔的资产负债表和自由现金流生成仍然强劲，但该公司正在进入一个沉重的资本支出周期，这使得额外的债务筹集变得麻烦。Mobileye是英特尔发展最快的业务线之一。然而，出售其中的一小部分可能会为英特尔带来一大笔钱，这笔钱可以用于帕特·基辛格雄心勃勃的公司增长计划。根据我的分析，在当前的市场环境下，Mobileye 的估值可能达到 500 亿美元至 1000 亿美元，我认为英特尔最终将从 Mobileye IPO 中筹集约 100 亿美元至 150 亿美元，同时保留对公司的控制权。我喜欢英特尔管理层的这一举措，因为我可以看到这次分拆带来的巨大价值。</blockquote></p><p> Intel is a deeply undervalued cash cow that pays out a healthy, growing dividend. With the Mobileye IPO set to unlock some of Intel's hidden value, I expect to see big capital appreciation in Intel over the next 12-24 months. Therefore, I continue to rate Intel a strong buy at $50.</p><p><blockquote>英特尔是一头被严重低估的摇钱树，支付健康、不断增长的股息。随着 Mobileye IPO 将释放英特尔的一些隐藏价值，我预计英特尔将在未来 12-24 个月内大幅增值。因此，我继续给予英特尔 50 美元的强力买入评级。</blockquote></p><p> Key Takeaway: I rate Intel a strong buy at $50.</p><p><blockquote>关键要点：我以 50 美元的价格强力买入英特尔。</blockquote></p><p> Thanks for reading, and happy investing. Please share your thoughts, concerns, and/or questions in the comments section below.</p><p><blockquote>感谢您的阅读，祝您投资愉快。请在下面的评论区分享您的想法、担忧和/或问题。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4474906-intel-mobileye-ipo-masterstroke\">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":{"INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4474906-intel-mobileye-ipo-masterstroke","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169026598","content_text":"Summary\n\nIntel is spinning off Mobileye via an IPO in mid 2022 to raise capital for its ambitious growth plans. In this note, we will discuss the logic of this transaction.\nMobileye is one of the leading players in autonomous vehicle technology, which means it should command a much higher multiple than Intel.\nAt ~9x Price-to-FCF, Intel is massively undervalued, and as such Mobileye's valuation is suppressed. The IPO is likely to act as a significant value unlocking event for Intel.\nAccording to my analysis, Mobileye could quite easily fetch a valuation of $50-100B in the current market environment. Hence, Intel could raise a significant sum by selling just a minor stake.\nEven after the IPO, Intel will continue to control Mobileye with a majority stake, and Intel's CEO, Pat Gelsinger, will be shaping Mobileye's future as the Chairman of its Board. Hence, Intel is getting the best of both worlds with this deal. I rate Intel a strong buy at $50.\nLooking for a portfolio of ideas like this one? Members of Beating the Market get exclusive access to our model portfolio.\n\nIntroduction\nDespite the astounding rally in chip stocks over the last 18-24 months, Intel's (NASDAQ:INTC) valuation (~12x P/FCF) continues to remain depressed. The semiconductor supply shortage is showing no signs of abating, with Intel selling all that it could make. In 2021, Intel is set to generate record revenues and operating cash flows. Although Intel is facing margin pressures due to heightened competition, its business fundamentals remain strong. Intel's balance sheet and free cash flow generation are robust. An inflationary environment is supposed to be supportive of cash flow machines like Intel. Hence, the weak price action in Intel is puzzling (even after considering Intel's manufacturing woes over the last few years).\nIn today's note, we will focus our discussion on Intel's upcoming spinoff Mobileye, which is likely to act as a value unlocking catalyst for this chip giant.\nLet's begin our analysis by deciphering the logic behind an IPO for Mobileye.\nUnderstanding The Motivation Behind Intel's Mobileye Spinoff\nSoon after rejoining Intel as CEO, Pat Gelsinger outlined an aggressive hybrid-sourcing and foundry plan to take the semiconductor giant back to its past glory (after some woeful execution from previous management). On paper, Pat's strategy is very simple. Intel will outsource next-gen chip manufacturing to foundries like TSMC (NYSE:TSM), which would enable them to compete against rivals like AMD (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA). While Intel is working toward fixing its manufacturing woes and regaining the technological lead at the node level, the company also is opening up its manufacturing plants in the Western Hemisphere for other companies (i.e., entering the foundry business).\n\nThe semiconductor industry is undergoing a painful supply crisis that has had far-reaching impacts across multiple industries. With the EV revolution, the demand for automotive chips is set to explode higher. Hence, the chip shortage could last for years and years. Only a handful of companies can solve this crisis, and Intel is probably the only company that could help abate this semiconductor shortage in the Western Hemisphere.\nPat Gelsinger has put forward an aggressive growth plan for Intel, which could see the company growing at ~10-12% CAGR from 2023-2027. However, Pat's plan is highly capital intensive, and so Intel needs more capital.\n\nIntel is set to enter a heavy capex-spending cycle with plans to increase capex for 2022 to ~$25B-$28B. With Intel's stock trading close to record low valuation (by P/FCF) from the past 10 years, raising capital through fresh equity issuance would be highly dilutionary for Intel's shareholders. Intel is one of the most-hated stocks on Wall Street, and the management certainly is not interested in alienating more of its investor base. Hence, a capital raise through equity is ruled out.\nAnother way to raise capital would be through debt issuance, and Intel's balance sheet and free cash flow generation are strong enough to allow for more debt. However, Intel's margins are set to come under pressure due to a potential price war with the likes of AMD, and with increased CAPEX-spending, Intel's free cash flows may suffer too in the near term. Hence, Intel's management could be unwilling to raise more capital via debt (which already stands at ~$40B).\nAsset monetization was probably the only viable alternative for raising capital to fund Intel's growth plan. And if we look at Intel's business, Mobileye is probably the most under-appreciated asset buried under a steep conglomerate discount. Mobileye is a category-leading business in autonomous driving (one of the hottest spaces in the market), and it would undoubtedly command a much higher trading multiple in the current market environment than what Intel paid for it back in 2017. Hence, the Mobileye spinoff is a very sound and logical decision from Intel's management.\nPat Says Mobileye Is Comparable To Tesla! Is It Though?\nIn 2017, Intel acquired Mobileye for an eye-watering sum of ~$15.3B. Since this acquisition, Mobileye has delivered significant revenue growth, achieved numerous technical innovations, and invested capital toward solving the most critical problems in the scaled deployment of autonomous driving technology. Unlike most IPOs, Mobileye is already a highly-profitable company. Hence, Intel could get a big return on its investment by selling a minority stake in Mobileye.\nIn the last 12 months, Mobileye has generated revenues of $1.36B, with operating profits coming in at $471M (operating margin of ~35%). Also, Mobileye achieved the milestone of delivering its 100 millionth EyeQ SOC, unveiled its production robotaxi (network coming live in 2022) and won 41 new ADAS and full self-driving programs with 30 legacy automakers. In a nutshell, Mobileye has taken tremendous strides both from a technical and financial standpoint.\nSince Mobileye has always operated as an independent subsidiary within Intel, the separation won't be hard. The strategic partnership with Intel will remain in place, and higher visibility should enable Mobileye to win more partners across the globe. With its robotaxi network set to go live in 2022, Mobileye is probably going to be the first to market in L3/L4 AV technology.\nMobileye is truly at an inflection point, and its future looks as bright as ever. Some critics would say that Intel is selling its future to chase the past. However, we must acknowledge the realities around us. The hype around autonomous driving and EVs has never been higher, and Mobileye's spectacular growth story is buried under Intel's umbrella. By bringing Mobileye to the public markets as a standalone entity, Intel is likely to receive a cash boost (at a rich trading multiple), whilst it will also maintain its majority stake (control) in the company.\nAlthough Pat compared Mobileye to Tesla (NASDAQ:TSLA) due to its AV technology (and future Robotaxi business), I think it's more comparable to Nvidia. For the purpose of this note, we shall create a guesstimate for Mobileye's valuation using trading multiples for both Tesla and Nvidia. Due to its relatively small size, I would expect Mobileye to command a higher multiple than these companies.\nLooking through the lens of relative valuation, Mobileye's IPO could be valued anywhere in the range of ~$50B to $70B. However, let us also determine Mobileye's absolute valuation using its financials.\nEstimating Mobileye's Fair Value\nTo determine Mobileye's fair value, we will employ our proprietary valuation model. Here's what it entails:\n\nIn step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.\n\nIn step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).\n\nIn step 3, we normalize valuation for future growth prospects at the end of the ten years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.\n\nIn step 4, the model accounts for dividends.\n\nAssumptions:\nMobileye is a rapidly-growing, highly-profitable business. With a massive TAM and leading ADAS & Autonomous Vehicle [AV] technology, Mobileye is set to ride an enormous secular growth trend as the shift to autonomous-driving EVs accelerates over the 2020s. Hence, a 10-year CAGR growth rate of 25% could be highly conservative. As the MoovitAV robotaxi network grows, Mobileye's margins are likely to head higher. Therefore, Mobileye's FCF margin could quite comfortably hover at more than 30% when the business matures, and growth slows down (not going to happen for another decade or two).\nAs you can see, Mobileye is worth ~$15 per share or ~$60B market cap. The assumptions utilized in this valuation exercise are conservative, which means Mobileye could be worth even more than $60B.\nIf Mobileye's 10-year CAGR revenue growth rate were to be in the 30%-50% range (instead of our estimate of 25%), Mobileye's fair value would come out to be ~$88B to ~$340B. At a $1T valuation, Tesla's implied 10-year CAGR revenue growth rate is ~50%. Since Mobileye is growing from a much smaller base, and considering the fact that it could become the industry standard for AV technology (by leveraging existing relationships with legacy automakers like Ford, BMW, and many others), I would imagine Mobileye has a better chance of delivering such hyper-growth than Tesla.\nEven after the spinoff of Mobileye, Intel would generate revenues of ~$73B in 2022 with virtually zero impact on its cash flow generation. Although Intel will lose one of its key assets in this transaction (not really, as Intel will still control Mobileye through a majority stake), the proceeds will help Intel's management execute its ambitious growth plans. Using conservative estimates, Intel (minus Mobileye) is still worth ~$70 per share (~$280B market cap) (this valuation exercise is available in my previous articles on Intel). Therefore, the Mobileye spinoff is very likely to unlock hidden value for Intel's shareholders.\nConcluding Thoughts\nWith Intel's market cap hovering at just about $200B, raising capital through stock issuance is not viable. Although Intel's balance sheet and free cash flow generation remain robust, the company is entering a heavy capex-spending cycle, which makes an additional debt raise troublesome. Mobileye is one of the faster-growing business lines at Intel. However, selling a small piece of it could yield a massive sum for Intel, which could be utilized toward Pat Gelsinger's ambitious growth plan for the company. According to my analysis, Mobileye could fetch a valuation of $50B-$100B in the current market environment, and I think Intel will end up raising ~$10B-$15B from the Mobileye IPO while retaining control of the company. I like this move from Intel's management as I can see significant value unlocking from this spinoff.\nIntel is a deeply undervalued cash cow that pays out a healthy, growing dividend. With the Mobileye IPO set to unlock some of Intel's hidden value, I expect to see big capital appreciation in Intel over the next 12-24 months. Therefore, I continue to rate Intel a strong buy at $50.\nKey Takeaway: I rate Intel a strong buy at $50.\nThanks for reading, and happy investing. Please share your thoughts, concerns, and/or questions in the comments section below.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3573,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879518534,"gmtCreate":1636736437730,"gmtModify":1636736437897,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/KWEB\">$KraneShares CSI China Internet ETF(KWEB)$</a>omggahh pls dont stop going up thanks&nbsp;","listText":"<a href=\"https://laohu8.com/S/KWEB\">$KraneShares CSI China Internet ETF(KWEB)$</a>omggahh pls dont stop going up thanks&nbsp;","text":"$KraneShares CSI China Internet ETF(KWEB)$omggahh pls dont stop going up thanks","images":[{"img":"https://static.tigerbbs.com/ea2344823fa2ed9860683aa00850ec8f","width":"1080","height":"3048"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/879518534","isVote":1,"tweetType":1,"viewCount":2861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":857250443,"gmtCreate":1635533874730,"gmtModify":1635533874871,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857250443","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867978402,"gmtCreate":1633198960352,"gmtModify":1633198960769,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"saving for later","listText":"saving for later","text":"saving for later","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/867978402","repostId":"817935222","repostType":1,"repost":{"id":817935222,"gmtCreate":1630896286966,"gmtModify":1631883614001,"author":{"id":"3574982782498607","authorId":"3574982782498607","name":"WYCKOFFPRO","avatar":"https://static.tigerbbs.com/e6df9a333ebef85a0ceac10611fda7c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574982782498607","authorIdStr":"3574982782498607"},"themes":[],"title":"The two proxies to confirm the super bull run","htmlText":"Last week I mentioned that we might witness the <a href=\"https://laohu8.com/TW/818340544\" target=\"_blank\">born of a super bull</a>.A few of you pointed out some of the \"red flags\" I covered in the past few weeks that seem in a conflict of the super bull view.There are indeed a number of the red flags brewing and the most obvious is market breadth - the percentage of stocks above 200 MA is deteriorating, which is certainly a divergence with the index.Despite almost the 3 major indices hit historical high (Dow Jones, S&amp;P 500 and NASDAQ) this year, not all stocks are as strong as these indices because only a handful of the stocks, in particular the big &amp; mega cap stocks led the market into historical high. Many stocks especially the small cap (Russell 2000) stocks are laggards.What's","listText":"Last week I mentioned that we might witness the <a href=\"https://laohu8.com/TW/818340544\" target=\"_blank\">born of a super bull</a>.A few of you pointed out some of the \"red flags\" I covered in the past few weeks that seem in a conflict of the super bull view.There are indeed a number of the red flags brewing and the most obvious is market breadth - the percentage of stocks above 200 MA is deteriorating, which is certainly a divergence with the index.Despite almost the 3 major indices hit historical high (Dow Jones, S&amp;P 500 and NASDAQ) this year, not all stocks are as strong as these indices because only a handful of the stocks, in particular the big &amp; mega cap stocks led the market into historical high. Many stocks especially the small cap (Russell 2000) stocks are laggards.What's","text":"Last week I mentioned that we might witness the born of a super bull.A few of you pointed out some of the \"red flags\" I covered in the past few weeks that seem in a conflict of the super bull view.There are indeed a number of the red flags brewing and the most obvious is market breadth - the percentage of stocks above 200 MA is deteriorating, which is certainly a divergence with the index.Despite almost the 3 major indices hit historical high (Dow Jones, S&P 500 and NASDAQ) this year, not all stocks are as strong as these indices because only a handful of the stocks, in particular the big & mega cap stocks led the market into historical high. Many stocks especially the small cap (Russell 2000) stocks are laggards.What's","images":[{"img":"https://static.tigerbbs.com/14898b5f5d3a91a02e63050bb78b559a","width":"688","height":"353"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817935222","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864229522,"gmtCreate":1633109984916,"gmtModify":1633109985295,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"mm hmm&nbsp;","listText":"mm hmm&nbsp;","text":"mm hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/864229522","repostId":"2170131614","repostType":4,"isVote":1,"tweetType":1,"viewCount":3470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864229863,"gmtCreate":1633109907559,"gmtModify":1633109907943,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"for myself to read later.","listText":"for myself to read later.","text":"for myself to read later.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/864229863","repostId":"2172802950","repostType":4,"isVote":1,"tweetType":1,"viewCount":4738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":881369224,"gmtCreate":1631294448968,"gmtModify":1631891610071,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"meme your head ah","listText":"meme your head ah","text":"meme your head ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881369224","repostId":"2166378110","repostType":4,"isVote":1,"tweetType":1,"viewCount":2252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837843559,"gmtCreate":1629878169571,"gmtModify":1631883918888,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>slowly crawling out of the grave. hahaha","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>slowly crawling out of the grave. hahaha","text":"$Palantir Technologies Inc.(PLTR)$slowly crawling out of the grave. hahaha","images":[{"img":"https://static.tigerbbs.com/6f7aa272d5b7e3ba00119e68b8abd6d7","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837843559","isVote":1,"tweetType":1,"viewCount":711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":837843380,"gmtCreate":1629878062040,"gmtModify":1631891610076,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"hmmm","listText":"hmmm","text":"hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837843380","repostId":"2161747692","repostType":2,"isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837849760,"gmtCreate":1629878037450,"gmtModify":1631891610076,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"ooh","listText":"ooh","text":"ooh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837849760","repostId":"1103523722","repostType":2,"repost":{"id":"1103523722","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":1629726550,"share":"https://www.laohunote.com/m/news/1103523722?lang=zh_CN&edition=full","pubTime":"2021-08-23 21:49","market":"us","language":"en","title":"EV stocks surged in Monday morning trading<blockquote>周一早盘交易中电动汽车股飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103523722","media":"Tiger Newspress","summary":"EV stocks surged in Monday morning trading.Tesla,Nio and Li Auto shares rose more than 2%.Tesla has officially started Model Y deliveries in Europe.It was a long wait for customers and interestingly, the first deliveries were achieved through a change in strategy for Tesla.Tesla first unveiled the Model Y in March of 2020 and delivered the first units of the electric SUV in the US almost exactly a year later.Like any new introduction from Tesla, European buyers generally have to wait until Fremo","content":"<p>EV stocks surged in Monday morning trading.Tesla,Nio&nbsp;and Li Auto&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</p><p><blockquote>电动汽车股在周一早盘交易中飙升。特斯拉、蔚来汽车和理想汽车股价上涨超过2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9b189db1a61970659fe3cfa28abccaea\" tg-width=\"360\" tg-height=\"722\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Tesla&nbsp;has officially started Model Y deliveries in Europe.</p><p><blockquote>特斯拉已正式开始在欧洲交付 Model Y。</blockquote></p><p> It was a long wait for customers and interestingly, the first deliveries were achieved through a change in strategy for Tesla.</p><p><blockquote>对于客户来说，这是一个漫长的等待，有趣的是，第一批交付是通过特斯拉战略的改变实现的。</blockquote></p><p> Tesla first unveiled the Model Y in March of 2020 and delivered the first units of the electric SUV in the US almost exactly a year later.</p><p><blockquote>特斯拉于 2020 年 3 月首次推出 Model Y，并在几乎整整一年后在美国交付了第一批电动 SUV。</blockquote></p><p> Like any new introduction from Tesla, European buyers generally have to wait until Fremont factory starts producing batches of European versions of the new cars and ships them to the old continent.</p><p><blockquote>与特斯拉推出的任何新车一样，欧洲买家通常必须等到弗里蒙特工厂开始生产批量欧洲版新车并将其运往旧大陆。</blockquote></p><p> However, the automaker announced a change in strategy to introduce Model Y in Europe and China.</p><p><blockquote>然而，该汽车制造商宣布改变战略，在欧洲和中国推出 Model Y。</blockquote></p><p> Tesla said that it would only start deliveries in those markets after achieving new local production at Gigafactory Shanghai and Gigafactory Berlin.</p><p><blockquote>特斯拉表示，只有在上海超级工厂和柏林超级工厂实现新的本地生产后，才会开始在这些市场交付。</blockquote></p><p> This was achieved in a record time in China, and&nbsp;Tesla started Model Y deliveries in the market earlier this year.</p><p><blockquote>这是在创纪录的时间内实现的，特斯拉今年早些时候开始在市场上交付Model Y。</blockquote></p><p> It has been a different story in Europe.</p><p><blockquote>在欧洲则是另一回事。</blockquote></p><p> Tesla has run into some challenges in starting production at Gigafactory Berlin, and the timeline has shifted from July 2021 to October 2021.</p><p><blockquote>特斯拉在 Gigafactory Berlin 开始生产时遇到了一些挑战，时间表已从 2021 年 7 月转移到 2021 年 10 月。</blockquote></p><p> But instead of waiting to start deliveries of the new Model Y, Tesla has decided to export Model Y vehicles produced at Gigafactory Shanghai to European markets.</p><p><blockquote>但特斯拉并没有等待开始交付新款 Model Y，而是决定将上海超级工厂生产的 Model Y 汽车出口到欧洲市场。</blockquote></p><p> We recently reported that&nbsp;Tesla exported over 8,000 Model Ys from China last month, with most of them expected to come to Europe.</p><p><blockquote>我们最近报道称，特斯拉上个月从中国出口了8000多辆Model Y，其中大部分预计将运往欧洲。</blockquote></p><p> They werespotted for the first timetwo weeks ago.</p><p><blockquote>两周前他们第一次被发现。</blockquote></p><p> Now we can confirm that Tesla has officially started Model Y deliveries in Europe.</p><p><blockquote>现在我们可以确认特斯拉已正式开始在欧洲交付 Model Y。</blockquote></p><p> Can Dogan, a senior Tesla advisor at the store and service center inDortmund, Germany, posted a picture of the first European Model Y delivery on&nbsp;LinkedIn:</p><p><blockquote>德国多特蒙德商店和服务中心的高级特斯拉顾问 Can Dogan 在 LinkedIn 上发布了第一张欧洲 Model Y 交付的照片：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba472849be1800fdf041761fe34f58ba\" tg-width=\"1478\" tg-height=\"1108\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The electric vehicle has also been spotted in several other European markets, like Norway and the Netherlands, where deliveries are also expected to start soon.</p><p><blockquote>这款电动汽车也出现在挪威和荷兰等其他几个欧洲市场，预计也将很快开始交付。</blockquote></p><p> It will be interesting to see how the Model Y contributes to electric vehicle sales in Europe in the coming months – though the real volume is expected to come with local production next year.</p><p><blockquote>未来几个月，Model Y 如何促进欧洲电动汽车销售将会很有趣——尽管实际销量预计将在明年本地生产。</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 surged in Monday morning trading<blockquote>周一早盘交易中电动汽车股飙升</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 surged in Monday morning trading<blockquote>周一早盘交易中电动汽车股飙升</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\">2021-08-23 21:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks surged in Monday morning trading.Tesla,Nio&nbsp;and Li Auto&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</p><p><blockquote>电动汽车股在周一早盘交易中飙升。特斯拉、蔚来汽车和理想汽车股价上涨超过2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9b189db1a61970659fe3cfa28abccaea\" tg-width=\"360\" tg-height=\"722\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Tesla&nbsp;has officially started Model Y deliveries in Europe.</p><p><blockquote>特斯拉已正式开始在欧洲交付 Model Y。</blockquote></p><p> It was a long wait for customers and interestingly, the first deliveries were achieved through a change in strategy for Tesla.</p><p><blockquote>对于客户来说，这是一个漫长的等待，有趣的是，第一批交付是通过特斯拉战略的改变实现的。</blockquote></p><p> Tesla first unveiled the Model Y in March of 2020 and delivered the first units of the electric SUV in the US almost exactly a year later.</p><p><blockquote>特斯拉于 2020 年 3 月首次推出 Model Y，并在几乎整整一年后在美国交付了第一批电动 SUV。</blockquote></p><p> Like any new introduction from Tesla, European buyers generally have to wait until Fremont factory starts producing batches of European versions of the new cars and ships them to the old continent.</p><p><blockquote>与特斯拉推出的任何新车一样，欧洲买家通常必须等到弗里蒙特工厂开始生产批量欧洲版新车并将其运往旧大陆。</blockquote></p><p> However, the automaker announced a change in strategy to introduce Model Y in Europe and China.</p><p><blockquote>然而，该汽车制造商宣布改变战略，在欧洲和中国推出 Model Y。</blockquote></p><p> Tesla said that it would only start deliveries in those markets after achieving new local production at Gigafactory Shanghai and Gigafactory Berlin.</p><p><blockquote>特斯拉表示，只有在上海超级工厂和柏林超级工厂实现新的本地生产后，才会开始在这些市场交付。</blockquote></p><p> This was achieved in a record time in China, and&nbsp;Tesla started Model Y deliveries in the market earlier this year.</p><p><blockquote>这是在创纪录的时间内实现的，特斯拉今年早些时候开始在市场上交付Model Y。</blockquote></p><p> It has been a different story in Europe.</p><p><blockquote>在欧洲则是另一回事。</blockquote></p><p> Tesla has run into some challenges in starting production at Gigafactory Berlin, and the timeline has shifted from July 2021 to October 2021.</p><p><blockquote>特斯拉在 Gigafactory Berlin 开始生产时遇到了一些挑战，时间表已从 2021 年 7 月转移到 2021 年 10 月。</blockquote></p><p> But instead of waiting to start deliveries of the new Model Y, Tesla has decided to export Model Y vehicles produced at Gigafactory Shanghai to European markets.</p><p><blockquote>但特斯拉并没有等待开始交付新款 Model Y，而是决定将上海超级工厂生产的 Model Y 汽车出口到欧洲市场。</blockquote></p><p> We recently reported that&nbsp;Tesla exported over 8,000 Model Ys from China last month, with most of them expected to come to Europe.</p><p><blockquote>我们最近报道称，特斯拉上个月从中国出口了8000多辆Model Y，其中大部分预计将运往欧洲。</blockquote></p><p> They werespotted for the first timetwo weeks ago.</p><p><blockquote>两周前他们第一次被发现。</blockquote></p><p> Now we can confirm that Tesla has officially started Model Y deliveries in Europe.</p><p><blockquote>现在我们可以确认特斯拉已正式开始在欧洲交付 Model Y。</blockquote></p><p> Can Dogan, a senior Tesla advisor at the store and service center inDortmund, Germany, posted a picture of the first European Model Y delivery on&nbsp;LinkedIn:</p><p><blockquote>德国多特蒙德商店和服务中心的高级特斯拉顾问 Can Dogan 在 LinkedIn 上发布了第一张欧洲 Model Y 交付的照片：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba472849be1800fdf041761fe34f58ba\" tg-width=\"1478\" tg-height=\"1108\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The electric vehicle has also been spotted in several other European markets, like Norway and the Netherlands, where deliveries are also expected to start soon.</p><p><blockquote>这款电动汽车也出现在挪威和荷兰等其他几个欧洲市场，预计也将很快开始交付。</blockquote></p><p> It will be interesting to see how the Model Y contributes to electric vehicle sales in Europe in the coming months – though the real volume is expected to come with local production next year.</p><p><blockquote>未来几个月，Model Y 如何促进欧洲电动汽车销售将会很有趣——尽管实际销量预计将在明年本地生产。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏集团","TSLA":"特斯拉","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103523722","content_text":"EV stocks surged in Monday morning trading.Tesla,Nio and Li Auto shares rose more than 2%.\n\nTesla has officially started Model Y deliveries in Europe.\nIt was a long wait for customers and interestingly, the first deliveries were achieved through a change in strategy for Tesla.\nTesla first unveiled the Model Y in March of 2020 and delivered the first units of the electric SUV in the US almost exactly a year later.\nLike any new introduction from Tesla, European buyers generally have to wait until Fremont factory starts producing batches of European versions of the new cars and ships them to the old continent.\nHowever, the automaker announced a change in strategy to introduce Model Y in Europe and China.\nTesla said that it would only start deliveries in those markets after achieving new local production at Gigafactory Shanghai and Gigafactory Berlin.\nThis was achieved in a record time in China, and Tesla started Model Y deliveries in the market earlier this year.\nIt has been a different story in Europe.\nTesla has run into some challenges in starting production at Gigafactory Berlin, and the timeline has shifted from July 2021 to October 2021.\nBut instead of waiting to start deliveries of the new Model Y, Tesla has decided to export Model Y vehicles produced at Gigafactory Shanghai to European markets.\nWe recently reported that Tesla exported over 8,000 Model Ys from China last month, with most of them expected to come to Europe.\nThey werespotted for the first timetwo weeks ago.\nNow we can confirm that Tesla has officially started Model Y deliveries in Europe.\nCan Dogan, a senior Tesla advisor at the store and service center inDortmund, Germany, posted a picture of the first European Model Y delivery on LinkedIn:\n\nThe electric vehicle has also been spotted in several other European markets, like Norway and the Netherlands, where deliveries are also expected to start soon.\nIt will be interesting to see how the Model Y contributes to electric vehicle sales in Europe in the coming months – though the real volume is expected to come with local production next year.","news_type":1,"symbols_score_info":{"LI":0.9,"TSLA":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837840734,"gmtCreate":1629877983128,"gmtModify":1631891610087,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"we are still alive!!","listText":"we are still alive!!","text":"we are still alive!!","images":[{"img":"https://static.tigerbbs.com/65d9ea1bf7518a33fda82e9e5b3dee4a","width":"1080","height":"2213"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837840734","isVote":1,"tweetType":1,"viewCount":550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":830137661,"gmtCreate":1629026138253,"gmtModify":1631891610086,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"AMD or Nvidia?","listText":"AMD or Nvidia?","text":"AMD or Nvidia?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830137661","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohunote.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</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>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">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":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"AMD":"美国超微公司","NVDA":"英伟达","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"INTC":0.9,"NVDA":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894969992,"gmtCreate":1628782872516,"gmtModify":1631891610086,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>like a finally","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>like a finally","text":"$Palantir Technologies Inc.(PLTR)$like a finally","images":[{"img":"https://static.tigerbbs.com/664ff298be6a59cec4e2ef04bbeb568f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894969992","isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":894960150,"gmtCreate":1628782842670,"gmtModify":1631891610091,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"wheeee","listText":"wheeee","text":"wheeee","images":[{"img":"https://static.tigerbbs.com/c736f265c45967ccafa9f6eb4256a906","width":"1080","height":"2286"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894960150","isVote":1,"tweetType":1,"viewCount":570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":802899669,"gmtCreate":1627745059651,"gmtModify":1631891610095,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"this makes me wonder, is the opposite happening?","listText":"this makes me wonder, is the opposite happening?","text":"this makes me wonder, is the opposite happening?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802899669","repostId":"1127411624","repostType":2,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohunote.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>以下是您在股市下一次暴跌前的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日从洞穴中走了出来。当天，道琼斯工业平均指数JIA,-0.42%下跌725点，跌幅2.1%。熊队打出了本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>和往常一样，每个人都想知道市场下跌的原因，分析师们也准备好了答案，从 COVID-19 的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售的原因有很多，所以把责任归咎于一个事件是荒谬的。也就是说，导致销量下降的一个重要因素是自动的、计算机生成的销售。一旦大型市场参与者，尤其是算法，开始出售，就会出现疯狂的抢购潮。没有人愿意成为最后一个出局的人，因此零售商和机构在恐慌中抛售，随着时间的推移，恐慌变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI-0.54%在周线上为71.36，这是一个极度超买的读数。这是否意味着明天指数将暴跌？没人知道。但RSI给出了美国市场处于危险地带的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息：熊队无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>空头还没来得及说 “我早就告诉过你 ”，第二天，也就是 7 月 20 日，道琼斯指数 700 多点的抛售就被道琼斯指数 550 点的反弹抹去了。公牛队忘记了抛售，重新开始庆祝，一杯接一杯地啜饮着他们最喜欢的饮料 “bull-ade”。风暴又一次过去了，但这一次，公牛队的心中却涌起了一丝恐惧。以前，唯一的恐惧就是害怕错过下一次集会。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌时，您又经历了各种情绪，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1. 如果你惊慌失措</b>：不要做某事；坐那儿。不买，不卖，坐稳就行了。事实上，关闭电脑或其他设备。不要担心那天丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定下来时，重新评估你所拥有的。不要在这样的日子里做出任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2. 如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场清醒过来时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3. 如果您不受影响：</b>尽管如此，检查你的投资组合，以确保你是适当的多元化。虽然人们不在乎市场是否下跌，但一定要为最坏的情况做好对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取哪些具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他财务决定。让我们来看看一些可能有所帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您拥有的股票或指数跌破 200 天移动平均线，请卖出。注：标准普尔 500SPX,-0.54% 等主要指数十年来从未跌破（并一直低于）其 200 天平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么，都要遵循它。</li><li>指数基金的美元成本平均值。</li><li>多样化。这是股市和人生成功的关键。如果您只拥有股票，请考虑债券，但在采取这一步之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天，这种策略不会奏效，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是一个产生额外收入的好方法。这种策略也是处理不需要的库存并获得报酬的理想选择。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>经过 13 年的牛市，美国股市的时间正在流逝。虽然多头这次又取得了胜利，但总有一天市场不会逆转方向，会开始大幅回调，甚至更糟的是，会进入熊市。这时，你会庆幸自己有一个计划和一个投资脚本，可以在最糟糕的日子里遵循。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解自己拥有什么，卖出到 “睡个好觉 ”点，分散投资各种金融产品，包括现金和债券。这样，当市场再次暴跌时，你就不会做出情绪化的决定，也不会焦虑发作。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s your to-do list before the stock market’s next dive<blockquote>以下是您在股市下一次暴跌前的待办事项清单</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\">\nHere’s your to-do list before the stock market’s next dive<blockquote>以下是您在股市下一次暴跌前的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日从洞穴中走了出来。当天，道琼斯工业平均指数JIA,-0.42%下跌725点，跌幅2.1%。熊队打出了本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>和往常一样，每个人都想知道市场下跌的原因，分析师们也准备好了答案，从 COVID-19 的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售的原因有很多，所以把责任归咎于一个事件是荒谬的。也就是说，导致销量下降的一个重要因素是自动的、计算机生成的销售。一旦大型市场参与者，尤其是算法，开始出售，就会出现疯狂的抢购潮。没有人愿意成为最后一个出局的人，因此零售商和机构在恐慌中抛售，随着时间的推移，恐慌变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI-0.54%在周线上为71.36，这是一个极度超买的读数。这是否意味着明天指数将暴跌？没人知道。但RSI给出了美国市场处于危险地带的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息：熊队无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>空头还没来得及说 “我早就告诉过你 ”，第二天，也就是 7 月 20 日，道琼斯指数 700 多点的抛售就被道琼斯指数 550 点的反弹抹去了。公牛队忘记了抛售，重新开始庆祝，一杯接一杯地啜饮着他们最喜欢的饮料 “bull-ade”。风暴又一次过去了，但这一次，公牛队的心中却涌起了一丝恐惧。以前，唯一的恐惧就是害怕错过下一次集会。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌时，您又经历了各种情绪，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1. 如果你惊慌失措</b>：不要做某事；坐那儿。不买，不卖，坐稳就行了。事实上，关闭电脑或其他设备。不要担心那天丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定下来时，重新评估你所拥有的。不要在这样的日子里做出任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2. 如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场清醒过来时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3. 如果您不受影响：</b>尽管如此，检查你的投资组合，以确保你是适当的多元化。虽然人们不在乎市场是否下跌，但一定要为最坏的情况做好对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取哪些具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他财务决定。让我们来看看一些可能有所帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您拥有的股票或指数跌破 200 天移动平均线，请卖出。注：标准普尔 500SPX,-0.54% 等主要指数十年来从未跌破（并一直低于）其 200 天平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么，都要遵循它。</li><li>指数基金的美元成本平均值。</li><li>多样化。这是股市和人生成功的关键。如果您只拥有股票，请考虑债券，但在采取这一步之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天，这种策略不会奏效，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是一个产生额外收入的好方法。这种策略也是处理不需要的库存并获得报酬的理想选择。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>经过 13 年的牛市，美国股市的时间正在流逝。虽然多头这次又取得了胜利，但总有一天市场不会逆转方向，会开始大幅回调，甚至更糟的是，会进入熊市。这时，你会庆幸自己有一个计划和一个投资脚本，可以在最糟糕的日子里遵循。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解自己拥有什么，卖出到 “睡个好觉 ”点，分散投资各种金融产品，包括现金和债券。这样，当市场再次暴跌时，你就不会做出情绪化的决定，也不会焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802168025,"gmtCreate":1627735283667,"gmtModify":1631891610097,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"I need my stocks to breakeven so I can de-risk leh","listText":"I need my stocks to breakeven so I can de-risk leh","text":"I need my stocks to breakeven so I can de-risk leh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802168025","repostId":"2155015426","repostType":4,"isVote":1,"tweetType":1,"viewCount":995,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802163423,"gmtCreate":1627735143162,"gmtModify":1631887074379,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571662392102313","authorIdStr":"3571662392102313"},"themes":[],"title":"","htmlText":"isn't this similar to what ARK is doing","listText":"isn't this similar to what ARK is doing","text":"isn't this similar to what ARK is doing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802163423","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohunote.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":383515143,"gmtCreate":1612884117282,"gmtModify":1703766378485,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571662392102313","idStr":"3571662392102313"},"themes":[],"title":"","htmlText":"good lessons to learn","listText":"good lessons to learn","text":"good lessons to learn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/383515143","repostId":"1149038980","repostType":4,"repost":{"id":"1149038980","kind":"news","pubTimestamp":1612864337,"share":"https://www.laohunote.com/m/news/1149038980?lang=zh_CN&edition=full","pubTime":"2021-02-09 17:52","market":"us","language":"en","title":"These 12 lessons from the GameStop and AMC frenzy can help you make money trading stocks (or at least lose less)<blockquote>游戏驿站和 AMC 狂热的这 12 个教训可以帮助您在股票交易中赚钱（或至少减少损失）</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149038980","media":"MarketWatch","summary":"I can hear the cries from investors who racked up huge profits in GameStop or AMC Entertainment Hold","content":"<p>I can hear the cries from investors who racked up huge profits in GameStop&nbsp;or AMC Entertainment Holdings&nbsp;for a few hours or days, only to watch their gains evaporate.</p><p><blockquote>我能听到投资者的哭声，他们在游戏驿站或AMC院线持股中获得了几个小时或几天的巨额利润，却眼睁睁地看着他们的收益蒸发。</blockquote></p><p> This coordinated bull raid was initiated by thousands of retail investors on Reddit, a popular website forum. We heard stories of fortunes made and lost. The ones we didn’t hear were from the folks in-between — small retail traders and investors who suffered thousands of dollars (or more) in losses.</p><p><blockquote>这次协调一致的牛市突袭是由热门网站论坛 Reddit 上的数千名散户投资者发起的。我们听说过发家致富的故事。我们没有听到的是介于两者之间的人--小散户和投资者，他们遭受了数千美元（或更多）的损失。</blockquote></p><p> For those still holding GME or AMC, or for those eager to pounce on the next volatile meme stock, I offer the following advice based on personal experience and observations. These are the lessons you must know before you ever get involved in the stock or options market (or if you are holding a winning stock or option):</p><p><blockquote>对于那些仍然持有 GME 或 AMC 的人，或者对于那些渴望抢购下一只波动较大的模因股票的人，我根据个人经验和观察提供以下建议。在您参与股票或期权市场（或者如果您持有成功的股票或期权）之前，您必须了解以下课程：</blockquote></p><p> <b>1. Don’t sell stocks or options on products you don’t own:</b>The traders who lost the most money in GameStop and AMC were those who sold “naked” calls and puts (i.e. they sold options on stocks they didn’t own), or those who sold shares short (again, they sold shares on a stock they didn’t own). When using this extremely risky strategy, you can make a fortune if you’re right. If you’re wrong, the losses can be incalculable. In reality, some unwary traders lost tens of thousands of dollars last week on positions that cost a few thousand dollars. Once again, don’t sell anything naked unless you’re a professional, and in this case even the pros lost big on that risky bet.</p><p><blockquote><b>1. 不要出售您不拥有的产品的股票或期权：</b>在游戏驿站和 AMC 中亏损最多的交易员是那些卖出 “裸 ”评级和看跌期权的交易员（即卖出自己不持有的股票的期权），或者卖空股票的交易员（同样，他们卖出的是自己不持有的股票的股票）。在使用这种风险极高的策略时，如果你是对的，你可以发大财。如果你错了，损失可能无法估量。事实上，一些粗心的交易者上周在价值几千美元的头寸上损失了数万美元。再说一遍，除非你是专业人士，否则不要裸卖任何东西，在这种情况下，即使是专业人士也在这个冒险的赌注中损失惨重。</blockquote></p><p> <b>2. Sell at the “zero point.”</b>&nbsp; Here’s a rule I created: If you have huge gains that disappear and you are at the zero point (i.e. break-even), sell before you have real losses. It’s better to walk away at zero than with losses.</p><p><blockquote><b>2. 在“零点”卖出。</b>这是我制定的一条规则： 如果你的巨额利润消失了，而你处于零点（即盈亏平衡点），那就在真正亏损之前卖出。与其亏损，不如零分离开。</blockquote></p><p> <b>3. Don’t be a stubborn seller:</b>Why is it so hard for most traders to walk away at the zero point? Stubbornness. Many traders made huge gains last week only to watch those profits disappear. They refused to sell because they hoped to make their money back. If holding options, that’s not going to happen. (If you bought at or near the high, your money is gone. If you hold a stock, plan to wait months or even years to recover. Stubborn stockholders often end up as “stuckholders.”</p><p><blockquote><b>3. 不要做固执的推销员：</b>为什么大多数交易者很难在零点离开？固执。许多交易者上周赚取了巨额利润，却眼睁睁地看着这些利润消失。他们拒绝出售，因为他们希望收回他们的钱。如果持有期权，就不会发生这种情况。(如果你在高点或接近高点买入，你的钱就没了。如果你持有一只股票，计划等待数月甚至数年才能收回。顽固的股东最终往往会变成 “股票持有者”。</blockquote></p><p> <b>4. Take the money and run:</b>When you are holding a stock or option position that brings outsized profits, either sell half of your holding or all of it — but get out. I call this “selling at extremes.” Sell something when the profits are beyond your wildest expectations. We all know the story of the gambler who wins big at the casino, but doesn’t leave the table until all his money is gone. Know when to walk away from the computer. Profits are fleeting, especially when volatility skyrockets.</p><p><blockquote><b>4、拿钱跑路：</b>当你持有能带来巨额利润的股票或期权头寸时，要么卖出一半，要么全部——但要退出。我看涨期权这个 “极端销售 ”当利润超出你最疯狂的预期时，卖掉一些东西。我们都知道一个赌徒的故事，他在赌场赢了大钱，但直到所有的钱都花光了才离开赌桌。知道什么时候离开电脑。利润转瞬即逝，尤其是当波动性飙升时。</blockquote></p><p> <b>5.Trade small when making longshot trades (i.e. gambling):</b>GameStop and AMC were both big gambles, and for a time the trade worked if you were long. But if you bet wrong? I spoke to a few of these traders. One lost $8,000 on a single option contract. If he had traded his normal size (30 contracts), he told me, his losses would have been more than $240,000.</p><p><blockquote><b>5.进行长线交易（即赌博）时进行小额交易：</b>游戏驿站和 AMC 都是豪赌，有一段时间，如果你做多，交易就会奏效。但如果你打错了呢？我和其中一些交易员谈过。一个人在一份期权合约上损失了 8,000 美元。他告诉我，如果他交易的是正常规模（30份合约），他的损失将超过24万美元。</blockquote></p><p> <b>6. Don’t expect this trading frenzy to keep happening:</b>It’s possible that a group of traders on the Reddit forum will band together for more bear- or bull raids. Except Treasury Secretary Janet Yellen and Fed Chair Jerome Powell are most likely creating new rules to prevent this from repeating. The Fed hates volatility and will do everything in its power to keep the markets calm. So once again, when you make big money on a trade, take the money as fast as you can — because you may not get the chance again.</p><p><blockquote><b>6. 不要指望这种交易狂潮会持续下去：</b>Reddit 论坛上的一群交易员有可能联合起来进行更多的熊市或牛市突袭。除了财政部长珍妮特·耶伦和美联储主席杰罗姆·鲍威尔很可能会制定新规则来防止这种情况再次发生。美联储讨厌波动，并将竭尽全力保持市场平静。所以，再说一次，当你在一笔交易中赚了大钱时，尽快拿走这笔钱——因为你可能再也没有机会了。</blockquote></p><p> <b>7. Stop bragging about how much money you made</b>: Many traders who won big immediately bragged on social media (and to their jealous friends) about how much money they made on this trade. Yet the euphoric feeling they had was temporary. It usually goes away after all the money is gone. The smart (and polite) traders took their gains and kept the win to themselves</p><p><blockquote><b>7. 别再吹嘘自己赚了多少钱了</b>：许多大赚一笔的交易者立即在社交媒体上（以及向他们嫉妒的朋友）吹嘘他们在这笔交易中赚了多少钱。然而，他们的兴奋感是暂时的。通常钱都没了之后就没了。聪明（且彬彬有礼）的交易者获利并将胜利据为己有</blockquote></p><p> <b>8. Use a time stop:</b>Time stops are not well-known or popular, but with fast-moving stocks (or when trading options), they are invaluable. In an extremely fast market, the traditional stop-limit order won’t get filled, as many of those meme-stock traders found out the hard way. Instead, after making a huge profit, set a day or time to sell. For example, you may sell the position by Friday no matter what (although selling at extremes is better — see Rule #4).</p><p><blockquote><b>8. 使用时间停止：</b>时间停止并不广为人知或受欢迎，但对于快速波动的股票（或交易期权时），它们是无价的。在一个极其快节奏的市场中，传统的止损限价单是不会被填满的，许多备忘录股票交易者都发现了这一点。相反，在获得巨额利润后，设定一个日期或时间出售。例如，无论如何，你都可以在周五之前卖出头寸（尽管在极端情况下卖出更好——参见规则#4）。</blockquote></p><p> <b>9. Sell half or all of the position:</b>It’s never an easy decision to know when to sell. If you sell too early, it’s annoying to watch the stock go higher. Sell too late and you lose money. Selling half of your holding is a reasonable alternative, but you must be prepared to sell the other half if the position goes against you.</p><p><blockquote><b>9、卖出一半或全部仓位：</b>知道何时出售从来都不是一个容易的决定。如果你过早卖出，看着股票走高会很烦人。卖得太晚，你会赔钱。出售一半的股票是一个合理的选择，但如果头寸对你不利，你必须准备好出售另一半。</blockquote></p><p></p><p> <b>10. Don’t seek revenge when you lose money on a stock:</b>It’s common for traders to seek revenge on a stock they lost money on. Do not fall for this emotional trap. If you lost money on a stock, let it go and move on.</p><p><blockquote><b>10. 当你在股票上亏损时，不要寻求报复：</b>交易者在亏损的股票上寻求报复是很常见的。不要陷入这种情感陷阱。如果你在一只股票上亏了钱，就让它过去，继续前进。</blockquote></p><p> <b>11. Trade small after you made or lost big:</b>If you’re feeling emotional about a stock, including feelings of anger or revenge, trade small. Many people who hit it big in the market can’t help but make bigger and bigger bets. Just like the gamblers at a casino, they keep trading until all their money is gone.</p><p><blockquote><b>11. 赚大钱或亏大钱后进行小额交易：</b>如果你对一只股票感到情绪激动，包括愤怒或报复，那就少量交易。许多在市场上大赚一笔的人都会忍不住下越来越大的赌注。就像赌场里的赌徒一样，他们不停地交易，直到他们所有的钱都花光。</blockquote></p><p> You don’t think it can happen to you? One of the greatest speculators in the world, Jesse Livermore, made $100 million dollars in a single week in 1929. He then lost all of his money within five years. He should have moved most of his profits out of the market after his big win and traded small for the next year. Instead, he got reckless and lost it all.</p><p><blockquote>你觉得这种事不会发生在你身上吗？世界上最伟大的投机者之一杰西·利弗莫尔在1929年的一周内赚了1亿美元。然后他在五年内输光了所有的钱。他应该在大获全胜后将大部分利润转移出市场，并在第二年进行小额交易。相反，他变得鲁莽，失去了一切。</blockquote></p><p> <b>12. Don’t take on too much risk:</b>Never invest or trade with so much money that if you lost, you’d lose your house or 401(k). Brokers told me about clients who cleared out their retirement funds or took cash advances on their credit cards so they could buy GameStop and AMC. Some won, some lost, but many took on way too much risk.</p><p><blockquote><b>12. 不要冒太大风险：</b>切勿投资或交易大量资金，以至于如果亏损，您将失去房子或 401(k)。经纪人告诉我，有些客户清空了退休基金或从信用卡上预支现金，以便购买游戏驿站和 AMC。有些人赢了，有些人输了，但许多人冒了太多的风险。</blockquote></p><p> <b>The meme-stock pyramid scheme</b></p><p><blockquote><b>模因股票金字塔计划</b></blockquote></p><p> Those who traded GameStop, AMC and other meme stocks thought they were trading, but they were actually participating in a gigantic pyramid scheme. Those who got in early and got out early probably did well. Those who entered late or held too long lost money.</p><p><blockquote>那些交易游戏驿站、AMC和其他模因股票的人以为他们在交易，但他们实际上是在参与一个巨大的传销计划。那些早进早出的人可能做得很好。入场较晚或持有时间过长的人亏损了。</blockquote></p><p> My advice: Review these 12 rules periodically. They are based on the experiences and the bad luck of thousands of other traders, including myself, who thought we were smarter than the market. In truth the market was smarter than us — because it always is.</p><p><blockquote>我的建议：定期回顾这12条规则。它们是基于包括我自己在内的成千上万其他交易者的经验和厄运，他们认为我们比市场更聪明。事实上，市场比我们聪明——因为它一直都是。</blockquote></p><p></p>","source":"market_watch","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>These 12 lessons from the GameStop and AMC frenzy can help you make money trading stocks (or at least lose less)<blockquote>游戏驿站和 AMC 狂热的这 12 个教训可以帮助您在股票交易中赚钱（或至少减少损失）</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\">\nThese 12 lessons from the GameStop and AMC frenzy can help you make money trading stocks (or at least lose less)<blockquote>游戏驿站和 AMC 狂热的这 12 个教训可以帮助您在股票交易中赚钱（或至少减少损失）</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-09 17:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>I can hear the cries from investors who racked up huge profits in GameStop&nbsp;or AMC Entertainment Holdings&nbsp;for a few hours or days, only to watch their gains evaporate.</p><p><blockquote>我能听到投资者的哭声，他们在游戏驿站或AMC院线持股中获得了几个小时或几天的巨额利润，却眼睁睁地看着他们的收益蒸发。</blockquote></p><p> This coordinated bull raid was initiated by thousands of retail investors on Reddit, a popular website forum. We heard stories of fortunes made and lost. The ones we didn’t hear were from the folks in-between — small retail traders and investors who suffered thousands of dollars (or more) in losses.</p><p><blockquote>这次协调一致的牛市突袭是由热门网站论坛 Reddit 上的数千名散户投资者发起的。我们听说过发家致富的故事。我们没有听到的是介于两者之间的人--小散户和投资者，他们遭受了数千美元（或更多）的损失。</blockquote></p><p> For those still holding GME or AMC, or for those eager to pounce on the next volatile meme stock, I offer the following advice based on personal experience and observations. These are the lessons you must know before you ever get involved in the stock or options market (or if you are holding a winning stock or option):</p><p><blockquote>对于那些仍然持有 GME 或 AMC 的人，或者对于那些渴望抢购下一只波动较大的模因股票的人，我根据个人经验和观察提供以下建议。在您参与股票或期权市场（或者如果您持有成功的股票或期权）之前，您必须了解以下课程：</blockquote></p><p> <b>1. Don’t sell stocks or options on products you don’t own:</b>The traders who lost the most money in GameStop and AMC were those who sold “naked” calls and puts (i.e. they sold options on stocks they didn’t own), or those who sold shares short (again, they sold shares on a stock they didn’t own). When using this extremely risky strategy, you can make a fortune if you’re right. If you’re wrong, the losses can be incalculable. In reality, some unwary traders lost tens of thousands of dollars last week on positions that cost a few thousand dollars. Once again, don’t sell anything naked unless you’re a professional, and in this case even the pros lost big on that risky bet.</p><p><blockquote><b>1. 不要出售您不拥有的产品的股票或期权：</b>在游戏驿站和 AMC 中亏损最多的交易员是那些卖出 “裸 ”评级和看跌期权的交易员（即卖出自己不持有的股票的期权），或者卖空股票的交易员（同样，他们卖出的是自己不持有的股票的股票）。在使用这种风险极高的策略时，如果你是对的，你可以发大财。如果你错了，损失可能无法估量。事实上，一些粗心的交易者上周在价值几千美元的头寸上损失了数万美元。再说一遍，除非你是专业人士，否则不要裸卖任何东西，在这种情况下，即使是专业人士也在这个冒险的赌注中损失惨重。</blockquote></p><p> <b>2. Sell at the “zero point.”</b>&nbsp; Here’s a rule I created: If you have huge gains that disappear and you are at the zero point (i.e. break-even), sell before you have real losses. It’s better to walk away at zero than with losses.</p><p><blockquote><b>2. 在“零点”卖出。</b>这是我制定的一条规则： 如果你的巨额利润消失了，而你处于零点（即盈亏平衡点），那就在真正亏损之前卖出。与其亏损，不如零分离开。</blockquote></p><p> <b>3. Don’t be a stubborn seller:</b>Why is it so hard for most traders to walk away at the zero point? Stubbornness. Many traders made huge gains last week only to watch those profits disappear. They refused to sell because they hoped to make their money back. If holding options, that’s not going to happen. (If you bought at or near the high, your money is gone. If you hold a stock, plan to wait months or even years to recover. Stubborn stockholders often end up as “stuckholders.”</p><p><blockquote><b>3. 不要做固执的推销员：</b>为什么大多数交易者很难在零点离开？固执。许多交易者上周赚取了巨额利润，却眼睁睁地看着这些利润消失。他们拒绝出售，因为他们希望收回他们的钱。如果持有期权，就不会发生这种情况。(如果你在高点或接近高点买入，你的钱就没了。如果你持有一只股票，计划等待数月甚至数年才能收回。顽固的股东最终往往会变成 “股票持有者”。</blockquote></p><p> <b>4. Take the money and run:</b>When you are holding a stock or option position that brings outsized profits, either sell half of your holding or all of it — but get out. I call this “selling at extremes.” Sell something when the profits are beyond your wildest expectations. We all know the story of the gambler who wins big at the casino, but doesn’t leave the table until all his money is gone. Know when to walk away from the computer. Profits are fleeting, especially when volatility skyrockets.</p><p><blockquote><b>4、拿钱跑路：</b>当你持有能带来巨额利润的股票或期权头寸时，要么卖出一半，要么全部——但要退出。我看涨期权这个 “极端销售 ”当利润超出你最疯狂的预期时，卖掉一些东西。我们都知道一个赌徒的故事，他在赌场赢了大钱，但直到所有的钱都花光了才离开赌桌。知道什么时候离开电脑。利润转瞬即逝，尤其是当波动性飙升时。</blockquote></p><p> <b>5.Trade small when making longshot trades (i.e. gambling):</b>GameStop and AMC were both big gambles, and for a time the trade worked if you were long. But if you bet wrong? I spoke to a few of these traders. One lost $8,000 on a single option contract. If he had traded his normal size (30 contracts), he told me, his losses would have been more than $240,000.</p><p><blockquote><b>5.进行长线交易（即赌博）时进行小额交易：</b>游戏驿站和 AMC 都是豪赌，有一段时间，如果你做多，交易就会奏效。但如果你打错了呢？我和其中一些交易员谈过。一个人在一份期权合约上损失了 8,000 美元。他告诉我，如果他交易的是正常规模（30份合约），他的损失将超过24万美元。</blockquote></p><p> <b>6. Don’t expect this trading frenzy to keep happening:</b>It’s possible that a group of traders on the Reddit forum will band together for more bear- or bull raids. Except Treasury Secretary Janet Yellen and Fed Chair Jerome Powell are most likely creating new rules to prevent this from repeating. The Fed hates volatility and will do everything in its power to keep the markets calm. So once again, when you make big money on a trade, take the money as fast as you can — because you may not get the chance again.</p><p><blockquote><b>6. 不要指望这种交易狂潮会持续下去：</b>Reddit 论坛上的一群交易员有可能联合起来进行更多的熊市或牛市突袭。除了财政部长珍妮特·耶伦和美联储主席杰罗姆·鲍威尔很可能会制定新规则来防止这种情况再次发生。美联储讨厌波动，并将竭尽全力保持市场平静。所以，再说一次，当你在一笔交易中赚了大钱时，尽快拿走这笔钱——因为你可能再也没有机会了。</blockquote></p><p> <b>7. Stop bragging about how much money you made</b>: Many traders who won big immediately bragged on social media (and to their jealous friends) about how much money they made on this trade. Yet the euphoric feeling they had was temporary. It usually goes away after all the money is gone. The smart (and polite) traders took their gains and kept the win to themselves</p><p><blockquote><b>7. 别再吹嘘自己赚了多少钱了</b>：许多大赚一笔的交易者立即在社交媒体上（以及向他们嫉妒的朋友）吹嘘他们在这笔交易中赚了多少钱。然而，他们的兴奋感是暂时的。通常钱都没了之后就没了。聪明（且彬彬有礼）的交易者获利并将胜利据为己有</blockquote></p><p> <b>8. Use a time stop:</b>Time stops are not well-known or popular, but with fast-moving stocks (or when trading options), they are invaluable. In an extremely fast market, the traditional stop-limit order won’t get filled, as many of those meme-stock traders found out the hard way. Instead, after making a huge profit, set a day or time to sell. For example, you may sell the position by Friday no matter what (although selling at extremes is better — see Rule #4).</p><p><blockquote><b>8. 使用时间停止：</b>时间停止并不广为人知或受欢迎，但对于快速波动的股票（或交易期权时），它们是无价的。在一个极其快节奏的市场中，传统的止损限价单是不会被填满的，许多备忘录股票交易者都发现了这一点。相反，在获得巨额利润后，设定一个日期或时间出售。例如，无论如何，你都可以在周五之前卖出头寸（尽管在极端情况下卖出更好——参见规则#4）。</blockquote></p><p> <b>9. Sell half or all of the position:</b>It’s never an easy decision to know when to sell. If you sell too early, it’s annoying to watch the stock go higher. Sell too late and you lose money. Selling half of your holding is a reasonable alternative, but you must be prepared to sell the other half if the position goes against you.</p><p><blockquote><b>9、卖出一半或全部仓位：</b>知道何时出售从来都不是一个容易的决定。如果你过早卖出，看着股票走高会很烦人。卖得太晚，你会赔钱。出售一半的股票是一个合理的选择，但如果头寸对你不利，你必须准备好出售另一半。</blockquote></p><p></p><p> <b>10. Don’t seek revenge when you lose money on a stock:</b>It’s common for traders to seek revenge on a stock they lost money on. Do not fall for this emotional trap. If you lost money on a stock, let it go and move on.</p><p><blockquote><b>10. 当你在股票上亏损时，不要寻求报复：</b>交易者在亏损的股票上寻求报复是很常见的。不要陷入这种情感陷阱。如果你在一只股票上亏了钱，就让它过去，继续前进。</blockquote></p><p> <b>11. Trade small after you made or lost big:</b>If you’re feeling emotional about a stock, including feelings of anger or revenge, trade small. Many people who hit it big in the market can’t help but make bigger and bigger bets. Just like the gamblers at a casino, they keep trading until all their money is gone.</p><p><blockquote><b>11. 赚大钱或亏大钱后进行小额交易：</b>如果你对一只股票感到情绪激动，包括愤怒或报复，那就少量交易。许多在市场上大赚一笔的人都会忍不住下越来越大的赌注。就像赌场里的赌徒一样，他们不停地交易，直到他们所有的钱都花光。</blockquote></p><p> You don’t think it can happen to you? One of the greatest speculators in the world, Jesse Livermore, made $100 million dollars in a single week in 1929. He then lost all of his money within five years. He should have moved most of his profits out of the market after his big win and traded small for the next year. Instead, he got reckless and lost it all.</p><p><blockquote>你觉得这种事不会发生在你身上吗？世界上最伟大的投机者之一杰西·利弗莫尔在1929年的一周内赚了1亿美元。然后他在五年内输光了所有的钱。他应该在大获全胜后将大部分利润转移出市场，并在第二年进行小额交易。相反，他变得鲁莽，失去了一切。</blockquote></p><p> <b>12. Don’t take on too much risk:</b>Never invest or trade with so much money that if you lost, you’d lose your house or 401(k). Brokers told me about clients who cleared out their retirement funds or took cash advances on their credit cards so they could buy GameStop and AMC. Some won, some lost, but many took on way too much risk.</p><p><blockquote><b>12. 不要冒太大风险：</b>切勿投资或交易大量资金，以至于如果亏损，您将失去房子或 401(k)。经纪人告诉我，有些客户清空了退休基金或从信用卡上预支现金，以便购买游戏驿站和 AMC。有些人赢了，有些人输了，但许多人冒了太多的风险。</blockquote></p><p> <b>The meme-stock pyramid scheme</b></p><p><blockquote><b>模因股票金字塔计划</b></blockquote></p><p> Those who traded GameStop, AMC and other meme stocks thought they were trading, but they were actually participating in a gigantic pyramid scheme. Those who got in early and got out early probably did well. Those who entered late or held too long lost money.</p><p><blockquote>那些交易游戏驿站、AMC和其他模因股票的人以为他们在交易，但他们实际上是在参与一个巨大的传销计划。那些早进早出的人可能做得很好。入场较晚或持有时间过长的人亏损了。</blockquote></p><p> My advice: Review these 12 rules periodically. They are based on the experiences and the bad luck of thousands of other traders, including myself, who thought we were smarter than the market. In truth the market was smarter than us — because it always is.</p><p><blockquote>我的建议：定期回顾这12条规则。它们是基于包括我自己在内的成千上万其他交易者的经验和厄运，他们认为我们比市场更聪明。事实上，市场比我们聪明——因为它一直都是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/these-12-lessons-from-the-gamestop-and-amc-frenzy-can-help-you-make-money-trading-stocks-or-at-least-lose-less-11612771522?mod=home-page\">MarketWatch</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","GME":"游戏驿站","AMC":"AMC院线"},"source_url":"https://www.marketwatch.com/story/these-12-lessons-from-the-gamestop-and-amc-frenzy-can-help-you-make-money-trading-stocks-or-at-least-lose-less-11612771522?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1149038980","content_text":"I can hear the cries from investors who racked up huge profits in GameStop or AMC Entertainment Holdings for a few hours or days, only to watch their gains evaporate.\nThis coordinated bull raid was initiated by thousands of retail investors on Reddit, a popular website forum. We heard stories of fortunes made and lost. The ones we didn’t hear were from the folks in-between — small retail traders and investors who suffered thousands of dollars (or more) in losses.\nFor those still holding GME or AMC, or for those eager to pounce on the next volatile meme stock, I offer the following advice based on personal experience and observations. These are the lessons you must know before you ever get involved in the stock or options market (or if you are holding a winning stock or option):\n1. Don’t sell stocks or options on products you don’t own:The traders who lost the most money in GameStop and AMC were those who sold “naked” calls and puts (i.e. they sold options on stocks they didn’t own), or those who sold shares short (again, they sold shares on a stock they didn’t own). When using this extremely risky strategy, you can make a fortune if you’re right. If you’re wrong, the losses can be incalculable. In reality, some unwary traders lost tens of thousands of dollars last week on positions that cost a few thousand dollars. Once again, don’t sell anything naked unless you’re a professional, and in this case even the pros lost big on that risky bet.\n2. Sell at the “zero point.”  Here’s a rule I created: If you have huge gains that disappear and you are at the zero point (i.e. break-even), sell before you have real losses. It’s better to walk away at zero than with losses.\n3. Don’t be a stubborn seller:Why is it so hard for most traders to walk away at the zero point? Stubbornness. Many traders made huge gains last week only to watch those profits disappear. They refused to sell because they hoped to make their money back. If holding options, that’s not going to happen. (If you bought at or near the high, your money is gone. If you hold a stock, plan to wait months or even years to recover. Stubborn stockholders often end up as “stuckholders.”\n4. Take the money and run:When you are holding a stock or option position that brings outsized profits, either sell half of your holding or all of it — but get out. I call this “selling at extremes.” Sell something when the profits are beyond your wildest expectations. We all know the story of the gambler who wins big at the casino, but doesn’t leave the table until all his money is gone. Know when to walk away from the computer. Profits are fleeting, especially when volatility skyrockets.\n5.Trade small when making longshot trades (i.e. gambling):GameStop and AMC were both big gambles, and for a time the trade worked if you were long. But if you bet wrong? I spoke to a few of these traders. One lost $8,000 on a single option contract. If he had traded his normal size (30 contracts), he told me, his losses would have been more than $240,000.\n6. Don’t expect this trading frenzy to keep happening:It’s possible that a group of traders on the Reddit forum will band together for more bear- or bull raids. Except Treasury Secretary Janet Yellen and Fed Chair Jerome Powell are most likely creating new rules to prevent this from repeating. The Fed hates volatility and will do everything in its power to keep the markets calm. So once again, when you make big money on a trade, take the money as fast as you can — because you may not get the chance again.\n7. Stop bragging about how much money you made: Many traders who won big immediately bragged on social media (and to their jealous friends) about how much money they made on this trade. Yet the euphoric feeling they had was temporary. It usually goes away after all the money is gone. The smart (and polite) traders took their gains and kept the win to themselves\n8. Use a time stop:Time stops are not well-known or popular, but with fast-moving stocks (or when trading options), they are invaluable. In an extremely fast market, the traditional stop-limit order won’t get filled, as many of those meme-stock traders found out the hard way. Instead, after making a huge profit, set a day or time to sell. For example, you may sell the position by Friday no matter what (although selling at extremes is better — see Rule #4).\n9. Sell half or all of the position:It’s never an easy decision to know when to sell. If you sell too early, it’s annoying to watch the stock go higher. Sell too late and you lose money. Selling half of your holding is a reasonable alternative, but you must be prepared to sell the other half if the position goes against you.\n10. Don’t seek revenge when you lose money on a stock:It’s common for traders to seek revenge on a stock they lost money on. Do not fall for this emotional trap. If you lost money on a stock, let it go and move on.\n11. Trade small after you made or lost big:If you’re feeling emotional about a stock, including feelings of anger or revenge, trade small. Many people who hit it big in the market can’t help but make bigger and bigger bets. Just like the gamblers at a casino, they keep trading until all their money is gone.\nYou don’t think it can happen to you? One of the greatest speculators in the world, Jesse Livermore, made $100 million dollars in a single week in 1929. He then lost all of his money within five years. He should have moved most of his profits out of the market after his big win and traded small for the next year. Instead, he got reckless and lost it all.\n12. Don’t take on too much risk:Never invest or trade with so much money that if you lost, you’d lose your house or 401(k). Brokers told me about clients who cleared out their retirement funds or took cash advances on their credit cards so they could buy GameStop and AMC. Some won, some lost, but many took on way too much risk.\nThe meme-stock pyramid scheme\nThose who traded GameStop, AMC and other meme stocks thought they were trading, but they were actually participating in a gigantic pyramid scheme. Those who got in early and got out early probably did well. Those who entered late or held too long lost money.\nMy advice: Review these 12 rules periodically. They are based on the experiences and the bad luck of thousands of other traders, including myself, who thought we were smarter than the market. In truth the market was smarter than us — because it always is.","news_type":1,"symbols_score_info":{".SPX":0.9,"AMC":0.9,".IXIC":0.9,"GME":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894969992,"gmtCreate":1628782872516,"gmtModify":1631891610086,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571662392102313","idStr":"3571662392102313"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>like a finally","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>like a finally","text":"$Palantir Technologies Inc.(PLTR)$like a finally","images":[{"img":"https://static.tigerbbs.com/664ff298be6a59cec4e2ef04bbeb568f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894969992","isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":372668013,"gmtCreate":1619203898332,"gmtModify":1634287786555,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571662392102313","idStr":"3571662392102313"},"themes":[],"title":"","htmlText":"noOoOoooo","listText":"noOoOoooo","text":"noOoOoooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/372668013","repostId":"1131579471","repostType":4,"repost":{"id":"1131579471","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":1619187935,"share":"https://www.laohunote.com/m/news/1131579471?lang=zh_CN&edition=full","pubTime":"2021-04-23 22:25","market":"us","language":"en","title":"ByteDance says it has no recent plans for public listing<blockquote>字节跳动表示，最近没有公开上市的计划</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131579471","media":"Tiger Newspress","summary":"ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an","content":"<p>ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.</p><p><blockquote>热门视频应用 TikTok 的中国母公司字节跳动周五表示，在进行彻底研究后，没有即将进行首次公开募股的计划。</blockquote></p><p>\"We believe the company doesn't meet the public listing requirements,\" TikTok owner ByteDance said in a statement published on its Toutiao account.</p><p><blockquote>TikTok 所有者字节跳动在其今日头条账号上发表声明称：“我们认为该公司不符合公开上市要求。”</blockquote></p><p>Recently, there are a lot of news about the company will be listed.</p><p><blockquote>近日，关于公司将上市的消息不少。</blockquote></p><p>ByteDance last month hired former Xiaomi&nbsp;executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.</p><p><blockquote>字节跳动上个月聘请小米前高管周受资担任新设立的首席财务官，这表明这家科技公司距离备受期待的 IPO 又近了一步。</blockquote></p><p>Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.</p><p><blockquote>路透社报道称，字节跳动一直在探索在纽约或香港上市抖音（TikTok的中国版本）的可能性，或者获得抖音和新闻聚合平台今日头条等部分中国业务的公开上市。</blockquote></p><p>ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.</p><p><blockquote>字节跳动还一直在考虑其非中国业务的潜在 IPO，其中包括在中国、欧洲或美国无法使用的 TikTok。</blockquote></p><p>ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled&nbsp;revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.</p><p><blockquote>字节跳动以其短视频应用和新闻聚合平台今日头条而闻名，在将核心广告业务扩展到电子商务和在线游戏等领域后，该公司去年的收入增长了一倍多。</blockquote></p><p>During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a&nbsp;report&nbsp;in the South China Morning Post.</p><p><blockquote>据一位知情人士透露，在上一轮融资中，字节跳动的估值达到了 1800 亿美元。根据 CB Insights 的数据，这比大约三年前的 200 亿美元有所增加。但知情人士表示，在私人市场上，一些投资者最近要求以相当于 3500 亿美元的估值出售他们的股票。据《南华早报》报道，其对私募股权投资者的价值接近 4000 亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ByteDance says it has no recent plans for public listing<blockquote>字节跳动表示，最近没有公开上市的计划</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\">\nByteDance says it has no recent plans for public listing<blockquote>字节跳动表示，最近没有公开上市的计划</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\">2021-04-23 22:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.</p><p><blockquote>热门视频应用 TikTok 的中国母公司字节跳动周五表示，在进行彻底研究后，没有即将进行首次公开募股的计划。</blockquote></p><p>\"We believe the company doesn't meet the public listing requirements,\" TikTok owner ByteDance said in a statement published on its Toutiao account.</p><p><blockquote>TikTok 所有者字节跳动在其今日头条账号上发表声明称：“我们认为该公司不符合公开上市要求。”</blockquote></p><p>Recently, there are a lot of news about the company will be listed.</p><p><blockquote>近日，关于公司将上市的消息不少。</blockquote></p><p>ByteDance last month hired former Xiaomi&nbsp;executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.</p><p><blockquote>字节跳动上个月聘请小米前高管周受资担任新设立的首席财务官，这表明这家科技公司距离备受期待的 IPO 又近了一步。</blockquote></p><p>Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.</p><p><blockquote>路透社报道称，字节跳动一直在探索在纽约或香港上市抖音（TikTok的中国版本）的可能性，或者获得抖音和新闻聚合平台今日头条等部分中国业务的公开上市。</blockquote></p><p>ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.</p><p><blockquote>字节跳动还一直在考虑其非中国业务的潜在 IPO，其中包括在中国、欧洲或美国无法使用的 TikTok。</blockquote></p><p>ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled&nbsp;revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.</p><p><blockquote>字节跳动以其短视频应用和新闻聚合平台今日头条而闻名，在将核心广告业务扩展到电子商务和在线游戏等领域后，该公司去年的收入增长了一倍多。</blockquote></p><p>During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a&nbsp;report&nbsp;in the South China Morning Post.</p><p><blockquote>据一位知情人士透露，在上一轮融资中，字节跳动的估值达到了 1800 亿美元。根据 CB Insights 的数据，这比大约三年前的 200 亿美元有所增加。但知情人士表示，在私人市场上，一些投资者最近要求以相当于 3500 亿美元的估值出售他们的股票。据《南华早报》报道，其对私募股权投资者的价值接近 4000 亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01024":"快手-W","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131579471","content_text":"ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.\"We believe the company doesn't meet the public listing requirements,\" TikTok owner ByteDance said in a statement published on its Toutiao account.Recently, there are a lot of news about the company will be listed.ByteDance last month hired former Xiaomi executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a report in the South China Morning Post.","news_type":1,"symbols_score_info":{"00700":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322674077,"gmtCreate":1615806683899,"gmtModify":1703493258523,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571662392102313","idStr":"3571662392102313"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>whoohoo!","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>whoohoo!","text":"$AMC Entertainment(AMC)$whoohoo!","images":[{"img":"https://static.tigerbbs.com/1747dc0afe1df7437dc72b919b3b0aa9","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/322674077","isVote":1,"tweetType":1,"viewCount":748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":388835129,"gmtCreate":1613046259861,"gmtModify":1703768725615,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571662392102313","idStr":"3571662392102313"},"themes":[],"title":"","htmlText":"why though","listText":"why though","text":"why though","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/388835129","repostId":"2110471690","repostType":2,"isVote":1,"tweetType":1,"viewCount":487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":699527941,"gmtCreate":1639845662787,"gmtModify":1639845663113,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571662392102313","idStr":"3571662392102313"},"themes":[],"title":"","htmlText":"ooh","listText":"ooh","text":"ooh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699527941","repostId":"2192754259","repostType":4,"isVote":1,"tweetType":1,"viewCount":3856,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802899669,"gmtCreate":1627745059651,"gmtModify":1631891610095,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571662392102313","idStr":"3571662392102313"},"themes":[],"title":"","htmlText":"this makes me wonder, is the opposite happening?","listText":"this makes me wonder, is the opposite happening?","text":"this makes me wonder, is the opposite happening?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802899669","repostId":"1127411624","repostType":2,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohunote.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>以下是您在股市下一次暴跌前的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日从洞穴中走了出来。当天，道琼斯工业平均指数JIA,-0.42%下跌725点，跌幅2.1%。熊队打出了本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>和往常一样，每个人都想知道市场下跌的原因，分析师们也准备好了答案，从 COVID-19 的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售的原因有很多，所以把责任归咎于一个事件是荒谬的。也就是说，导致销量下降的一个重要因素是自动的、计算机生成的销售。一旦大型市场参与者，尤其是算法，开始出售，就会出现疯狂的抢购潮。没有人愿意成为最后一个出局的人，因此零售商和机构在恐慌中抛售，随着时间的推移，恐慌变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI-0.54%在周线上为71.36，这是一个极度超买的读数。这是否意味着明天指数将暴跌？没人知道。但RSI给出了美国市场处于危险地带的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息：熊队无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>空头还没来得及说 “我早就告诉过你 ”，第二天，也就是 7 月 20 日，道琼斯指数 700 多点的抛售就被道琼斯指数 550 点的反弹抹去了。公牛队忘记了抛售，重新开始庆祝，一杯接一杯地啜饮着他们最喜欢的饮料 “bull-ade”。风暴又一次过去了，但这一次，公牛队的心中却涌起了一丝恐惧。以前，唯一的恐惧就是害怕错过下一次集会。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌时，您又经历了各种情绪，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1. 如果你惊慌失措</b>：不要做某事；坐那儿。不买，不卖，坐稳就行了。事实上，关闭电脑或其他设备。不要担心那天丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定下来时，重新评估你所拥有的。不要在这样的日子里做出任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2. 如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场清醒过来时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3. 如果您不受影响：</b>尽管如此，检查你的投资组合，以确保你是适当的多元化。虽然人们不在乎市场是否下跌，但一定要为最坏的情况做好对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取哪些具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他财务决定。让我们来看看一些可能有所帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您拥有的股票或指数跌破 200 天移动平均线，请卖出。注：标准普尔 500SPX,-0.54% 等主要指数十年来从未跌破（并一直低于）其 200 天平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么，都要遵循它。</li><li>指数基金的美元成本平均值。</li><li>多样化。这是股市和人生成功的关键。如果您只拥有股票，请考虑债券，但在采取这一步之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天，这种策略不会奏效，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是一个产生额外收入的好方法。这种策略也是处理不需要的库存并获得报酬的理想选择。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>经过 13 年的牛市，美国股市的时间正在流逝。虽然多头这次又取得了胜利，但总有一天市场不会逆转方向，会开始大幅回调，甚至更糟的是，会进入熊市。这时，你会庆幸自己有一个计划和一个投资脚本，可以在最糟糕的日子里遵循。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解自己拥有什么，卖出到 “睡个好觉 ”点，分散投资各种金融产品，包括现金和债券。这样，当市场再次暴跌时，你就不会做出情绪化的决定，也不会焦虑发作。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s your to-do list before the stock market’s next dive<blockquote>以下是您在股市下一次暴跌前的待办事项清单</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\">\nHere’s your to-do list before the stock market’s next dive<blockquote>以下是您在股市下一次暴跌前的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日从洞穴中走了出来。当天，道琼斯工业平均指数JIA,-0.42%下跌725点，跌幅2.1%。熊队打出了本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>和往常一样，每个人都想知道市场下跌的原因，分析师们也准备好了答案，从 COVID-19 的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售的原因有很多，所以把责任归咎于一个事件是荒谬的。也就是说，导致销量下降的一个重要因素是自动的、计算机生成的销售。一旦大型市场参与者，尤其是算法，开始出售，就会出现疯狂的抢购潮。没有人愿意成为最后一个出局的人，因此零售商和机构在恐慌中抛售，随着时间的推移，恐慌变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI-0.54%在周线上为71.36，这是一个极度超买的读数。这是否意味着明天指数将暴跌？没人知道。但RSI给出了美国市场处于危险地带的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息：熊队无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>空头还没来得及说 “我早就告诉过你 ”，第二天，也就是 7 月 20 日，道琼斯指数 700 多点的抛售就被道琼斯指数 550 点的反弹抹去了。公牛队忘记了抛售，重新开始庆祝，一杯接一杯地啜饮着他们最喜欢的饮料 “bull-ade”。风暴又一次过去了，但这一次，公牛队的心中却涌起了一丝恐惧。以前，唯一的恐惧就是害怕错过下一次集会。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌时，您又经历了各种情绪，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1. 如果你惊慌失措</b>：不要做某事；坐那儿。不买，不卖，坐稳就行了。事实上，关闭电脑或其他设备。不要担心那天丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定下来时，重新评估你所拥有的。不要在这样的日子里做出任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2. 如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场清醒过来时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3. 如果您不受影响：</b>尽管如此，检查你的投资组合，以确保你是适当的多元化。虽然人们不在乎市场是否下跌，但一定要为最坏的情况做好对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取哪些具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他财务决定。让我们来看看一些可能有所帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您拥有的股票或指数跌破 200 天移动平均线，请卖出。注：标准普尔 500SPX,-0.54% 等主要指数十年来从未跌破（并一直低于）其 200 天平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么，都要遵循它。</li><li>指数基金的美元成本平均值。</li><li>多样化。这是股市和人生成功的关键。如果您只拥有股票，请考虑债券，但在采取这一步之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天，这种策略不会奏效，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是一个产生额外收入的好方法。这种策略也是处理不需要的库存并获得报酬的理想选择。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>经过 13 年的牛市，美国股市的时间正在流逝。虽然多头这次又取得了胜利，但总有一天市场不会逆转方向，会开始大幅回调，甚至更糟的是，会进入熊市。这时，你会庆幸自己有一个计划和一个投资脚本，可以在最糟糕的日子里遵循。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解自己拥有什么，卖出到 “睡个好觉 ”点，分散投资各种金融产品，包括现金和债券。这样，当市场再次暴跌时，你就不会做出情绪化的决定，也不会焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147898338,"gmtCreate":1626347521224,"gmtModify":1633927667022,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571662392102313","idStr":"3571662392102313"},"themes":[],"title":"","htmlText":"hmm","listText":"hmm","text":"hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147898338","repostId":"1190703857","repostType":4,"isVote":1,"tweetType":1,"viewCount":581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376387458,"gmtCreate":1619090276774,"gmtModify":1631888985584,"author":{"id":"3571662392102313","authorId":"3571662392102313","name":"philodendron","avatar":"https://static.tigerbbs.com/33899256df0b02274ba23318212a967b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571662392102313","idStr":"3571662392102313"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/ARKW\">$ARK Next Generation Internet ETF(ARKW)$</a>finally something green&nbsp;","listText":"<a href=\"https://laohu8.com/S/ARKW\">$ARK Next Generation Internet ETF(ARKW)$</a>finally something green&nbsp;","text":"$ARK Next Generation Internet ETF(ARKW)$finally something green","images":[{"img":"https://static.tigerbbs.com/fdd72b3b0fd122897840dfcd412832e2","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/376387458","isVote":1,"tweetType":1,"viewCount":921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}