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Kimmy23

Kimmy23

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2021-11-16

$Sea Ltd(SE)$Oof! Hahaha! Look at it positively, we can buy more when it goes down. ;)

2021-11-04

$HAIDILAO(06862)$Anyone wants to make a guess how low HDL will go? [Miser]

2021-02-26

$Tiger Brokers(TIGR)$Yet to sell and I hope tigercan rebound back soonest! ;) It’s a great app, great company that deserves a better valuation!

2021-02-05

$Tiger Brokers(TIGR)$East to use app with widespectrum of data for analysis. This app is much bettet than many others! I foresee it will cotinue togrow in months to come!!

2021-10-23

Risky period

抱歉，原内容已删除

2021-02-27

$Tiger Brokers(TIGR)$好的公司不怕暫時的紅。

2021-05-13

Any stocks hold more than 5 years will always be aprofit. Invest if you are a long term player! ;) Invest to beat inflation!

抱歉，原内容已删除

2021-12-07

Apple stock is worth buying but do be careful during this unprecedented time as there are a lot of people who short sell. If you’re a long term investor, you can buy more and keep it. ;)

Apple: A True 'Never Sell' Position<blockquote>苹果：真正的“永不出售”立场</blockquote>

2021-06-13

$Alphabet(GOOGL)$Yay still holding it

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href=\"https://laohu8.com/S/06862\">$HAIDILAO(06862)$</a>It’s a good company with good management team and motto. It will rise and shine in months to come! It’s trending downward due to Covid restriction, profit loss and volatile market. Nonetheless, people who like the company, it’s good to hold on to it for long term. [Cool]&nbsp;","listText":"<a href=\"https://laohu8.com/S/06862\">$HAIDILAO(06862)$</a>It’s a good company with good management team and motto. It will rise and shine in months to come! It’s trending downward due to Covid restriction, profit loss and volatile market. Nonetheless, people who like the company, it’s good to hold on to it for long term. [Cool]&nbsp;","text":"$HAIDILAO(06862)$It’s a good company with good management team and motto. It will rise and shine in months to come! It’s trending downward due to Covid restriction, profit loss and volatile market. Nonetheless, people who like the company, it’s good to hold on to it for long term. [Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693517883","isVote":1,"tweetType":1,"viewCount":2901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606500139,"gmtCreate":1638889464454,"gmtModify":1638889465177,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"Apple stock is worth buying but do be careful during this unprecedented time as there are a lot of people who short sell. If you’re a long term investor, you can buy more and keep it. ;)","listText":"Apple stock is worth buying but do be careful during this unprecedented time as there are a lot of people who short sell. If you’re a long term investor, you can buy more and keep it. ;)","text":"Apple stock is worth buying but do be careful during this unprecedented time as there are a lot of people who short sell. If you’re a long term investor, you can buy more and keep it. ;)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/606500139","repostId":"1162682713","repostType":4,"repost":{"id":"1162682713","kind":"news","pubTimestamp":1638887298,"share":"https://www.laohu8.com/m/news/1162682713?lang=zh_CN&edition=full","pubTime":"2021-12-07 22:28","market":"us","language":"en","title":"Apple: A True 'Never Sell' Position<blockquote>苹果：真正的“永不出售”立场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162682713","media":"Seeking Alpha","summary":"Summary\n\nWith $315B in authorized share buybacks and a 0.6% yield, Apple should return 4.3% on share","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With $315B in authorized share buybacks and a 0.6% yield, Apple should return 4.3% on shareholder-friendly practices alone.</li>  <li>In addition, the company will still see double-digit growth in wearables and services, even if iPhone slows down a little.</li>  <li>The Apple ecosystem also stands to get more intertwined with a potential Apple Car and AR/VR plays.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/404c4a2883110ed556fd9700c5cffb83\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>CatLane/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>凭借315B美元的授权股票回购和0.6%的收益率，苹果仅通过股东友好做法就应该获得4.3%的回报。</li><li>此外，该公司在可穿戴设备和服务方面仍将出现两位数的增长，即使iPhone稍微放缓。</li><li>苹果生态系统也将与潜在的苹果汽车和AR/VR游戏更加紧密地交织在一起。</li></ul><p class=\"t-img-caption\"><span>CatLane/iStock未通过Getty Images发布</span></p></blockquote></p><p> At an almost $3T market cap, I am still a holder of Apple (AAPL). While I absolutely wish I would have bought more of this powerhouse in years past, I've made do with incremental gains from dividend reinvestment.</p><p><blockquote>虽然市值接近3T美元，但我仍然是苹果(AAPL)的持有者。虽然我绝对希望在过去几年里购买更多这家巨头的股票，但我还是通过股息再投资获得了增量收益。</blockquote></p><p> The news cycle would have you believe that this behemoth has head-winds galore, and that the downfall could come any day now. With limited risk and potential galore, is the company worth buying today?</p><p><blockquote>新闻周期会让你相信这个庞然大物有很多阻力，垮台随时都可能到来。由于风险有限且潜力巨大，该公司今天值得购买吗？</blockquote></p><p> <b>Limited Risk</b></p><p><blockquote><b>风险有限</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1fe4e9d4f4aca197052840240959df43\" tg-width=\"640\" tg-height=\"831\" width=\"100%\" height=\"auto\"><span>Image: Forbes magazine cover, 2007</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：福布斯杂志封面，2007年</span></p></blockquote></p><p> I am familiar with cellphone manufacturers of days past. Nokia, for example, used to be the titan of industry. It was thought to be untouchable and then came the iPhone. I mean, just look at the Forbes cover above, \"can anyone catch the cell phone king?\"</p><p><blockquote>我熟悉过去的手机制造商。例如，诺基亚曾经是工业巨头。它被认为是碰不得的，然后出现了iPhone。我的意思是，看看上面的福布斯封面，“有人能抓住手机大王吗？”</blockquote></p><p> That cover hit news stands on November 12, 2007, a few months after the iPhone had made its debut. The straw that broke Nokia's back, and the feature which gives Apple a moat wider than Apple Park today, The App Store launched in mid-2008.</p><p><blockquote>2007年11月12日，也就是iPhone首次亮相几个月后，这个封面登上了新闻站。压垮诺基亚的最后一根稻草，也是让苹果拥有比苹果公园更宽的护城河的功能，2008年年中推出的App Store。</blockquote></p><p> The App Store, as simple as it may seem, gave Apple the keys to the kingdom. Rather than be limited to the few apps that came on your Nokia device, you could use one of the thousands of apps sold by third-party developers on the iPhone. This was the beginning of a world-beating ecosystem.</p><p><blockquote>App Store看似简单，却给了苹果通往王国的钥匙。你可以在iPhone上使用第三方开发者销售的数千款应用，而不是局限于诺基亚设备上的几款应用。这是一个世界级生态系统的开始。</blockquote></p><p> Today, Apple's ecosystem has grown in a significant way. The growth of that ecosystem means that Apple \"fanboys\" would have to spend thousands of dollars, or work through significant inconveniences to switch.</p><p><blockquote>今天，苹果的生态系统已经有了显著的发展。这个生态系统的增长意味着苹果的“粉丝”将不得不花费数千美元，或者克服巨大的不便来转换。</blockquote></p><p> Consider the user that has subscriptions to several apps, Air Pods, an Apple Watch, iPhone, iPad, and perhaps a MacBook. That person is not an outlier. If they consider switching to Android they'll have to cancel those several apps, throw their Apple Watch out, replace the AirPods, and would lose lots of great tie-in messaging functionality across the iPad and MacBook.</p><p><blockquote>考虑一下订阅了几个应用程序、Air Pods、苹果手表、iPhone、iPad，也许还有MacBook的用户。那个人不是局外人。如果他们考虑切换到Android，他们将不得不取消这几个应用程序，扔掉他们的苹果手表，更换AirPods，并将失去iPad和MacBook上许多出色的搭售消息功能。</blockquote></p><p> First-world problems, absolutely. The tie-in, however, is real. Apple make world-class products that users love. They get caught up in all the added accessories which deliver a great experience and then they are customers for life.</p><p><blockquote>绝对是第一世界的问题。然而，这种联系是真实的。苹果制造用户喜爱的世界级产品。他们被所有提供良好体验的附加配件所吸引，然后他们就成了终身顾客。</blockquote></p><p> Apple stock, for all intents and purposes, is a better place to keep your money than cash because of this lack of risk. Should something start to topple this house of cards, it wouldn't happen overnight, and it certainly won't happen as rapidly as it happened to Nokia because of the switching costs Apple has built up.</p><p><blockquote>无论出于何种意图和目的，苹果股票都是比现金更好的存放资金的地方，因为它缺乏风险。如果有什么事情开始推翻这座纸牌屋，它不会在一夜之间发生，而且肯定不会像诺基亚那样迅速发生，因为苹果已经积累了转换成本。</blockquote></p><p> <b>Enviable Metrics</b></p><p><blockquote><b>令人羡慕的指标</b></blockquote></p><p> Despite running up against the law of large numbers, Apple continues to look stellar when considering a number of different metrics.</p><p><blockquote>尽管违反了大数定律，但在考虑许多不同的指标时，苹果仍然看起来很出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/08f0199dd5d3c8dade8af08d884a5459\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"><span>Image: Apple's debt per 10-K (Page 45)</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：苹果每10-K的债务（第45页）</span></p></blockquote></p><p> The worst metric, in my opinion, Apple has is a 1.7 debt-to-equity ratio. However, on that figure, my mind may be stuck in a good days of positive interest rates. Much of Apple's $109B of debt is at a negligible (0.03-2%) interest rate. Higher end servicing costs sit a hair below 5%, but this makes up a minority of Apple's debt&nbsp;per the company's 10-K filings.</p><p><blockquote>在我看来，苹果最差的指标是1.7的债务股本比率。然而，在这个数字上，我的思绪可能会停留在正利率的好日子里。苹果109B美元债务的大部分利率可以忽略不计（0.03-2%）。高端服务成本略低于5%，但根据该公司的10-K文件，这仅占苹果债务的一小部分。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/547e6241dab1a7aef3e649fb0f10d5ff\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> All of that money did not go into internal projects, however, it went to share buybacks. Perhaps no company epitomizes share buybacks like Apple has over the last decade. The company has retired hundreds of billions of dollars' worth of stock to shareholders benefit, and it continues to do so today.</p><p><blockquote>所有这些资金并没有用于内部项目，而是用于股票回购。也许没有一家公司能像苹果那样体现过去十年的股票回购。为了股东利益，该公司已经退役了价值数千亿美元的股票，并且至今仍在继续这样做。</blockquote></p><p> These share buybacks are why Berkshire Hathaway (BRK.B) now owns 5.5% of Apple. Back when many lauded Buffett for being late to the Apple train, he has proven his conviction worthwhile and helped an already massive Berkshire portfolio continue to beat the market with this high concentration investment.</p><p><blockquote>这些股票回购是Berkshire Hathaway(BRK.B)现在拥有苹果5.5%股份的原因。当许多人称赞巴菲特错过了苹果的火车时，巴菲特已经证明了他的信念是值得的，并通过这种高度集中的投资帮助已经庞大的伯克希尔投资组合继续跑赢市场。</blockquote></p><p> Buffett aside, Apple does excel in several metrics one should be looking for when investing in high-quality stocks. Return on equity here sits at an eye-popping 140% due to a pandemic induced expansion in net income.</p><p><blockquote>撇开巴菲特不谈，苹果确实在投资优质股票时应该寻找的几个指标上表现出色。由于大流行导致净利润扩张，股本回报率达到了令人瞠目结舌的140%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af2a898072faa8c46eeaa734222ff059\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Given the amount of debt, return on invested capital, likely, is the better metric to take a look at here. Apple's ROIC has been consistently over the 20% mark, which is a sign of a fantastic business.</p><p><blockquote>考虑到债务金额，投资资本回报率可能是更好的指标。苹果的投资回报率一直超过20%，这是一家出色业务的标志。</blockquote></p><p> Oh, and it probably goes without mentioning, but this business is cash rich. Apple, as of its last report, has $35B in cash on hand and $155B in marketable securities (a mix of current and non-current). With $190B in capital that the company can still deploy, Apple is certainly in an enviable position.</p><p><blockquote>哦，这可能是不言而喻的，但这项业务现金充裕。截至上次报告，苹果手头有350亿美元现金和1550亿美元有价证券（流动和非流动的组合）。由于该公司仍可部署1900亿美元的资本，苹果无疑处于令人羡慕的地位。</blockquote></p><p> <b>Valuation: Rich</b></p><p><blockquote><b>估值：丰富</b></blockquote></p><p> Those metrics are not unknown, but they are incredible. It's no surprise that Apple will likely cross $3T market cap in the next year or so, but is the company worth buying at these high levels?</p><p><blockquote>这些指标并非未知，但却令人难以置信。毫不奇怪，苹果的市值可能会在未来一年左右突破3T美元，但该公司值得在如此高的水平上买入吗？</blockquote></p><p> As mentioned above, I view Apple as an almost cash like position. In a world of inflation, Apple has the balance sheet to carry it through, it has significant pricing power, and it has exceptionally high margins on its products to be able to weather the storm. Would you rather your money lose 5% of its buying power per year, or grow in an American titan like Apple?</p><p><blockquote>如上所述，我认为苹果几乎是现金头寸。在通货膨胀的世界里，苹果拥有能够承受通货膨胀的资产负债表，拥有强大的定价权，并且其产品利润率极高，能够渡过难关。你愿意你的钱每年失去5%的购买力，还是愿意在像苹果这样的美国巨头中增长？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/159a160cc869ef1cc00bd4eb8db7bd93\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Image: A mockup VR headset via BGR</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：来自BGR的VR耳机模型</span></p></blockquote></p><p> A valuation of Apple also has to include the potential for an Apple Car, or the AR/VR headsets that will be with us within the next 18-months. These types of projects have been kept well under wraps, but considering the valuations of EV manufacturers like Tesla (TSLA) and Rivian (RIVN), the market will reward Apple rather richly for a well-executed product.</p><p><blockquote>对苹果的估值还必须包括苹果汽车的潜力，或者将在未来18个月内出现的AR/VR耳机。这些类型的项目一直处于保密状态，但考虑到特斯拉（TSLA）和Rivian（RIVN）等电动汽车制造商的估值，市场将对苹果执行良好的产品给予相当丰厚的奖励。</blockquote></p><p> An Apple car with deep iOS integration,as is speculated, would further drive the ecosystem flywheel. In fact, it would take that flywheel to unimaginable levels. Imagine trying to leave an ecosystem where you have to replace a $50K (and I'm probably being cheap) car, a phone, a computer... it's quite the lock in.</p><p><blockquote>据推测，深度集成iOS的苹果汽车将进一步推动生态系统飞轮。事实上，它会将飞轮提升到难以想象的水平。想象一下，试图离开一个生态系统，在这个生态系统中，你必须更换一辆5万美元（我可能很便宜）的汽车、一部电话、一台电脑...这是相当锁定。</blockquote></p><p> Taking AR/VR into account, one would have to consider that AR could be a cannibalizing force for the iPhone. If one can see all they need through lenses and control those lenses through gestures or the Apple Watch, Apple could cannibalize the phone market.</p><p><blockquote>考虑到AR/VR，人们不得不考虑AR可能会成为iPhone的蚕食力量。如果人们可以通过镜头看到他们需要的一切，并通过手势或苹果手表控制这些镜头，苹果可能会蚕食手机市场。</blockquote></p><p> That, however, is a good thing. Apple could price a novel item like AR glasses with higher margins than a phone. Fans and tech enthusiasts would pay that early adopter price and others would soon follow suit if the product lives up to the hype. It gets Apple out of the \"$1,000 for a phone\" line of thinking.</p><p><blockquote>然而，这是一件好事。苹果可以以比手机更高的利润率为AR眼镜等新颖产品定价。粉丝和技术爱好者将支付早期采用者的价格，如果产品不负众望，其他人很快就会效仿。它让苹果摆脱了“1000美元买一部手机”的思路。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88a008b34566e3309b095ad284807d12\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> All this to say, Apple's rich valuation today is a worthy one. At a PE of ~29, it's hardly extortionate, but it is outside of Apple's average over the last five years.</p><p><blockquote>综上所述，苹果今天的丰厚估值是当之无愧的。市盈率约为29，算不上过高，但超出了苹果过去五年的平均水平。</blockquote></p><p> The ecosystem, one that ties its customers in for life, is where the value lies here and Apple has plans to expand that with vehicles and wearables. Even at a PE of 29, I believe this to be a secure long-term investment that will pay investors a dividend, albeit small, along the way while continuing to retire billions of dollars in stock ($315B authorized ~10%).</p><p><blockquote>这个将客户终身联系在一起的生态系统是其价值所在，苹果计划通过车辆和可穿戴设备来扩展这一生态系统。即使市盈率为29，我相信这也是一项安全的长期投资，它将向投资者支付股息，尽管很小，同时继续收回数十亿美元的股票（315B美元授权约10%）。</blockquote></p><p> <b>Addressing The Risks</b></p><p><blockquote><b>应对风险</b></blockquote></p><p> Fear and inflation. Fear is the largest and most significant risk that Apple faces. Buyers told that bad times are coming tend to zip up their pocketbooks. Buyers who have to spend 10% more on groceries suddenly don't have enough to buy the latest iPhone.</p><p><blockquote>恐惧和通货膨胀。恐惧是苹果面临的最大、最重大的风险。被告知糟糕时期即将到来的买家往往会收紧钱包。不得不在食品杂货上多花10%的购物者突然没有足够的钱购买最新的iPhone。</blockquote></p><p> These are external concerns that Apple has little control over. The company has, over the years, introduced buy-now-pay-later and subscription programs that help buyers get the goods they want at an affordable monthly price, and, as discussed, Apple has substantial margins that it could use to overcome significant headwinds in this space.</p><p><blockquote>这些都是苹果几乎无法控制的外部担忧。多年来，该公司推出了先买后付和订阅计划，帮助买家以可承受的每月价格获得他们想要的商品，而且正如所讨论的，苹果拥有可观的利润，可以用来克服重大阻力在这个领域。</blockquote></p><p> Execution is another risk Apple faces, especially as we look to these \"futuristic\" products. A self-driving car could be worth trillions of dollars in lifetime revenues, or it could be a dud upon release that never gets full approval to operate on the streets. Likewise, an AR headset that no one wants to be seen wearing, or that proves difficult to wear through the day, could be a dead-on-arrival product.</p><p><blockquote>执行力是苹果面临的另一个风险，尤其是当我们关注这些“未来”产品时。一辆自动驾驶汽车的终身收入可能价值数万亿美元，也可能在发布后成为一个哑弹，永远不会获得在街道上运行的完全批准。同样，没有人想被看到佩戴的AR耳机，或者被证明很难全天佩戴的AR耳机，可能是一个到货就死的产品。</blockquote></p><p> Given the nature of these two products and the secrecy surrounding their development, one cannot truly assign a real risk rating to them. They're just things to be aware of. Apple does have a history of great execution (MacBook keyboard and Touch Bar aside), however, so an investor should feel at least somewhat comfortable that the company will put its best foot forward.</p><p><blockquote>鉴于这两种产品的性质及其开发的保密性，人们无法真正为它们分配真正的风险评级。它们只是需要注意的事情。然而，苹果确实有着出色执行力的历史（MacBook键盘和Touch Bar除外），因此投资者至少应该对该公司将全力以赴感到有些放心。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p></p><p> At a valuation nearing $3T one would assume there isn't much room left to run in Apple, but investors still stand to beat the overall market in this name thanks to excellent capital allocation.</p><p><blockquote>在估值接近3T美元的情况下，人们会认为苹果已经没有太多的运行空间了，但由于出色的资本配置，投资者仍然能够以这个名义击败整体市场。</blockquote></p><p> Apple has $315B in authorized buybacks and returns some $14.5B in dividends each year. Apple will likely buyback close to $100B in stock during its 2022 fiscal year which, alone, represents a 3.7% return on today's prices. Combined with a dividend yield of 0.6%, investors will make 4.3% on this name through shareholder friendly practices alone.</p><p><blockquote>苹果拥有$315B的授权回购，每年返还约$14.5 B的股息。苹果可能会在2022财年回购近1000亿美元的股票，仅此一项就相当于今天价格的3.7%的回报率。加上0.6%的股息收益率，仅通过股东友好的做法，投资者就可以在这个名字上获得4.3%的收益。</blockquote></p><p> Those numbers will compound too, another $100B in 2023, $100B in 2024, it all adds up. That $300B is all authorized too.</p><p><blockquote>这些数字也会复合，2023年再增加1000亿美元，2024年再增加1000亿美元，所有这些加起来。那300B美元也全部获得授权。</blockquote></p><p> Along with those buybacks and dividends, investors are buying into a company that, last year, defied laws of large numbers and grew its top-line at 33%. While unlikely this year, I still expect that the wearables and services divisions will grow at double digits which will allow Apple to see high single-digit revenue growth through the coming 3-5 years.</p><p><blockquote>除了这些回购和股息之外，投资者还买入了一家去年无视大数定律、营收增长33%的公司。虽然今年不太可能，但我仍然预计可穿戴设备和服务部门将以两位数的速度增长，这将使苹果在未来3-5年内实现高个位数的收入增长。</blockquote></p><p> Those with a bearish view on Apple act as though this juggernaut will vanish overnight, but that's simply not true. Sure, you're unlikely to pull down 30%+ annual returns going forward, but if you're looking for a high-quality stable business that can beat the market little-by-little, Apple is a great horse (or car) to back.</p><p><blockquote>那些看跌苹果的人表现得好像这个庞然大物会在一夜之间消失，但事实并非如此。当然，未来你不太可能降低30%以上的年回报率，但如果你正在寻找一家能够一点一点击败市场的高质量稳定业务，苹果是一匹很棒的马（或汽车）回来。</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>Apple: A True 'Never Sell' Position<blockquote>苹果：真正的“永不出售”立场</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: A True 'Never Sell' Position<blockquote>苹果：真正的“永不出售”立场</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\">2021-12-07 22:28</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>With $315B in authorized share buybacks and a 0.6% yield, Apple should return 4.3% on shareholder-friendly practices alone.</li>  <li>In addition, the company will still see double-digit growth in wearables and services, even if iPhone slows down a little.</li>  <li>The Apple ecosystem also stands to get more intertwined with a potential Apple Car and AR/VR plays.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/404c4a2883110ed556fd9700c5cffb83\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>CatLane/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>凭借315B美元的授权股票回购和0.6%的收益率，苹果仅通过股东友好做法就应该获得4.3%的回报。</li><li>此外，该公司在可穿戴设备和服务方面仍将出现两位数的增长，即使iPhone稍微放缓。</li><li>苹果生态系统也将与潜在的苹果汽车和AR/VR游戏更加紧密地交织在一起。</li></ul><p class=\"t-img-caption\"><span>CatLane/iStock未通过Getty Images发布</span></p></blockquote></p><p> At an almost $3T market cap, I am still a holder of Apple (AAPL). While I absolutely wish I would have bought more of this powerhouse in years past, I've made do with incremental gains from dividend reinvestment.</p><p><blockquote>虽然市值接近3T美元，但我仍然是苹果(AAPL)的持有者。虽然我绝对希望在过去几年里购买更多这家巨头的股票，但我还是通过股息再投资获得了增量收益。</blockquote></p><p> The news cycle would have you believe that this behemoth has head-winds galore, and that the downfall could come any day now. With limited risk and potential galore, is the company worth buying today?</p><p><blockquote>新闻周期会让你相信这个庞然大物有很多阻力，垮台随时都可能到来。由于风险有限且潜力巨大，该公司今天值得购买吗？</blockquote></p><p> <b>Limited Risk</b></p><p><blockquote><b>风险有限</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1fe4e9d4f4aca197052840240959df43\" tg-width=\"640\" tg-height=\"831\" width=\"100%\" height=\"auto\"><span>Image: Forbes magazine cover, 2007</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：福布斯杂志封面，2007年</span></p></blockquote></p><p> I am familiar with cellphone manufacturers of days past. Nokia, for example, used to be the titan of industry. It was thought to be untouchable and then came the iPhone. I mean, just look at the Forbes cover above, \"can anyone catch the cell phone king?\"</p><p><blockquote>我熟悉过去的手机制造商。例如，诺基亚曾经是工业巨头。它被认为是碰不得的，然后出现了iPhone。我的意思是，看看上面的福布斯封面，“有人能抓住手机大王吗？”</blockquote></p><p> That cover hit news stands on November 12, 2007, a few months after the iPhone had made its debut. The straw that broke Nokia's back, and the feature which gives Apple a moat wider than Apple Park today, The App Store launched in mid-2008.</p><p><blockquote>2007年11月12日，也就是iPhone首次亮相几个月后，这个封面登上了新闻站。压垮诺基亚的最后一根稻草，也是让苹果拥有比苹果公园更宽的护城河的功能，2008年年中推出的App Store。</blockquote></p><p> The App Store, as simple as it may seem, gave Apple the keys to the kingdom. Rather than be limited to the few apps that came on your Nokia device, you could use one of the thousands of apps sold by third-party developers on the iPhone. This was the beginning of a world-beating ecosystem.</p><p><blockquote>App Store看似简单，却给了苹果通往王国的钥匙。你可以在iPhone上使用第三方开发者销售的数千款应用，而不是局限于诺基亚设备上的几款应用。这是一个世界级生态系统的开始。</blockquote></p><p> Today, Apple's ecosystem has grown in a significant way. The growth of that ecosystem means that Apple \"fanboys\" would have to spend thousands of dollars, or work through significant inconveniences to switch.</p><p><blockquote>今天，苹果的生态系统已经有了显著的发展。这个生态系统的增长意味着苹果的“粉丝”将不得不花费数千美元，或者克服巨大的不便来转换。</blockquote></p><p> Consider the user that has subscriptions to several apps, Air Pods, an Apple Watch, iPhone, iPad, and perhaps a MacBook. That person is not an outlier. If they consider switching to Android they'll have to cancel those several apps, throw their Apple Watch out, replace the AirPods, and would lose lots of great tie-in messaging functionality across the iPad and MacBook.</p><p><blockquote>考虑一下订阅了几个应用程序、Air Pods、苹果手表、iPhone、iPad，也许还有MacBook的用户。那个人不是局外人。如果他们考虑切换到Android，他们将不得不取消这几个应用程序，扔掉他们的苹果手表，更换AirPods，并将失去iPad和MacBook上许多出色的搭售消息功能。</blockquote></p><p> First-world problems, absolutely. The tie-in, however, is real. Apple make world-class products that users love. They get caught up in all the added accessories which deliver a great experience and then they are customers for life.</p><p><blockquote>绝对是第一世界的问题。然而，这种联系是真实的。苹果制造用户喜爱的世界级产品。他们被所有提供良好体验的附加配件所吸引，然后他们就成了终身顾客。</blockquote></p><p> Apple stock, for all intents and purposes, is a better place to keep your money than cash because of this lack of risk. Should something start to topple this house of cards, it wouldn't happen overnight, and it certainly won't happen as rapidly as it happened to Nokia because of the switching costs Apple has built up.</p><p><blockquote>无论出于何种意图和目的，苹果股票都是比现金更好的存放资金的地方，因为它缺乏风险。如果有什么事情开始推翻这座纸牌屋，它不会在一夜之间发生，而且肯定不会像诺基亚那样迅速发生，因为苹果已经积累了转换成本。</blockquote></p><p> <b>Enviable Metrics</b></p><p><blockquote><b>令人羡慕的指标</b></blockquote></p><p> Despite running up against the law of large numbers, Apple continues to look stellar when considering a number of different metrics.</p><p><blockquote>尽管违反了大数定律，但在考虑许多不同的指标时，苹果仍然看起来很出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/08f0199dd5d3c8dade8af08d884a5459\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"><span>Image: Apple's debt per 10-K (Page 45)</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：苹果每10-K的债务（第45页）</span></p></blockquote></p><p> The worst metric, in my opinion, Apple has is a 1.7 debt-to-equity ratio. However, on that figure, my mind may be stuck in a good days of positive interest rates. Much of Apple's $109B of debt is at a negligible (0.03-2%) interest rate. Higher end servicing costs sit a hair below 5%, but this makes up a minority of Apple's debt&nbsp;per the company's 10-K filings.</p><p><blockquote>在我看来，苹果最差的指标是1.7的债务股本比率。然而，在这个数字上，我的思绪可能会停留在正利率的好日子里。苹果109B美元债务的大部分利率可以忽略不计（0.03-2%）。高端服务成本略低于5%，但根据该公司的10-K文件，这仅占苹果债务的一小部分。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/547e6241dab1a7aef3e649fb0f10d5ff\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> All of that money did not go into internal projects, however, it went to share buybacks. Perhaps no company epitomizes share buybacks like Apple has over the last decade. The company has retired hundreds of billions of dollars' worth of stock to shareholders benefit, and it continues to do so today.</p><p><blockquote>所有这些资金并没有用于内部项目，而是用于股票回购。也许没有一家公司能像苹果那样体现过去十年的股票回购。为了股东利益，该公司已经退役了价值数千亿美元的股票，并且至今仍在继续这样做。</blockquote></p><p> These share buybacks are why Berkshire Hathaway (BRK.B) now owns 5.5% of Apple. Back when many lauded Buffett for being late to the Apple train, he has proven his conviction worthwhile and helped an already massive Berkshire portfolio continue to beat the market with this high concentration investment.</p><p><blockquote>这些股票回购是Berkshire Hathaway(BRK.B)现在拥有苹果5.5%股份的原因。当许多人称赞巴菲特错过了苹果的火车时，巴菲特已经证明了他的信念是值得的，并通过这种高度集中的投资帮助已经庞大的伯克希尔投资组合继续跑赢市场。</blockquote></p><p> Buffett aside, Apple does excel in several metrics one should be looking for when investing in high-quality stocks. Return on equity here sits at an eye-popping 140% due to a pandemic induced expansion in net income.</p><p><blockquote>撇开巴菲特不谈，苹果确实在投资优质股票时应该寻找的几个指标上表现出色。由于大流行导致净利润扩张，股本回报率达到了令人瞠目结舌的140%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af2a898072faa8c46eeaa734222ff059\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Given the amount of debt, return on invested capital, likely, is the better metric to take a look at here. Apple's ROIC has been consistently over the 20% mark, which is a sign of a fantastic business.</p><p><blockquote>考虑到债务金额，投资资本回报率可能是更好的指标。苹果的投资回报率一直超过20%，这是一家出色业务的标志。</blockquote></p><p> Oh, and it probably goes without mentioning, but this business is cash rich. Apple, as of its last report, has $35B in cash on hand and $155B in marketable securities (a mix of current and non-current). With $190B in capital that the company can still deploy, Apple is certainly in an enviable position.</p><p><blockquote>哦，这可能是不言而喻的，但这项业务现金充裕。截至上次报告，苹果手头有350亿美元现金和1550亿美元有价证券（流动和非流动的组合）。由于该公司仍可部署1900亿美元的资本，苹果无疑处于令人羡慕的地位。</blockquote></p><p> <b>Valuation: Rich</b></p><p><blockquote><b>估值：丰富</b></blockquote></p><p> Those metrics are not unknown, but they are incredible. It's no surprise that Apple will likely cross $3T market cap in the next year or so, but is the company worth buying at these high levels?</p><p><blockquote>这些指标并非未知，但却令人难以置信。毫不奇怪，苹果的市值可能会在未来一年左右突破3T美元，但该公司值得在如此高的水平上买入吗？</blockquote></p><p> As mentioned above, I view Apple as an almost cash like position. In a world of inflation, Apple has the balance sheet to carry it through, it has significant pricing power, and it has exceptionally high margins on its products to be able to weather the storm. Would you rather your money lose 5% of its buying power per year, or grow in an American titan like Apple?</p><p><blockquote>如上所述，我认为苹果几乎是现金头寸。在通货膨胀的世界里，苹果拥有能够承受通货膨胀的资产负债表，拥有强大的定价权，并且其产品利润率极高，能够渡过难关。你愿意你的钱每年失去5%的购买力，还是愿意在像苹果这样的美国巨头中增长？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/159a160cc869ef1cc00bd4eb8db7bd93\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Image: A mockup VR headset via BGR</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：来自BGR的VR耳机模型</span></p></blockquote></p><p> A valuation of Apple also has to include the potential for an Apple Car, or the AR/VR headsets that will be with us within the next 18-months. These types of projects have been kept well under wraps, but considering the valuations of EV manufacturers like Tesla (TSLA) and Rivian (RIVN), the market will reward Apple rather richly for a well-executed product.</p><p><blockquote>对苹果的估值还必须包括苹果汽车的潜力，或者将在未来18个月内出现的AR/VR耳机。这些类型的项目一直处于保密状态，但考虑到特斯拉（TSLA）和Rivian（RIVN）等电动汽车制造商的估值，市场将对苹果执行良好的产品给予相当丰厚的奖励。</blockquote></p><p> An Apple car with deep iOS integration,as is speculated, would further drive the ecosystem flywheel. In fact, it would take that flywheel to unimaginable levels. Imagine trying to leave an ecosystem where you have to replace a $50K (and I'm probably being cheap) car, a phone, a computer... it's quite the lock in.</p><p><blockquote>据推测，深度集成iOS的苹果汽车将进一步推动生态系统飞轮。事实上，它会将飞轮提升到难以想象的水平。想象一下，试图离开一个生态系统，在这个生态系统中，你必须更换一辆5万美元（我可能很便宜）的汽车、一部电话、一台电脑...这是相当锁定。</blockquote></p><p> Taking AR/VR into account, one would have to consider that AR could be a cannibalizing force for the iPhone. If one can see all they need through lenses and control those lenses through gestures or the Apple Watch, Apple could cannibalize the phone market.</p><p><blockquote>考虑到AR/VR，人们不得不考虑AR可能会成为iPhone的蚕食力量。如果人们可以通过镜头看到他们需要的一切，并通过手势或苹果手表控制这些镜头，苹果可能会蚕食手机市场。</blockquote></p><p> That, however, is a good thing. Apple could price a novel item like AR glasses with higher margins than a phone. Fans and tech enthusiasts would pay that early adopter price and others would soon follow suit if the product lives up to the hype. It gets Apple out of the \"$1,000 for a phone\" line of thinking.</p><p><blockquote>然而，这是一件好事。苹果可以以比手机更高的利润率为AR眼镜等新颖产品定价。粉丝和技术爱好者将支付早期采用者的价格，如果产品不负众望，其他人很快就会效仿。它让苹果摆脱了“1000美元买一部手机”的思路。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88a008b34566e3309b095ad284807d12\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> All this to say, Apple's rich valuation today is a worthy one. At a PE of ~29, it's hardly extortionate, but it is outside of Apple's average over the last five years.</p><p><blockquote>综上所述，苹果今天的丰厚估值是当之无愧的。市盈率约为29，算不上过高，但超出了苹果过去五年的平均水平。</blockquote></p><p> The ecosystem, one that ties its customers in for life, is where the value lies here and Apple has plans to expand that with vehicles and wearables. Even at a PE of 29, I believe this to be a secure long-term investment that will pay investors a dividend, albeit small, along the way while continuing to retire billions of dollars in stock ($315B authorized ~10%).</p><p><blockquote>这个将客户终身联系在一起的生态系统是其价值所在，苹果计划通过车辆和可穿戴设备来扩展这一生态系统。即使市盈率为29，我相信这也是一项安全的长期投资，它将向投资者支付股息，尽管很小，同时继续收回数十亿美元的股票（315B美元授权约10%）。</blockquote></p><p> <b>Addressing The Risks</b></p><p><blockquote><b>应对风险</b></blockquote></p><p> Fear and inflation. Fear is the largest and most significant risk that Apple faces. Buyers told that bad times are coming tend to zip up their pocketbooks. Buyers who have to spend 10% more on groceries suddenly don't have enough to buy the latest iPhone.</p><p><blockquote>恐惧和通货膨胀。恐惧是苹果面临的最大、最重大的风险。被告知糟糕时期即将到来的买家往往会收紧钱包。不得不在食品杂货上多花10%的购物者突然没有足够的钱购买最新的iPhone。</blockquote></p><p> These are external concerns that Apple has little control over. The company has, over the years, introduced buy-now-pay-later and subscription programs that help buyers get the goods they want at an affordable monthly price, and, as discussed, Apple has substantial margins that it could use to overcome significant headwinds in this space.</p><p><blockquote>这些都是苹果几乎无法控制的外部担忧。多年来，该公司推出了先买后付和订阅计划，帮助买家以可承受的每月价格获得他们想要的商品，而且正如所讨论的，苹果拥有可观的利润，可以用来克服重大阻力在这个领域。</blockquote></p><p> Execution is another risk Apple faces, especially as we look to these \"futuristic\" products. A self-driving car could be worth trillions of dollars in lifetime revenues, or it could be a dud upon release that never gets full approval to operate on the streets. Likewise, an AR headset that no one wants to be seen wearing, or that proves difficult to wear through the day, could be a dead-on-arrival product.</p><p><blockquote>执行力是苹果面临的另一个风险，尤其是当我们关注这些“未来”产品时。一辆自动驾驶汽车的终身收入可能价值数万亿美元，也可能在发布后成为一个哑弹，永远不会获得在街道上运行的完全批准。同样，没有人想被看到佩戴的AR耳机，或者被证明很难全天佩戴的AR耳机，可能是一个到货就死的产品。</blockquote></p><p> Given the nature of these two products and the secrecy surrounding their development, one cannot truly assign a real risk rating to them. They're just things to be aware of. Apple does have a history of great execution (MacBook keyboard and Touch Bar aside), however, so an investor should feel at least somewhat comfortable that the company will put its best foot forward.</p><p><blockquote>鉴于这两种产品的性质及其开发的保密性，人们无法真正为它们分配真正的风险评级。它们只是需要注意的事情。然而，苹果确实有着出色执行力的历史（MacBook键盘和Touch Bar除外），因此投资者至少应该对该公司将全力以赴感到有些放心。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p></p><p> At a valuation nearing $3T one would assume there isn't much room left to run in Apple, but investors still stand to beat the overall market in this name thanks to excellent capital allocation.</p><p><blockquote>在估值接近3T美元的情况下，人们会认为苹果已经没有太多的运行空间了，但由于出色的资本配置，投资者仍然能够以这个名义击败整体市场。</blockquote></p><p> Apple has $315B in authorized buybacks and returns some $14.5B in dividends each year. Apple will likely buyback close to $100B in stock during its 2022 fiscal year which, alone, represents a 3.7% return on today's prices. Combined with a dividend yield of 0.6%, investors will make 4.3% on this name through shareholder friendly practices alone.</p><p><blockquote>苹果拥有$315B的授权回购，每年返还约$14.5 B的股息。苹果可能会在2022财年回购近1000亿美元的股票，仅此一项就相当于今天价格的3.7%的回报率。加上0.6%的股息收益率，仅通过股东友好的做法，投资者就可以在这个名字上获得4.3%的收益。</blockquote></p><p> Those numbers will compound too, another $100B in 2023, $100B in 2024, it all adds up. That $300B is all authorized too.</p><p><blockquote>这些数字也会复合，2023年再增加1000亿美元，2024年再增加1000亿美元，所有这些加起来。那300B美元也全部获得授权。</blockquote></p><p> Along with those buybacks and dividends, investors are buying into a company that, last year, defied laws of large numbers and grew its top-line at 33%. While unlikely this year, I still expect that the wearables and services divisions will grow at double digits which will allow Apple to see high single-digit revenue growth through the coming 3-5 years.</p><p><blockquote>除了这些回购和股息之外，投资者还买入了一家去年无视大数定律、营收增长33%的公司。虽然今年不太可能，但我仍然预计可穿戴设备和服务部门将以两位数的速度增长，这将使苹果在未来3-5年内实现高个位数的收入增长。</blockquote></p><p> Those with a bearish view on Apple act as though this juggernaut will vanish overnight, but that's simply not true. Sure, you're unlikely to pull down 30%+ annual returns going forward, but if you're looking for a high-quality stable business that can beat the market little-by-little, Apple is a great horse (or car) to back.</p><p><blockquote>那些看跌苹果的人表现得好像这个庞然大物会在一夜之间消失，但事实并非如此。当然，未来你不太可能降低30%以上的年回报率，但如果你正在寻找一家能够一点一点击败市场的高质量稳定业务，苹果是一匹很棒的马（或汽车）回来。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4473801-apple-a-true-never-sell-position\">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":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4473801-apple-a-true-never-sell-position","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162682713","content_text":"Summary\n\nWith $315B in authorized share buybacks and a 0.6% yield, Apple should return 4.3% on shareholder-friendly practices alone.\nIn addition, the company will still see double-digit growth in wearables and services, even if iPhone slows down a little.\nThe Apple ecosystem also stands to get more intertwined with a potential Apple Car and AR/VR plays.\n\nCatLane/iStock Unreleased via Getty Images\nAt an almost $3T market cap, I am still a holder of Apple (AAPL). While I absolutely wish I would have bought more of this powerhouse in years past, I've made do with incremental gains from dividend reinvestment.\nThe news cycle would have you believe that this behemoth has head-winds galore, and that the downfall could come any day now. With limited risk and potential galore, is the company worth buying today?\nLimited Risk\nImage: Forbes magazine cover, 2007\nI am familiar with cellphone manufacturers of days past. Nokia, for example, used to be the titan of industry. It was thought to be untouchable and then came the iPhone. I mean, just look at the Forbes cover above, \"can anyone catch the cell phone king?\"\nThat cover hit news stands on November 12, 2007, a few months after the iPhone had made its debut. The straw that broke Nokia's back, and the feature which gives Apple a moat wider than Apple Park today, The App Store launched in mid-2008.\nThe App Store, as simple as it may seem, gave Apple the keys to the kingdom. Rather than be limited to the few apps that came on your Nokia device, you could use one of the thousands of apps sold by third-party developers on the iPhone. This was the beginning of a world-beating ecosystem.\nToday, Apple's ecosystem has grown in a significant way. The growth of that ecosystem means that Apple \"fanboys\" would have to spend thousands of dollars, or work through significant inconveniences to switch.\nConsider the user that has subscriptions to several apps, Air Pods, an Apple Watch, iPhone, iPad, and perhaps a MacBook. That person is not an outlier. If they consider switching to Android they'll have to cancel those several apps, throw their Apple Watch out, replace the AirPods, and would lose lots of great tie-in messaging functionality across the iPad and MacBook.\nFirst-world problems, absolutely. The tie-in, however, is real. Apple make world-class products that users love. They get caught up in all the added accessories which deliver a great experience and then they are customers for life.\nApple stock, for all intents and purposes, is a better place to keep your money than cash because of this lack of risk. Should something start to topple this house of cards, it wouldn't happen overnight, and it certainly won't happen as rapidly as it happened to Nokia because of the switching costs Apple has built up.\nEnviable Metrics\nDespite running up against the law of large numbers, Apple continues to look stellar when considering a number of different metrics.\nImage: Apple's debt per 10-K (Page 45)\nThe worst metric, in my opinion, Apple has is a 1.7 debt-to-equity ratio. However, on that figure, my mind may be stuck in a good days of positive interest rates. Much of Apple's $109B of debt is at a negligible (0.03-2%) interest rate. Higher end servicing costs sit a hair below 5%, but this makes up a minority of Apple's debt per the company's 10-K filings.\nData by YCharts\nAll of that money did not go into internal projects, however, it went to share buybacks. Perhaps no company epitomizes share buybacks like Apple has over the last decade. The company has retired hundreds of billions of dollars' worth of stock to shareholders benefit, and it continues to do so today.\nThese share buybacks are why Berkshire Hathaway (BRK.B) now owns 5.5% of Apple. Back when many lauded Buffett for being late to the Apple train, he has proven his conviction worthwhile and helped an already massive Berkshire portfolio continue to beat the market with this high concentration investment.\nBuffett aside, Apple does excel in several metrics one should be looking for when investing in high-quality stocks. Return on equity here sits at an eye-popping 140% due to a pandemic induced expansion in net income.\nData by YCharts\nGiven the amount of debt, return on invested capital, likely, is the better metric to take a look at here. Apple's ROIC has been consistently over the 20% mark, which is a sign of a fantastic business.\nOh, and it probably goes without mentioning, but this business is cash rich. Apple, as of its last report, has $35B in cash on hand and $155B in marketable securities (a mix of current and non-current). With $190B in capital that the company can still deploy, Apple is certainly in an enviable position.\nValuation: Rich\nThose metrics are not unknown, but they are incredible. It's no surprise that Apple will likely cross $3T market cap in the next year or so, but is the company worth buying at these high levels?\nAs mentioned above, I view Apple as an almost cash like position. In a world of inflation, Apple has the balance sheet to carry it through, it has significant pricing power, and it has exceptionally high margins on its products to be able to weather the storm. Would you rather your money lose 5% of its buying power per year, or grow in an American titan like Apple?\nImage: A mockup VR headset via BGR\nA valuation of Apple also has to include the potential for an Apple Car, or the AR/VR headsets that will be with us within the next 18-months. These types of projects have been kept well under wraps, but considering the valuations of EV manufacturers like Tesla (TSLA) and Rivian (RIVN), the market will reward Apple rather richly for a well-executed product.\nAn Apple car with deep iOS integration,as is speculated, would further drive the ecosystem flywheel. In fact, it would take that flywheel to unimaginable levels. Imagine trying to leave an ecosystem where you have to replace a $50K (and I'm probably being cheap) car, a phone, a computer... it's quite the lock in.\nTaking AR/VR into account, one would have to consider that AR could be a cannibalizing force for the iPhone. If one can see all they need through lenses and control those lenses through gestures or the Apple Watch, Apple could cannibalize the phone market.\nThat, however, is a good thing. Apple could price a novel item like AR glasses with higher margins than a phone. Fans and tech enthusiasts would pay that early adopter price and others would soon follow suit if the product lives up to the hype. It gets Apple out of the \"$1,000 for a phone\" line of thinking.\nData by YCharts\nAll this to say, Apple's rich valuation today is a worthy one. At a PE of ~29, it's hardly extortionate, but it is outside of Apple's average over the last five years.\nThe ecosystem, one that ties its customers in for life, is where the value lies here and Apple has plans to expand that with vehicles and wearables. Even at a PE of 29, I believe this to be a secure long-term investment that will pay investors a dividend, albeit small, along the way while continuing to retire billions of dollars in stock ($315B authorized ~10%).\nAddressing The Risks\nFear and inflation. Fear is the largest and most significant risk that Apple faces. Buyers told that bad times are coming tend to zip up their pocketbooks. Buyers who have to spend 10% more on groceries suddenly don't have enough to buy the latest iPhone.\nThese are external concerns that Apple has little control over. The company has, over the years, introduced buy-now-pay-later and subscription programs that help buyers get the goods they want at an affordable monthly price, and, as discussed, Apple has substantial margins that it could use to overcome significant headwinds in this space.\nExecution is another risk Apple faces, especially as we look to these \"futuristic\" products. A self-driving car could be worth trillions of dollars in lifetime revenues, or it could be a dud upon release that never gets full approval to operate on the streets. Likewise, an AR headset that no one wants to be seen wearing, or that proves difficult to wear through the day, could be a dead-on-arrival product.\nGiven the nature of these two products and the secrecy surrounding their development, one cannot truly assign a real risk rating to them. They're just things to be aware of. Apple does have a history of great execution (MacBook keyboard and Touch Bar aside), however, so an investor should feel at least somewhat comfortable that the company will put its best foot forward.\nFinal Thoughts\nAt a valuation nearing $3T one would assume there isn't much room left to run in Apple, but investors still stand to beat the overall market in this name thanks to excellent capital allocation.\nApple has $315B in authorized buybacks and returns some $14.5B in dividends each year. Apple will likely buyback close to $100B in stock during its 2022 fiscal year which, alone, represents a 3.7% return on today's prices. Combined with a dividend yield of 0.6%, investors will make 4.3% on this name through shareholder friendly practices alone.\nThose numbers will compound too, another $100B in 2023, $100B in 2024, it all adds up. That $300B is all authorized too.\nAlong with those buybacks and dividends, investors are buying into a company that, last year, defied laws of large numbers and grew its top-line at 33%. While unlikely this year, I still expect that the wearables and services divisions will grow at double digits which will allow Apple to see high single-digit revenue growth through the coming 3-5 years.\nThose with a bearish view on Apple act as though this juggernaut will vanish overnight, but that's simply not true. Sure, you're unlikely to pull down 30%+ annual returns going forward, but if you're looking for a high-quality stable business that can beat the market little-by-little, Apple is a great horse (or car) to back.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609760407,"gmtCreate":1638327043946,"gmtModify":1638327277590,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"A good company that mimics China applications like PDD,&nbsp;Didi and Wechat together. The next thing isincorporate chat function into it. Aha! Definitely a stock worth having for the next few years.&nbsp;","listText":"A good company that mimics China applications like PDD,&nbsp;Didi and Wechat together. The next thing isincorporate chat function into it. Aha! Definitely a stock worth having for the next few years.&nbsp;","text":"A good company that mimics China applications like PDD, Didi and Wechat together. The next thing isincorporate chat function into it. Aha! Definitely a stock worth having for the next few years.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609760407","repostId":"1176118155","repostType":4,"repost":{"id":"1176118155","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":1638315561,"share":"https://www.laohu8.com/m/news/1176118155?lang=zh_CN&edition=full","pubTime":"2021-12-01 07:39","market":"us","language":"en","title":"Grab Heads for Public Market After Investors Approve SPAC Merger<blockquote>投资者批准SPAC合并后Grab进军公开市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176118155","media":"Tiger Newspress","summary":"Altimeter Growth Corp. shareholders approved the previously announced business combination with Grab","content":"<p> Altimeter Growth Corp. shareholders approved the previously announced business combination with Grab, Southeast Asia's leading superapp, at an extraordinary meeting of shareholders today.</p><p><blockquote>Altimeter Growth Corp.股东在今天的特别股东大会上批准了之前宣布的与东南亚领先的超级应用程序Grab的业务合并。</blockquote></p><p> Class A common stock is expected to begin trading on the Nasdaq on December 2, 2021 under the ticker symbol \"GRAB.\"</p><p><blockquote>A类普通股预计将于2021年12月2日在纳斯达克开始交易，股票代码为“GRAB”。</blockquote></p><p> Shares of Altimeter Growth Corporation fell 5.8 per cent to close at US$12.72 on Tuesday (Nov 30), after the proposal passed at an extraordinary general meeting. It rebounded slightly in post-market trading.<img src=\"https://static.tigerbbs.com/3c44cc96b82fbb5b8e1da121b6951971\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\">Investors that back a&nbsp;SPAC (special purpose acquisition company) have a chance to redeem their bets at the issue price before the merger is completed. In Grab's case, 0.02 per cent of shares were redeemed, Altimeter said in a statement. Grab's redemption rate could be considered low compared to its US peers, where interest in SPAC deals have sizzled out of late.</p><p><blockquote>Altimeter Growth Corporation的股价周二（11月30日）下跌5.8%，收于12.72美元，此前该提案在临时股东大会上获得通过。盘后小幅反弹。支持SPAC（特殊目的收购公司）的投资者有机会在合并完成前以发行价赎回他们的赌注。Altimeter在一份声明中表示，就Grab而言，0.02%的股份被赎回。与美国同行相比，Grab的赎回率可能被认为较低，美国同行最近对SPAC交易的兴趣高涨。</blockquote></p><p> As a result of the transaction, Grab will receive a US$4.5 billion cash injection, which includes US$4 billion in private investment in public equity arrangement, from the SPAC promoted by Silicon Valley investor Brad Gerstner.</p><p><blockquote>作为交易的结果，Grab将从硅谷投资者Brad Gerstner推动的SPAC获得45亿美元现金注入，其中包括40亿美元的公共股权安排私人投资。</blockquote></p><p> But the road to public markets has been rocky. After Grab unveiled plans to merge with Altimeter Capital Management’s SPAC in a $40 billion deal, they had to postpone the closing to work on an audit of the past three years’ accounts. Meanwhile, regulatory scrutiny of SPACs and a resurgence of fears about Covid-19 infections threatened to derail the agreement.</p><p><blockquote>但通往公开市场的道路并不平坦。Grab公布了以400亿美元的价格与Altimeter Capital Management旗下SPAC合并的计划后，他们不得不推迟交易，以对过去三年的账目进行审计。与此同时，对SPAC的监管审查以及对Covid-19感染的担忧再次出现，有可能破坏该协议。</blockquote></p><p> Singapore-based Grab, led by Chief Executive Officer Anthony Tan, had long been viewed as a marquee company in Southeast Asia and a promising candidate to go public. Tan and co-founder Hooi Ling Tan, backed by SoftBank Group Corp., fought off aggressive competition to become one of the largest ride-hailing and delivery companies in the region -- and the most valuable startup.</p><p><blockquote>总部位于新加坡的Grab由首席执行官Anthony Tan领导，长期以来一直被视为东南亚的知名公司和有前途的上市候选者。Tan和联合创始人Hooi Ling Tan在软银集团（SoftBank Group Corp.）的支持下，战胜了激烈的竞争，成为该地区最大的叫车和送货公司之一，也是最有价值的初创公司。</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>Grab Heads for Public Market After Investors Approve SPAC Merger<blockquote>投资者批准SPAC合并后Grab进军公开市场</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\">\nGrab Heads for Public Market After Investors Approve SPAC Merger<blockquote>投资者批准SPAC合并后Grab进军公开市场</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\">2021-12-01 07:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p> Altimeter Growth Corp. shareholders approved the previously announced business combination with Grab, Southeast Asia's leading superapp, at an extraordinary meeting of shareholders today.</p><p><blockquote>Altimeter Growth Corp.股东在今天的特别股东大会上批准了之前宣布的与东南亚领先的超级应用程序Grab的业务合并。</blockquote></p><p> Class A common stock is expected to begin trading on the Nasdaq on December 2, 2021 under the ticker symbol \"GRAB.\"</p><p><blockquote>A类普通股预计将于2021年12月2日在纳斯达克开始交易，股票代码为“GRAB”。</blockquote></p><p> Shares of Altimeter Growth Corporation fell 5.8 per cent to close at US$12.72 on Tuesday (Nov 30), after the proposal passed at an extraordinary general meeting. It rebounded slightly in post-market trading.<img src=\"https://static.tigerbbs.com/3c44cc96b82fbb5b8e1da121b6951971\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\">Investors that back a&nbsp;SPAC (special purpose acquisition company) have a chance to redeem their bets at the issue price before the merger is completed. In Grab's case, 0.02 per cent of shares were redeemed, Altimeter said in a statement. Grab's redemption rate could be considered low compared to its US peers, where interest in SPAC deals have sizzled out of late.</p><p><blockquote>Altimeter Growth Corporation的股价周二（11月30日）下跌5.8%，收于12.72美元，此前该提案在临时股东大会上获得通过。盘后小幅反弹。支持SPAC（特殊目的收购公司）的投资者有机会在合并完成前以发行价赎回他们的赌注。Altimeter在一份声明中表示，就Grab而言，0.02%的股份被赎回。与美国同行相比，Grab的赎回率可能被认为较低，美国同行最近对SPAC交易的兴趣高涨。</blockquote></p><p> As a result of the transaction, Grab will receive a US$4.5 billion cash injection, which includes US$4 billion in private investment in public equity arrangement, from the SPAC promoted by Silicon Valley investor Brad Gerstner.</p><p><blockquote>作为交易的结果，Grab将从硅谷投资者Brad Gerstner推动的SPAC获得45亿美元现金注入，其中包括40亿美元的公共股权安排私人投资。</blockquote></p><p> But the road to public markets has been rocky. After Grab unveiled plans to merge with Altimeter Capital Management’s SPAC in a $40 billion deal, they had to postpone the closing to work on an audit of the past three years’ accounts. Meanwhile, regulatory scrutiny of SPACs and a resurgence of fears about Covid-19 infections threatened to derail the agreement.</p><p><blockquote>但通往公开市场的道路并不平坦。Grab公布了以400亿美元的价格与Altimeter Capital Management旗下SPAC合并的计划后，他们不得不推迟交易，以对过去三年的账目进行审计。与此同时，对SPAC的监管审查以及对Covid-19感染的担忧再次出现，有可能破坏该协议。</blockquote></p><p> Singapore-based Grab, led by Chief Executive Officer Anthony Tan, had long been viewed as a marquee company in Southeast Asia and a promising candidate to go public. Tan and co-founder Hooi Ling Tan, backed by SoftBank Group Corp., fought off aggressive competition to become one of the largest ride-hailing and delivery companies in the region -- and the most valuable startup.</p><p><blockquote>总部位于新加坡的Grab由首席执行官Anthony Tan领导，长期以来一直被视为东南亚的知名公司和有前途的上市候选者。Tan和联合创始人Hooi Ling Tan在软银集团（SoftBank Group Corp.）的支持下，战胜了激烈的竞争，成为该地区最大的叫车和送货公司之一，也是最有价值的初创公司。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GRAB":"Grab Holdings"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176118155","content_text":"Altimeter Growth Corp. shareholders approved the previously announced business combination with Grab, Southeast Asia's leading superapp, at an extraordinary meeting of shareholders today.\nClass A common stock is expected to begin trading on the Nasdaq on December 2, 2021 under the ticker symbol \"GRAB.\"\nShares of Altimeter Growth Corporation fell 5.8 per cent to close at US$12.72 on Tuesday (Nov 30), after the proposal passed at an extraordinary general meeting. It rebounded slightly in post-market trading.Investors that back a SPAC (special purpose acquisition company) have a chance to redeem their bets at the issue price before the merger is completed. In Grab's case, 0.02 per cent of shares were redeemed, Altimeter said in a statement. Grab's redemption rate could be considered low compared to its US peers, where interest in SPAC deals have sizzled out of late.\nAs a result of the transaction, Grab will receive a US$4.5 billion cash injection, which includes US$4 billion in private investment in public equity arrangement, from the SPAC promoted by Silicon Valley investor Brad Gerstner.\nBut the road to public markets has been rocky. After Grab unveiled plans to merge with Altimeter Capital Management’s SPAC in a $40 billion deal, they had to postpone the closing to work on an audit of the past three years’ accounts. Meanwhile, regulatory scrutiny of SPACs and a resurgence of fears about Covid-19 infections threatened to derail the agreement.\nSingapore-based Grab, led by Chief Executive Officer Anthony Tan, had long been viewed as a marquee company in Southeast Asia and a promising candidate to go public. Tan and co-founder Hooi Ling Tan, backed by SoftBank Group Corp., fought off aggressive competition to become one of the largest ride-hailing and delivery companies in the region -- and the most valuable startup.","news_type":1,"symbols_score_info":{"AGC":0.9,"GRAB":0.9}},"isVote":1,"tweetType":1,"viewCount":2581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":871276107,"gmtCreate":1637077097185,"gmtModify":1637077097987,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SE\">$Sea Ltd(SE)$</a>Oof! Hahaha! Look at it positively, we can buy more when it goes down. ;)&nbsp;","listText":"<a href=\"https://laohu8.com/S/SE\">$Sea Ltd(SE)$</a>Oof! Hahaha! Look at it positively, we can buy more when it goes down. ;)&nbsp;","text":"$Sea Ltd(SE)$Oof! Hahaha! Look at it positively, we can buy more when it goes down. ;)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/871276107","isVote":1,"tweetType":1,"viewCount":5538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848210926,"gmtCreate":1636000453833,"gmtModify":1636000454698,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/06862\">$HAIDILAO(06862)$</a>Anyone wants to make a guess how low HDL will go? [Miser]&nbsp;","listText":"<a href=\"https://laohu8.com/S/06862\">$HAIDILAO(06862)$</a>Anyone wants to make a guess how low HDL will go? [Miser]&nbsp;","text":"$HAIDILAO(06862)$Anyone wants to make a guess how low HDL will go? [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":8,"repostSize":1,"link":"https://laohu8.com/post/848210926","isVote":1,"tweetType":1,"viewCount":4169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848208455,"gmtCreate":1635998540948,"gmtModify":1635998541725,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"Should be able to drop more. 😆","listText":"Should be able to drop more. 😆","text":"Should be able to drop more. 😆","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848208455","repostId":"848203988","repostType":1,"repost":{"id":848203988,"gmtCreate":1635998341110,"gmtModify":1635998374167,"author":{"id":"3572417000006658","authorId":"3572417000006658","name":"jacob12138","avatar":"https://static.tigerbbs.com/544cee1cccc09608f499d9e1f90bf508","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572417000006658","idStr":"3572417000006658"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/06862\">$海底捞(06862)$</a>跌到15就买","listText":"<a href=\"https://laohu8.com/S/06862\">$海底捞(06862)$</a>跌到15就买","text":"$海底捞(06862)$跌到15就买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848203988","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841542504,"gmtCreate":1635928944003,"gmtModify":1635928944235,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBBY\">$Bed Bath &amp; Beyond(BBBY)$</a>this is unpredictable.Continue to hold it or sell during Xmas season when the sale of it sky rocket?","listText":"<a href=\"https://laohu8.com/S/BBBY\">$Bed Bath &amp; Beyond(BBBY)$</a>this is unpredictable.Continue to hold it or sell during Xmas season when the sale of it sky rocket?","text":"$Bed Bath & Beyond(BBBY)$this is unpredictable.Continue to hold it or sell during Xmas season when the sale of it sky rocket?","images":[{"img":"https://static.tigerbbs.com/13232cc38af22126c48fc2762d5c9c93","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841542504","isVote":1,"tweetType":1,"viewCount":2925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":858131744,"gmtCreate":1635001261743,"gmtModify":1635001262419,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"Risky period","listText":"Risky period","text":"Risky period","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/858131744","repostId":"1172683205","repostType":4,"isVote":1,"tweetType":1,"viewCount":2234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":888292098,"gmtCreate":1631497664714,"gmtModify":1631891040245,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"IPO at this point of time is it really worth buying? Will the market crash anytime soon?&nbsp;","listText":"IPO at this point of time is it really worth buying? Will the market crash anytime soon?&nbsp;","text":"IPO at this point of time is it really worth buying? Will the market crash anytime soon?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888292098","repostId":"1189654544","repostType":4,"repost":{"id":"1189654544","kind":"news","pubTimestamp":1631406130,"share":"https://www.laohu8.com/m/news/1189654544?lang=zh_CN&edition=full","pubTime":"2021-09-12 08:22","market":"us","language":"en","title":"US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189654544","media":"Renaissance Capital","summary":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion i","content":"<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波发行之后，未来一周将有10起IPO计划筹集超过30亿美元的资金。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>Thoughtworks</b>(TWKS)计划以63亿美元的市值筹集7亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入复合年增长率为14%，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>持有时</b>(ONON)计划以59亿美元的市值筹集5.91亿美元。On是一家全球优质运动鞋、服装和配饰供应商，采用可持续材料及其专有技术设计。尽管面临来自其他知名运动服装品牌的激烈竞争，但该公司已展现出增长和盈利能力。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过SPAC上市的谈判后，<b>Sportradar集团</b>(SRAD)计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年报道83项运动的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar已实现盈利，随着体育直播的恢复，2021年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS)计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着业务扩展到新州，它一直能够保持同店销售增长的记录。内部人士收到了IPO前的股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>权威医疗保健</b>(DH)计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare尚未盈利，但将在IPO后进行杠杆化。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>ForgeRock</b>(FORG)计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫学生物技术<b>骰子疗法</b>(DICE)计划以5.5亿美元的市值筹集1.6亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>PROCEPT生物机器人</b>(PRCT)计划以11亿美元的市值筹集1.27亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2021年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学公司</b>(TYRA)计划以5.84亿美元的市值筹集1.01亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的FGFR激酶抑制剂。Tyra的主要候选药物最初专注于膀胱癌，该公司预计将于2022年中期提交IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微帽气体输送服务<b>埃兹菲尔控股</b>(EZFL)计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。由于爆炸性增长，EzFill表示，它是南佛罗里达州市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至9/9/21，文艺复兴IPO指数今年迄今上涨了7.7%，而标普500上涨了19.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌11.0%，而ACWX指数上涨10.0%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</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\">\nUS IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-09-12 08:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波发行之后，未来一周将有10起IPO计划筹集超过30亿美元的资金。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>Thoughtworks</b>(TWKS)计划以63亿美元的市值筹集7亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入复合年增长率为14%，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>持有时</b>(ONON)计划以59亿美元的市值筹集5.91亿美元。On是一家全球优质运动鞋、服装和配饰供应商，采用可持续材料及其专有技术设计。尽管面临来自其他知名运动服装品牌的激烈竞争，但该公司已展现出增长和盈利能力。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过SPAC上市的谈判后，<b>Sportradar集团</b>(SRAD)计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年报道83项运动的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar已实现盈利，随着体育直播的恢复，2021年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS)计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着业务扩展到新州，它一直能够保持同店销售增长的记录。内部人士收到了IPO前的股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>权威医疗保健</b>(DH)计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare尚未盈利，但将在IPO后进行杠杆化。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>ForgeRock</b>(FORG)计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫学生物技术<b>骰子疗法</b>(DICE)计划以5.5亿美元的市值筹集1.6亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>PROCEPT生物机器人</b>(PRCT)计划以11亿美元的市值筹集1.27亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2021年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学公司</b>(TYRA)计划以5.84亿美元的市值筹集1.01亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的FGFR激酶抑制剂。Tyra的主要候选药物最初专注于膀胱癌，该公司预计将于2022年中期提交IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微帽气体输送服务<b>埃兹菲尔控股</b>(EZFL)计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。由于爆炸性增长，EzFill表示，它是南佛罗里达州市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至9/9/21，文艺复兴IPO指数今年迄今上涨了7.7%，而标普500上涨了19.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌11.0%，而ACWX指数上涨10.0%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week\">Renaissance Capital</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":{"TWKS":"Thoughtworks Holding Inc.","DICE":"DICE Therapeutics, Inc.",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","FORG":"ForgeRock, Inc.","BROS":"Dutch Bros Inc.","SRAD":"Sportradar Group AG",".DJI":"道琼斯","ONON":"On Holding AG","TYRA":"Tyra Biosciences, Inc.","PRCT":"PROCEPT BioRobotics","DH":"Definitive Healthcare Corp."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189654544","content_text":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.\nTech consultancy Thoughtworks(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.\nSwiss running shoe brand On Holding(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.\nAfter ending talks to go public via SPAC,Sportradar Group(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.\nDrive-thru coffee chain Dutch Bros(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.\nHealthcare intelligence platform Definitive Healthcare(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.\nIdentity management platform ForgeRock(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.\nImmunology biotech DICE Therapeutics(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.\nSurgical robotics developer PROCEPT BioRobotics(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.\nOncology biotech Tyra Biosciences(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.\nMicro-cap gas delivery service EzFill Holdings(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"BROS":0.9,".SPX":0.9,"ONON":0.9,"EZFL":0.9,"FORG":0.9,"TWKS":0.9,"TYRA":0.9,"SRAD":0.9,"PRCT":0.9,"DH":0.9,".IXIC":0.9,"DICE":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897529152,"gmtCreate":1628945566976,"gmtModify":1631891040248,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SYD.AU\">$SYDNEY AIRPORT(SYD.AU)$</a>Cool!! Still holding it! ;) I’m sure it will go higher when travel is once possible again!&nbsp;","listText":"<a href=\"https://laohu8.com/S/SYD.AU\">$SYDNEY AIRPORT(SYD.AU)$</a>Cool!! Still holding it! ;) I’m sure it will go higher when travel is once possible again!&nbsp;","text":"$SYDNEY AIRPORT(SYD.AU)$Cool!! Still holding it! ;) I’m sure it will go higher when travel is once possible again!","images":[{"img":"https://static.tigerbbs.com/4a6846482eed392c5ea5be25662dacc8","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897529152","isVote":1,"tweetType":1,"viewCount":2665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":893014255,"gmtCreate":1628220772077,"gmtModify":1631888354498,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/06862\">$HAIDILAO(06862)$</a>簡直是無語。","listText":"<a href=\"https://laohu8.com/S/06862\">$HAIDILAO(06862)$</a>簡直是無語。","text":"$HAIDILAO(06862)$簡直是無語。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893014255","isVote":1,"tweetType":1,"viewCount":1828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":154084037,"gmtCreate":1625460663529,"gmtModify":1631891040251,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SYD.AU\">$SYDNEY AIRPORT(SYD.AU)$</a>How fun? Hahaha!!","listText":"<a href=\"https://laohu8.com/S/SYD.AU\">$SYDNEY AIRPORT(SYD.AU)$</a>How fun? Hahaha!!","text":"$SYDNEY AIRPORT(SYD.AU)$How fun? Hahaha!!","images":[{"img":"https://static.tigerbbs.com/37544b01e819940a5ef50c1d753fdf0f","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154084037","isVote":1,"tweetType":1,"viewCount":814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":150659492,"gmtCreate":1624897778116,"gmtModify":1631891040253,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPCE\">$Virgin Galactic(SPCE)$</a>Holding it! This will only rise in the next one year! ;)&nbsp;","listText":"<a href=\"https://laohu8.com/S/SPCE\">$Virgin Galactic(SPCE)$</a>Holding it! This will only rise in the next one year! ;)&nbsp;","text":"$Virgin Galactic(SPCE)$Holding it! This will only rise in the next one year! ;)","images":[{"img":"https://static.tigerbbs.com/00dcfc9416b246236e021fcb118d22dc","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150659492","isVote":1,"tweetType":1,"viewCount":1435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":125034572,"gmtCreate":1624636230596,"gmtModify":1631891040258,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPCE\">$Virgin Galactic(SPCE)$</a>Holding it too!&nbsp;","listText":"<a href=\"https://laohu8.com/S/SPCE\">$Virgin Galactic(SPCE)$</a>Holding it too!&nbsp;","text":"$Virgin Galactic(SPCE)$Holding it too!","images":[{"img":"https://static.tigerbbs.com/60738b877cb52fe215530290df1b6919","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125034572","isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":125034040,"gmtCreate":1624636211580,"gmtModify":1631884163035,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NKE\">$Nike(NKE)$</a>Hahhaa! Holding!&nbsp;","listText":"<a href=\"https://laohu8.com/S/NKE\">$Nike(NKE)$</a>Hahhaa! Holding!&nbsp;","text":"$Nike(NKE)$Hahhaa! Holding!","images":[{"img":"https://static.tigerbbs.com/b8e2a1a504042e1f1eb8351ad950f956","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125034040","isVote":1,"tweetType":1,"viewCount":548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":125035855,"gmtCreate":1624636184277,"gmtModify":1631891040260,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"Growth will continue and it’s good to buy in when it was low. After Covid, all these blue chips will be expensive again.&nbsp;","listText":"Growth will continue and it’s good to buy in when it was low. After Covid, all these blue chips will be expensive again.&nbsp;","text":"Growth will continue and it’s good to buy in when it was low. After Covid, all these blue chips will be expensive again.","images":[{"img":"https://static.tigerbbs.com/9ca8d9652d31883a524dc781cf7a18b0","width":"1125","height":"3199"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125035855","isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":182401899,"gmtCreate":1623594330611,"gmtModify":1631884186532,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GOOGL\">$Alphabet(GOOGL)$</a>Yay still holding it&nbsp;","listText":"<a href=\"https://laohu8.com/S/GOOGL\">$Alphabet(GOOGL)$</a>Yay still holding it&nbsp;","text":"$Alphabet(GOOGL)$Yay still holding it","images":[{"img":"https://static.tigerbbs.com/20224a4b2f4400c496510c3fa9d9a49c","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/182401899","isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":139608082,"gmtCreate":1621609966646,"gmtModify":1631891040268,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Tesla has the potential and other Car manufacturers are catching up too. #Ford recent truck is a practical one and it comes with auto-driving too. It’s good to hold stock of every motor vehicle companies for we never know who will emerge to be the best. ;)&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Tesla has the potential and other Car manufacturers are catching up too. #Ford recent truck is a practical one and it comes with auto-driving too. It’s good to hold stock of every motor vehicle companies for we never know who will emerge to be the best. ;)&nbsp;","text":"$Tesla Motors(TSLA)$Tesla has the potential and other Car manufacturers are catching up too. #Ford recent truck is a practical one and it comes with auto-driving too. It’s good to hold stock of every motor vehicle companies for we never know who will emerge to be the best. ;)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/139608082","isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191230443,"gmtCreate":1620879460782,"gmtModify":1631891040272,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"Any stocks hold more than 5 years will always be aprofit. Invest if you are a long term player! ;) Invest to beat inflation!&nbsp;","listText":"Any stocks hold more than 5 years will always be aprofit. Invest if you are a long term player! ;) Invest to beat inflation!&nbsp;","text":"Any stocks hold more than 5 years will always be aprofit. Invest if you are a long term player! ;) Invest to beat inflation!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/191230443","repostId":"2134261355","repostType":4,"isVote":1,"tweetType":1,"viewCount":683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193428572,"gmtCreate":1620812104196,"gmtModify":1631889102686,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572299754005381","idStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNP\">$China Petroleum &amp; Chemical(SNP)$</a>holding on for long term","listText":"<a href=\"https://laohu8.com/S/SNP\">$China Petroleum &amp; Chemical(SNP)$</a>holding on for long term","text":"$China Petroleum & Chemical(SNP)$holding on for long term","images":[{"img":"https://static.tigerbbs.com/2efed2e3bdeae87d179a39cd69b9cc35","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193428572","isVote":1,"tweetType":1,"viewCount":811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":871276107,"gmtCreate":1637077097185,"gmtModify":1637077097987,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572299754005381","authorIdStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SE\">$Sea Ltd(SE)$</a>Oof! Hahaha! Look at it positively, we can buy more when it goes down. ;)&nbsp;","listText":"<a href=\"https://laohu8.com/S/SE\">$Sea Ltd(SE)$</a>Oof! Hahaha! Look at it positively, we can buy more when it goes down. ;)&nbsp;","text":"$Sea Ltd(SE)$Oof! Hahaha! Look at it positively, we can buy more when it goes down. ;)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/871276107","isVote":1,"tweetType":1,"viewCount":5538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848210926,"gmtCreate":1636000453833,"gmtModify":1636000454698,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572299754005381","authorIdStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/06862\">$HAIDILAO(06862)$</a>Anyone wants to make a guess how low HDL will go? [Miser]&nbsp;","listText":"<a href=\"https://laohu8.com/S/06862\">$HAIDILAO(06862)$</a>Anyone wants to make a guess how low HDL will go? [Miser]&nbsp;","text":"$HAIDILAO(06862)$Anyone wants to make a guess how low HDL will go? [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":8,"repostSize":1,"link":"https://laohu8.com/post/848210926","isVote":1,"tweetType":1,"viewCount":4169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":368861130,"gmtCreate":1614308731320,"gmtModify":1703476153195,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572299754005381","authorIdStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Yet to sell and I hope tigercan rebound back soonest! ;) It’s a great app, great company that deserves a better valuation!&nbsp;","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Yet to sell and I hope tigercan rebound back soonest! ;) It’s a great app, great company that deserves a better valuation!&nbsp;","text":"$Tiger Brokers(TIGR)$Yet to sell and I hope tigercan rebound back soonest! ;) It’s a great app, great company that deserves a better valuation!","images":[{"img":"https://static.tigerbbs.com/393daa73fb0fed6f77816d5fc70b7874","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/368861130","isVote":1,"tweetType":1,"viewCount":1901,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3472509891364152","authorId":"3472509891364152","name":"真的英雄","avatar":"https://static.tigerbbs.com/840859d8f7d3c5c63498b7f330b98705","crmLevel":3,"crmLevelSwitch":1,"idStr":"3472509891364152","authorIdStr":"3472509891364152"},"content":"说真话你会不高兴，所以你保重","text":"说真话你会不高兴，所以你保重","html":"说真话你会不高兴，所以你保重"},{"author":{"id":"52994815454228","authorId":"52994815454228","name":"Ivan008","avatar":"https://static.tigerbbs.com/cffd4bbe82688eacda133bf7e126c95c","crmLevel":4,"crmLevelSwitch":0,"idStr":"52994815454228","authorIdStr":"52994815454228"},"content":"我从2019年10月初持有至今，继续持有！","text":"我从2019年10月初持有至今，继续持有！","html":"我从2019年10月初持有至今，继续持有！"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":380647322,"gmtCreate":1612538283866,"gmtModify":1703763413314,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572299754005381","authorIdStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>East to use app with widespectrum of data for analysis. This app is much bettet than many others! I foresee it will cotinue togrow in months to come!!&nbsp;","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>East to use app with widespectrum of data for analysis. This app is much bettet than many others! I foresee it will cotinue togrow in months to come!!&nbsp;","text":"$Tiger Brokers(TIGR)$East to use app with widespectrum of data for analysis. This app is much bettet than many others! I foresee it will cotinue togrow in months to come!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/380647322","isVote":1,"tweetType":1,"viewCount":1211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":858131744,"gmtCreate":1635001261743,"gmtModify":1635001262419,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572299754005381","authorIdStr":"3572299754005381"},"themes":[],"htmlText":"Risky period","listText":"Risky period","text":"Risky period","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/858131744","repostId":"1172683205","repostType":4,"isVote":1,"tweetType":1,"viewCount":2234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":366097359,"gmtCreate":1614357684371,"gmtModify":1703476944092,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572299754005381","authorIdStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>好的公司不怕暫時的紅。","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>好的公司不怕暫時的紅。","text":"$Tiger Brokers(TIGR)$好的公司不怕暫時的紅。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/366097359","isVote":1,"tweetType":1,"viewCount":1506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":191230443,"gmtCreate":1620879460782,"gmtModify":1631891040272,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572299754005381","authorIdStr":"3572299754005381"},"themes":[],"htmlText":"Any stocks hold more than 5 years will always be aprofit. Invest if you are a long term player! ;) Invest to beat inflation!&nbsp;","listText":"Any stocks hold more than 5 years will always be aprofit. Invest if you are a long term player! ;) Invest to beat inflation!&nbsp;","text":"Any stocks hold more than 5 years will always be aprofit. Invest if you are a long term player! ;) Invest to beat inflation!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/191230443","repostId":"2134261355","repostType":4,"isVote":1,"tweetType":1,"viewCount":683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":606500139,"gmtCreate":1638889464454,"gmtModify":1638889465177,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572299754005381","authorIdStr":"3572299754005381"},"themes":[],"htmlText":"Apple stock is worth buying but do be careful during this unprecedented time as there are a lot of people who short sell. If you’re a long term investor, you can buy more and keep it. ;)","listText":"Apple stock is worth buying but do be careful during this unprecedented time as there are a lot of people who short sell. If you’re a long term investor, you can buy more and keep it. ;)","text":"Apple stock is worth buying but do be careful during this unprecedented time as there are a lot of people who short sell. If you’re a long term investor, you can buy more and keep it. ;)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/606500139","repostId":"1162682713","repostType":4,"repost":{"id":"1162682713","kind":"news","pubTimestamp":1638887298,"share":"https://www.laohu8.com/m/news/1162682713?lang=zh_CN&edition=full","pubTime":"2021-12-07 22:28","market":"us","language":"en","title":"Apple: A True 'Never Sell' Position<blockquote>苹果：真正的“永不出售”立场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162682713","media":"Seeking Alpha","summary":"Summary\n\nWith $315B in authorized share buybacks and a 0.6% yield, Apple should return 4.3% on share","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With $315B in authorized share buybacks and a 0.6% yield, Apple should return 4.3% on shareholder-friendly practices alone.</li>  <li>In addition, the company will still see double-digit growth in wearables and services, even if iPhone slows down a little.</li>  <li>The Apple ecosystem also stands to get more intertwined with a potential Apple Car and AR/VR plays.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/404c4a2883110ed556fd9700c5cffb83\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>CatLane/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>凭借315B美元的授权股票回购和0.6%的收益率，苹果仅通过股东友好做法就应该获得4.3%的回报。</li><li>此外，该公司在可穿戴设备和服务方面仍将出现两位数的增长，即使iPhone稍微放缓。</li><li>苹果生态系统也将与潜在的苹果汽车和AR/VR游戏更加紧密地交织在一起。</li></ul><p class=\"t-img-caption\"><span>CatLane/iStock未通过Getty Images发布</span></p></blockquote></p><p> At an almost $3T market cap, I am still a holder of Apple (AAPL). While I absolutely wish I would have bought more of this powerhouse in years past, I've made do with incremental gains from dividend reinvestment.</p><p><blockquote>虽然市值接近3T美元，但我仍然是苹果(AAPL)的持有者。虽然我绝对希望在过去几年里购买更多这家巨头的股票，但我还是通过股息再投资获得了增量收益。</blockquote></p><p> The news cycle would have you believe that this behemoth has head-winds galore, and that the downfall could come any day now. With limited risk and potential galore, is the company worth buying today?</p><p><blockquote>新闻周期会让你相信这个庞然大物有很多阻力，垮台随时都可能到来。由于风险有限且潜力巨大，该公司今天值得购买吗？</blockquote></p><p> <b>Limited Risk</b></p><p><blockquote><b>风险有限</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1fe4e9d4f4aca197052840240959df43\" tg-width=\"640\" tg-height=\"831\" width=\"100%\" height=\"auto\"><span>Image: Forbes magazine cover, 2007</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：福布斯杂志封面，2007年</span></p></blockquote></p><p> I am familiar with cellphone manufacturers of days past. Nokia, for example, used to be the titan of industry. It was thought to be untouchable and then came the iPhone. I mean, just look at the Forbes cover above, \"can anyone catch the cell phone king?\"</p><p><blockquote>我熟悉过去的手机制造商。例如，诺基亚曾经是工业巨头。它被认为是碰不得的，然后出现了iPhone。我的意思是，看看上面的福布斯封面，“有人能抓住手机大王吗？”</blockquote></p><p> That cover hit news stands on November 12, 2007, a few months after the iPhone had made its debut. The straw that broke Nokia's back, and the feature which gives Apple a moat wider than Apple Park today, The App Store launched in mid-2008.</p><p><blockquote>2007年11月12日，也就是iPhone首次亮相几个月后，这个封面登上了新闻站。压垮诺基亚的最后一根稻草，也是让苹果拥有比苹果公园更宽的护城河的功能，2008年年中推出的App Store。</blockquote></p><p> The App Store, as simple as it may seem, gave Apple the keys to the kingdom. Rather than be limited to the few apps that came on your Nokia device, you could use one of the thousands of apps sold by third-party developers on the iPhone. This was the beginning of a world-beating ecosystem.</p><p><blockquote>App Store看似简单，却给了苹果通往王国的钥匙。你可以在iPhone上使用第三方开发者销售的数千款应用，而不是局限于诺基亚设备上的几款应用。这是一个世界级生态系统的开始。</blockquote></p><p> Today, Apple's ecosystem has grown in a significant way. The growth of that ecosystem means that Apple \"fanboys\" would have to spend thousands of dollars, or work through significant inconveniences to switch.</p><p><blockquote>今天，苹果的生态系统已经有了显著的发展。这个生态系统的增长意味着苹果的“粉丝”将不得不花费数千美元，或者克服巨大的不便来转换。</blockquote></p><p> Consider the user that has subscriptions to several apps, Air Pods, an Apple Watch, iPhone, iPad, and perhaps a MacBook. That person is not an outlier. If they consider switching to Android they'll have to cancel those several apps, throw their Apple Watch out, replace the AirPods, and would lose lots of great tie-in messaging functionality across the iPad and MacBook.</p><p><blockquote>考虑一下订阅了几个应用程序、Air Pods、苹果手表、iPhone、iPad，也许还有MacBook的用户。那个人不是局外人。如果他们考虑切换到Android，他们将不得不取消这几个应用程序，扔掉他们的苹果手表，更换AirPods，并将失去iPad和MacBook上许多出色的搭售消息功能。</blockquote></p><p> First-world problems, absolutely. The tie-in, however, is real. Apple make world-class products that users love. They get caught up in all the added accessories which deliver a great experience and then they are customers for life.</p><p><blockquote>绝对是第一世界的问题。然而，这种联系是真实的。苹果制造用户喜爱的世界级产品。他们被所有提供良好体验的附加配件所吸引，然后他们就成了终身顾客。</blockquote></p><p> Apple stock, for all intents and purposes, is a better place to keep your money than cash because of this lack of risk. Should something start to topple this house of cards, it wouldn't happen overnight, and it certainly won't happen as rapidly as it happened to Nokia because of the switching costs Apple has built up.</p><p><blockquote>无论出于何种意图和目的，苹果股票都是比现金更好的存放资金的地方，因为它缺乏风险。如果有什么事情开始推翻这座纸牌屋，它不会在一夜之间发生，而且肯定不会像诺基亚那样迅速发生，因为苹果已经积累了转换成本。</blockquote></p><p> <b>Enviable Metrics</b></p><p><blockquote><b>令人羡慕的指标</b></blockquote></p><p> Despite running up against the law of large numbers, Apple continues to look stellar when considering a number of different metrics.</p><p><blockquote>尽管违反了大数定律，但在考虑许多不同的指标时，苹果仍然看起来很出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/08f0199dd5d3c8dade8af08d884a5459\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"><span>Image: Apple's debt per 10-K (Page 45)</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：苹果每10-K的债务（第45页）</span></p></blockquote></p><p> The worst metric, in my opinion, Apple has is a 1.7 debt-to-equity ratio. However, on that figure, my mind may be stuck in a good days of positive interest rates. Much of Apple's $109B of debt is at a negligible (0.03-2%) interest rate. Higher end servicing costs sit a hair below 5%, but this makes up a minority of Apple's debt&nbsp;per the company's 10-K filings.</p><p><blockquote>在我看来，苹果最差的指标是1.7的债务股本比率。然而，在这个数字上，我的思绪可能会停留在正利率的好日子里。苹果109B美元债务的大部分利率可以忽略不计（0.03-2%）。高端服务成本略低于5%，但根据该公司的10-K文件，这仅占苹果债务的一小部分。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/547e6241dab1a7aef3e649fb0f10d5ff\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> All of that money did not go into internal projects, however, it went to share buybacks. Perhaps no company epitomizes share buybacks like Apple has over the last decade. The company has retired hundreds of billions of dollars' worth of stock to shareholders benefit, and it continues to do so today.</p><p><blockquote>所有这些资金并没有用于内部项目，而是用于股票回购。也许没有一家公司能像苹果那样体现过去十年的股票回购。为了股东利益，该公司已经退役了价值数千亿美元的股票，并且至今仍在继续这样做。</blockquote></p><p> These share buybacks are why Berkshire Hathaway (BRK.B) now owns 5.5% of Apple. Back when many lauded Buffett for being late to the Apple train, he has proven his conviction worthwhile and helped an already massive Berkshire portfolio continue to beat the market with this high concentration investment.</p><p><blockquote>这些股票回购是Berkshire Hathaway(BRK.B)现在拥有苹果5.5%股份的原因。当许多人称赞巴菲特错过了苹果的火车时，巴菲特已经证明了他的信念是值得的，并通过这种高度集中的投资帮助已经庞大的伯克希尔投资组合继续跑赢市场。</blockquote></p><p> Buffett aside, Apple does excel in several metrics one should be looking for when investing in high-quality stocks. Return on equity here sits at an eye-popping 140% due to a pandemic induced expansion in net income.</p><p><blockquote>撇开巴菲特不谈，苹果确实在投资优质股票时应该寻找的几个指标上表现出色。由于大流行导致净利润扩张，股本回报率达到了令人瞠目结舌的140%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af2a898072faa8c46eeaa734222ff059\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Given the amount of debt, return on invested capital, likely, is the better metric to take a look at here. Apple's ROIC has been consistently over the 20% mark, which is a sign of a fantastic business.</p><p><blockquote>考虑到债务金额，投资资本回报率可能是更好的指标。苹果的投资回报率一直超过20%，这是一家出色业务的标志。</blockquote></p><p> Oh, and it probably goes without mentioning, but this business is cash rich. Apple, as of its last report, has $35B in cash on hand and $155B in marketable securities (a mix of current and non-current). With $190B in capital that the company can still deploy, Apple is certainly in an enviable position.</p><p><blockquote>哦，这可能是不言而喻的，但这项业务现金充裕。截至上次报告，苹果手头有350亿美元现金和1550亿美元有价证券（流动和非流动的组合）。由于该公司仍可部署1900亿美元的资本，苹果无疑处于令人羡慕的地位。</blockquote></p><p> <b>Valuation: Rich</b></p><p><blockquote><b>估值：丰富</b></blockquote></p><p> Those metrics are not unknown, but they are incredible. It's no surprise that Apple will likely cross $3T market cap in the next year or so, but is the company worth buying at these high levels?</p><p><blockquote>这些指标并非未知，但却令人难以置信。毫不奇怪，苹果的市值可能会在未来一年左右突破3T美元，但该公司值得在如此高的水平上买入吗？</blockquote></p><p> As mentioned above, I view Apple as an almost cash like position. In a world of inflation, Apple has the balance sheet to carry it through, it has significant pricing power, and it has exceptionally high margins on its products to be able to weather the storm. Would you rather your money lose 5% of its buying power per year, or grow in an American titan like Apple?</p><p><blockquote>如上所述，我认为苹果几乎是现金头寸。在通货膨胀的世界里，苹果拥有能够承受通货膨胀的资产负债表，拥有强大的定价权，并且其产品利润率极高，能够渡过难关。你愿意你的钱每年失去5%的购买力，还是愿意在像苹果这样的美国巨头中增长？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/159a160cc869ef1cc00bd4eb8db7bd93\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Image: A mockup VR headset via BGR</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：来自BGR的VR耳机模型</span></p></blockquote></p><p> A valuation of Apple also has to include the potential for an Apple Car, or the AR/VR headsets that will be with us within the next 18-months. These types of projects have been kept well under wraps, but considering the valuations of EV manufacturers like Tesla (TSLA) and Rivian (RIVN), the market will reward Apple rather richly for a well-executed product.</p><p><blockquote>对苹果的估值还必须包括苹果汽车的潜力，或者将在未来18个月内出现的AR/VR耳机。这些类型的项目一直处于保密状态，但考虑到特斯拉（TSLA）和Rivian（RIVN）等电动汽车制造商的估值，市场将对苹果执行良好的产品给予相当丰厚的奖励。</blockquote></p><p> An Apple car with deep iOS integration,as is speculated, would further drive the ecosystem flywheel. In fact, it would take that flywheel to unimaginable levels. Imagine trying to leave an ecosystem where you have to replace a $50K (and I'm probably being cheap) car, a phone, a computer... it's quite the lock in.</p><p><blockquote>据推测，深度集成iOS的苹果汽车将进一步推动生态系统飞轮。事实上，它会将飞轮提升到难以想象的水平。想象一下，试图离开一个生态系统，在这个生态系统中，你必须更换一辆5万美元（我可能很便宜）的汽车、一部电话、一台电脑...这是相当锁定。</blockquote></p><p> Taking AR/VR into account, one would have to consider that AR could be a cannibalizing force for the iPhone. If one can see all they need through lenses and control those lenses through gestures or the Apple Watch, Apple could cannibalize the phone market.</p><p><blockquote>考虑到AR/VR，人们不得不考虑AR可能会成为iPhone的蚕食力量。如果人们可以通过镜头看到他们需要的一切，并通过手势或苹果手表控制这些镜头，苹果可能会蚕食手机市场。</blockquote></p><p> That, however, is a good thing. Apple could price a novel item like AR glasses with higher margins than a phone. Fans and tech enthusiasts would pay that early adopter price and others would soon follow suit if the product lives up to the hype. It gets Apple out of the \"$1,000 for a phone\" line of thinking.</p><p><blockquote>然而，这是一件好事。苹果可以以比手机更高的利润率为AR眼镜等新颖产品定价。粉丝和技术爱好者将支付早期采用者的价格，如果产品不负众望，其他人很快就会效仿。它让苹果摆脱了“1000美元买一部手机”的思路。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88a008b34566e3309b095ad284807d12\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> All this to say, Apple's rich valuation today is a worthy one. At a PE of ~29, it's hardly extortionate, but it is outside of Apple's average over the last five years.</p><p><blockquote>综上所述，苹果今天的丰厚估值是当之无愧的。市盈率约为29，算不上过高，但超出了苹果过去五年的平均水平。</blockquote></p><p> The ecosystem, one that ties its customers in for life, is where the value lies here and Apple has plans to expand that with vehicles and wearables. Even at a PE of 29, I believe this to be a secure long-term investment that will pay investors a dividend, albeit small, along the way while continuing to retire billions of dollars in stock ($315B authorized ~10%).</p><p><blockquote>这个将客户终身联系在一起的生态系统是其价值所在，苹果计划通过车辆和可穿戴设备来扩展这一生态系统。即使市盈率为29，我相信这也是一项安全的长期投资，它将向投资者支付股息，尽管很小，同时继续收回数十亿美元的股票（315B美元授权约10%）。</blockquote></p><p> <b>Addressing The Risks</b></p><p><blockquote><b>应对风险</b></blockquote></p><p> Fear and inflation. Fear is the largest and most significant risk that Apple faces. Buyers told that bad times are coming tend to zip up their pocketbooks. Buyers who have to spend 10% more on groceries suddenly don't have enough to buy the latest iPhone.</p><p><blockquote>恐惧和通货膨胀。恐惧是苹果面临的最大、最重大的风险。被告知糟糕时期即将到来的买家往往会收紧钱包。不得不在食品杂货上多花10%的购物者突然没有足够的钱购买最新的iPhone。</blockquote></p><p> These are external concerns that Apple has little control over. The company has, over the years, introduced buy-now-pay-later and subscription programs that help buyers get the goods they want at an affordable monthly price, and, as discussed, Apple has substantial margins that it could use to overcome significant headwinds in this space.</p><p><blockquote>这些都是苹果几乎无法控制的外部担忧。多年来，该公司推出了先买后付和订阅计划，帮助买家以可承受的每月价格获得他们想要的商品，而且正如所讨论的，苹果拥有可观的利润，可以用来克服重大阻力在这个领域。</blockquote></p><p> Execution is another risk Apple faces, especially as we look to these \"futuristic\" products. A self-driving car could be worth trillions of dollars in lifetime revenues, or it could be a dud upon release that never gets full approval to operate on the streets. Likewise, an AR headset that no one wants to be seen wearing, or that proves difficult to wear through the day, could be a dead-on-arrival product.</p><p><blockquote>执行力是苹果面临的另一个风险，尤其是当我们关注这些“未来”产品时。一辆自动驾驶汽车的终身收入可能价值数万亿美元，也可能在发布后成为一个哑弹，永远不会获得在街道上运行的完全批准。同样，没有人想被看到佩戴的AR耳机，或者被证明很难全天佩戴的AR耳机，可能是一个到货就死的产品。</blockquote></p><p> Given the nature of these two products and the secrecy surrounding their development, one cannot truly assign a real risk rating to them. They're just things to be aware of. Apple does have a history of great execution (MacBook keyboard and Touch Bar aside), however, so an investor should feel at least somewhat comfortable that the company will put its best foot forward.</p><p><blockquote>鉴于这两种产品的性质及其开发的保密性，人们无法真正为它们分配真正的风险评级。它们只是需要注意的事情。然而，苹果确实有着出色执行力的历史（MacBook键盘和Touch Bar除外），因此投资者至少应该对该公司将全力以赴感到有些放心。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p></p><p> At a valuation nearing $3T one would assume there isn't much room left to run in Apple, but investors still stand to beat the overall market in this name thanks to excellent capital allocation.</p><p><blockquote>在估值接近3T美元的情况下，人们会认为苹果已经没有太多的运行空间了，但由于出色的资本配置，投资者仍然能够以这个名义击败整体市场。</blockquote></p><p> Apple has $315B in authorized buybacks and returns some $14.5B in dividends each year. Apple will likely buyback close to $100B in stock during its 2022 fiscal year which, alone, represents a 3.7% return on today's prices. Combined with a dividend yield of 0.6%, investors will make 4.3% on this name through shareholder friendly practices alone.</p><p><blockquote>苹果拥有$315B的授权回购，每年返还约$14.5 B的股息。苹果可能会在2022财年回购近1000亿美元的股票，仅此一项就相当于今天价格的3.7%的回报率。加上0.6%的股息收益率，仅通过股东友好的做法，投资者就可以在这个名字上获得4.3%的收益。</blockquote></p><p> Those numbers will compound too, another $100B in 2023, $100B in 2024, it all adds up. That $300B is all authorized too.</p><p><blockquote>这些数字也会复合，2023年再增加1000亿美元，2024年再增加1000亿美元，所有这些加起来。那300B美元也全部获得授权。</blockquote></p><p> Along with those buybacks and dividends, investors are buying into a company that, last year, defied laws of large numbers and grew its top-line at 33%. While unlikely this year, I still expect that the wearables and services divisions will grow at double digits which will allow Apple to see high single-digit revenue growth through the coming 3-5 years.</p><p><blockquote>除了这些回购和股息之外，投资者还买入了一家去年无视大数定律、营收增长33%的公司。虽然今年不太可能，但我仍然预计可穿戴设备和服务部门将以两位数的速度增长，这将使苹果在未来3-5年内实现高个位数的收入增长。</blockquote></p><p> Those with a bearish view on Apple act as though this juggernaut will vanish overnight, but that's simply not true. Sure, you're unlikely to pull down 30%+ annual returns going forward, but if you're looking for a high-quality stable business that can beat the market little-by-little, Apple is a great horse (or car) to back.</p><p><blockquote>那些看跌苹果的人表现得好像这个庞然大物会在一夜之间消失，但事实并非如此。当然，未来你不太可能降低30%以上的年回报率，但如果你正在寻找一家能够一点一点击败市场的高质量稳定业务，苹果是一匹很棒的马（或汽车）回来。</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>Apple: A True 'Never Sell' Position<blockquote>苹果：真正的“永不出售”立场</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: A True 'Never Sell' Position<blockquote>苹果：真正的“永不出售”立场</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\">2021-12-07 22:28</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>With $315B in authorized share buybacks and a 0.6% yield, Apple should return 4.3% on shareholder-friendly practices alone.</li>  <li>In addition, the company will still see double-digit growth in wearables and services, even if iPhone slows down a little.</li>  <li>The Apple ecosystem also stands to get more intertwined with a potential Apple Car and AR/VR plays.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/404c4a2883110ed556fd9700c5cffb83\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>CatLane/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>凭借315B美元的授权股票回购和0.6%的收益率，苹果仅通过股东友好做法就应该获得4.3%的回报。</li><li>此外，该公司在可穿戴设备和服务方面仍将出现两位数的增长，即使iPhone稍微放缓。</li><li>苹果生态系统也将与潜在的苹果汽车和AR/VR游戏更加紧密地交织在一起。</li></ul><p class=\"t-img-caption\"><span>CatLane/iStock未通过Getty Images发布</span></p></blockquote></p><p> At an almost $3T market cap, I am still a holder of Apple (AAPL). While I absolutely wish I would have bought more of this powerhouse in years past, I've made do with incremental gains from dividend reinvestment.</p><p><blockquote>虽然市值接近3T美元，但我仍然是苹果(AAPL)的持有者。虽然我绝对希望在过去几年里购买更多这家巨头的股票，但我还是通过股息再投资获得了增量收益。</blockquote></p><p> The news cycle would have you believe that this behemoth has head-winds galore, and that the downfall could come any day now. With limited risk and potential galore, is the company worth buying today?</p><p><blockquote>新闻周期会让你相信这个庞然大物有很多阻力，垮台随时都可能到来。由于风险有限且潜力巨大，该公司今天值得购买吗？</blockquote></p><p> <b>Limited Risk</b></p><p><blockquote><b>风险有限</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1fe4e9d4f4aca197052840240959df43\" tg-width=\"640\" tg-height=\"831\" width=\"100%\" height=\"auto\"><span>Image: Forbes magazine cover, 2007</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：福布斯杂志封面，2007年</span></p></blockquote></p><p> I am familiar with cellphone manufacturers of days past. Nokia, for example, used to be the titan of industry. It was thought to be untouchable and then came the iPhone. I mean, just look at the Forbes cover above, \"can anyone catch the cell phone king?\"</p><p><blockquote>我熟悉过去的手机制造商。例如，诺基亚曾经是工业巨头。它被认为是碰不得的，然后出现了iPhone。我的意思是，看看上面的福布斯封面，“有人能抓住手机大王吗？”</blockquote></p><p> That cover hit news stands on November 12, 2007, a few months after the iPhone had made its debut. The straw that broke Nokia's back, and the feature which gives Apple a moat wider than Apple Park today, The App Store launched in mid-2008.</p><p><blockquote>2007年11月12日，也就是iPhone首次亮相几个月后，这个封面登上了新闻站。压垮诺基亚的最后一根稻草，也是让苹果拥有比苹果公园更宽的护城河的功能，2008年年中推出的App Store。</blockquote></p><p> The App Store, as simple as it may seem, gave Apple the keys to the kingdom. Rather than be limited to the few apps that came on your Nokia device, you could use one of the thousands of apps sold by third-party developers on the iPhone. This was the beginning of a world-beating ecosystem.</p><p><blockquote>App Store看似简单，却给了苹果通往王国的钥匙。你可以在iPhone上使用第三方开发者销售的数千款应用，而不是局限于诺基亚设备上的几款应用。这是一个世界级生态系统的开始。</blockquote></p><p> Today, Apple's ecosystem has grown in a significant way. The growth of that ecosystem means that Apple \"fanboys\" would have to spend thousands of dollars, or work through significant inconveniences to switch.</p><p><blockquote>今天，苹果的生态系统已经有了显著的发展。这个生态系统的增长意味着苹果的“粉丝”将不得不花费数千美元，或者克服巨大的不便来转换。</blockquote></p><p> Consider the user that has subscriptions to several apps, Air Pods, an Apple Watch, iPhone, iPad, and perhaps a MacBook. That person is not an outlier. If they consider switching to Android they'll have to cancel those several apps, throw their Apple Watch out, replace the AirPods, and would lose lots of great tie-in messaging functionality across the iPad and MacBook.</p><p><blockquote>考虑一下订阅了几个应用程序、Air Pods、苹果手表、iPhone、iPad，也许还有MacBook的用户。那个人不是局外人。如果他们考虑切换到Android，他们将不得不取消这几个应用程序，扔掉他们的苹果手表，更换AirPods，并将失去iPad和MacBook上许多出色的搭售消息功能。</blockquote></p><p> First-world problems, absolutely. The tie-in, however, is real. Apple make world-class products that users love. They get caught up in all the added accessories which deliver a great experience and then they are customers for life.</p><p><blockquote>绝对是第一世界的问题。然而，这种联系是真实的。苹果制造用户喜爱的世界级产品。他们被所有提供良好体验的附加配件所吸引，然后他们就成了终身顾客。</blockquote></p><p> Apple stock, for all intents and purposes, is a better place to keep your money than cash because of this lack of risk. Should something start to topple this house of cards, it wouldn't happen overnight, and it certainly won't happen as rapidly as it happened to Nokia because of the switching costs Apple has built up.</p><p><blockquote>无论出于何种意图和目的，苹果股票都是比现金更好的存放资金的地方，因为它缺乏风险。如果有什么事情开始推翻这座纸牌屋，它不会在一夜之间发生，而且肯定不会像诺基亚那样迅速发生，因为苹果已经积累了转换成本。</blockquote></p><p> <b>Enviable Metrics</b></p><p><blockquote><b>令人羡慕的指标</b></blockquote></p><p> Despite running up against the law of large numbers, Apple continues to look stellar when considering a number of different metrics.</p><p><blockquote>尽管违反了大数定律，但在考虑许多不同的指标时，苹果仍然看起来很出色。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/08f0199dd5d3c8dade8af08d884a5459\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"><span>Image: Apple's debt per 10-K (Page 45)</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：苹果每10-K的债务（第45页）</span></p></blockquote></p><p> The worst metric, in my opinion, Apple has is a 1.7 debt-to-equity ratio. However, on that figure, my mind may be stuck in a good days of positive interest rates. Much of Apple's $109B of debt is at a negligible (0.03-2%) interest rate. Higher end servicing costs sit a hair below 5%, but this makes up a minority of Apple's debt&nbsp;per the company's 10-K filings.</p><p><blockquote>在我看来，苹果最差的指标是1.7的债务股本比率。然而，在这个数字上，我的思绪可能会停留在正利率的好日子里。苹果109B美元债务的大部分利率可以忽略不计（0.03-2%）。高端服务成本略低于5%，但根据该公司的10-K文件，这仅占苹果债务的一小部分。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/547e6241dab1a7aef3e649fb0f10d5ff\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> All of that money did not go into internal projects, however, it went to share buybacks. Perhaps no company epitomizes share buybacks like Apple has over the last decade. The company has retired hundreds of billions of dollars' worth of stock to shareholders benefit, and it continues to do so today.</p><p><blockquote>所有这些资金并没有用于内部项目，而是用于股票回购。也许没有一家公司能像苹果那样体现过去十年的股票回购。为了股东利益，该公司已经退役了价值数千亿美元的股票，并且至今仍在继续这样做。</blockquote></p><p> These share buybacks are why Berkshire Hathaway (BRK.B) now owns 5.5% of Apple. Back when many lauded Buffett for being late to the Apple train, he has proven his conviction worthwhile and helped an already massive Berkshire portfolio continue to beat the market with this high concentration investment.</p><p><blockquote>这些股票回购是Berkshire Hathaway(BRK.B)现在拥有苹果5.5%股份的原因。当许多人称赞巴菲特错过了苹果的火车时，巴菲特已经证明了他的信念是值得的，并通过这种高度集中的投资帮助已经庞大的伯克希尔投资组合继续跑赢市场。</blockquote></p><p> Buffett aside, Apple does excel in several metrics one should be looking for when investing in high-quality stocks. Return on equity here sits at an eye-popping 140% due to a pandemic induced expansion in net income.</p><p><blockquote>撇开巴菲特不谈，苹果确实在投资优质股票时应该寻找的几个指标上表现出色。由于大流行导致净利润扩张，股本回报率达到了令人瞠目结舌的140%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af2a898072faa8c46eeaa734222ff059\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Given the amount of debt, return on invested capital, likely, is the better metric to take a look at here. Apple's ROIC has been consistently over the 20% mark, which is a sign of a fantastic business.</p><p><blockquote>考虑到债务金额，投资资本回报率可能是更好的指标。苹果的投资回报率一直超过20%，这是一家出色业务的标志。</blockquote></p><p> Oh, and it probably goes without mentioning, but this business is cash rich. Apple, as of its last report, has $35B in cash on hand and $155B in marketable securities (a mix of current and non-current). With $190B in capital that the company can still deploy, Apple is certainly in an enviable position.</p><p><blockquote>哦，这可能是不言而喻的，但这项业务现金充裕。截至上次报告，苹果手头有350亿美元现金和1550亿美元有价证券（流动和非流动的组合）。由于该公司仍可部署1900亿美元的资本，苹果无疑处于令人羡慕的地位。</blockquote></p><p> <b>Valuation: Rich</b></p><p><blockquote><b>估值：丰富</b></blockquote></p><p> Those metrics are not unknown, but they are incredible. It's no surprise that Apple will likely cross $3T market cap in the next year or so, but is the company worth buying at these high levels?</p><p><blockquote>这些指标并非未知，但却令人难以置信。毫不奇怪，苹果的市值可能会在未来一年左右突破3T美元，但该公司值得在如此高的水平上买入吗？</blockquote></p><p> As mentioned above, I view Apple as an almost cash like position. In a world of inflation, Apple has the balance sheet to carry it through, it has significant pricing power, and it has exceptionally high margins on its products to be able to weather the storm. Would you rather your money lose 5% of its buying power per year, or grow in an American titan like Apple?</p><p><blockquote>如上所述，我认为苹果几乎是现金头寸。在通货膨胀的世界里，苹果拥有能够承受通货膨胀的资产负债表，拥有强大的定价权，并且其产品利润率极高，能够渡过难关。你愿意你的钱每年失去5%的购买力，还是愿意在像苹果这样的美国巨头中增长？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/159a160cc869ef1cc00bd4eb8db7bd93\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Image: A mockup VR headset via BGR</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片：来自BGR的VR耳机模型</span></p></blockquote></p><p> A valuation of Apple also has to include the potential for an Apple Car, or the AR/VR headsets that will be with us within the next 18-months. These types of projects have been kept well under wraps, but considering the valuations of EV manufacturers like Tesla (TSLA) and Rivian (RIVN), the market will reward Apple rather richly for a well-executed product.</p><p><blockquote>对苹果的估值还必须包括苹果汽车的潜力，或者将在未来18个月内出现的AR/VR耳机。这些类型的项目一直处于保密状态，但考虑到特斯拉（TSLA）和Rivian（RIVN）等电动汽车制造商的估值，市场将对苹果执行良好的产品给予相当丰厚的奖励。</blockquote></p><p> An Apple car with deep iOS integration,as is speculated, would further drive the ecosystem flywheel. In fact, it would take that flywheel to unimaginable levels. Imagine trying to leave an ecosystem where you have to replace a $50K (and I'm probably being cheap) car, a phone, a computer... it's quite the lock in.</p><p><blockquote>据推测，深度集成iOS的苹果汽车将进一步推动生态系统飞轮。事实上，它会将飞轮提升到难以想象的水平。想象一下，试图离开一个生态系统，在这个生态系统中，你必须更换一辆5万美元（我可能很便宜）的汽车、一部电话、一台电脑...这是相当锁定。</blockquote></p><p> Taking AR/VR into account, one would have to consider that AR could be a cannibalizing force for the iPhone. If one can see all they need through lenses and control those lenses through gestures or the Apple Watch, Apple could cannibalize the phone market.</p><p><blockquote>考虑到AR/VR，人们不得不考虑AR可能会成为iPhone的蚕食力量。如果人们可以通过镜头看到他们需要的一切，并通过手势或苹果手表控制这些镜头，苹果可能会蚕食手机市场。</blockquote></p><p> That, however, is a good thing. Apple could price a novel item like AR glasses with higher margins than a phone. Fans and tech enthusiasts would pay that early adopter price and others would soon follow suit if the product lives up to the hype. It gets Apple out of the \"$1,000 for a phone\" line of thinking.</p><p><blockquote>然而，这是一件好事。苹果可以以比手机更高的利润率为AR眼镜等新颖产品定价。粉丝和技术爱好者将支付早期采用者的价格，如果产品不负众望，其他人很快就会效仿。它让苹果摆脱了“1000美元买一部手机”的思路。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88a008b34566e3309b095ad284807d12\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> All this to say, Apple's rich valuation today is a worthy one. At a PE of ~29, it's hardly extortionate, but it is outside of Apple's average over the last five years.</p><p><blockquote>综上所述，苹果今天的丰厚估值是当之无愧的。市盈率约为29，算不上过高，但超出了苹果过去五年的平均水平。</blockquote></p><p> The ecosystem, one that ties its customers in for life, is where the value lies here and Apple has plans to expand that with vehicles and wearables. Even at a PE of 29, I believe this to be a secure long-term investment that will pay investors a dividend, albeit small, along the way while continuing to retire billions of dollars in stock ($315B authorized ~10%).</p><p><blockquote>这个将客户终身联系在一起的生态系统是其价值所在，苹果计划通过车辆和可穿戴设备来扩展这一生态系统。即使市盈率为29，我相信这也是一项安全的长期投资，它将向投资者支付股息，尽管很小，同时继续收回数十亿美元的股票（315B美元授权约10%）。</blockquote></p><p> <b>Addressing The Risks</b></p><p><blockquote><b>应对风险</b></blockquote></p><p> Fear and inflation. Fear is the largest and most significant risk that Apple faces. Buyers told that bad times are coming tend to zip up their pocketbooks. Buyers who have to spend 10% more on groceries suddenly don't have enough to buy the latest iPhone.</p><p><blockquote>恐惧和通货膨胀。恐惧是苹果面临的最大、最重大的风险。被告知糟糕时期即将到来的买家往往会收紧钱包。不得不在食品杂货上多花10%的购物者突然没有足够的钱购买最新的iPhone。</blockquote></p><p> These are external concerns that Apple has little control over. The company has, over the years, introduced buy-now-pay-later and subscription programs that help buyers get the goods they want at an affordable monthly price, and, as discussed, Apple has substantial margins that it could use to overcome significant headwinds in this space.</p><p><blockquote>这些都是苹果几乎无法控制的外部担忧。多年来，该公司推出了先买后付和订阅计划，帮助买家以可承受的每月价格获得他们想要的商品，而且正如所讨论的，苹果拥有可观的利润，可以用来克服重大阻力在这个领域。</blockquote></p><p> Execution is another risk Apple faces, especially as we look to these \"futuristic\" products. A self-driving car could be worth trillions of dollars in lifetime revenues, or it could be a dud upon release that never gets full approval to operate on the streets. Likewise, an AR headset that no one wants to be seen wearing, or that proves difficult to wear through the day, could be a dead-on-arrival product.</p><p><blockquote>执行力是苹果面临的另一个风险，尤其是当我们关注这些“未来”产品时。一辆自动驾驶汽车的终身收入可能价值数万亿美元，也可能在发布后成为一个哑弹，永远不会获得在街道上运行的完全批准。同样，没有人想被看到佩戴的AR耳机，或者被证明很难全天佩戴的AR耳机，可能是一个到货就死的产品。</blockquote></p><p> Given the nature of these two products and the secrecy surrounding their development, one cannot truly assign a real risk rating to them. They're just things to be aware of. Apple does have a history of great execution (MacBook keyboard and Touch Bar aside), however, so an investor should feel at least somewhat comfortable that the company will put its best foot forward.</p><p><blockquote>鉴于这两种产品的性质及其开发的保密性，人们无法真正为它们分配真正的风险评级。它们只是需要注意的事情。然而，苹果确实有着出色执行力的历史（MacBook键盘和Touch Bar除外），因此投资者至少应该对该公司将全力以赴感到有些放心。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p></p><p> At a valuation nearing $3T one would assume there isn't much room left to run in Apple, but investors still stand to beat the overall market in this name thanks to excellent capital allocation.</p><p><blockquote>在估值接近3T美元的情况下，人们会认为苹果已经没有太多的运行空间了，但由于出色的资本配置，投资者仍然能够以这个名义击败整体市场。</blockquote></p><p> Apple has $315B in authorized buybacks and returns some $14.5B in dividends each year. Apple will likely buyback close to $100B in stock during its 2022 fiscal year which, alone, represents a 3.7% return on today's prices. Combined with a dividend yield of 0.6%, investors will make 4.3% on this name through shareholder friendly practices alone.</p><p><blockquote>苹果拥有$315B的授权回购，每年返还约$14.5 B的股息。苹果可能会在2022财年回购近1000亿美元的股票，仅此一项就相当于今天价格的3.7%的回报率。加上0.6%的股息收益率，仅通过股东友好的做法，投资者就可以在这个名字上获得4.3%的收益。</blockquote></p><p> Those numbers will compound too, another $100B in 2023, $100B in 2024, it all adds up. That $300B is all authorized too.</p><p><blockquote>这些数字也会复合，2023年再增加1000亿美元，2024年再增加1000亿美元，所有这些加起来。那300B美元也全部获得授权。</blockquote></p><p> Along with those buybacks and dividends, investors are buying into a company that, last year, defied laws of large numbers and grew its top-line at 33%. While unlikely this year, I still expect that the wearables and services divisions will grow at double digits which will allow Apple to see high single-digit revenue growth through the coming 3-5 years.</p><p><blockquote>除了这些回购和股息之外，投资者还买入了一家去年无视大数定律、营收增长33%的公司。虽然今年不太可能，但我仍然预计可穿戴设备和服务部门将以两位数的速度增长，这将使苹果在未来3-5年内实现高个位数的收入增长。</blockquote></p><p> Those with a bearish view on Apple act as though this juggernaut will vanish overnight, but that's simply not true. Sure, you're unlikely to pull down 30%+ annual returns going forward, but if you're looking for a high-quality stable business that can beat the market little-by-little, Apple is a great horse (or car) to back.</p><p><blockquote>那些看跌苹果的人表现得好像这个庞然大物会在一夜之间消失，但事实并非如此。当然，未来你不太可能降低30%以上的年回报率，但如果你正在寻找一家能够一点一点击败市场的高质量稳定业务，苹果是一匹很棒的马（或汽车）回来。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4473801-apple-a-true-never-sell-position\">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":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4473801-apple-a-true-never-sell-position","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162682713","content_text":"Summary\n\nWith $315B in authorized share buybacks and a 0.6% yield, Apple should return 4.3% on shareholder-friendly practices alone.\nIn addition, the company will still see double-digit growth in wearables and services, even if iPhone slows down a little.\nThe Apple ecosystem also stands to get more intertwined with a potential Apple Car and AR/VR plays.\n\nCatLane/iStock Unreleased via Getty Images\nAt an almost $3T market cap, I am still a holder of Apple (AAPL). While I absolutely wish I would have bought more of this powerhouse in years past, I've made do with incremental gains from dividend reinvestment.\nThe news cycle would have you believe that this behemoth has head-winds galore, and that the downfall could come any day now. With limited risk and potential galore, is the company worth buying today?\nLimited Risk\nImage: Forbes magazine cover, 2007\nI am familiar with cellphone manufacturers of days past. Nokia, for example, used to be the titan of industry. It was thought to be untouchable and then came the iPhone. I mean, just look at the Forbes cover above, \"can anyone catch the cell phone king?\"\nThat cover hit news stands on November 12, 2007, a few months after the iPhone had made its debut. The straw that broke Nokia's back, and the feature which gives Apple a moat wider than Apple Park today, The App Store launched in mid-2008.\nThe App Store, as simple as it may seem, gave Apple the keys to the kingdom. Rather than be limited to the few apps that came on your Nokia device, you could use one of the thousands of apps sold by third-party developers on the iPhone. This was the beginning of a world-beating ecosystem.\nToday, Apple's ecosystem has grown in a significant way. The growth of that ecosystem means that Apple \"fanboys\" would have to spend thousands of dollars, or work through significant inconveniences to switch.\nConsider the user that has subscriptions to several apps, Air Pods, an Apple Watch, iPhone, iPad, and perhaps a MacBook. That person is not an outlier. If they consider switching to Android they'll have to cancel those several apps, throw their Apple Watch out, replace the AirPods, and would lose lots of great tie-in messaging functionality across the iPad and MacBook.\nFirst-world problems, absolutely. The tie-in, however, is real. Apple make world-class products that users love. They get caught up in all the added accessories which deliver a great experience and then they are customers for life.\nApple stock, for all intents and purposes, is a better place to keep your money than cash because of this lack of risk. Should something start to topple this house of cards, it wouldn't happen overnight, and it certainly won't happen as rapidly as it happened to Nokia because of the switching costs Apple has built up.\nEnviable Metrics\nDespite running up against the law of large numbers, Apple continues to look stellar when considering a number of different metrics.\nImage: Apple's debt per 10-K (Page 45)\nThe worst metric, in my opinion, Apple has is a 1.7 debt-to-equity ratio. However, on that figure, my mind may be stuck in a good days of positive interest rates. Much of Apple's $109B of debt is at a negligible (0.03-2%) interest rate. Higher end servicing costs sit a hair below 5%, but this makes up a minority of Apple's debt per the company's 10-K filings.\nData by YCharts\nAll of that money did not go into internal projects, however, it went to share buybacks. Perhaps no company epitomizes share buybacks like Apple has over the last decade. The company has retired hundreds of billions of dollars' worth of stock to shareholders benefit, and it continues to do so today.\nThese share buybacks are why Berkshire Hathaway (BRK.B) now owns 5.5% of Apple. Back when many lauded Buffett for being late to the Apple train, he has proven his conviction worthwhile and helped an already massive Berkshire portfolio continue to beat the market with this high concentration investment.\nBuffett aside, Apple does excel in several metrics one should be looking for when investing in high-quality stocks. Return on equity here sits at an eye-popping 140% due to a pandemic induced expansion in net income.\nData by YCharts\nGiven the amount of debt, return on invested capital, likely, is the better metric to take a look at here. Apple's ROIC has been consistently over the 20% mark, which is a sign of a fantastic business.\nOh, and it probably goes without mentioning, but this business is cash rich. Apple, as of its last report, has $35B in cash on hand and $155B in marketable securities (a mix of current and non-current). With $190B in capital that the company can still deploy, Apple is certainly in an enviable position.\nValuation: Rich\nThose metrics are not unknown, but they are incredible. It's no surprise that Apple will likely cross $3T market cap in the next year or so, but is the company worth buying at these high levels?\nAs mentioned above, I view Apple as an almost cash like position. In a world of inflation, Apple has the balance sheet to carry it through, it has significant pricing power, and it has exceptionally high margins on its products to be able to weather the storm. Would you rather your money lose 5% of its buying power per year, or grow in an American titan like Apple?\nImage: A mockup VR headset via BGR\nA valuation of Apple also has to include the potential for an Apple Car, or the AR/VR headsets that will be with us within the next 18-months. These types of projects have been kept well under wraps, but considering the valuations of EV manufacturers like Tesla (TSLA) and Rivian (RIVN), the market will reward Apple rather richly for a well-executed product.\nAn Apple car with deep iOS integration,as is speculated, would further drive the ecosystem flywheel. In fact, it would take that flywheel to unimaginable levels. Imagine trying to leave an ecosystem where you have to replace a $50K (and I'm probably being cheap) car, a phone, a computer... it's quite the lock in.\nTaking AR/VR into account, one would have to consider that AR could be a cannibalizing force for the iPhone. If one can see all they need through lenses and control those lenses through gestures or the Apple Watch, Apple could cannibalize the phone market.\nThat, however, is a good thing. Apple could price a novel item like AR glasses with higher margins than a phone. Fans and tech enthusiasts would pay that early adopter price and others would soon follow suit if the product lives up to the hype. It gets Apple out of the \"$1,000 for a phone\" line of thinking.\nData by YCharts\nAll this to say, Apple's rich valuation today is a worthy one. At a PE of ~29, it's hardly extortionate, but it is outside of Apple's average over the last five years.\nThe ecosystem, one that ties its customers in for life, is where the value lies here and Apple has plans to expand that with vehicles and wearables. Even at a PE of 29, I believe this to be a secure long-term investment that will pay investors a dividend, albeit small, along the way while continuing to retire billions of dollars in stock ($315B authorized ~10%).\nAddressing The Risks\nFear and inflation. Fear is the largest and most significant risk that Apple faces. Buyers told that bad times are coming tend to zip up their pocketbooks. Buyers who have to spend 10% more on groceries suddenly don't have enough to buy the latest iPhone.\nThese are external concerns that Apple has little control over. The company has, over the years, introduced buy-now-pay-later and subscription programs that help buyers get the goods they want at an affordable monthly price, and, as discussed, Apple has substantial margins that it could use to overcome significant headwinds in this space.\nExecution is another risk Apple faces, especially as we look to these \"futuristic\" products. A self-driving car could be worth trillions of dollars in lifetime revenues, or it could be a dud upon release that never gets full approval to operate on the streets. Likewise, an AR headset that no one wants to be seen wearing, or that proves difficult to wear through the day, could be a dead-on-arrival product.\nGiven the nature of these two products and the secrecy surrounding their development, one cannot truly assign a real risk rating to them. They're just things to be aware of. Apple does have a history of great execution (MacBook keyboard and Touch Bar aside), however, so an investor should feel at least somewhat comfortable that the company will put its best foot forward.\nFinal Thoughts\nAt a valuation nearing $3T one would assume there isn't much room left to run in Apple, but investors still stand to beat the overall market in this name thanks to excellent capital allocation.\nApple has $315B in authorized buybacks and returns some $14.5B in dividends each year. Apple will likely buyback close to $100B in stock during its 2022 fiscal year which, alone, represents a 3.7% return on today's prices. Combined with a dividend yield of 0.6%, investors will make 4.3% on this name through shareholder friendly practices alone.\nThose numbers will compound too, another $100B in 2023, $100B in 2024, it all adds up. That $300B is all authorized too.\nAlong with those buybacks and dividends, investors are buying into a company that, last year, defied laws of large numbers and grew its top-line at 33%. While unlikely this year, I still expect that the wearables and services divisions will grow at double digits which will allow Apple to see high single-digit revenue growth through the coming 3-5 years.\nThose with a bearish view on Apple act as though this juggernaut will vanish overnight, but that's simply not true. Sure, you're unlikely to pull down 30%+ annual returns going forward, but if you're looking for a high-quality stable business that can beat the market little-by-little, Apple is a great horse (or car) to back.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":182401899,"gmtCreate":1623594330611,"gmtModify":1631884186532,"author":{"id":"3572299754005381","authorId":"3572299754005381","name":"Kimmy23","avatar":"https://static.tigerbbs.com/cb75f29733a469b1f0fc42f100b04500","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572299754005381","authorIdStr":"3572299754005381"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GOOGL\">$Alphabet(GOOGL)$</a>Yay still holding it&nbsp;","listText":"<a href=\"https://laohu8.com/S/GOOGL\">$Alphabet(GOOGL)$</a>Yay still holding it&nbsp;","text":"$Alphabet(GOOGL)$Yay still holding it","images":[{"img":"https://static.tigerbbs.com/20224a4b2f4400c496510c3fa9d9a49c","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/182401899","isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}