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2022-02-27

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Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特年度信函全文：苹果是推动企业集团价值的 “四巨头 ”之一</blockquote>

2022-02-24

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2022-02-23

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2022-02-22

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Moderna, Alibaba, Coinbase, Home Depot, Etsy, and Other Stocks to Watch This Week<blockquote>Moderna、阿里巴巴-SW、Coinbase、家得宝、Etsy 和本周值得关注的其他股票</blockquote>

2022-02-21

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PCE Inflation, Consumer Confidence: What to Know This Week<blockquote>PCE 通胀、消费者信心：本周需要了解什么</blockquote>

2022-02-20

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Will Fed rate hikes crush the stock market? Here's why speed matters<blockquote>美联储加息会压垮股市吗？这就是速度很重要的原因</blockquote>

2022-02-19

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2022-02-18

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2022-02-17

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2022-02-16

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2022-02-15

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2022-02-14

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2022-02-13

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2022-02-12

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US IPO Week Ahead: More micro-caps amid the IPO market’s February lull<blockquote>美国 IPO 未来一周： IPO 市场二月份低迷，更多微型股上市</blockquote>

2022-02-11

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2022-02-10

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2022-02-09

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2022-02-08

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2022-02-07

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2022-02-06

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like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/636259093","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://www.laohunote.com/m/news/1125580913?lang=zh_CN&edition=full","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特年度信函全文：苹果是推动企业集团价值的 “四巨头 ”之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<p><html><head></head><body>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p><blockquote><html><head></head><body>沃伦·巴菲特周六发布了致伯克希尔·哈撒韦公司股东的年度信。这位 91 岁的投资传奇人物六十多年来一直在发表这封信，它已成为世界各地投资者的必读书目。</body></html></blockquote></p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p><blockquote>巴菲特说，他现在认为科技巨头苹果是推动伯克希尔-哈撒韦公司发展的四大支柱之一。</blockquote></p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p><blockquote>在周六发布的年度致股东信中，这位 91 岁的投资传奇人物将苹果列为 “我们的四大巨头 ”，甚至称该公司是仅次于伯克希尔保险公司集团的第二重要公司，这要归功于其首席执行官。</blockquote></p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p><blockquote>“信中写道：”苹果才华横溢的首席执行官蒂姆-库克（Tim Cook）将苹果产品的用户视为自己的初恋，但他的所有其他支持者也都受益于蒂姆的管理风格。</blockquote></p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p><blockquote>巴菲特明确表示，他是库克股票回购策略的粉丝，也是库克股票回购策略的粉丝，以及库克如何在投资者无需动一根手指的情况下，让库克集团增加对这家 iPhone 制造商每一美元收益的所有权。</blockquote></p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p><blockquote>“巴菲特在信中说：”苹果--以年终市值衡量，我们的亚军巨头--是一种不同的持股方式。在这里，我们的持股比例仅为 5.55%，高于一年前的 5.39%。“这种增长听起来就像小土豆。但考虑到苹果 2021 年收益的每 0.1% 就相当于 1 亿美元。我们没有动用伯克希尔的资金来获得我们的增值。苹果的回购做到了。”</blockquote></p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p><blockquote>在巴菲特的投资副手 Todd Combs 和 Ted Weschler 的影响下，伯克希尔于 2016 年开始购买苹果股票。到 2018 年年中，该企业集团积累了这家 iPhone 制造商 5% 的所有权，价值 360 亿美元。如今，苹果的投资价值已超过 1600 亿美元，占伯克希尔股票投资组合的 40%。</blockquote></p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p><blockquote>“重要的是要明白，在伯克希尔公司的公认会计准则收益报告中，只有苹果的股息被计算在内--去年，苹果支付了其中的 7.85 亿美元。然而，我们在苹果公司收益中的'份额'却达到了惊人的 56 亿美元。公司保留的大部分资金都用于回购苹果股票，我们对此表示赞赏，”巴菲特说。</blockquote></p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p><blockquote>伯克希尔是苹果除指数和交易所交易基金提供商之外的最大股东。</blockquote></p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p><blockquote>巴菲特还称赞他的铁路业务 BNSF 和能源部门 BHE 是该集团的另外两大巨头，这两家公司在 2021 年的盈利均创下历史新高。</blockquote></p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><blockquote>“巴菲特说：”我们的第三大巨头 BNSF 仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。“BHE 已成为美国大部分地区风能、太阳能和输电领域的公用事业巨头和领先力量”。</blockquote></p><p><b>Read the full letter here：</b></p><p><blockquote><b>点击此处阅读全文：</b></blockquote></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p><blockquote>致伯克希尔哈撒韦公司股东：</blockquote></p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p><blockquote>我的长期合作伙伴查理·芒格和我的工作是管理你的一部分积蓄。我们很荣幸能得到你的信任。</blockquote></p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p><blockquote>如果我们是缺席的所有者，而你是经理，我们有责任向你报告我们想知道的事情。我们很高兴通过这封年度信函以及年会与您直接沟通。</blockquote></p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p><blockquote>我们的政策是平等对待所有股东。因此，我们不与分析师或大型机构进行讨论。此外，只要有可能，我们还会在周六上午发布重要通讯，以便在周一开市前最大限度地让股东和媒体有时间吸收新闻。</blockquote></p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p><blockquote>伯克希尔公司定期向美国证券交易委员会提交的年度 10-K 报告中列出了大量伯克希尔的事实和数据。我们在K-1-K-119页复制了这一点。一些股东会发现这个细节引人入胜；其他人只是更喜欢了解查理和我认为伯克希尔的新事物或有趣的事物。</blockquote></p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><blockquote>唉，2021年几乎没有这样的行动。不过，我们在提高您股票的内在价值方面确实取得了合理的进展。57年来，这项任务一直是我的主要职责。并将继续如此。</blockquote></p><p><b>What You Own</b></p><p><blockquote><b>你拥有什么</b></blockquote></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p><blockquote>伯克希尔拥有各种各样的企业，有些是全部的，有些只是部分的。第二组主要由美国主要公司的可交易普通股组成。此外，我们还拥有一些非美国股票，并参与多家合资企业或其他合作活动。</blockquote></p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p><blockquote>无论我们的所有权形式如何，我们的目标都是对具有持久经济优势和一流首席执行官的企业进行有意义的投资。请特别注意，我们持有股票是基于我们对其长期业务表现的预期，而不是因为我们将其视为及时市场走势的工具。这一点至关重要：查理和我不是选股者；我们是商业挑剔者。</blockquote></p><p></p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><p><blockquote>我犯了很多错误。因此，我们广泛收集的企业包括一些真正具有非凡经济效益的企业，许多其他享有良好经济特征的企业，以及一些边缘企业。我们普通股部门的一个优势是——有时——很容易以优惠的价格购买优秀的企业。这种在谈判交易中打鱼的经历非常罕见，而且从未大规模发生。当一个错误是在可销售的舞台上犯下的，也更容易摆脱它。</blockquote></p><p><h2><b>Surprise, Surprise</b></h2>Here are a few items about your company that often surprise even seasoned investors:</p><p><blockquote><h2><b>惊喜，惊喜</b></h2>以下是有关贵公司的一些事项，即使是经验丰富的投资者也常常感到惊讶：</blockquote></p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p><blockquote>- 许多人认为伯克希尔是一个庞大且有点奇怪的金融资产集合。事实上，伯克希尔拥有和运营的美国 “基础设施 ”资产--在我们的资产负债表上被归类为房地产、厂房和设备--比任何其他美国公司拥有和运营的都要多。至高无上从来都不是我们的目标。然而，这已经成为事实。</blockquote></p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p><blockquote>截至年底，这些国内基础设施资产在伯克希尔的资产负债表上的结转价值为 1,580 亿美元。这个数字去年有所增加，并将继续增加。伯克希尔将永远在建设。</blockquote></p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p><blockquote>- 每年，您的公司都要缴纳大量的联邦所得税。例如，在2021年，我们支付了</blockquote></p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p><blockquote>33亿美元，而美国财政部报告的企业所得税收入总额为4020亿美元。此外，伯克希尔还缴纳巨额州税和外国税。伯克希尔股东提出 “我在办公室给的 ”是一句无可辩驳的断言。</blockquote></p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p><blockquote>伯克希尔的历史生动地说明了政府与美国企业之间无形且往往不被认可的金融伙伴关系。我们的故事始于 1955 年初，当时伯克希尔精纺公司和哈撒韦制造公司同意合并业务。在请求股东批准时，这些古老的新英格兰纺织公司对合并表达了很高的期望。</blockquote></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p><blockquote>例如，哈撒韦公司向股东保证，“资源和管理的结合将产生纺织行业最强大、最高效的组织之一”。这一乐观观点得到了该公司顾问雷曼兄弟（没错，就是雷曼兄弟）的认可。</blockquote></p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p><blockquote>我相信，当工会完成时，福尔里弗（伯克郡）和新贝德福德（哈撒韦）都是欢乐的一天。然而，在乐队停止演奏，银行家们回家后，股东们收获了一场灾难。</blockquote></p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p><blockquote>在合并后的九年里，伯克希尔的所有者眼睁睁地看着公司的净资产从</blockquote></p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p><blockquote>5140万美元至2210万美元。这种下降的部分原因是股票回购、不明智的股息和工厂关闭。但数千名员工九年的努力也带来了运营亏损。伯克希尔的挣扎并不罕见： 新英格兰纺织业已经悄然进入了一场旷日持久、不可逆转的死亡行军。</blockquote></p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p><blockquote>在合并后的九年里，美国财政部也遭受了伯克希尔的麻烦。总而言之，该公司在此期间仅向政府缴纳了 337,359 美元的所得税——每天可怜的 100 美元。</blockquote></p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p><blockquote>1965年初，情况发生了变化。伯克希尔安装了新的管理层，重新部署了可用现金，并将基本上所有收益引导到各种良好的业务中，其中大多数业务多年来一直保持良好。将收益再投资与复利的力量相结合，发挥了它的魔力，股东也因此繁荣起来。</blockquote></p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p><blockquote>值得注意的是，伯克希尔的所有者并不是这一路线调整的唯一受益者。他们的 “沉默伙伴 ”美国财政部接着向该公司收取了数百亿美元的所得税。还记得每天100美元吗？现在，伯克希尔每天向财政部支付大约900万美元。</blockquote></p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p><blockquote>公平地说，我们的股东应该承认--实际上是大肆宣扬--伯克希尔的繁荣之所以能得到极大的促进，是因为该公司在美国开展业务。如果没有伯克希尔，我们的国家在1965年以来的几年里会做得很好。然而，如果没有我们的美国大本营，伯克希尔永远不会成为今天的样子。当你看到旗帜时，说谢谢。</blockquote></p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p><blockquote>- 自 1967 年斥资 860 万美元购买国家赔偿以来，伯克希尔已成为保险 “浮动 ”领域的全球领导者--我们持有并可以投资但不属于我们的资金。包括来自人寿保险的相对较少的资金在内，伯克希尔的总流通股已从我们进入保险业务时的 1900 万美元增长到 1470 亿美元。</blockquote></p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p><blockquote>到目前为止，这个花车花了我们很少的钱。尽管我们经历了几年保险损失加上运营费用超过保费的情况，但总体而言，我们从产生流通量的承保活动中赚取了 55 年的适度利润。</blockquote></p><p></p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p><blockquote>同样重要的是，浮动非常粘。我们保险业务的资金每天来来去去，但其总额不会急剧下降。因此，当谈到投资流通股时，我们可以考虑长远。</blockquote></p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p><blockquote>如果您还不熟悉浮动的概念，我向您推荐A-5页上的详细解释。令我惊讶的是，去年我们的流通股增加了 90 亿美元，这一价值的增加对伯克希尔公司的所有者来说非常重要，但并没有反映在我们的 GAAP（“公认会计准则”）收益和净资产列报中。</blockquote></p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p><blockquote>我们在保险业创造的巨大价值很大程度上要归功于伯克希尔在 1986 年聘请阿吉特-贾恩（Ajit Jain）时的好运。我们第一次见面是在一个周六的早晨，我很快问阿吉特他的保险经历如何。他回答说：“没有。”</blockquote></p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p><blockquote>我说 “人无完人”，然后雇佣了他。那是我的幸运日：阿吉特实际上是一个完美的选择。更好的是，35年后，他仍然如此。</blockquote></p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p><blockquote>关于保险的最后一点想法： 我相信，伯克希尔的流通量很有可能--但还远未得到保证--能够维持，而我们不会遭受长期承保损失。然而，我确信，在某些年份，我们会经历这样的损失，也许涉及非常大的金额。</blockquote></p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><p><blockquote>伯克希尔在处理灾难性事件方面是其他保险公司无法比拟的——在查理和我离开后很长一段时间内，这一优先事项仍将存在。</blockquote></p><p><h2>Our Four Giants</h2>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p><blockquote><h2>我们的四大巨头</h2>通过伯克希尔，我们的股东拥有数十家企业。其中一些反过来又有自己的子公司集合。例如，Marmon 拥有 100 多项独立业务，从火车车厢租赁到医疗设备制造。</blockquote></p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p><blockquote>- 尽管如此，我们的 “四大 ”公司的运营还是占伯克希尔公司价值的很大一部分。位居榜首的是我们的保险公司集群。伯克希尔实际上拥有该集团 100% 的股份，我们前面描述了其巨大的流通股价值。我们为支持这些保险公司的承诺而投入的巨额资金进一步扩大了这些保险公司的投资资产。</blockquote></p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p><blockquote>保险业务是为伯克希尔定制的。产品永远不会过时，销量通常会随着经济增长和通货膨胀而增加。此外，诚信和资本将永远很重要。我们公司能够而且将会表现良好。</blockquote></p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p><blockquote>当然，还有其他保险公司拥有出色的商业模式和前景。然而，复制伯克希尔的业务几乎是不可能的。</blockquote></p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p><blockquote>- 苹果--按年终市值衡量，我们的亚军巨头--是一种不同类型的控股。在这里，我们的所有权仅为 5.55%，高于一年前的 5.39%。这个增长听起来像小土豆。但考虑到苹果 2021 年收益的每 0.1% 就相当于 1 亿美元。我们没有花费伯克希尔基金来获得我们的增值。苹果的回购起到了作用。</blockquote></p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p><blockquote>重要的是要明白，伯克希尔的 GAAP 收益报告中只计算了苹果的股息--去年，苹果支付了其中的 7.85 亿美元。然而，我们在苹果收益中的 “份额 ”却达到了惊人的 56 亿美元。该公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。苹果出色的首席执行官蒂姆-库克（Tim Cook）非常正确地将苹果产品的用户视为自己的初恋，但他的所有其他支持者也都受益于蒂姆的管理风格。</blockquote></p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p><blockquote>- 我们的第三大巨头 BNSF 仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。如果 BNSF 运输的许多必需品改用卡车运输，美国的碳排放量将会飙升。</blockquote></p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p><blockquote>你们的铁路在2021年的收入达到了创纪录的60亿美元。这里，应该指出的是，我们谈论的是我们所青睐的老式收益：在利息、税收、折旧、摊销和所有形式的补偿之后计算的数字。（我们的定义暗示了一个警告：随着股市上涨，欺骗性的盈利“调整”——用一个礼貌的描述——变得越来越频繁，也越来越离谱。说得不那么礼貌一点，我想说牛市滋生了虚张声势的牛市）</blockquote></p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p><blockquote>BNSF列车去年行驶了1.43亿英里，运载了5.35亿吨货物。这两项成就都远远超过了任何其他美国航空公司。你可以为你的铁路感到骄傲。</blockquote></p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p><blockquote>- 我们的最后一家巨头 BHE 在 2021 年创下了 40 亿美元的收入。这比伯克希尔在 2000 年（伯克希尔首次购买 BHE 股份的那一年）获得的 1.22 亿美元增长了 30 多倍。现在，伯克希尔拥有该公司91.1%的股份。</blockquote></p><p></p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p><blockquote>BHE 的社会成就记录与其财务业绩一样引人注目。2000年，该公司没有风能或太阳能发电。当时，它被简单地视为庞大的电力公用事业行业中一个相对较新且次要的参与者。随后，在大卫-索科尔（David Sokol）和格雷格-阿贝尔（Greg Abel）的领导下，BHE 已成为一家公用事业巨头（请不要抱怨），并成为美国大部分地区风能、太阳能和输电领域的主导力量。</blockquote></p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p><blockquote>格雷格关于这些成就的报告刊登在 A-3 和 A-4 页。您将在那里找到的个人资料绝不是目前流行的 “洗绿 ”故事之一。自2007年以来，BHE每年都忠实地详细介绍其在可再生能源和输电方面的计划和绩效。</blockquote></p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><p><blockquote>如需进一步查看此信息，请访问 BHE 网站 brkenergy.com。在那里，你会看到该公司长期以来一直在采取具有气候意识的举措，吸收了其所有收益。更多的机会就在前方。BHE拥有我国所需的大型电力项目的管理、经验、资金和胃口。</blockquote></p><p><h2>Investments</h2>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><blockquote><h2>投资</h2>现在让我们来谈谈我们无法控制的公司，这份名单再次提到了苹果。下面我们列出了我们持有的 15 只最大的股票，其中几只是伯克希尔的两位长期投资经理托德-库姆斯（Todd Combs）和泰德-韦施勒（Ted Weschler）的精选股票。年底时，这对估值对拥有 340 亿美元投资的总权限，其中许多投资不符合我们在表格中使用的阈值。此外，托德和泰德管理的很大一部分资金存放在伯克希尔旗下企业的各种养老金计划中，这些计划的资产不包括在本表中。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p><blockquote>*这是我们的实际购买价格，也是我们的税基。</blockquote></p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p><blockquote>**由BHE持有；因此，伯克希尔股东仅持有该职位 91.1% 的权益。</blockquote></p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p><blockquote>*** 包括对西方石油公司 100 亿美元的投资，包括优先股和购买普通股的认股权证，目前这一组合的价值为 107 亿美元。</blockquote></p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p><blockquote>除了脚注中的西方石油控股公司（Occidental holding）和我们的各种普通股头寸外，伯克希尔还拥有卡夫亨氏 26.6% 的权益（按 “权益 ”法而非市值入账，账面价值 131 亿美元）和 Pilot Corp. 38.6% 的权益，Pilot Corp.</blockquote></p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><p><blockquote>自我们于 2017 年购买试点股份以来，该持股已获得 “权益 ”会计处理。2023 年初，伯克希尔将购买 Pilot 的额外权益，这将使我们的所有权提高到 80%，并使我们在财务报表中全面合并 Pilot 的收益、资产和负债。</blockquote></p><p><h2>U.S. Treasury Bills</h2>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p><blockquote><h2>美国国库券</h2>伯克希尔的资产负债表包括 1440 亿美元的现金和现金等价物（不包括持有的 BNSF 和 BHE）。其中，1200亿美元持有美国国库券，全部到期时间不到一年。这笔股份使伯克希尔哈撒韦公司能够为大约 1% 的公开持有国债提供融资。</blockquote></p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><p><blockquote>查理和我承诺，伯克希尔（以及我们除 BNSF 和 BHE 以外的子公司）将始终持有超过 300 亿美元的现金和等价物。我们希望你的公司在经济上坚不可摧，永远不要依赖陌生人（甚至朋友）的善意。我们都喜欢睡个好觉，我们希望我们的债权人、保险索赔人和你也能这样做。</blockquote></p><p><h2>But $144 billion?</h2>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p><blockquote><h2>但是1440亿美元？</h2>我向你保证，这笔巨款并不是爱国主义的疯狂表达。查理和我也没有失去对企业所有权的压倒性偏好。事实上，我第一次表现出对此的热情是在 80 年前的 1942 年 3 月 11 日，当时我购买了三股城市服务优先股。他们的费用是114.75美元，需要我所有的积蓄。（道琼斯工业平均指数当天收于99点，这一事实应该让你尖叫：永远不要押注美国。）</blockquote></p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p><blockquote>在我最初的暴跌之后，我总是将至少80%的净资产保留在股票上。在那段时间里，我的支持率是100%，现在仍然是。伯克希尔目前在企业中占据80%左右的份额，是因为我找不到符合我们长期持股标准的整个公司或其中一小部分公司（即有价证券）。</blockquote></p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><p><blockquote>查理和我过去也不时经历过类似的现金密集型头寸。这些时期从来都不是愉快的；它们也从来都不是永久的。幸运的是，我们在2020年和2021年有一个略有吸引力的替代方案来部署资本。继续读下去。</blockquote></p><p></p><p><h2>Share Repurchases</h2>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p><blockquote><h2>股份购回</h2>我们可以通过三种方式增加您的投资价值。第一个始终是我们最关心的问题： 通过内部增长或收购来提高伯克希尔控股企业的长期盈利能力。如今，内部机会比收购带来的回报要好得多。然而，与伯克希尔的资源相比，这些机会的规模很小。</blockquote></p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p><blockquote>我们的第二个选择是购买许多公开交易的优秀或伟大企业的非控股权。有时，这样的可能性既众多又极具吸引力。然而今天，我们很少发现让我们兴奋的事情。</blockquote></p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p><blockquote>这在很大程度上是因为一个不言而喻的事实：长期低利率会推高所有生产性投资的价格，无论是股票、公寓、农场、油井还是其他投资。其他因素也会影响估值，但利率始终很重要。</blockquote></p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p><blockquote>我们创造价值的最终途径是回购伯克希尔股票。通过这一简单的行为，我们增加了您在伯克希尔拥有的许多受控和非受控企业中的份额。当价格/价值方程正确时，这条路径是我们增加您财富的最简单、最确定的方法。（除了继续股东的价值增加外，其他几个方面也受益：回购对回购股票的卖方和社会都有适度的好处。）</blockquote></p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p><blockquote>有时，随着其他途径变得没有吸引力，回购对伯克希尔的所有者来说也很有意义。因此，在过去两年中，我们回购了截至2019年底9%的流通股，总成本为517亿美元。这笔支出使得我们的持续股东拥有伯克希尔所有业务中约 10% 的股份，无论是全资（如 BNSF 和 GEICO）还是部分全资（如可口可乐和穆迪）。</blockquote></p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p><blockquote>我想强调的是，伯克希尔的回购要想有意义，我们的股票必须提供适当的价值。我们不想为其他公司的股票支付过高的价格，如果我们在收购伯克希尔时支付过高的价格，那将是对价值的破坏。截至2022年2月23日，自年底以来，我们以12亿美元的成本回购了额外的股票。我们的胃口仍然很大，但将永远取决于价格。</blockquote></p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p><blockquote>需要注意的是，由于伯克希尔的投资者基础较高，其回购机会有限。如果我们的股票被短期投机者大量持有，价格波动和交易量都会大幅增加。这种重塑将为我们提供更多通过回购创造价值的机会。尽管如此，查理和我还是更喜欢我们现有的所有者，尽管他们令人钦佩的买入并保留态度限制了长期股东从机会主义回购中获利的程度。</blockquote></p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><p><blockquote>最后，伯克希尔特有的一个容易被忽视的价值计算： 正如我们所讨论的，正确的保险 “浮动 ”对我们来说非常有价值。事实上，回购会自动增加每股 “流通量 ”的数量。在过去两年中，这一数字增长了 25%，从每股 A 股 79,387 美元增加到 99,497 美元，这是一个有意义的增长，如前所述，部分原因是回购。</blockquote></p><p><h2>A Wonderful Man and a Wonderful Business</h2>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p><blockquote><h2>一个了不起的人和一个了不起的企业</h2>去年，保罗·安德鲁斯去世了。保罗是伯克希尔位于沃思堡的子公司TTI的创始人兼首席执行官。在他的一生中——无论是在他的事业中还是在他的个人追求中——保罗悄悄地展示了查理和我钦佩的所有品质。他的故事应该被讲述。</blockquote></p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p><blockquote>1971年，保罗在通用动力公司担任采购代理时，屋顶倒塌了。在失去一份巨额国防合同后，该公司解雇了数千名员工，其中包括保罗。</blockquote></p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p><blockquote>由于他的第一个孩子即将出生，保罗决定把赌注押在自己身上，用他的500美元积蓄创办了德克萨斯电子公司（后来更名为TTI）。该公司致力于分销小型电子元件，第一年的销售额总计 112,000 美元。如今，TTI 销售超过 100 万种不同的商品，年销售额达 77 亿美元。</blockquote></p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p><blockquote>但回到2006年：63岁的保罗发现自己与家庭、工作和同事相处得很开心。但他有一个挥之不去的担忧，因为他最近目睹了一位朋友的英年早逝，以及随之而来的给这位朋友的家庭和生意带来的灾难性后果。保罗在2006年问自己，如果他意外去世，许多依赖他的人会怎么样？</blockquote></p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p><blockquote>一年来，保罗一直在纠结自己的选择。卖给竞争对手？从严格的经济角度来看，这个过程是最有意义的。毕竟，竞争对手可以设想利润丰厚的 “协同效应”--当收购方削减 TTI 的重复职能时，就能实现节省。</blockquote></p><p></p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p><blockquote>但是 . .这样的买家肯定还会保留其首席财务官、法律顾问和人力资源部门。因此，他们的TTI同类产品将被打包发送。还有啊!如果需要一个新的配送中心，收购方的家乡城市肯定会比沃斯堡更受欢迎。</blockquote></p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p><blockquote>不管经济利益如何，保罗很快得出结论，卖给竞争对手不适合他。他接下来考虑寻找一个金融买家，一个曾经被贴上杠杆收购公司标签的物种。然而，保罗知道，这样的买家会专注于 “退出策略”。谁知道会是什么呢？沉思了这一切，保罗发现自己没有兴趣把他35岁的作品交给经销商。</blockquote></p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p><blockquote>当保罗见到我时，他解释了为什么他作为买家排除了这两个选择。然后，他用比这更委婉的措辞总结了自己的困境：“经过一年的思考，我想卖给伯克希尔，因为你是唯一剩下的人了”。于是，我提出了一个提议，保罗答应了。一次会议；一份午餐；一笔交易。</blockquote></p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p><blockquote>说我们从此过上了幸福的生活是一种轻描淡写的说法。伯克希尔收购 TTI 时，该公司拥有 2,387 名员工。现在这个数字是8043。很大一部分增长发生在沃思堡及其周边地区。盈利增长了673%。</blockquote></p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p><blockquote>每年，我都会去找看涨期权·保罗，告诉他他的工资应该大幅提高。每年，他都会告诉我：“我们可以明年再谈，沃伦；我现在太忙了。”</blockquote></p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p><blockquote>格雷格-阿贝尔（Greg Abel）和我参加保罗的追悼会时，我们见到了孩子们、孙子们、老同事（包括 TTI 的第一位员工）以及伯克希尔于 2000 年收购的沃思堡一家公司的前首席执行官约翰-罗奇（John Roach）。约翰带着他的朋友保罗去了奥马哈，本能地知道我们会是一对。</blockquote></p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p><blockquote>在仪式上，格雷格和我听说了保罗默默支持的许多人和组织。他慷慨的广度是非凡的——总是致力于改善他人的生活，尤其是沃思堡的人。</blockquote></p><p>In all ways, Paul was a class act.</p><p><blockquote>在各方面，保罗都是一流的演员。</blockquote></p><p>* * * * * * * * * * * *</p><p><blockquote>**</blockquote></p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p><blockquote>好运——偶尔是非凡的运气——在伯克希尔发挥了作用。如果保罗和我没有一个共同的朋友——约翰·罗奇——TTI就不会在我们这里找到自己的家。但大量的运气仅仅是开始。TTI 很快就带领伯克希尔进行了最重要的收购。</blockquote></p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p><blockquote>每年秋天，伯克希尔的董事们都会聚集在一起，听我们的几位高管做演讲。我们有时会根据最近收购的地点来选择地点，这样董事们就可以与新子公司的首席执行官会面，并更多地了解被收购方的活动。</blockquote></p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p><blockquote>2009年秋天，我们选择了沃思堡，这样我们就可以参观TTI。当时，同样以沃思堡为家乡的BNSF是我们有价证券中的第三大持股。尽管赌注很大，但我从未去过铁路总部。</blockquote></p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p><blockquote>我的助手黛布-博萨内克（Deb Bosanek）将我们董事会的开幕晚宴安排在 10 月 22 日。与此同时，我安排当天早些时候到达，会见BNSF的首席执行官马特·罗斯，我长期以来一直钦佩他的成就。当我确定这个日期时，我并不知道我们的聚会会与 BNSF 于 22 日晚些时候发布的第三季度财报相吻合。</blockquote></p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p><blockquote>市场对铁路公司的业绩反应强烈。大衰退在第三季度全面展开，BNSF 的盈利也反映了这种衰退。经济前景也很黯淡，华尔街对铁路或其他任何事情都不友好。</blockquote></p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p><blockquote>第二天，我再次与马特见面，并建议伯克希尔为铁路公司提供一个比它作为一家上市公司所能期望的更好的长期家园。我还告诉了他伯克希尔愿意支付的最高价格。</blockquote></p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p><blockquote>马特把这个提议转达给了他的董事和顾问。忙碌的11天后，伯克希尔和BNSF宣布了一项确定的交易。在这里，我将做出一个罕见的预测： 一个世纪后，BNSF 将成为伯克希尔和我们国家的重要资产。</blockquote></p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><p><blockquote>如果不是保罗-安德鲁斯（Paul Andrews）认为伯克希尔是 TTI 的合适所在地，BNSF 的收购就不会发生。</blockquote></p><p><h2>Thanks</h2>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p><blockquote><h2>谢谢</h2>70年前，我教了我的第一堂投资课。从那时起，我几乎每年都喜欢与各个年龄段的学生一起工作，终于在 2018 年 “退休 ”了。</blockquote></p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p><blockquote>一路上，我最难缠的听众是我孙子五年级的班级。11岁的孩子们在座位上蠕动着，茫然地盯着我，直到我提到可口可乐及其著名的秘方。立刻，每个人都举起了手，我才知道《秘密》对孩子们来说就是猫薄荷。</blockquote></p><p></p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p><blockquote>教学和写作一样，帮助我发展和澄清了自己的思想。查理·评级这种现象猩猩效应：如果你和一只猩猩坐下来，仔细地向它解释你珍视的一个想法，你可能会留下一只困惑的灵长类动物，但你自己会更清楚地思考出来吗？</blockquote></p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p><blockquote>与大学生交谈要优越得多。我敦促他们在（1）这个领域找工作，（2）如果他们不需要钱，他们会选择的那种人。我承认，经济现实可能会干扰这种搜索。即便如此，我还是敦促学生们永远不要放弃追求，因为当他们找到那种工作时，他们就不再是 “工作”了。</blockquote></p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p><blockquote>在经历了一些早期的挫折后，查理和我遵循了解放的道路。我们都是从我祖父的杂货店开始的，查理是1940年，我是1942年。我们每个人都被分配了无聊的任务，而且报酬很少，绝对不是我们想要的。查理后来从事法律工作，我尝试销售证券。我们仍然无法获得工作满意度。</blockquote></p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p><blockquote>最后，在伯克希尔，我们找到了我们喜欢做的事情。除了极少数例外，我们现在已经和我们喜欢和信任的人一起“工作”了几十年。能加入保罗-安德鲁斯（Paul Andrews）或我去年告诉过你的伯克希尔家族这样的经理人，是人生中的一件乐事。在我们的家庭办公室，我们雇佣正派有才华的人——没有混蛋。平均每年可能有一个人。</blockquote></p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p><blockquote>然而，我想强调另一个项目，它将我们的工作变成工作的乐趣和满足感</blockquote></p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p><blockquote>为了你。对查理和我来说，没有什么比享受个人长期股东的信任更有意义的了，几十年来，他们一直希望我们能成为他们资金的可靠托管人。</blockquote></p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p><blockquote>显然，我们不能像合伙企业那样选择所有者。任何人今天都可以购买伯克希尔的股票，并打算很快转售。当然，我们会有一些这样的股东，就像我们会有指数基金持有大量伯克希尔股票一样，因为他们被要求这样做。</blockquote></p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p><blockquote>然而，伯克希尔公司拥有一大批个人和家庭，他们选择加入我们，其意图接近 “至死不渝 ”。通常，他们把他们积蓄的一大部分——有些人可能会说是过多的——托付给我们。</blockquote></p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p><blockquote>这些股东有时会承认，伯克希尔可能远不是他们所能做出的最佳选择。但他们会补充说，伯克希尔在他们最满意的公司中排名靠前。平均而言，对自己的投资感到满意的人会比那些被不断变化的头条新闻、闲聊和承诺所激励的人取得更好的结果。</blockquote></p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><p><blockquote>长期的个人所有者既是我和查理一直在寻找的 “合作伙伴”，也是我们在伯克希尔做决策时不断想到的合作伙伴。我们对他们说：“为你们‘工作’的感觉真好，我们感谢你们的信任”。</blockquote></p><p><h2>The Annual Meeting</h2>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p><blockquote><h2>年会</h2>清空你的日历!伯克希尔将于4月29日星期五至5月1日星期日在奥马哈举行年度资本家聚会。关于周末的细节列在A-1和A-2页上。奥马哈热切地等着你，我也是。</blockquote></p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p><blockquote>我将以推销来结束这封信。“表弟 ”吉米-巴菲特设计了一艘浮桥 “派对 ”船，目前由伯克希尔子公司森林河公司生产。这艘船将于4月29日在我们的伯克希尔廉价集市上亮相。而且，只有两天时间，股东们可以以 10% 的折扣购买吉米的杰作。你讨价还价的董事长要买一艘船给家人用。加入我。</blockquote></p><p>February 26, 2022</p><p><blockquote>2022年2月26日</blockquote></p><p>Warren E. Buffett Chairman of the Board</p><p><blockquote>沃伦·E·巴菲特董事会主席</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特年度信函全文：苹果是推动企业集团价值的 “四巨头 ”之一</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特年度信函全文：苹果是推动企业集团价值的 “四巨头 ”之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2022-02-27 09:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p><blockquote><html><head></head><body>沃伦·巴菲特周六发布了致伯克希尔·哈撒韦公司股东的年度信。这位 91 岁的投资传奇人物六十多年来一直在发表这封信，它已成为世界各地投资者的必读书目。</body></html></blockquote></p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p><blockquote>巴菲特说，他现在认为科技巨头苹果是推动伯克希尔-哈撒韦公司发展的四大支柱之一。</blockquote></p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p><blockquote>在周六发布的年度致股东信中，这位 91 岁的投资传奇人物将苹果列为 “我们的四大巨头 ”，甚至称该公司是仅次于伯克希尔保险公司集团的第二重要公司，这要归功于其首席执行官。</blockquote></p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p><blockquote>“信中写道：”苹果才华横溢的首席执行官蒂姆-库克（Tim Cook）将苹果产品的用户视为自己的初恋，但他的所有其他支持者也都受益于蒂姆的管理风格。</blockquote></p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p><blockquote>巴菲特明确表示，他是库克股票回购策略的粉丝，也是库克股票回购策略的粉丝，以及库克如何在投资者无需动一根手指的情况下，让库克集团增加对这家 iPhone 制造商每一美元收益的所有权。</blockquote></p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p><blockquote>“巴菲特在信中说：”苹果--以年终市值衡量，我们的亚军巨头--是一种不同的持股方式。在这里，我们的持股比例仅为 5.55%，高于一年前的 5.39%。“这种增长听起来就像小土豆。但考虑到苹果 2021 年收益的每 0.1% 就相当于 1 亿美元。我们没有动用伯克希尔的资金来获得我们的增值。苹果的回购做到了。”</blockquote></p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p><blockquote>在巴菲特的投资副手 Todd Combs 和 Ted Weschler 的影响下，伯克希尔于 2016 年开始购买苹果股票。到 2018 年年中，该企业集团积累了这家 iPhone 制造商 5% 的所有权，价值 360 亿美元。如今，苹果的投资价值已超过 1600 亿美元，占伯克希尔股票投资组合的 40%。</blockquote></p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p><blockquote>“重要的是要明白，在伯克希尔公司的公认会计准则收益报告中，只有苹果的股息被计算在内--去年，苹果支付了其中的 7.85 亿美元。然而，我们在苹果公司收益中的'份额'却达到了惊人的 56 亿美元。公司保留的大部分资金都用于回购苹果股票，我们对此表示赞赏，”巴菲特说。</blockquote></p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p><blockquote>伯克希尔是苹果除指数和交易所交易基金提供商之外的最大股东。</blockquote></p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p><blockquote>巴菲特还称赞他的铁路业务 BNSF 和能源部门 BHE 是该集团的另外两大巨头，这两家公司在 2021 年的盈利均创下历史新高。</blockquote></p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><blockquote>“巴菲特说：”我们的第三大巨头 BNSF 仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。“BHE 已成为美国大部分地区风能、太阳能和输电领域的公用事业巨头和领先力量”。</blockquote></p><p><b>Read the full letter here：</b></p><p><blockquote><b>点击此处阅读全文：</b></blockquote></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p><blockquote>致伯克希尔哈撒韦公司股东：</blockquote></p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p><blockquote>我的长期合作伙伴查理·芒格和我的工作是管理你的一部分积蓄。我们很荣幸能得到你的信任。</blockquote></p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p><blockquote>如果我们是缺席的所有者，而你是经理，我们有责任向你报告我们想知道的事情。我们很高兴通过这封年度信函以及年会与您直接沟通。</blockquote></p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p><blockquote>我们的政策是平等对待所有股东。因此，我们不与分析师或大型机构进行讨论。此外，只要有可能，我们还会在周六上午发布重要通讯，以便在周一开市前最大限度地让股东和媒体有时间吸收新闻。</blockquote></p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p><blockquote>伯克希尔公司定期向美国证券交易委员会提交的年度 10-K 报告中列出了大量伯克希尔的事实和数据。我们在K-1-K-119页复制了这一点。一些股东会发现这个细节引人入胜；其他人只是更喜欢了解查理和我认为伯克希尔的新事物或有趣的事物。</blockquote></p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><blockquote>唉，2021年几乎没有这样的行动。不过，我们在提高您股票的内在价值方面确实取得了合理的进展。57年来，这项任务一直是我的主要职责。并将继续如此。</blockquote></p><p><b>What You Own</b></p><p><blockquote><b>你拥有什么</b></blockquote></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p><blockquote>伯克希尔拥有各种各样的企业，有些是全部的，有些只是部分的。第二组主要由美国主要公司的可交易普通股组成。此外，我们还拥有一些非美国股票，并参与多家合资企业或其他合作活动。</blockquote></p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p><blockquote>无论我们的所有权形式如何，我们的目标都是对具有持久经济优势和一流首席执行官的企业进行有意义的投资。请特别注意，我们持有股票是基于我们对其长期业务表现的预期，而不是因为我们将其视为及时市场走势的工具。这一点至关重要：查理和我不是选股者；我们是商业挑剔者。</blockquote></p><p></p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><p><blockquote>我犯了很多错误。因此，我们广泛收集的企业包括一些真正具有非凡经济效益的企业，许多其他享有良好经济特征的企业，以及一些边缘企业。我们普通股部门的一个优势是——有时——很容易以优惠的价格购买优秀的企业。这种在谈判交易中打鱼的经历非常罕见，而且从未大规模发生。当一个错误是在可销售的舞台上犯下的，也更容易摆脱它。</blockquote></p><p><h2><b>Surprise, Surprise</b></h2>Here are a few items about your company that often surprise even seasoned investors:</p><p><blockquote><h2><b>惊喜，惊喜</b></h2>以下是有关贵公司的一些事项，即使是经验丰富的投资者也常常感到惊讶：</blockquote></p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p><blockquote>- 许多人认为伯克希尔是一个庞大且有点奇怪的金融资产集合。事实上，伯克希尔拥有和运营的美国 “基础设施 ”资产--在我们的资产负债表上被归类为房地产、厂房和设备--比任何其他美国公司拥有和运营的都要多。至高无上从来都不是我们的目标。然而，这已经成为事实。</blockquote></p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p><blockquote>截至年底，这些国内基础设施资产在伯克希尔的资产负债表上的结转价值为 1,580 亿美元。这个数字去年有所增加，并将继续增加。伯克希尔将永远在建设。</blockquote></p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p><blockquote>- 每年，您的公司都要缴纳大量的联邦所得税。例如，在2021年，我们支付了</blockquote></p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p><blockquote>33亿美元，而美国财政部报告的企业所得税收入总额为4020亿美元。此外，伯克希尔还缴纳巨额州税和外国税。伯克希尔股东提出 “我在办公室给的 ”是一句无可辩驳的断言。</blockquote></p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p><blockquote>伯克希尔的历史生动地说明了政府与美国企业之间无形且往往不被认可的金融伙伴关系。我们的故事始于 1955 年初，当时伯克希尔精纺公司和哈撒韦制造公司同意合并业务。在请求股东批准时，这些古老的新英格兰纺织公司对合并表达了很高的期望。</blockquote></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p><blockquote>例如，哈撒韦公司向股东保证，“资源和管理的结合将产生纺织行业最强大、最高效的组织之一”。这一乐观观点得到了该公司顾问雷曼兄弟（没错，就是雷曼兄弟）的认可。</blockquote></p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p><blockquote>我相信，当工会完成时，福尔里弗（伯克郡）和新贝德福德（哈撒韦）都是欢乐的一天。然而，在乐队停止演奏，银行家们回家后，股东们收获了一场灾难。</blockquote></p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p><blockquote>在合并后的九年里，伯克希尔的所有者眼睁睁地看着公司的净资产从</blockquote></p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p><blockquote>5140万美元至2210万美元。这种下降的部分原因是股票回购、不明智的股息和工厂关闭。但数千名员工九年的努力也带来了运营亏损。伯克希尔的挣扎并不罕见： 新英格兰纺织业已经悄然进入了一场旷日持久、不可逆转的死亡行军。</blockquote></p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p><blockquote>在合并后的九年里，美国财政部也遭受了伯克希尔的麻烦。总而言之，该公司在此期间仅向政府缴纳了 337,359 美元的所得税——每天可怜的 100 美元。</blockquote></p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p><blockquote>1965年初，情况发生了变化。伯克希尔安装了新的管理层，重新部署了可用现金，并将基本上所有收益引导到各种良好的业务中，其中大多数业务多年来一直保持良好。将收益再投资与复利的力量相结合，发挥了它的魔力，股东也因此繁荣起来。</blockquote></p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p><blockquote>值得注意的是，伯克希尔的所有者并不是这一路线调整的唯一受益者。他们的 “沉默伙伴 ”美国财政部接着向该公司收取了数百亿美元的所得税。还记得每天100美元吗？现在，伯克希尔每天向财政部支付大约900万美元。</blockquote></p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p><blockquote>公平地说，我们的股东应该承认--实际上是大肆宣扬--伯克希尔的繁荣之所以能得到极大的促进，是因为该公司在美国开展业务。如果没有伯克希尔，我们的国家在1965年以来的几年里会做得很好。然而，如果没有我们的美国大本营，伯克希尔永远不会成为今天的样子。当你看到旗帜时，说谢谢。</blockquote></p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p><blockquote>- 自 1967 年斥资 860 万美元购买国家赔偿以来，伯克希尔已成为保险 “浮动 ”领域的全球领导者--我们持有并可以投资但不属于我们的资金。包括来自人寿保险的相对较少的资金在内，伯克希尔的总流通股已从我们进入保险业务时的 1900 万美元增长到 1470 亿美元。</blockquote></p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p><blockquote>到目前为止，这个花车花了我们很少的钱。尽管我们经历了几年保险损失加上运营费用超过保费的情况，但总体而言，我们从产生流通量的承保活动中赚取了 55 年的适度利润。</blockquote></p><p></p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p><blockquote>同样重要的是，浮动非常粘。我们保险业务的资金每天来来去去，但其总额不会急剧下降。因此，当谈到投资流通股时，我们可以考虑长远。</blockquote></p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p><blockquote>如果您还不熟悉浮动的概念，我向您推荐A-5页上的详细解释。令我惊讶的是，去年我们的流通股增加了 90 亿美元，这一价值的增加对伯克希尔公司的所有者来说非常重要，但并没有反映在我们的 GAAP（“公认会计准则”）收益和净资产列报中。</blockquote></p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p><blockquote>我们在保险业创造的巨大价值很大程度上要归功于伯克希尔在 1986 年聘请阿吉特-贾恩（Ajit Jain）时的好运。我们第一次见面是在一个周六的早晨，我很快问阿吉特他的保险经历如何。他回答说：“没有。”</blockquote></p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p><blockquote>我说 “人无完人”，然后雇佣了他。那是我的幸运日：阿吉特实际上是一个完美的选择。更好的是，35年后，他仍然如此。</blockquote></p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p><blockquote>关于保险的最后一点想法： 我相信，伯克希尔的流通量很有可能--但还远未得到保证--能够维持，而我们不会遭受长期承保损失。然而，我确信，在某些年份，我们会经历这样的损失，也许涉及非常大的金额。</blockquote></p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><p><blockquote>伯克希尔在处理灾难性事件方面是其他保险公司无法比拟的——在查理和我离开后很长一段时间内，这一优先事项仍将存在。</blockquote></p><p><h2>Our Four Giants</h2>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p><blockquote><h2>我们的四大巨头</h2>通过伯克希尔，我们的股东拥有数十家企业。其中一些反过来又有自己的子公司集合。例如，Marmon 拥有 100 多项独立业务，从火车车厢租赁到医疗设备制造。</blockquote></p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p><blockquote>- 尽管如此，我们的 “四大 ”公司的运营还是占伯克希尔公司价值的很大一部分。位居榜首的是我们的保险公司集群。伯克希尔实际上拥有该集团 100% 的股份，我们前面描述了其巨大的流通股价值。我们为支持这些保险公司的承诺而投入的巨额资金进一步扩大了这些保险公司的投资资产。</blockquote></p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p><blockquote>保险业务是为伯克希尔定制的。产品永远不会过时，销量通常会随着经济增长和通货膨胀而增加。此外，诚信和资本将永远很重要。我们公司能够而且将会表现良好。</blockquote></p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p><blockquote>当然，还有其他保险公司拥有出色的商业模式和前景。然而，复制伯克希尔的业务几乎是不可能的。</blockquote></p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p><blockquote>- 苹果--按年终市值衡量，我们的亚军巨头--是一种不同类型的控股。在这里，我们的所有权仅为 5.55%，高于一年前的 5.39%。这个增长听起来像小土豆。但考虑到苹果 2021 年收益的每 0.1% 就相当于 1 亿美元。我们没有花费伯克希尔基金来获得我们的增值。苹果的回购起到了作用。</blockquote></p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p><blockquote>重要的是要明白，伯克希尔的 GAAP 收益报告中只计算了苹果的股息--去年，苹果支付了其中的 7.85 亿美元。然而，我们在苹果收益中的 “份额 ”却达到了惊人的 56 亿美元。该公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。苹果出色的首席执行官蒂姆-库克（Tim Cook）非常正确地将苹果产品的用户视为自己的初恋，但他的所有其他支持者也都受益于蒂姆的管理风格。</blockquote></p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p><blockquote>- 我们的第三大巨头 BNSF 仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。如果 BNSF 运输的许多必需品改用卡车运输，美国的碳排放量将会飙升。</blockquote></p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p><blockquote>你们的铁路在2021年的收入达到了创纪录的60亿美元。这里，应该指出的是，我们谈论的是我们所青睐的老式收益：在利息、税收、折旧、摊销和所有形式的补偿之后计算的数字。（我们的定义暗示了一个警告：随着股市上涨，欺骗性的盈利“调整”——用一个礼貌的描述——变得越来越频繁，也越来越离谱。说得不那么礼貌一点，我想说牛市滋生了虚张声势的牛市）</blockquote></p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p><blockquote>BNSF列车去年行驶了1.43亿英里，运载了5.35亿吨货物。这两项成就都远远超过了任何其他美国航空公司。你可以为你的铁路感到骄傲。</blockquote></p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p><blockquote>- 我们的最后一家巨头 BHE 在 2021 年创下了 40 亿美元的收入。这比伯克希尔在 2000 年（伯克希尔首次购买 BHE 股份的那一年）获得的 1.22 亿美元增长了 30 多倍。现在，伯克希尔拥有该公司91.1%的股份。</blockquote></p><p></p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p><blockquote>BHE 的社会成就记录与其财务业绩一样引人注目。2000年，该公司没有风能或太阳能发电。当时，它被简单地视为庞大的电力公用事业行业中一个相对较新且次要的参与者。随后，在大卫-索科尔（David Sokol）和格雷格-阿贝尔（Greg Abel）的领导下，BHE 已成为一家公用事业巨头（请不要抱怨），并成为美国大部分地区风能、太阳能和输电领域的主导力量。</blockquote></p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p><blockquote>格雷格关于这些成就的报告刊登在 A-3 和 A-4 页。您将在那里找到的个人资料绝不是目前流行的 “洗绿 ”故事之一。自2007年以来，BHE每年都忠实地详细介绍其在可再生能源和输电方面的计划和绩效。</blockquote></p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><p><blockquote>如需进一步查看此信息，请访问 BHE 网站 brkenergy.com。在那里，你会看到该公司长期以来一直在采取具有气候意识的举措，吸收了其所有收益。更多的机会就在前方。BHE拥有我国所需的大型电力项目的管理、经验、资金和胃口。</blockquote></p><p><h2>Investments</h2>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><blockquote><h2>投资</h2>现在让我们来谈谈我们无法控制的公司，这份名单再次提到了苹果。下面我们列出了我们持有的 15 只最大的股票，其中几只是伯克希尔的两位长期投资经理托德-库姆斯（Todd Combs）和泰德-韦施勒（Ted Weschler）的精选股票。年底时，这对估值对拥有 340 亿美元投资的总权限，其中许多投资不符合我们在表格中使用的阈值。此外，托德和泰德管理的很大一部分资金存放在伯克希尔旗下企业的各种养老金计划中，这些计划的资产不包括在本表中。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p><blockquote>*这是我们的实际购买价格，也是我们的税基。</blockquote></p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p><blockquote>**由BHE持有；因此，伯克希尔股东仅持有该职位 91.1% 的权益。</blockquote></p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p><blockquote>*** 包括对西方石油公司 100 亿美元的投资，包括优先股和购买普通股的认股权证，目前这一组合的价值为 107 亿美元。</blockquote></p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p><blockquote>除了脚注中的西方石油控股公司（Occidental holding）和我们的各种普通股头寸外，伯克希尔还拥有卡夫亨氏 26.6% 的权益（按 “权益 ”法而非市值入账，账面价值 131 亿美元）和 Pilot Corp. 38.6% 的权益，Pilot Corp.</blockquote></p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><p><blockquote>自我们于 2017 年购买试点股份以来，该持股已获得 “权益 ”会计处理。2023 年初，伯克希尔将购买 Pilot 的额外权益，这将使我们的所有权提高到 80%，并使我们在财务报表中全面合并 Pilot 的收益、资产和负债。</blockquote></p><p><h2>U.S. Treasury Bills</h2>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p><blockquote><h2>美国国库券</h2>伯克希尔的资产负债表包括 1440 亿美元的现金和现金等价物（不包括持有的 BNSF 和 BHE）。其中，1200亿美元持有美国国库券，全部到期时间不到一年。这笔股份使伯克希尔哈撒韦公司能够为大约 1% 的公开持有国债提供融资。</blockquote></p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><p><blockquote>查理和我承诺，伯克希尔（以及我们除 BNSF 和 BHE 以外的子公司）将始终持有超过 300 亿美元的现金和等价物。我们希望你的公司在经济上坚不可摧，永远不要依赖陌生人（甚至朋友）的善意。我们都喜欢睡个好觉，我们希望我们的债权人、保险索赔人和你也能这样做。</blockquote></p><p><h2>But $144 billion?</h2>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p><blockquote><h2>但是1440亿美元？</h2>我向你保证，这笔巨款并不是爱国主义的疯狂表达。查理和我也没有失去对企业所有权的压倒性偏好。事实上，我第一次表现出对此的热情是在 80 年前的 1942 年 3 月 11 日，当时我购买了三股城市服务优先股。他们的费用是114.75美元，需要我所有的积蓄。（道琼斯工业平均指数当天收于99点，这一事实应该让你尖叫：永远不要押注美国。）</blockquote></p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p><blockquote>在我最初的暴跌之后，我总是将至少80%的净资产保留在股票上。在那段时间里，我的支持率是100%，现在仍然是。伯克希尔目前在企业中占据80%左右的份额，是因为我找不到符合我们长期持股标准的整个公司或其中一小部分公司（即有价证券）。</blockquote></p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><p><blockquote>查理和我过去也不时经历过类似的现金密集型头寸。这些时期从来都不是愉快的；它们也从来都不是永久的。幸运的是，我们在2020年和2021年有一个略有吸引力的替代方案来部署资本。继续读下去。</blockquote></p><p></p><p><h2>Share Repurchases</h2>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p><blockquote><h2>股份购回</h2>我们可以通过三种方式增加您的投资价值。第一个始终是我们最关心的问题： 通过内部增长或收购来提高伯克希尔控股企业的长期盈利能力。如今，内部机会比收购带来的回报要好得多。然而，与伯克希尔的资源相比，这些机会的规模很小。</blockquote></p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p><blockquote>我们的第二个选择是购买许多公开交易的优秀或伟大企业的非控股权。有时，这样的可能性既众多又极具吸引力。然而今天，我们很少发现让我们兴奋的事情。</blockquote></p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p><blockquote>这在很大程度上是因为一个不言而喻的事实：长期低利率会推高所有生产性投资的价格，无论是股票、公寓、农场、油井还是其他投资。其他因素也会影响估值，但利率始终很重要。</blockquote></p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p><blockquote>我们创造价值的最终途径是回购伯克希尔股票。通过这一简单的行为，我们增加了您在伯克希尔拥有的许多受控和非受控企业中的份额。当价格/价值方程正确时，这条路径是我们增加您财富的最简单、最确定的方法。（除了继续股东的价值增加外，其他几个方面也受益：回购对回购股票的卖方和社会都有适度的好处。）</blockquote></p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p><blockquote>有时，随着其他途径变得没有吸引力，回购对伯克希尔的所有者来说也很有意义。因此，在过去两年中，我们回购了截至2019年底9%的流通股，总成本为517亿美元。这笔支出使得我们的持续股东拥有伯克希尔所有业务中约 10% 的股份，无论是全资（如 BNSF 和 GEICO）还是部分全资（如可口可乐和穆迪）。</blockquote></p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p><blockquote>我想强调的是，伯克希尔的回购要想有意义，我们的股票必须提供适当的价值。我们不想为其他公司的股票支付过高的价格，如果我们在收购伯克希尔时支付过高的价格，那将是对价值的破坏。截至2022年2月23日，自年底以来，我们以12亿美元的成本回购了额外的股票。我们的胃口仍然很大，但将永远取决于价格。</blockquote></p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p><blockquote>需要注意的是，由于伯克希尔的投资者基础较高，其回购机会有限。如果我们的股票被短期投机者大量持有，价格波动和交易量都会大幅增加。这种重塑将为我们提供更多通过回购创造价值的机会。尽管如此，查理和我还是更喜欢我们现有的所有者，尽管他们令人钦佩的买入并保留态度限制了长期股东从机会主义回购中获利的程度。</blockquote></p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><p><blockquote>最后，伯克希尔特有的一个容易被忽视的价值计算： 正如我们所讨论的，正确的保险 “浮动 ”对我们来说非常有价值。事实上，回购会自动增加每股 “流通量 ”的数量。在过去两年中，这一数字增长了 25%，从每股 A 股 79,387 美元增加到 99,497 美元，这是一个有意义的增长，如前所述，部分原因是回购。</blockquote></p><p><h2>A Wonderful Man and a Wonderful Business</h2>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p><blockquote><h2>一个了不起的人和一个了不起的企业</h2>去年，保罗·安德鲁斯去世了。保罗是伯克希尔位于沃思堡的子公司TTI的创始人兼首席执行官。在他的一生中——无论是在他的事业中还是在他的个人追求中——保罗悄悄地展示了查理和我钦佩的所有品质。他的故事应该被讲述。</blockquote></p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p><blockquote>1971年，保罗在通用动力公司担任采购代理时，屋顶倒塌了。在失去一份巨额国防合同后，该公司解雇了数千名员工，其中包括保罗。</blockquote></p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p><blockquote>由于他的第一个孩子即将出生，保罗决定把赌注押在自己身上，用他的500美元积蓄创办了德克萨斯电子公司（后来更名为TTI）。该公司致力于分销小型电子元件，第一年的销售额总计 112,000 美元。如今，TTI 销售超过 100 万种不同的商品，年销售额达 77 亿美元。</blockquote></p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p><blockquote>但回到2006年：63岁的保罗发现自己与家庭、工作和同事相处得很开心。但他有一个挥之不去的担忧，因为他最近目睹了一位朋友的英年早逝，以及随之而来的给这位朋友的家庭和生意带来的灾难性后果。保罗在2006年问自己，如果他意外去世，许多依赖他的人会怎么样？</blockquote></p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p><blockquote>一年来，保罗一直在纠结自己的选择。卖给竞争对手？从严格的经济角度来看，这个过程是最有意义的。毕竟，竞争对手可以设想利润丰厚的 “协同效应”--当收购方削减 TTI 的重复职能时，就能实现节省。</blockquote></p><p></p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p><blockquote>但是 . .这样的买家肯定还会保留其首席财务官、法律顾问和人力资源部门。因此，他们的TTI同类产品将被打包发送。还有啊!如果需要一个新的配送中心，收购方的家乡城市肯定会比沃斯堡更受欢迎。</blockquote></p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p><blockquote>不管经济利益如何，保罗很快得出结论，卖给竞争对手不适合他。他接下来考虑寻找一个金融买家，一个曾经被贴上杠杆收购公司标签的物种。然而，保罗知道，这样的买家会专注于 “退出策略”。谁知道会是什么呢？沉思了这一切，保罗发现自己没有兴趣把他35岁的作品交给经销商。</blockquote></p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p><blockquote>当保罗见到我时，他解释了为什么他作为买家排除了这两个选择。然后，他用比这更委婉的措辞总结了自己的困境：“经过一年的思考，我想卖给伯克希尔，因为你是唯一剩下的人了”。于是，我提出了一个提议，保罗答应了。一次会议；一份午餐；一笔交易。</blockquote></p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p><blockquote>说我们从此过上了幸福的生活是一种轻描淡写的说法。伯克希尔收购 TTI 时，该公司拥有 2,387 名员工。现在这个数字是8043。很大一部分增长发生在沃思堡及其周边地区。盈利增长了673%。</blockquote></p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p><blockquote>每年，我都会去找看涨期权·保罗，告诉他他的工资应该大幅提高。每年，他都会告诉我：“我们可以明年再谈，沃伦；我现在太忙了。”</blockquote></p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p><blockquote>格雷格-阿贝尔（Greg Abel）和我参加保罗的追悼会时，我们见到了孩子们、孙子们、老同事（包括 TTI 的第一位员工）以及伯克希尔于 2000 年收购的沃思堡一家公司的前首席执行官约翰-罗奇（John Roach）。约翰带着他的朋友保罗去了奥马哈，本能地知道我们会是一对。</blockquote></p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p><blockquote>在仪式上，格雷格和我听说了保罗默默支持的许多人和组织。他慷慨的广度是非凡的——总是致力于改善他人的生活，尤其是沃思堡的人。</blockquote></p><p>In all ways, Paul was a class act.</p><p><blockquote>在各方面，保罗都是一流的演员。</blockquote></p><p>* * * * * * * * * * * *</p><p><blockquote>**</blockquote></p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p><blockquote>好运——偶尔是非凡的运气——在伯克希尔发挥了作用。如果保罗和我没有一个共同的朋友——约翰·罗奇——TTI就不会在我们这里找到自己的家。但大量的运气仅仅是开始。TTI 很快就带领伯克希尔进行了最重要的收购。</blockquote></p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p><blockquote>每年秋天，伯克希尔的董事们都会聚集在一起，听我们的几位高管做演讲。我们有时会根据最近收购的地点来选择地点，这样董事们就可以与新子公司的首席执行官会面，并更多地了解被收购方的活动。</blockquote></p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p><blockquote>2009年秋天，我们选择了沃思堡，这样我们就可以参观TTI。当时，同样以沃思堡为家乡的BNSF是我们有价证券中的第三大持股。尽管赌注很大，但我从未去过铁路总部。</blockquote></p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p><blockquote>我的助手黛布-博萨内克（Deb Bosanek）将我们董事会的开幕晚宴安排在 10 月 22 日。与此同时，我安排当天早些时候到达，会见BNSF的首席执行官马特·罗斯，我长期以来一直钦佩他的成就。当我确定这个日期时，我并不知道我们的聚会会与 BNSF 于 22 日晚些时候发布的第三季度财报相吻合。</blockquote></p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p><blockquote>市场对铁路公司的业绩反应强烈。大衰退在第三季度全面展开，BNSF 的盈利也反映了这种衰退。经济前景也很黯淡，华尔街对铁路或其他任何事情都不友好。</blockquote></p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p><blockquote>第二天，我再次与马特见面，并建议伯克希尔为铁路公司提供一个比它作为一家上市公司所能期望的更好的长期家园。我还告诉了他伯克希尔愿意支付的最高价格。</blockquote></p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p><blockquote>马特把这个提议转达给了他的董事和顾问。忙碌的11天后，伯克希尔和BNSF宣布了一项确定的交易。在这里，我将做出一个罕见的预测： 一个世纪后，BNSF 将成为伯克希尔和我们国家的重要资产。</blockquote></p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><p><blockquote>如果不是保罗-安德鲁斯（Paul Andrews）认为伯克希尔是 TTI 的合适所在地，BNSF 的收购就不会发生。</blockquote></p><p><h2>Thanks</h2>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p><blockquote><h2>谢谢</h2>70年前，我教了我的第一堂投资课。从那时起，我几乎每年都喜欢与各个年龄段的学生一起工作，终于在 2018 年 “退休 ”了。</blockquote></p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p><blockquote>一路上，我最难缠的听众是我孙子五年级的班级。11岁的孩子们在座位上蠕动着，茫然地盯着我，直到我提到可口可乐及其著名的秘方。立刻，每个人都举起了手，我才知道《秘密》对孩子们来说就是猫薄荷。</blockquote></p><p></p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p><blockquote>教学和写作一样，帮助我发展和澄清了自己的思想。查理·评级这种现象猩猩效应：如果你和一只猩猩坐下来，仔细地向它解释你珍视的一个想法，你可能会留下一只困惑的灵长类动物，但你自己会更清楚地思考出来吗？</blockquote></p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p><blockquote>与大学生交谈要优越得多。我敦促他们在（1）这个领域找工作，（2）如果他们不需要钱，他们会选择的那种人。我承认，经济现实可能会干扰这种搜索。即便如此，我还是敦促学生们永远不要放弃追求，因为当他们找到那种工作时，他们就不再是 “工作”了。</blockquote></p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p><blockquote>在经历了一些早期的挫折后，查理和我遵循了解放的道路。我们都是从我祖父的杂货店开始的，查理是1940年，我是1942年。我们每个人都被分配了无聊的任务，而且报酬很少，绝对不是我们想要的。查理后来从事法律工作，我尝试销售证券。我们仍然无法获得工作满意度。</blockquote></p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p><blockquote>最后，在伯克希尔，我们找到了我们喜欢做的事情。除了极少数例外，我们现在已经和我们喜欢和信任的人一起“工作”了几十年。能加入保罗-安德鲁斯（Paul Andrews）或我去年告诉过你的伯克希尔家族这样的经理人，是人生中的一件乐事。在我们的家庭办公室，我们雇佣正派有才华的人——没有混蛋。平均每年可能有一个人。</blockquote></p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p><blockquote>然而，我想强调另一个项目，它将我们的工作变成工作的乐趣和满足感</blockquote></p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p><blockquote>为了你。对查理和我来说，没有什么比享受个人长期股东的信任更有意义的了，几十年来，他们一直希望我们能成为他们资金的可靠托管人。</blockquote></p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p><blockquote>显然，我们不能像合伙企业那样选择所有者。任何人今天都可以购买伯克希尔的股票，并打算很快转售。当然，我们会有一些这样的股东，就像我们会有指数基金持有大量伯克希尔股票一样，因为他们被要求这样做。</blockquote></p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p><blockquote>然而，伯克希尔公司拥有一大批个人和家庭，他们选择加入我们，其意图接近 “至死不渝 ”。通常，他们把他们积蓄的一大部分——有些人可能会说是过多的——托付给我们。</blockquote></p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p><blockquote>这些股东有时会承认，伯克希尔可能远不是他们所能做出的最佳选择。但他们会补充说，伯克希尔在他们最满意的公司中排名靠前。平均而言，对自己的投资感到满意的人会比那些被不断变化的头条新闻、闲聊和承诺所激励的人取得更好的结果。</blockquote></p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><p><blockquote>长期的个人所有者既是我和查理一直在寻找的 “合作伙伴”，也是我们在伯克希尔做决策时不断想到的合作伙伴。我们对他们说：“为你们‘工作’的感觉真好，我们感谢你们的信任”。</blockquote></p><p><h2>The Annual Meeting</h2>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p><blockquote><h2>年会</h2>清空你的日历!伯克希尔将于4月29日星期五至5月1日星期日在奥马哈举行年度资本家聚会。关于周末的细节列在A-1和A-2页上。奥马哈热切地等着你，我也是。</blockquote></p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p><blockquote>我将以推销来结束这封信。“表弟 ”吉米-巴菲特设计了一艘浮桥 “派对 ”船，目前由伯克希尔子公司森林河公司生产。这艘船将于4月29日在我们的伯克希尔廉价集市上亮相。而且，只有两天时间，股东们可以以 10% 的折扣购买吉米的杰作。你讨价还价的董事长要买一艘船给家人用。加入我。</blockquote></p><p>February 26, 2022</p><p><blockquote>2022年2月26日</blockquote></p><p>Warren E. Buffett Chairman of the Board</p><p><blockquote>沃伦·E·巴菲特董事会主席</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":4480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":636380200,"gmtCreate":1645675289308,"gmtModify":1645675289527,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/636380200","repostId":"2213091531","repostType":4,"isVote":1,"tweetType":1,"viewCount":3890,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":636034323,"gmtCreate":1645580864300,"gmtModify":1645580864560,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/636034323","repostId":"1115377629","repostType":4,"isVote":1,"tweetType":1,"viewCount":4675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":638483390,"gmtCreate":1645494404347,"gmtModify":1645494404592,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/638483390","repostId":"1132983285","repostType":4,"repost":{"id":"1132983285","kind":"news","pubTimestamp":1645484848,"share":"https://www.laohunote.com/m/news/1132983285?lang=zh_CN&edition=full","pubTime":"2022-02-22 07:07","market":"us","language":"en","title":"Moderna, Alibaba, Coinbase, Home Depot, Etsy, and Other Stocks to Watch This Week<blockquote>Moderna、阿里巴巴-SW、Coinbase、家得宝、Etsy 和本周值得关注的其他股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132983285","media":"Barron's","summary":"U.S. stock and bond markets will be closed for Presidents Day on Monday. Fourth-quarter earning seas","content":"<p><html><head></head><body>U.S. stock and bond markets will be closed for Presidents Day on Monday. Fourth-quarter earning season resumes when Wall Street returns, with results from Agilent Technologies, Home Depot, and Medtronic on Tuesday. On Wednesday, Booking Holdings, eBay, Lowe’s, Stellantis, and TJX report.</p><p><blockquote><html><head></head><body>美国股市和债券市场将于周一总统日休市。随着华尔街回归，第四季度财报季恢复，安捷伦科技、家得宝和美敦力将于周二公布业绩。本周三，Booking Holdings、eBay、Lowe's、Stellantis 和 TJX 将发布报告。</body></html></blockquote></p><p>Thursday will be particularly busy: Alibaba Group Holding, Anheuser-Busch InBev, Coinbase Global, Dell Technologies, Etsy, Moderna, Newmont, Norwegian Cruise Line Holdings, and Occidental Petroleum will be among the highlights. Finally, EOG Resources and Liberty Media close the week on Friday.</p><p><blockquote>周四将特别繁忙：阿里巴巴-SW集团控股公司、百威英博公司、比特币基地全球公司、戴尔科技公司、Etsy、Moderna、纽蒙特公司、挪威邮轮控股公司和西方石油公司将成为亮点。最后，EOG资源和自由媒体将于周五结束本周。</blockquote></p><p>The economic data highlights of the week will include IHS Markit’s Manufacturing and Services Purchasing Managers’ Indexes for February and the Conference Board’s Consumer Confidence Index for February––all on Tuesday. The surveys are each expected to come in flat to down versus January.</p><p><blockquote>本周的经济数据亮点将包括 IHS Markit 的 2 月份制造业和服务业采购经理人指数以及世界大型企业联合会的 2 月份消费者信心指数--所有这些都将在周二公布。与一月份相比，这些调查预计都将持平或下降。</blockquote></p><p>The Census Bureau will also report January durable-goods orders on Friday, which are often seen as a proxy for business investment. Finally, the Bureau of Economic Analysis will report personal income and spending for January on Friday. American consumers are expected to have spent more and earned slightly less compared with the prior month.</p><p><blockquote>人口普查局还将于周五公布1月份耐用品订单，这些订单通常被视为商业投资的代表。最后，经济分析局将于周五公布1月份个人收入和支出。与上月相比，美国消费者预计支出增加，收入略有减少。</blockquote></p><p><h2>Monday 2/21</h2>Stock and fixed-income markets are closed in observance of Presidents Day.</p><p><blockquote><h2>2/21星期一</h2>为纪念总统日，股票和固定收益市场休市。</blockquote></p><p><h2>Tuesday 2/22</h2>Agilent Technologies, Cadence Design Systems, CenterPoint Energy, Home Depot, Medtronic, Palo Alto Networks, Public Storage, and Realty Income release earnings.</p><p><blockquote><h2>星期二 2/22</h2>安捷伦科技、Cadence Design Systems、CenterPoint Energy、家得宝、美敦力、帕洛阿尔托网络、公共存储和房地产收入发布收益。</blockquote></p><p>IHS Markit releases its Manufacturing and Services Purchasing Managers’ Indexes for February. Consensus estimates are for a 56 reading for the Manufacturing PMI and a 52.2 for the Services PMI. This compares with 55.5 and 51.2, respectively, in January. The January Services PMI was the lowest reading since July 2020.</p><p><blockquote>IHS Markit 发布 2 月份制造业和服务业采购经理人指数。普遍估计制造业 PMI 为 56，服务业 PMI 为 52.2。相比之下，1 月份分别为 55.5 和 51.2。1月份服务业PMI为2020年7月以来的最低值。</blockquote></p><p>The Conference Board releases its Consumer Confidence Index for February. Economists forecast a 110.8 reading, roughly three points less than the January data.</p><p><blockquote>世界大型企业联合会发布2月份消费者信心指数。经济学家预测读数为 110.8，比 1 月份的数据低约 3 个百分点。</blockquote></p><p><h2>Wednesday 2/23</h2>Booking Holdings, Coterra Energy, eBay, Lowe’s, Molson Coors Beverage, Stellantis, and TJX Cos. report quarterly results.</p><p><blockquote><h2>星期三 2/23</h2>Booking Holdings、Coterra Energy、eBay、Lowe's、Molson Coors Beverage、Stellantis 和 TJX Cos。报告季度业绩。</blockquote></p><p>The General Assembly of the United Nations holds a meeting to debate the ongoing tensions in Ukraine.</p><p><blockquote>联合国大会召开会议，讨论乌克兰持续的紧张局势。</blockquote></p><p>Cummins holds its 2022 analyst day.</p><p><blockquote>康明斯举办 2022 年分析师日。</blockquote></p><p><h2>Thursday 2/24</h2>The BEA reports its second estimate of fourth-quarter 2021 gross domestic product. Economists forecast a 5.9% seasonally adjusted annual growth rate, one percentage less than the advance estimate of 6.9%.</p><p><blockquote><h2>星期四 2/24</h2>东亚银行报告了2021年第四季度国内生产总值的第二次预测。经济学家预测经季节性调整后的年增长率为 5.9%，比先前估计的 6.9% 低一个百分点。</blockquote></p><p>Alibaba Group Holding, Anheuser-Busch InBev, American Electric Power, Autodesk, Block, CBRE Group, Coinbase Global, Dell Technologies, Etsy, Intuit, Moderna, Newmont, Norwegian Cruise Line Holdings, NRG Energy, Occidental Petroleum, Public Service Enterprise Group, Royal Bank of Canada, and VMware release earnings.</p><p><blockquote>阿里巴巴-SW集团控股公司、百威英博、美国电力公司、欧特克、Block、世邦魏理仕集团、Coinbase Global、戴尔科技公司、Etsy、Intuit、Moderna、纽蒙特、挪威邮轮控股公司、NRG能源公司、西方石油公司、公共服务企业集团、加拿大皇家银行和 VMware 发布收益。</blockquote></p><p>The Census Bureau reports new-home sales for January. Expectations are for a seasonally adjusted annual rate of 792,000 new single-family houses sold, 19,000 fewer than in December.</p><p><blockquote>人口普查局报告一月份的新房销售情况。经季节性调整后，预计新单户住宅年增长率为 792,000 套，比 12 月份减少 19,000 套。</blockquote></p><p><h2>Friday 2/25</h2>Canadian Imperial Bank of Commerce, EOG Resources, Liberty Media, and Sempra Energy hold conference calls to discuss quarterly results.</p><p><blockquote><h2>2/25星期五</h2>加拿大帝国商业银行、EOG Resources、Liberty Media 和 Sempra Energy 在评级举行会议，讨论季度业绩。</blockquote></p><p>The Census Bureau releases the January durable-goods report. Consensus estimate is for new orders for manufactured durable goods to rise 1% month over month to $270.3 billion.</p><p><blockquote>人口普查局发布一月份耐用品报告。普遍估计，耐用品制成品新订单将环比增长 1%，达到 2703 亿美元。</blockquote></p><p>The National Association of Realtors releases its Pending Home Sales index for January. In December, pending home sales fell 3.8%, the second consecutive month of declines. Rising mortgage rates and record-high home prices have taken some of the wind out of the housing market.</p><p><blockquote>全国房地产经纪人协会发布了1月份待售房屋销售指数。12月份，待售房屋销售下降3.8%，连续第二个月下降。不断上升的抵押贷款利率和创历史新高的房价使房地产市场失去了一些动力。</blockquote></p><p>The BEA reports personal income and spending for January. Income is expected to decline 0.3% month over month, while expenditures are seen rising 1.4%.</p><p><blockquote>东亚银行报告一月份的个人收入和支出。收入预计环比下降 0.3%，而支出预计增长 1.4%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1610680873436","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>Moderna, Alibaba, Coinbase, Home Depot, Etsy, and Other Stocks to Watch This Week<blockquote>Moderna、阿里巴巴-SW、Coinbase、家得宝、Etsy 和本周值得关注的其他股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nModerna, Alibaba, Coinbase, Home Depot, Etsy, and Other Stocks to Watch This Week<blockquote>Moderna、阿里巴巴-SW、Coinbase、家得宝、Etsy 和本周值得关注的其他股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2022-02-22 07:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stock and bond markets will be closed for Presidents Day on Monday. Fourth-quarter earning season resumes when Wall Street returns, with results from Agilent Technologies, Home Depot, and Medtronic on Tuesday. On Wednesday, Booking Holdings, eBay, Lowe’s, Stellantis, and TJX report.</p><p><blockquote><html><head></head><body>美国股市和债券市场将于周一总统日休市。随着华尔街回归，第四季度财报季恢复，安捷伦科技、家得宝和美敦力将于周二公布业绩。本周三，Booking Holdings、eBay、Lowe's、Stellantis 和 TJX 将发布报告。</body></html></blockquote></p><p>Thursday will be particularly busy: Alibaba Group Holding, Anheuser-Busch InBev, Coinbase Global, Dell Technologies, Etsy, Moderna, Newmont, Norwegian Cruise Line Holdings, and Occidental Petroleum will be among the highlights. Finally, EOG Resources and Liberty Media close the week on Friday.</p><p><blockquote>周四将特别繁忙：阿里巴巴-SW集团控股公司、百威英博公司、比特币基地全球公司、戴尔科技公司、Etsy、Moderna、纽蒙特公司、挪威邮轮控股公司和西方石油公司将成为亮点。最后，EOG资源和自由媒体将于周五结束本周。</blockquote></p><p>The economic data highlights of the week will include IHS Markit’s Manufacturing and Services Purchasing Managers’ Indexes for February and the Conference Board’s Consumer Confidence Index for February––all on Tuesday. The surveys are each expected to come in flat to down versus January.</p><p><blockquote>本周的经济数据亮点将包括 IHS Markit 的 2 月份制造业和服务业采购经理人指数以及世界大型企业联合会的 2 月份消费者信心指数--所有这些都将在周二公布。与一月份相比，这些调查预计都将持平或下降。</blockquote></p><p>The Census Bureau will also report January durable-goods orders on Friday, which are often seen as a proxy for business investment. Finally, the Bureau of Economic Analysis will report personal income and spending for January on Friday. American consumers are expected to have spent more and earned slightly less compared with the prior month.</p><p><blockquote>人口普查局还将于周五公布1月份耐用品订单，这些订单通常被视为商业投资的代表。最后，经济分析局将于周五公布1月份个人收入和支出。与上月相比，美国消费者预计支出增加，收入略有减少。</blockquote></p><p><h2>Monday 2/21</h2>Stock and fixed-income markets are closed in observance of Presidents Day.</p><p><blockquote><h2>2/21星期一</h2>为纪念总统日，股票和固定收益市场休市。</blockquote></p><p><h2>Tuesday 2/22</h2>Agilent Technologies, Cadence Design Systems, CenterPoint Energy, Home Depot, Medtronic, Palo Alto Networks, Public Storage, and Realty Income release earnings.</p><p><blockquote><h2>星期二 2/22</h2>安捷伦科技、Cadence Design Systems、CenterPoint Energy、家得宝、美敦力、帕洛阿尔托网络、公共存储和房地产收入发布收益。</blockquote></p><p>IHS Markit releases its Manufacturing and Services Purchasing Managers’ Indexes for February. Consensus estimates are for a 56 reading for the Manufacturing PMI and a 52.2 for the Services PMI. This compares with 55.5 and 51.2, respectively, in January. The January Services PMI was the lowest reading since July 2020.</p><p><blockquote>IHS Markit 发布 2 月份制造业和服务业采购经理人指数。普遍估计制造业 PMI 为 56，服务业 PMI 为 52.2。相比之下，1 月份分别为 55.5 和 51.2。1月份服务业PMI为2020年7月以来的最低值。</blockquote></p><p>The Conference Board releases its Consumer Confidence Index for February. Economists forecast a 110.8 reading, roughly three points less than the January data.</p><p><blockquote>世界大型企业联合会发布2月份消费者信心指数。经济学家预测读数为 110.8，比 1 月份的数据低约 3 个百分点。</blockquote></p><p><h2>Wednesday 2/23</h2>Booking Holdings, Coterra Energy, eBay, Lowe’s, Molson Coors Beverage, Stellantis, and TJX Cos. report quarterly results.</p><p><blockquote><h2>星期三 2/23</h2>Booking Holdings、Coterra Energy、eBay、Lowe's、Molson Coors Beverage、Stellantis 和 TJX Cos。报告季度业绩。</blockquote></p><p>The General Assembly of the United Nations holds a meeting to debate the ongoing tensions in Ukraine.</p><p><blockquote>联合国大会召开会议，讨论乌克兰持续的紧张局势。</blockquote></p><p>Cummins holds its 2022 analyst day.</p><p><blockquote>康明斯举办 2022 年分析师日。</blockquote></p><p><h2>Thursday 2/24</h2>The BEA reports its second estimate of fourth-quarter 2021 gross domestic product. Economists forecast a 5.9% seasonally adjusted annual growth rate, one percentage less than the advance estimate of 6.9%.</p><p><blockquote><h2>星期四 2/24</h2>东亚银行报告了2021年第四季度国内生产总值的第二次预测。经济学家预测经季节性调整后的年增长率为 5.9%，比先前估计的 6.9% 低一个百分点。</blockquote></p><p>Alibaba Group Holding, Anheuser-Busch InBev, American Electric Power, Autodesk, Block, CBRE Group, Coinbase Global, Dell Technologies, Etsy, Intuit, Moderna, Newmont, Norwegian Cruise Line Holdings, NRG Energy, Occidental Petroleum, Public Service Enterprise Group, Royal Bank of Canada, and VMware release earnings.</p><p><blockquote>阿里巴巴-SW集团控股公司、百威英博、美国电力公司、欧特克、Block、世邦魏理仕集团、Coinbase Global、戴尔科技公司、Etsy、Intuit、Moderna、纽蒙特、挪威邮轮控股公司、NRG能源公司、西方石油公司、公共服务企业集团、加拿大皇家银行和 VMware 发布收益。</blockquote></p><p>The Census Bureau reports new-home sales for January. Expectations are for a seasonally adjusted annual rate of 792,000 new single-family houses sold, 19,000 fewer than in December.</p><p><blockquote>人口普查局报告一月份的新房销售情况。经季节性调整后，预计新单户住宅年增长率为 792,000 套，比 12 月份减少 19,000 套。</blockquote></p><p><h2>Friday 2/25</h2>Canadian Imperial Bank of Commerce, EOG Resources, Liberty Media, and Sempra Energy hold conference calls to discuss quarterly results.</p><p><blockquote><h2>2/25星期五</h2>加拿大帝国商业银行、EOG Resources、Liberty Media 和 Sempra Energy 在评级举行会议，讨论季度业绩。</blockquote></p><p>The Census Bureau releases the January durable-goods report. Consensus estimate is for new orders for manufactured durable goods to rise 1% month over month to $270.3 billion.</p><p><blockquote>人口普查局发布一月份耐用品报告。普遍估计，耐用品制成品新订单将环比增长 1%，达到 2703 亿美元。</blockquote></p><p>The National Association of Realtors releases its Pending Home Sales index for January. In December, pending home sales fell 3.8%, the second consecutive month of declines. Rising mortgage rates and record-high home prices have taken some of the wind out of the housing market.</p><p><blockquote>全国房地产经纪人协会发布了1月份待售房屋销售指数。12月份，待售房屋销售下降3.8%，连续第二个月下降。不断上升的抵押贷款利率和创历史新高的房价使房地产市场失去了一些动力。</blockquote></p><p>The BEA reports personal income and spending for January. Income is expected to decline 0.3% month over month, while expenditures are seen rising 1.4%.</p><p><blockquote>东亚银行报告一月份的个人收入和支出。收入预计环比下降 0.3%，而支出预计增长 1.4%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-moderna-alibaba-coinbase-51645240255\">Barron's</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":{"MRNA":"Moderna, Inc.","COIN":"Coinbase Global, Inc.","ETSY":"Etsy, Inc.","BABA":"阿里巴巴","HD":"家得宝"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-moderna-alibaba-coinbase-51645240255","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132983285","content_text":"U.S. stock and bond markets will be closed for Presidents Day on Monday. Fourth-quarter earning season resumes when Wall Street returns, with results from Agilent Technologies, Home Depot, and Medtronic on Tuesday. On Wednesday, Booking Holdings, eBay, Lowe’s, Stellantis, and TJX report.Thursday will be particularly busy: Alibaba Group Holding, Anheuser-Busch InBev, Coinbase Global, Dell Technologies, Etsy, Moderna, Newmont, Norwegian Cruise Line Holdings, and Occidental Petroleum will be among the highlights. Finally, EOG Resources and Liberty Media close the week on Friday.The economic data highlights of the week will include IHS Markit’s Manufacturing and Services Purchasing Managers’ Indexes for February and the Conference Board’s Consumer Confidence Index for February––all on Tuesday. The surveys are each expected to come in flat to down versus January.The Census Bureau will also report January durable-goods orders on Friday, which are often seen as a proxy for business investment. Finally, the Bureau of Economic Analysis will report personal income and spending for January on Friday. American consumers are expected to have spent more and earned slightly less compared with the prior month.Monday 2/21Stock and fixed-income markets are closed in observance of Presidents Day.Tuesday 2/22Agilent Technologies, Cadence Design Systems, CenterPoint Energy, Home Depot, Medtronic, Palo Alto Networks, Public Storage, and Realty Income release earnings.IHS Markit releases its Manufacturing and Services Purchasing Managers’ Indexes for February. Consensus estimates are for a 56 reading for the Manufacturing PMI and a 52.2 for the Services PMI. This compares with 55.5 and 51.2, respectively, in January. The January Services PMI was the lowest reading since July 2020.The Conference Board releases its Consumer Confidence Index for February. Economists forecast a 110.8 reading, roughly three points less than the January data.Wednesday 2/23Booking Holdings, Coterra Energy, eBay, Lowe’s, Molson Coors Beverage, Stellantis, and TJX Cos. report quarterly results.The General Assembly of the United Nations holds a meeting to debate the ongoing tensions in Ukraine.Cummins holds its 2022 analyst day.Thursday 2/24The BEA reports its second estimate of fourth-quarter 2021 gross domestic product. Economists forecast a 5.9% seasonally adjusted annual growth rate, one percentage less than the advance estimate of 6.9%.Alibaba Group Holding, Anheuser-Busch InBev, American Electric Power, Autodesk, Block, CBRE Group, Coinbase Global, Dell Technologies, Etsy, Intuit, Moderna, Newmont, Norwegian Cruise Line Holdings, NRG Energy, Occidental Petroleum, Public Service Enterprise Group, Royal Bank of Canada, and VMware release earnings.The Census Bureau reports new-home sales for January. Expectations are for a seasonally adjusted annual rate of 792,000 new single-family houses sold, 19,000 fewer than in December.Friday 2/25Canadian Imperial Bank of Commerce, EOG Resources, Liberty Media, and Sempra Energy hold conference calls to discuss quarterly results.The Census Bureau releases the January durable-goods report. Consensus estimate is for new orders for manufactured durable goods to rise 1% month over month to $270.3 billion.The National Association of Realtors releases its Pending Home Sales index for January. In December, pending home sales fell 3.8%, the second consecutive month of declines. Rising mortgage rates and record-high home prices have taken some of the wind out of the housing market.The BEA reports personal income and spending for January. Income is expected to decline 0.3% month over month, while expenditures are seen rising 1.4%.","news_type":1,"symbols_score_info":{"HD":0.9,"ETSY":0.9,"COIN":0.9,"BABA":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":4721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":638279847,"gmtCreate":1645409391095,"gmtModify":1645409391365,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Pls like&nbsp;","listText":"Pls like&nbsp;","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/638279847","repostId":"2213670409","repostType":4,"repost":{"id":"2213670409","kind":"news","pubTimestamp":1645399123,"share":"https://www.laohunote.com/m/news/2213670409?lang=zh_CN&edition=full","pubTime":"2022-02-21 07:18","market":"us","language":"en","title":"PCE Inflation, Consumer Confidence: What to Know This Week<blockquote>PCE 通胀、消费者信心：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2213670409","media":"Yahoo Finance","summary":"After stocks endured a second straight week of selling last week, investors will be looking to a sla","content":"<p><html><head></head><body>After stocks endured a second straight week of selling last week, investors will be looking to a slate of fresh economic and earnings data as a catalyst for a potential reprieve.</p><p><blockquote><html><head></head><body>上周股市连续第二周遭遇抛售后，投资者将期待一系列新的经济和盈利数据，作为潜在缓解的催化剂。</body></html></blockquote></p><p>The U.S. stock and bond markets will be closed Monday in observance of the Presidents Day holiday, so new data releases will be consolidated to the later part of the week. And updates on tensions in Russia and Ukraine will also remain in focus throughout the week after stocks sank to their lowest levels in a month on Friday, amid concerns about the escalating geopolitical conflict.</p><p><blockquote>美国股票和债券市场将于周一休市，以纪念总统日假期，因此新的数据发布将整合到本周晚些时候。由于对不断升级的地缘政治冲突的担忧，周五股市跌至一个月来的最低水平，俄罗斯和乌克兰紧张局势的最新消息也将在本周成为焦点。</blockquote></p><p>While the emerging threat of military conflict has overshadowed many other worries in the markets, inflation has still remained a central issue for investors. Inflation has implications both in informing the speed at which the Federal Reserve tightens monetary policy, and the extent to which consumers pull back on spending and slow overall economic activity in response to rising prices.</p><p><blockquote>尽管新出现的军事冲突威胁掩盖了市场上的许多其他担忧，但通胀仍然是投资者的核心问题。通货膨胀对美联储收紧货币政策的速度以及消费者因物价上涨而缩减支出和减缓整体经济活动的程度都有影响。</blockquote></p><p>&#34;I really think most of the Russia-Ukraine volatility occurred in the energy space, particularly with oil. I think the rest of the volatility in the broader market has to do with the Fed tightening conversation,&#34; Frances Stacy, Optimal Capital director of strategy, told Yahoo Finance Live on Friday. &#34;We&#39;re looking at this sort of aggressive tightening against this backdrop of inflation, and I think that that&#39;s what&#39;s causing the volatility.&#34;</p><p><blockquote>Optimal Capital 战略总监弗朗西斯·斯泰西 (Frances Stacy) 表示：“我确实认为俄罗斯-乌克兰的大部分波动发生在能源领域，尤其是石油领域。我认为大盘的其余波动与美联储紧缩对话有关。”周五，雅虎财经直播。“我们正在考虑在通胀背景下采取这种激进的紧缩政策，我认为这就是造成波动的原因。”</blockquote></p><p>On Friday, the Bureau of Economic Analysis will release its monthly personal consumption expenditures (PCE) deflator, offering a fresh print on the extent of price increases across the recovering economy.</p><p><blockquote>周五，经济分析局将发布月度个人消费支出（PCE）平减指数，提供整个复苏经济体价格上涨程度的新版本。</blockquote></p><p>Consensus economists expect the PCE to post a rise of another 0.6% in January, according to Bloomberg data, accelerating from December&#39;s 0.4% increase. This would represent a 14th consecutive monthly increase, and bring the index up by 6.0% on a year-over-year basis. This, in turn, would mark the fastest increase since 1982, and also accelerate from December&#39;s 5.8% annual rise.</p><p><blockquote>彭博数据显示，普遍经济学家预计 1 月份个人消费支出将再上涨 0.6%，较 12 月份 0.4% 的涨幅有所加快。这将是连续第 14 个月上涨，使该指数同比上涨 6.0%。这反过来将标志着自 1982 年以来最快的增幅，并且比 12 月份 5.8% 的年增长率有所加快。</blockquote></p><p><img src=\"https://static.tigerbbs.com/83b39365db67b4cbe5d9181911de7b8a\" tg-width=\"4421\" tg-height=\"2947\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>The core PCE index — the Fed&#39;s preferred gauge of underlying inflation stripping out volatile food and energy prices — likely also ramped compared to December&#39;s index. Consensus economists are looking for a 5.2% increase in core PCE in January, compared to December&#39;s 4.9% rise.</p><p><blockquote>核心个人消费支出指数（美联储剔除波动较大的食品和能源价格后衡量潜在通胀的首选指标）也可能较 12 月份的指数有所上升。普遍经济学家预计 1 月份核心 PCE 将增长 5.2%，而 12 月份为 4.9%。</blockquote></p><p>Expectations for the latest inflation print suggest the economy has still not yet seen the peak in price increases. And increasingly, central bank officials have come around to the notion that inflation has remained stickier than previously expected, especially as supply chain issues and virus-related disruptions persist.</p><p><blockquote>对最新通胀数据的预期表明，经济尚未看到价格上涨的峰值。越来越多的央行官员开始意识到，通胀仍然比之前预期的更具粘性，特别是在供应链问题和病毒相关中断持续存在的情况下。</blockquote></p><p>&#34;Since the December meeting, I would say that the inflation situation is about the same but probably slightly worse,&#34; Federal Reserve Chair Jerome Powell said in a January press conference. &#34;I’d be inclined to raise my own estimate of 2022 core PCE inflation ... by a few tenths today.&#34;</p><p><blockquote>美联储主席杰罗姆·鲍威尔在一月份的新闻发布会上表示：“自 12 月会议以来，我想说通胀形势大致相同，但可能略有恶化。”“我倾向于将我自己对 2022 年核心 PCE 通胀率的估计......今天上调十分之几”。</blockquote></p><p>And the latest print on PCE will likely reaffirm readings from other closely watched inflation prints. The January Consumer Price Index (CPI) jumped by 7.5% year-over-year to represent the largest increase since 1982, accelerating markedly from the 7.0% increase from December. And on the producer side, wholesale prices jumped 9.7% year-on-year in January, ticking down only slightly from December&#39;s record increase of 9.8%.</p><p><blockquote>PCE的最新数据可能会重申其他密切关注的通胀数据。1月份消费者价格指数（CPI）同比上涨7.5%，创下1982年以来的最大涨幅，较12月份的7.0%明显加快。在生产商方面，1月份批发价格同比上涨9.7%，仅比12月份创纪录的9.8%略有下降。</blockquote></p><p><h2>Consumer confidence</h2><h2></h2>Despite the mounting inflationary pressures, however, consumers have largely continued to spend. Retail sales rose by a better-than-expected 3.8% in January, marking the biggest jump since March 2021 and exceeding estimates.</p><p><blockquote><h2>消费者信心</h2><h2></h2>然而，尽管通胀压力越来越大，消费者在很大程度上仍在继续消费。1 月份零售额增长 3.8%，好于预期，创下 2021 年 3 月以来的最大增幅，并超出预期。</blockquote></p><p>And this steady consumption has come even as consumers increasingly cited inflation as a key concern for their own personal finances. Average hourly wages have also climbed in recent months, but have still not kept pace with inflation.</p><p><blockquote>尽管消费者越来越多地将通货膨胀视为他们个人财务的主要问题，但这种稳定的消费还是出现了。近几个月来，平均时薪也有所上升，但仍未跟上通货膨胀的步伐。</blockquote></p><p>&#34;The resilience of spending stands in stark contrast to the slump in consumer confidence, with households upping their purchases of big ticket items while simultaneously reporting that now is a particularly bad time to make those purchases,&#34; Paul Ashworth, chief North American economist for Capital Economics, wrote in a note. &#34;The surge in inflation is the root cause of consumer angst. Sentiment should improve as inflation falls back later this year, but the current weakness is a reminder that real consumption growth will be muted this year.&#34;</p><p><blockquote>首席北美经济学家保罗·阿什沃斯 (Paul Ashworth) 表示：“支出的弹性与消费者信心的下滑形成鲜明对比，家庭增加了对大件商品的购买，同时表示现在是购买这些商品的特别糟糕的时机。”凯投宏观 (Capital Economics) 在一份报告中写道。“通胀飙升是消费者焦虑的根源。随着今年晚些时候通胀回落，市场情绪应该会有所改善，但目前的疲软提醒人们，今年实际消费增长将趋于平缓。”</blockquote></p><p></p><p>The Conference Board&#39;s Consumer Confidence Index due for release on Tuesday will help provide a timely snapshot of consumers&#39; thinking following the latest spike in prices at the beginning of the year. Consensus economists are looking for the index to fall to 110.0 for February, which would mark the lowest level since September 2021, when the Delta variant had weighed on consumers&#39; outlooks. The consumer confidence index had been at 113.8 in January.</p><p><blockquote>世界大型企业联合会将于周二发布的消费者信心指数将有助于及时了解消费者在年初最新价格飙升后的想法。共识经济学家预计 2 月份该指数将降至 110.0，这将是自 2021 年 9 月以来的最低水平，当时德尔塔变异毒株对消费者前景造成了压力。1月份消费者信心指数为113.8。</blockquote></p><p><h2>Earnings season rolls on</h2><h2><img src=\"https://static.tigerbbs.com/2704a78dbeac36d3a78a7c3a7e70f026\" tg-width=\"1878\" tg-height=\"2016\" width=\"100%\" height=\"auto\"/></h2>Investors will also receive a number of new earnings results this week, with major retailers including Home Depot (HD), Lowe&#39;s (LOW), Macy&#39;s (M) and The TJX Cos. (TJX) reporting alongside other closely watched names from Coinbase (COIN) to <a href=\"https://laohu8.com/S/W\">Wayfair</a> (W) and Nikola (NKLA).</p><p><blockquote><h2>财报季开始</h2><h2></h2>投资者本周还将收到一些新的盈利结果，主要零售商包括家得宝 (HD)、劳氏 (LOW)、梅西百货 (M) 和 TJX Cos。(TJX) 与 Coinbase (COIN) 等其他备受关注的公司一起报道<a href=\"https://laohu8.com/S/W\">韦费尔</a>（W）和尼古拉（NKLA）。</blockquote></p><p>So far this earnings season, corporate profits have remained robust, albeit while slowing compared to prior quarters. As of Friday, 84% of S&amp;P 500 companies had reported actual fourth-quarter earnings results, according to FactSet. And the estimated earnings growth rate for S&amp;P 500 companies in aggregate stood at 30.9%, compared to about 40% from the third quarter.</p><p><blockquote>到目前为止，本财报季，企业利润保持强劲，尽管与前几个季度相比有所放缓。FactSet 的数据显示，截至周五，84% 的标普500公司已公布第四季度实际盈利结果。标普500公司的整体盈利预计增长率为30.9%，而第三季度约为40%。</blockquote></p><p>Still, the estimated earnings growth rate for the fourth quarter has trended continuously higher as more companies reported better-than-expected results. On December 31, the estimated earnings growth rate for the fourth quarter had been at just 21.2%.</p><p><blockquote>尽管如此，随着越来越多的公司公布好于预期的业绩，第四季度的预计盈利增长率仍在持续走高。截至12月31日，第四季度盈利预估增长率仅为21.2%。</blockquote></p><p>But while results for many companies have been positive for the final three months of 2021, outlooks have weakened, reflecting lingering supply chain uncertainty, rising prices and other macro concerns. FactSet noted that of companies that held their earnings conference calls between Dec. 15 and Feb. 17, 72% of the corporations mentioned &#34;inflation.&#34;</p><p><blockquote>不过，尽管许多公司在 2021 年最后三个月的业绩表现积极，但前景有所减弱，反映出供应链的不确定性挥之不去、价格上涨和其他宏观担忧。FactSet 指出，在 12 月 15 日至 2 月 17 日期间评级举行财报会议的公司中，72% 的公司提到了“通货膨胀”。</blockquote></p><p>&#34;In terms of earnings guidance from corporations, 71% of the S&amp;P 500 companies (55 out of 77) that have issued EPS [earnings per share] guidance for Q1 2022 have issued negative guidance,&#34; FactSet&#39;s John Butters wrote in a note Friday. &#34;This is the highest percentage of S&amp;P 500 companies issuing negative guidance since Q3 2019 (73%).&#34;</p><p><blockquote>FactSet 的 John Butters 在周五的一份报告中写道：“就企业盈利指引而言，已发布 2022 年第一季度每股收益 (EPS) 指引的标普500公司中有 71%（77 家公司中有 55 家）发布了负面指引。”“这是自 2019 年第三季度以来标普500公司发布负面指引的最高比例（73%）。”</blockquote></p><p>&#34;Thus, the market may be reacting more to the negative earnings guidance and downward estimates revisions for the first quarter of 2022 than the earnings surprises being reported for the fourth-quarter of 2021,&#34; Butters added.</p><p><blockquote>巴特斯补充道：“因此，市场对 2022 年第一季度的负面盈利指引和下调预期的反应可能比 2021 年第四季度报告的盈利意外反应更大。”</blockquote></p><p><h2>Economic calendar</h2><ul><li><b>Monday: </b><i>No notable reports scheduled for release</i></p><p><blockquote><h2>经济日历</h2><ul><li><b>星期一：</b><i>没有计划发布的重要报告</i></li></ul></blockquote></p><p></li><li><b>Tuesday: </b>FHFA House Price Index, December (1.1% expected, 1.1% in November); S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> Case-Shiller 20-City Composite Index, December month-over-month (1.10% expected, 1.18% in November); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, December year-over-year (18.30% expected, 18.29% in November); <a href=\"https://laohu8.com/S/MRKT\">Markit</a> U.S. Manufacturing PMI, February preliminary (56.0 expected, 55.5 in January); Markit U.S. Services PMI, February preliminary (53.0 expected, 51.2 in January); Markit U.S. Composite PMI, February preliminary (51.1 in January); Conference Board Consumer Confidence Index, February (110.0 expected, 113.8 in January); Richmond Fed Manufacturing Index, February (10 expected, 8 in January)</p><p><blockquote><li><b>星期二：</b>FHFA房价指数，12月（预期1.1%，11月1.1%）；标准普尔<a href=\"https://laohu8.com/S/CLGX\">核心逻辑</a>凯斯-席勒20城综合指数，12月环比（预期1.10%，11月1.18%）；S&amp;P CoreLogic Case-Shiller 20 城市综合指数，12 月同比（预期 18.30%，11 月 18.29%）；<a href=\"https://laohu8.com/S/MRKT\">市场</a>美国2月制造业PMI初值（预期56.0，1月55.5）；Markit 美国服务业 PMI，2 月份初值（预期 53.0，1 月份 51.2）；Markit 美国综合 PMI，2 月份初值（1 月份为 51.1）；世界大型企业联合会消费者信心指数，2月份（预期110.0，1月份113.8）；2 月里士满联储制造业指数（预计 10，1 月 8）</li></blockquote></p><p></li><li><b>Wednesday: </b>MBA Mortgage Applications, week ended February 18 (-5.4% during prior week)</p><p><blockquote><li><b>星期三：</b>截至 2 月 18 日当周的 MBA 抵押贷款申请（前一周-5.4%）</li></blockquote></p><p></li><li><b>Thursday: </b>Chicago Fed National Activity Index, January (-0.15 in December); GDP annualized, quarter-over-quarter, 4Q second estimate (7.0% expected, 6.9% in prior estimate); Personal consumption, 4Q second estimate (3.3% expected, 3.3% in prior estimate); Core PCE quarter-over-quarter, 4Q second estimate (4.9% expected, 4.9% in prior estimate); Kansas City Fed Manufacturing Activity, February (24 in January)</p><p><blockquote><li><b>星期四：</b>芝加哥联储1月全国活动指数（12月-0.15）；GDP年化，环比，第四季度第二次估计（预期7.0%，先前估计6.9%）；个人消费，第四季度第二次预估（预期 3.3%，先前预估 3.3%）；核心 PCE 环比，第四季度第二次预估（预期 4.9%，先前预估 4.9%）；堪萨斯城联储2月制造业活动（1月24日）</li></blockquote></p><p></li><li><b>Friday: </b>Personal income, January (-0.4%, 0.3% in December); Personal spending, January (1.5% expected, -0.6% in December); Durable Goods Orders, January preliminary (0.9% -0.7% in December); Durable Goods Orders excluding transportation, January preliminary (0.3% expected, 0.6% in December); PCE deflator, January year-over-year (6.0% expected, 5.8% in December); PCE deflator, January month-over-month (0.6% expected, 0.4% in December); PCE core deflator, January year-over-year (5.2% expected, 4.9% in December); PCE core deflator, January month-over-month (0.5% expected, 0.5% in December)</p><p><blockquote><li><b>星期五：</b>个人收入，1月份（-0.4%，12月份0.3%）；1月份个人支出（预期1.5%，12月份-0.6%）；耐用品订单，1月初步（12月0.9%-0.7%）；不包括运输的耐用品订单，1 月份初步（预期 0.3%，12 月份 0.6%）；PCE平减指数，1月份同比（预期6.0%，12月份5.8%）；PCE平减指数，1月份环比（预期0.6%，12月份0.4%）；PCE核心平减指数，1月份同比（预期5.2%，12月份4.9%）；PCE核心平减指数，1月环比（预期0.5%，12月0.5%）</li></blockquote></p><p></li></ul><h2>Earnings calendar</h2><h2></h2><b>Monday</b></p><p><blockquote><h2>收益日历</h2><h2></h2><b>周一</b></blockquote></p><p><i>No notable reports scheduled for release</i></p><p><blockquote><i>没有计划发布的重要报告</i></blockquote></p><p><b>Tuesday</b></p><p><blockquote><b>周二</b></blockquote></p><p>Before market open: Apache Corp. (APA), Home Depot (HD), Tempur Sealy International (TPX), Macy&#39;s (M)</p><p><blockquote>开市前：Apache Corp. (APA)、Home Depot (HD)、Tempur Sealy International (TPX)、Macy's (M)</blockquote></p><p></p><p>After market close: Caesar&#39;s Entertainment (CZR), Agilent Technologies (A), <a href=\"https://laohu8.com/S/FANG\">Diamondback Energy</a> (FANG), The Mosaic Co. (MOS), Toll Brothers (TOL), Virgin Galactic (SPCE), <a href=\"https://laohu8.com/S/PANW\">Palo Alto Networks</a> (PANW), Teladoc Health (TDOC)</p><p><blockquote>收盘后：凯撒娱乐 (CZR)、安捷伦科技 (A)、<a href=\"https://laohu8.com/S/FANG\">响尾蛇能源</a>(FANG)、The Mosaic Co. (MOS)、Toll Brothers (TOL)、维珍银河 (SPCE)、<a href=\"https://laohu8.com/S/PANW\">帕洛阿尔托网络</a>(PANW)、Teladoc Health (TDOC)</blockquote></p><p><b>Wednesday</b></p><p><blockquote><b>星期三</b></blockquote></p><p>Before market open: Lowe&#39;s (LOW), <a href=\"https://laohu8.com/S/OSTK\">Overstock.com</a> (OSTK), The TJX Cos. (TJX), Cerner Corp. (CERN)</p><p><blockquote>开盘前：劳氏（低），<a href=\"https://laohu8.com/S/OSTK\">Overstock.com</a>（OSTK），TJX公司。(TJX)、Cerner Corp. (CERN)</blockquote></p><p>After market close: Hertz (HTZ), <a href=\"https://laohu8.com/S/EBAY\">eBay</a> (EBAY), Revolve Group Inc. (RVLV), <a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a> (BKNG), FuboTV (FUBO), Allbirds (BIRD), Bath and Body Works (BBWI), Chesapeake Energy (CHK), <a href=\"https://laohu8.com/S/LYV\">Live Nation Entertainment</a> (LYV), The Real Real (REAL), Lemonade (LMND)</p><p><blockquote>收盘后：赫兹（HTZ），<a href=\"https://laohu8.com/S/EBAY\">易趣</a>（EBAY）、Revolve Group Inc. (RVLV)、<a href=\"https://laohu8.com/S/BKNG\">预订持有量</a>(BKNG)、富博电视台 (FUBO)、Allbirds (BIRD)、Bath and Body Works (BBWI)、切萨皮克能源 (CHK)、<a href=\"https://laohu8.com/S/LYV\">Live Nation娱乐</a>（LYV），真实的真实（Real），柠檬水（LMND）</blockquote></p><p><b>Thursday</b></p><p><blockquote><b>星期四</b></blockquote></p><p>Before market open: Keurig Dr. Pepper (KDP), Newmont Corp. (NEM), SeaWorld Entertainment (SEAS), Moderna (MRNA), Planet Fitness (PLNT), Nikola (NKLA), Wayfair (W), Six Flags Entertainment (SIX), Discovery Inc. (DISCA), Norwegian Cruise Line Holdings (NCLH), Occidental Petroleum (OXY)</p><p><blockquote>开市前：Keurig Dr. Pepper (KDP)、Newmont Corp. (NEM)、SeaWorld Entertainment (SEAS)、Moderna (MRNA)、Planet Fitness (PLNT)、Nikola (NKLA)、Wayfair (W)、六旗娱乐 (SIX)、探索公司 (DISCA)、挪威邮轮控股公司 (NCLH)、西方石油公司 (OXY)</blockquote></p><p>After market close: Intuit (INTU), Opendoor Technologies (OPEN), Autodesk (ADSK), Coinbase (COIN), Dell Technologies (DELL), <a href=\"https://laohu8.com/S/SQ2.AU\">Block Inc.</a> (SQ), Zscaler (ZS), Rocket Cos. (RKT), VMWare (VMW), Etsy (ETSY), Beyond Meat (BYND), Monster Beverage Corp. (MNST)</p><p><blockquote>收盘后：Intuit (INTU)、Opendoor Technologies (OPEN)、Autodesk (ADSK)、Coinbase (COIN)、Dell Technologies (DELL)、<a href=\"https://laohu8.com/S/SQ2.AU\">布洛克公司</a>（SQ），Zscaler（ZS），火箭Cos。(RKT)、VMWare (VMW)、Etsy (ETSY)、Beyond Meat (BYND)、Monster Beverage Corp. (MNST)</blockquote></p><p><b>Friday</b></p><p><blockquote><b>星期五</b></blockquote></p><p><i>No notable reports scheduled for release</i></p><p><blockquote><i>没有计划发布的重要报告</i></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PCE Inflation, Consumer Confidence: What to Know This Week<blockquote>PCE 通胀、消费者信心：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPCE Inflation, Consumer Confidence: What to Know This Week<blockquote>PCE 通胀、消费者信心：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2022-02-21 07:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>After stocks endured a second straight week of selling last week, investors will be looking to a slate of fresh economic and earnings data as a catalyst for a potential reprieve.</p><p><blockquote><html><head></head><body>上周股市连续第二周遭遇抛售后，投资者将期待一系列新的经济和盈利数据，作为潜在缓解的催化剂。</body></html></blockquote></p><p>The U.S. stock and bond markets will be closed Monday in observance of the Presidents Day holiday, so new data releases will be consolidated to the later part of the week. And updates on tensions in Russia and Ukraine will also remain in focus throughout the week after stocks sank to their lowest levels in a month on Friday, amid concerns about the escalating geopolitical conflict.</p><p><blockquote>美国股票和债券市场将于周一休市，以纪念总统日假期，因此新的数据发布将整合到本周晚些时候。由于对不断升级的地缘政治冲突的担忧，周五股市跌至一个月来的最低水平，俄罗斯和乌克兰紧张局势的最新消息也将在本周成为焦点。</blockquote></p><p>While the emerging threat of military conflict has overshadowed many other worries in the markets, inflation has still remained a central issue for investors. Inflation has implications both in informing the speed at which the Federal Reserve tightens monetary policy, and the extent to which consumers pull back on spending and slow overall economic activity in response to rising prices.</p><p><blockquote>尽管新出现的军事冲突威胁掩盖了市场上的许多其他担忧，但通胀仍然是投资者的核心问题。通货膨胀对美联储收紧货币政策的速度以及消费者因物价上涨而缩减支出和减缓整体经济活动的程度都有影响。</blockquote></p><p>&#34;I really think most of the Russia-Ukraine volatility occurred in the energy space, particularly with oil. I think the rest of the volatility in the broader market has to do with the Fed tightening conversation,&#34; Frances Stacy, Optimal Capital director of strategy, told Yahoo Finance Live on Friday. &#34;We&#39;re looking at this sort of aggressive tightening against this backdrop of inflation, and I think that that&#39;s what&#39;s causing the volatility.&#34;</p><p><blockquote>Optimal Capital 战略总监弗朗西斯·斯泰西 (Frances Stacy) 表示：“我确实认为俄罗斯-乌克兰的大部分波动发生在能源领域，尤其是石油领域。我认为大盘的其余波动与美联储紧缩对话有关。”周五，雅虎财经直播。“我们正在考虑在通胀背景下采取这种激进的紧缩政策，我认为这就是造成波动的原因。”</blockquote></p><p>On Friday, the Bureau of Economic Analysis will release its monthly personal consumption expenditures (PCE) deflator, offering a fresh print on the extent of price increases across the recovering economy.</p><p><blockquote>周五，经济分析局将发布月度个人消费支出（PCE）平减指数，提供整个复苏经济体价格上涨程度的新版本。</blockquote></p><p>Consensus economists expect the PCE to post a rise of another 0.6% in January, according to Bloomberg data, accelerating from December&#39;s 0.4% increase. This would represent a 14th consecutive monthly increase, and bring the index up by 6.0% on a year-over-year basis. This, in turn, would mark the fastest increase since 1982, and also accelerate from December&#39;s 5.8% annual rise.</p><p><blockquote>彭博数据显示，普遍经济学家预计 1 月份个人消费支出将再上涨 0.6%，较 12 月份 0.4% 的涨幅有所加快。这将是连续第 14 个月上涨，使该指数同比上涨 6.0%。这反过来将标志着自 1982 年以来最快的增幅，并且比 12 月份 5.8% 的年增长率有所加快。</blockquote></p><p><img src=\"https://static.tigerbbs.com/83b39365db67b4cbe5d9181911de7b8a\" tg-width=\"4421\" tg-height=\"2947\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>The core PCE index — the Fed&#39;s preferred gauge of underlying inflation stripping out volatile food and energy prices — likely also ramped compared to December&#39;s index. Consensus economists are looking for a 5.2% increase in core PCE in January, compared to December&#39;s 4.9% rise.</p><p><blockquote>核心个人消费支出指数（美联储剔除波动较大的食品和能源价格后衡量潜在通胀的首选指标）也可能较 12 月份的指数有所上升。普遍经济学家预计 1 月份核心 PCE 将增长 5.2%，而 12 月份为 4.9%。</blockquote></p><p>Expectations for the latest inflation print suggest the economy has still not yet seen the peak in price increases. And increasingly, central bank officials have come around to the notion that inflation has remained stickier than previously expected, especially as supply chain issues and virus-related disruptions persist.</p><p><blockquote>对最新通胀数据的预期表明，经济尚未看到价格上涨的峰值。越来越多的央行官员开始意识到，通胀仍然比之前预期的更具粘性，特别是在供应链问题和病毒相关中断持续存在的情况下。</blockquote></p><p>&#34;Since the December meeting, I would say that the inflation situation is about the same but probably slightly worse,&#34; Federal Reserve Chair Jerome Powell said in a January press conference. &#34;I’d be inclined to raise my own estimate of 2022 core PCE inflation ... by a few tenths today.&#34;</p><p><blockquote>美联储主席杰罗姆·鲍威尔在一月份的新闻发布会上表示：“自 12 月会议以来，我想说通胀形势大致相同，但可能略有恶化。”“我倾向于将我自己对 2022 年核心 PCE 通胀率的估计......今天上调十分之几”。</blockquote></p><p>And the latest print on PCE will likely reaffirm readings from other closely watched inflation prints. The January Consumer Price Index (CPI) jumped by 7.5% year-over-year to represent the largest increase since 1982, accelerating markedly from the 7.0% increase from December. And on the producer side, wholesale prices jumped 9.7% year-on-year in January, ticking down only slightly from December&#39;s record increase of 9.8%.</p><p><blockquote>PCE的最新数据可能会重申其他密切关注的通胀数据。1月份消费者价格指数（CPI）同比上涨7.5%，创下1982年以来的最大涨幅，较12月份的7.0%明显加快。在生产商方面，1月份批发价格同比上涨9.7%，仅比12月份创纪录的9.8%略有下降。</blockquote></p><p><h2>Consumer confidence</h2><h2></h2>Despite the mounting inflationary pressures, however, consumers have largely continued to spend. Retail sales rose by a better-than-expected 3.8% in January, marking the biggest jump since March 2021 and exceeding estimates.</p><p><blockquote><h2>消费者信心</h2><h2></h2>然而，尽管通胀压力越来越大，消费者在很大程度上仍在继续消费。1 月份零售额增长 3.8%，好于预期，创下 2021 年 3 月以来的最大增幅，并超出预期。</blockquote></p><p>And this steady consumption has come even as consumers increasingly cited inflation as a key concern for their own personal finances. Average hourly wages have also climbed in recent months, but have still not kept pace with inflation.</p><p><blockquote>尽管消费者越来越多地将通货膨胀视为他们个人财务的主要问题，但这种稳定的消费还是出现了。近几个月来，平均时薪也有所上升，但仍未跟上通货膨胀的步伐。</blockquote></p><p>&#34;The resilience of spending stands in stark contrast to the slump in consumer confidence, with households upping their purchases of big ticket items while simultaneously reporting that now is a particularly bad time to make those purchases,&#34; Paul Ashworth, chief North American economist for Capital Economics, wrote in a note. &#34;The surge in inflation is the root cause of consumer angst. Sentiment should improve as inflation falls back later this year, but the current weakness is a reminder that real consumption growth will be muted this year.&#34;</p><p><blockquote>首席北美经济学家保罗·阿什沃斯 (Paul Ashworth) 表示：“支出的弹性与消费者信心的下滑形成鲜明对比，家庭增加了对大件商品的购买，同时表示现在是购买这些商品的特别糟糕的时机。”凯投宏观 (Capital Economics) 在一份报告中写道。“通胀飙升是消费者焦虑的根源。随着今年晚些时候通胀回落，市场情绪应该会有所改善，但目前的疲软提醒人们，今年实际消费增长将趋于平缓。”</blockquote></p><p></p><p>The Conference Board&#39;s Consumer Confidence Index due for release on Tuesday will help provide a timely snapshot of consumers&#39; thinking following the latest spike in prices at the beginning of the year. Consensus economists are looking for the index to fall to 110.0 for February, which would mark the lowest level since September 2021, when the Delta variant had weighed on consumers&#39; outlooks. The consumer confidence index had been at 113.8 in January.</p><p><blockquote>世界大型企业联合会将于周二发布的消费者信心指数将有助于及时了解消费者在年初最新价格飙升后的想法。共识经济学家预计 2 月份该指数将降至 110.0，这将是自 2021 年 9 月以来的最低水平，当时德尔塔变异毒株对消费者前景造成了压力。1月份消费者信心指数为113.8。</blockquote></p><p><h2>Earnings season rolls on</h2><h2><img src=\"https://static.tigerbbs.com/2704a78dbeac36d3a78a7c3a7e70f026\" tg-width=\"1878\" tg-height=\"2016\" width=\"100%\" height=\"auto\"/></h2>Investors will also receive a number of new earnings results this week, with major retailers including Home Depot (HD), Lowe&#39;s (LOW), Macy&#39;s (M) and The TJX Cos. (TJX) reporting alongside other closely watched names from Coinbase (COIN) to <a href=\"https://laohu8.com/S/W\">Wayfair</a> (W) and Nikola (NKLA).</p><p><blockquote><h2>财报季开始</h2><h2></h2>投资者本周还将收到一些新的盈利结果，主要零售商包括家得宝 (HD)、劳氏 (LOW)、梅西百货 (M) 和 TJX Cos。(TJX) 与 Coinbase (COIN) 等其他备受关注的公司一起报道<a href=\"https://laohu8.com/S/W\">韦费尔</a>（W）和尼古拉（NKLA）。</blockquote></p><p>So far this earnings season, corporate profits have remained robust, albeit while slowing compared to prior quarters. As of Friday, 84% of S&amp;P 500 companies had reported actual fourth-quarter earnings results, according to FactSet. And the estimated earnings growth rate for S&amp;P 500 companies in aggregate stood at 30.9%, compared to about 40% from the third quarter.</p><p><blockquote>到目前为止，本财报季，企业利润保持强劲，尽管与前几个季度相比有所放缓。FactSet 的数据显示，截至周五，84% 的标普500公司已公布第四季度实际盈利结果。标普500公司的整体盈利预计增长率为30.9%，而第三季度约为40%。</blockquote></p><p>Still, the estimated earnings growth rate for the fourth quarter has trended continuously higher as more companies reported better-than-expected results. On December 31, the estimated earnings growth rate for the fourth quarter had been at just 21.2%.</p><p><blockquote>尽管如此，随着越来越多的公司公布好于预期的业绩，第四季度的预计盈利增长率仍在持续走高。截至12月31日，第四季度盈利预估增长率仅为21.2%。</blockquote></p><p>But while results for many companies have been positive for the final three months of 2021, outlooks have weakened, reflecting lingering supply chain uncertainty, rising prices and other macro concerns. FactSet noted that of companies that held their earnings conference calls between Dec. 15 and Feb. 17, 72% of the corporations mentioned &#34;inflation.&#34;</p><p><blockquote>不过，尽管许多公司在 2021 年最后三个月的业绩表现积极，但前景有所减弱，反映出供应链的不确定性挥之不去、价格上涨和其他宏观担忧。FactSet 指出，在 12 月 15 日至 2 月 17 日期间评级举行财报会议的公司中，72% 的公司提到了“通货膨胀”。</blockquote></p><p>&#34;In terms of earnings guidance from corporations, 71% of the S&amp;P 500 companies (55 out of 77) that have issued EPS [earnings per share] guidance for Q1 2022 have issued negative guidance,&#34; FactSet&#39;s John Butters wrote in a note Friday. &#34;This is the highest percentage of S&amp;P 500 companies issuing negative guidance since Q3 2019 (73%).&#34;</p><p><blockquote>FactSet 的 John Butters 在周五的一份报告中写道：“就企业盈利指引而言，已发布 2022 年第一季度每股收益 (EPS) 指引的标普500公司中有 71%（77 家公司中有 55 家）发布了负面指引。”“这是自 2019 年第三季度以来标普500公司发布负面指引的最高比例（73%）。”</blockquote></p><p>&#34;Thus, the market may be reacting more to the negative earnings guidance and downward estimates revisions for the first quarter of 2022 than the earnings surprises being reported for the fourth-quarter of 2021,&#34; Butters added.</p><p><blockquote>巴特斯补充道：“因此，市场对 2022 年第一季度的负面盈利指引和下调预期的反应可能比 2021 年第四季度报告的盈利意外反应更大。”</blockquote></p><p><h2>Economic calendar</h2><ul><li><b>Monday: </b><i>No notable reports scheduled for release</i></p><p><blockquote><h2>经济日历</h2><ul><li><b>星期一：</b><i>没有计划发布的重要报告</i></li></ul></blockquote></p><p></li><li><b>Tuesday: </b>FHFA House Price Index, December (1.1% expected, 1.1% in November); S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> Case-Shiller 20-City Composite Index, December month-over-month (1.10% expected, 1.18% in November); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, December year-over-year (18.30% expected, 18.29% in November); <a href=\"https://laohu8.com/S/MRKT\">Markit</a> U.S. Manufacturing PMI, February preliminary (56.0 expected, 55.5 in January); Markit U.S. Services PMI, February preliminary (53.0 expected, 51.2 in January); Markit U.S. Composite PMI, February preliminary (51.1 in January); Conference Board Consumer Confidence Index, February (110.0 expected, 113.8 in January); Richmond Fed Manufacturing Index, February (10 expected, 8 in January)</p><p><blockquote><li><b>星期二：</b>FHFA房价指数，12月（预期1.1%，11月1.1%）；标准普尔<a href=\"https://laohu8.com/S/CLGX\">核心逻辑</a>凯斯-席勒20城综合指数，12月环比（预期1.10%，11月1.18%）；S&amp;P CoreLogic Case-Shiller 20 城市综合指数，12 月同比（预期 18.30%，11 月 18.29%）；<a href=\"https://laohu8.com/S/MRKT\">市场</a>美国2月制造业PMI初值（预期56.0，1月55.5）；Markit 美国服务业 PMI，2 月份初值（预期 53.0，1 月份 51.2）；Markit 美国综合 PMI，2 月份初值（1 月份为 51.1）；世界大型企业联合会消费者信心指数，2月份（预期110.0，1月份113.8）；2 月里士满联储制造业指数（预计 10，1 月 8）</li></blockquote></p><p></li><li><b>Wednesday: </b>MBA Mortgage Applications, week ended February 18 (-5.4% during prior week)</p><p><blockquote><li><b>星期三：</b>截至 2 月 18 日当周的 MBA 抵押贷款申请（前一周-5.4%）</li></blockquote></p><p></li><li><b>Thursday: </b>Chicago Fed National Activity Index, January (-0.15 in December); GDP annualized, quarter-over-quarter, 4Q second estimate (7.0% expected, 6.9% in prior estimate); Personal consumption, 4Q second estimate (3.3% expected, 3.3% in prior estimate); Core PCE quarter-over-quarter, 4Q second estimate (4.9% expected, 4.9% in prior estimate); Kansas City Fed Manufacturing Activity, February (24 in January)</p><p><blockquote><li><b>星期四：</b>芝加哥联储1月全国活动指数（12月-0.15）；GDP年化，环比，第四季度第二次估计（预期7.0%，先前估计6.9%）；个人消费，第四季度第二次预估（预期 3.3%，先前预估 3.3%）；核心 PCE 环比，第四季度第二次预估（预期 4.9%，先前预估 4.9%）；堪萨斯城联储2月制造业活动（1月24日）</li></blockquote></p><p></li><li><b>Friday: </b>Personal income, January (-0.4%, 0.3% in December); Personal spending, January (1.5% expected, -0.6% in December); Durable Goods Orders, January preliminary (0.9% -0.7% in December); Durable Goods Orders excluding transportation, January preliminary (0.3% expected, 0.6% in December); PCE deflator, January year-over-year (6.0% expected, 5.8% in December); PCE deflator, January month-over-month (0.6% expected, 0.4% in December); PCE core deflator, January year-over-year (5.2% expected, 4.9% in December); PCE core deflator, January month-over-month (0.5% expected, 0.5% in December)</p><p><blockquote><li><b>星期五：</b>个人收入，1月份（-0.4%，12月份0.3%）；1月份个人支出（预期1.5%，12月份-0.6%）；耐用品订单，1月初步（12月0.9%-0.7%）；不包括运输的耐用品订单，1 月份初步（预期 0.3%，12 月份 0.6%）；PCE平减指数，1月份同比（预期6.0%，12月份5.8%）；PCE平减指数，1月份环比（预期0.6%，12月份0.4%）；PCE核心平减指数，1月份同比（预期5.2%，12月份4.9%）；PCE核心平减指数，1月环比（预期0.5%，12月0.5%）</li></blockquote></p><p></li></ul><h2>Earnings calendar</h2><h2></h2><b>Monday</b></p><p><blockquote><h2>收益日历</h2><h2></h2><b>周一</b></blockquote></p><p><i>No notable reports scheduled for release</i></p><p><blockquote><i>没有计划发布的重要报告</i></blockquote></p><p><b>Tuesday</b></p><p><blockquote><b>周二</b></blockquote></p><p>Before market open: Apache Corp. (APA), Home Depot (HD), Tempur Sealy International (TPX), Macy&#39;s (M)</p><p><blockquote>开市前：Apache Corp. (APA)、Home Depot (HD)、Tempur Sealy International (TPX)、Macy's (M)</blockquote></p><p></p><p>After market close: Caesar&#39;s Entertainment (CZR), Agilent Technologies (A), <a href=\"https://laohu8.com/S/FANG\">Diamondback Energy</a> (FANG), The Mosaic Co. (MOS), Toll Brothers (TOL), Virgin Galactic (SPCE), <a href=\"https://laohu8.com/S/PANW\">Palo Alto Networks</a> (PANW), Teladoc Health (TDOC)</p><p><blockquote>收盘后：凯撒娱乐 (CZR)、安捷伦科技 (A)、<a href=\"https://laohu8.com/S/FANG\">响尾蛇能源</a>(FANG)、The Mosaic Co. (MOS)、Toll Brothers (TOL)、维珍银河 (SPCE)、<a href=\"https://laohu8.com/S/PANW\">帕洛阿尔托网络</a>(PANW)、Teladoc Health (TDOC)</blockquote></p><p><b>Wednesday</b></p><p><blockquote><b>星期三</b></blockquote></p><p>Before market open: Lowe&#39;s (LOW), <a href=\"https://laohu8.com/S/OSTK\">Overstock.com</a> (OSTK), The TJX Cos. (TJX), Cerner Corp. (CERN)</p><p><blockquote>开盘前：劳氏（低），<a href=\"https://laohu8.com/S/OSTK\">Overstock.com</a>（OSTK），TJX公司。(TJX)、Cerner Corp. (CERN)</blockquote></p><p>After market close: Hertz (HTZ), <a href=\"https://laohu8.com/S/EBAY\">eBay</a> (EBAY), Revolve Group Inc. (RVLV), <a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a> (BKNG), FuboTV (FUBO), Allbirds (BIRD), Bath and Body Works (BBWI), Chesapeake Energy (CHK), <a href=\"https://laohu8.com/S/LYV\">Live Nation Entertainment</a> (LYV), The Real Real (REAL), Lemonade (LMND)</p><p><blockquote>收盘后：赫兹（HTZ），<a href=\"https://laohu8.com/S/EBAY\">易趣</a>（EBAY）、Revolve Group Inc. (RVLV)、<a href=\"https://laohu8.com/S/BKNG\">预订持有量</a>(BKNG)、富博电视台 (FUBO)、Allbirds (BIRD)、Bath and Body Works (BBWI)、切萨皮克能源 (CHK)、<a href=\"https://laohu8.com/S/LYV\">Live Nation娱乐</a>（LYV），真实的真实（Real），柠檬水（LMND）</blockquote></p><p><b>Thursday</b></p><p><blockquote><b>星期四</b></blockquote></p><p>Before market open: Keurig Dr. Pepper (KDP), Newmont Corp. (NEM), SeaWorld Entertainment (SEAS), Moderna (MRNA), Planet Fitness (PLNT), Nikola (NKLA), Wayfair (W), Six Flags Entertainment (SIX), Discovery Inc. (DISCA), Norwegian Cruise Line Holdings (NCLH), Occidental Petroleum (OXY)</p><p><blockquote>开市前：Keurig Dr. Pepper (KDP)、Newmont Corp. (NEM)、SeaWorld Entertainment (SEAS)、Moderna (MRNA)、Planet Fitness (PLNT)、Nikola (NKLA)、Wayfair (W)、六旗娱乐 (SIX)、探索公司 (DISCA)、挪威邮轮控股公司 (NCLH)、西方石油公司 (OXY)</blockquote></p><p>After market close: Intuit (INTU), Opendoor Technologies (OPEN), Autodesk (ADSK), Coinbase (COIN), Dell Technologies (DELL), <a href=\"https://laohu8.com/S/SQ2.AU\">Block Inc.</a> (SQ), Zscaler (ZS), Rocket Cos. (RKT), VMWare (VMW), Etsy (ETSY), Beyond Meat (BYND), Monster Beverage Corp. (MNST)</p><p><blockquote>收盘后：Intuit (INTU)、Opendoor Technologies (OPEN)、Autodesk (ADSK)、Coinbase (COIN)、Dell Technologies (DELL)、<a href=\"https://laohu8.com/S/SQ2.AU\">布洛克公司</a>（SQ），Zscaler（ZS），火箭Cos。(RKT)、VMWare (VMW)、Etsy (ETSY)、Beyond Meat (BYND)、Monster Beverage Corp. (MNST)</blockquote></p><p><b>Friday</b></p><p><blockquote><b>星期五</b></blockquote></p><p><i>No notable reports scheduled for release</i></p><p><blockquote><i>没有计划发布的重要报告</i></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/pce-inflation-consumer-confidence-earnings-what-to-know-this-week-164350893.html\">Yahoo Finance</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":{"BK4112":"金融交易所和数据","ZS":"Zscaler Inc.","BK4532":"文艺复兴科技持仓","DISCA":"探索传播","BK4559":"巴菲特持仓","MOS":"美国美盛","LOW":"劳氏","BK4077":"互动媒体与服务","BK4504":"桥水持仓","BK4108":"电影和娱乐","BK4022":"陆运","BK4139":"生物科技","CPI":"IQ Real Return ETF","SPCE":"维珍银河","JPM":"摩根大通","TJX":"The TJX Companies Inc.","PLNT":"Planet Fitness Inc","BK4562":"SPAC上市公司","SPY":"标普500ETF","BK4125":"广播","BK4095":"家庭装饰品","BK4094":"服装零售","KDP":"Keurig Dr Pepper Inc","BK4142":"酒店、度假村与豪华游轮","BK4097":"系统软件","COIN":"Coinbase Global, Inc.","BK4505":"高瓴资本持仓","BK4524":"宅经济概念","BK4515":"5G概念","SPY.AU":"SPDR® S&P 500® ETF Trust","BBWI":"Bath & Body Works Inc.","PANW":"Palo Alto Networks","BK4507":"流媒体概念","BK4548":"巴美列捷福持仓","BK4551":"寇图资本持仓","M":"梅西百货","BK4554":"元宇宙及AR概念","BK4560":"网络安全概念","BK4517":"邮轮概念","BK4170":"电脑硬件、储存设备及电脑周边","CZR":"凯撒娱乐","BK4023":"应用软件","HD":"家得宝","FANG":"Diamondback Energy","BK4107":"财产与意外伤害保险","APA":"阿帕契","BK4150":"赌场与赌博","HTZ":"赫兹租车","BK4149":"建筑机械与重型卡车","BK4177":"软饮料","OXY":"西方石油","BK4534":"瑞士信贷持仓",".SPX":"S&P 500 Index","BK4121":"生命科学工具和服务","BK4187":"航天航空与国防","A":"安捷伦科技"},"source_url":"https://finance.yahoo.com/news/pce-inflation-consumer-confidence-earnings-what-to-know-this-week-164350893.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2213670409","content_text":"After stocks endured a second straight week of selling last week, investors will be looking to a slate of fresh economic and earnings data as a catalyst for a potential reprieve.The U.S. stock and bond markets will be closed Monday in observance of the Presidents Day holiday, so new data releases will be consolidated to the later part of the week. And updates on tensions in Russia and Ukraine will also remain in focus throughout the week after stocks sank to their lowest levels in a month on Friday, amid concerns about the escalating geopolitical conflict.While the emerging threat of military conflict has overshadowed many other worries in the markets, inflation has still remained a central issue for investors. Inflation has implications both in informing the speed at which the Federal Reserve tightens monetary policy, and the extent to which consumers pull back on spending and slow overall economic activity in response to rising prices.\"I really think most of the Russia-Ukraine volatility occurred in the energy space, particularly with oil. I think the rest of the volatility in the broader market has to do with the Fed tightening conversation,\" Frances Stacy, Optimal Capital director of strategy, told Yahoo Finance Live on Friday. \"We're looking at this sort of aggressive tightening against this backdrop of inflation, and I think that that's what's causing the volatility.\"On Friday, the Bureau of Economic Analysis will release its monthly personal consumption expenditures (PCE) deflator, offering a fresh print on the extent of price increases across the recovering economy.Consensus economists expect the PCE to post a rise of another 0.6% in January, according to Bloomberg data, accelerating from December's 0.4% increase. This would represent a 14th consecutive monthly increase, and bring the index up by 6.0% on a year-over-year basis. This, in turn, would mark the fastest increase since 1982, and also accelerate from December's 5.8% annual rise.The core PCE index — the Fed's preferred gauge of underlying inflation stripping out volatile food and energy prices — likely also ramped compared to December's index. Consensus economists are looking for a 5.2% increase in core PCE in January, compared to December's 4.9% rise.Expectations for the latest inflation print suggest the economy has still not yet seen the peak in price increases. And increasingly, central bank officials have come around to the notion that inflation has remained stickier than previously expected, especially as supply chain issues and virus-related disruptions persist.\"Since the December meeting, I would say that the inflation situation is about the same but probably slightly worse,\" Federal Reserve Chair Jerome Powell said in a January press conference. \"I’d be inclined to raise my own estimate of 2022 core PCE inflation ... by a few tenths today.\"And the latest print on PCE will likely reaffirm readings from other closely watched inflation prints. The January Consumer Price Index (CPI) jumped by 7.5% year-over-year to represent the largest increase since 1982, accelerating markedly from the 7.0% increase from December. And on the producer side, wholesale prices jumped 9.7% year-on-year in January, ticking down only slightly from December's record increase of 9.8%.Consumer confidenceDespite the mounting inflationary pressures, however, consumers have largely continued to spend. Retail sales rose by a better-than-expected 3.8% in January, marking the biggest jump since March 2021 and exceeding estimates.And this steady consumption has come even as consumers increasingly cited inflation as a key concern for their own personal finances. Average hourly wages have also climbed in recent months, but have still not kept pace with inflation.\"The resilience of spending stands in stark contrast to the slump in consumer confidence, with households upping their purchases of big ticket items while simultaneously reporting that now is a particularly bad time to make those purchases,\" Paul Ashworth, chief North American economist for Capital Economics, wrote in a note. \"The surge in inflation is the root cause of consumer angst. Sentiment should improve as inflation falls back later this year, but the current weakness is a reminder that real consumption growth will be muted this year.\"The Conference Board's Consumer Confidence Index due for release on Tuesday will help provide a timely snapshot of consumers' thinking following the latest spike in prices at the beginning of the year. Consensus economists are looking for the index to fall to 110.0 for February, which would mark the lowest level since September 2021, when the Delta variant had weighed on consumers' outlooks. The consumer confidence index had been at 113.8 in January.Earnings season rolls onInvestors will also receive a number of new earnings results this week, with major retailers including Home Depot (HD), Lowe's (LOW), Macy's (M) and The TJX Cos. (TJX) reporting alongside other closely watched names from Coinbase (COIN) to Wayfair (W) and Nikola (NKLA).So far this earnings season, corporate profits have remained robust, albeit while slowing compared to prior quarters. As of Friday, 84% of S&P 500 companies had reported actual fourth-quarter earnings results, according to FactSet. And the estimated earnings growth rate for S&P 500 companies in aggregate stood at 30.9%, compared to about 40% from the third quarter.Still, the estimated earnings growth rate for the fourth quarter has trended continuously higher as more companies reported better-than-expected results. On December 31, the estimated earnings growth rate for the fourth quarter had been at just 21.2%.But while results for many companies have been positive for the final three months of 2021, outlooks have weakened, reflecting lingering supply chain uncertainty, rising prices and other macro concerns. FactSet noted that of companies that held their earnings conference calls between Dec. 15 and Feb. 17, 72% of the corporations mentioned \"inflation.\"\"In terms of earnings guidance from corporations, 71% of the S&P 500 companies (55 out of 77) that have issued EPS [earnings per share] guidance for Q1 2022 have issued negative guidance,\" FactSet's John Butters wrote in a note Friday. \"This is the highest percentage of S&P 500 companies issuing negative guidance since Q3 2019 (73%).\"\"Thus, the market may be reacting more to the negative earnings guidance and downward estimates revisions for the first quarter of 2022 than the earnings surprises being reported for the fourth-quarter of 2021,\" Butters added.Economic calendarMonday: No notable reports scheduled for releaseTuesday: FHFA House Price Index, December (1.1% expected, 1.1% in November); S&P CoreLogic Case-Shiller 20-City Composite Index, December month-over-month (1.10% expected, 1.18% in November); S&P CoreLogic Case-Shiller 20-City Composite Index, December year-over-year (18.30% expected, 18.29% in November); Markit U.S. Manufacturing PMI, February preliminary (56.0 expected, 55.5 in January); Markit U.S. Services PMI, February preliminary (53.0 expected, 51.2 in January); Markit U.S. Composite PMI, February preliminary (51.1 in January); Conference Board Consumer Confidence Index, February (110.0 expected, 113.8 in January); Richmond Fed Manufacturing Index, February (10 expected, 8 in January)Wednesday: MBA Mortgage Applications, week ended February 18 (-5.4% during prior week)Thursday: Chicago Fed National Activity Index, January (-0.15 in December); GDP annualized, quarter-over-quarter, 4Q second estimate (7.0% expected, 6.9% in prior estimate); Personal consumption, 4Q second estimate (3.3% expected, 3.3% in prior estimate); Core PCE quarter-over-quarter, 4Q second estimate (4.9% expected, 4.9% in prior estimate); Kansas City Fed Manufacturing Activity, February (24 in January)Friday: Personal income, January (-0.4%, 0.3% in December); Personal spending, January (1.5% expected, -0.6% in December); Durable Goods Orders, January preliminary (0.9% -0.7% in December); Durable Goods Orders excluding transportation, January preliminary (0.3% expected, 0.6% in December); PCE deflator, January year-over-year (6.0% expected, 5.8% in December); PCE deflator, January month-over-month (0.6% expected, 0.4% in December); PCE core deflator, January year-over-year (5.2% expected, 4.9% in December); PCE core deflator, January month-over-month (0.5% expected, 0.5% in December)Earnings calendarMondayNo notable reports scheduled for releaseTuesdayBefore market open: Apache Corp. (APA), Home Depot (HD), Tempur Sealy International (TPX), Macy's (M)After market close: Caesar's Entertainment (CZR), Agilent Technologies (A), Diamondback Energy (FANG), The Mosaic Co. (MOS), Toll Brothers (TOL), Virgin Galactic (SPCE), Palo Alto Networks (PANW), Teladoc Health (TDOC)WednesdayBefore market open: Lowe's (LOW), Overstock.com (OSTK), The TJX Cos. (TJX), Cerner Corp. (CERN)After market close: Hertz (HTZ), eBay (EBAY), Revolve Group Inc. (RVLV), Booking Holdings (BKNG), FuboTV (FUBO), Allbirds (BIRD), Bath and Body Works (BBWI), Chesapeake Energy (CHK), Live Nation Entertainment (LYV), The Real Real (REAL), Lemonade (LMND)ThursdayBefore market open: Keurig Dr. Pepper (KDP), Newmont Corp. (NEM), SeaWorld Entertainment (SEAS), Moderna (MRNA), Planet Fitness (PLNT), Nikola (NKLA), Wayfair (W), Six Flags Entertainment (SIX), Discovery Inc. (DISCA), Norwegian Cruise Line Holdings (NCLH), Occidental Petroleum (OXY)After market close: Intuit (INTU), Opendoor Technologies (OPEN), Autodesk (ADSK), Coinbase (COIN), Dell Technologies (DELL), Block Inc. (SQ), Zscaler (ZS), Rocket Cos. (RKT), VMWare (VMW), Etsy (ETSY), Beyond Meat (BYND), Monster Beverage Corp. (MNST)FridayNo notable reports scheduled for release","news_type":1,"symbols_score_info":{"JPM":0.6,"SPCE":1,"SPY.AU":0.6,"OXY":1,"KDP":1,"BBWI":1,"CPI":1,"PANW":1,"LOW":0.6,"ZS":1,".SPX":0.9,"PLNT":1,"TJX":0.6,"COIN":0.6,"DISCA":1,"M":0.6,"NKLA":1,"CZR":1,"SPY":0.6,"APA":1,"HD":0.6,"A":1,"FANG":1,"MOS":1,"HTZ":1}},"isVote":1,"tweetType":1,"viewCount":3451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":638294913,"gmtCreate":1645325502364,"gmtModify":1645325502681,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/638294913","repostId":"2212671091","repostType":4,"repost":{"id":"2212671091","kind":"highlight","pubTimestamp":1645319101,"share":"https://www.laohunote.com/m/news/2212671091?lang=zh_CN&edition=full","pubTime":"2022-02-20 09:05","market":"us","language":"en","title":"Will Fed rate hikes crush the stock market? Here's why speed matters<blockquote>美联储加息会压垮股市吗？这就是速度很重要的原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2212671091","media":"MarketWatch","summary":"With the Federal Reserve all but certain to begin raising interest rates in March, market prognostic","content":"<p><html><head></head><body>With the Federal Reserve all but certain to begin raising interest rates in March, market prognosticators have been quick to reassure investors that history shows stocks tend to do just fine as policy makers embark on a monetary policy tightening cycle.</p><p><blockquote><html><head></head><body>随着美联储几乎肯定会在3月份开始加息，市场预测者很快向投资者保证，历史表明，随着政策制定者开始货币政策紧缩周期，股市往往表现良好。</body></html></blockquote></p><p>But like most things related to markets, there&#39;s more to the story.</p><p><blockquote>但就像大多数与市场相关的事情一样，这个故事还有更多内容。</blockquote></p><p>It turns out that when the Fed moves fast to hike rates, as it has signaled it&#39;s prepared to do in a scramble to rein in U.S. inflation running at its hottest since the early 1980s, the stock market&#39;s short-term performance hasn&#39;t been quite as stellar, said Ed Clissold, chief U.S. strategist at Ned Davis Research.</p><p><blockquote>事实证明，当美联储迅速加息时（正如它所表示的那样），它准备这样做，以努力控制美国通胀达到 20 世纪 80 年代初以来的最高点时，股市的短期表现并不那么出色，内德·戴维斯研究公司 (Ned Davis Research) 首席美国策略师埃德·克利索尔德 (Ed Clissold) 表示。</blockquote></p><p>&#34;It&#39;s intuitive that the Fed&#39;s job when they start to raise rates is to take the punch bowl away before the party gets going too much,&#34; he said, in a Thursday interview. So it shouldn&#39;t be a surprise that &#34;the quicker they&#39;ve been, the more markets have taken note.&#34;</p><p><blockquote>他在周四接受采访时表示：“很直观，当美联储开始加息时，他们的工作就是在派对变得过度之前把潘趣酒拿走。”因此，“速度越快，市场注意到的就越多”也就不足为奇了。</blockquote></p><p>Clissold and Thanh Nguyen, NDR&#39;s senior quantitative analyst, detailed the difference between market performance in &#34;fast&#34; versus &#34;slow&#34; cycles in a Feb. 9 note. They found that in the year following the initial rate increase, the S&amp;P 500  rose an average 10.5% in slow cycles versus an average fall of 2.7% in fast cycles (see chart below).</p><p><blockquote>Clissold 和 NDR 高级量化分析师 Thanh Nguyen 在 2 月 9 日的一份报告中详细介绍了“快”周期和“慢”周期的市场表现之间的差异。他们发现，在最初加息后的一年里，标普500在慢周期中平均上涨10.5%，而在快周期中平均下跌2.7%（见下图）。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b209a13e185df7837bbe56e3518647ca\" tg-width=\"700\" tg-height=\"558\" width=\"100%\" height=\"auto\"/><span>Ned Davis Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>内德·戴维斯研究</span></p></blockquote></p><p>The median gain during the first year of a slow cycle was 13.4% versus 2.4% for fast cycles. The median maximum drawdown in slow cycles was 11%, compared with 12.1% for fast cycles.</p><p><blockquote>慢周期第一年的中位数收益为13.4%，而快周期为2.4%。慢周期的中位数最大缩减为11%，而快周期为12.1%。</blockquote></p><p>Overall, the &#34;return and drawdown statistics of a fast cycle are consistent with choppy conditions, but not necessarily a major bear market,&#34; Clissold and Nguyen wrote.</p><p><blockquote>总体而言，“快速周期的回报和回撤统计数据与波动情况一致，但不一定是大熊市，”Clissold 和 Nguyen 写道。</blockquote></p><p>So how fast is fast? It&#39;s a bit subjective, Clissold told MarketWatch, but past cycles have shaken out relatively clearly between the two categories. NDR expects four or more rate increases over the Fed&#39;s seven remaining policy meetings in 2022 alongside the start of a reduction in the size of the central bank&#39;s balance sheet -- a pace that would put the cycle clearly in the &#34;fast&#34; category.</p><p><blockquote>那么多快才算快呢？Clissold 告诉 MarketWatch，这有点主观，但过去的周期在这两个类别之间的区别相对明显。NDR 预计，美联储在 2022 年剩余的七次政策会议上将加息四次或更多次，同时央行资产负债表规模也将开始缩减——这一步伐将使周期明显处于“快速”类别。</blockquote></p><p>Some Fed watchers see a faster pace than that, and fed-funds futures traders have increasingly priced in the prospect of policy makers kicking off the cycle with a half-point rate increase rather than the typical quarter-point, or 25 basis point, move.</p><p><blockquote>一些美联储观察人士认为加息速度会比这更快，联邦基金期货交易员越来越认识到政策制定者将以半个基点的加息开始周期，而不是典型的25个基点或25个基点的加息。</blockquote></p><p>The market&#39;s pricing of an aggressive rate-hike scenario appears reasonable given the inflation picture, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments.</p><p><blockquote>纽约人寿投资公司经济学家兼投资组合策略师劳伦·古德温表示，考虑到通胀形势，市场对激进加息情景的定价似乎是合理的。</blockquote></p><p>That said, it&#39;s worth remembering that both the market and the Fed itself, via the central bank&#39;s so-called dot-plot forecast for benchmark interest rates, have been relatively poor at predicting the actual rate outcome, she noted, in a phone interview.</p><p><blockquote>也就是说，值得记住的是，市场和美联储本身，通过央行所谓的基准利率点图预测，在预测实际利率结果方面都相对较差，她在接受电话采访时指出。</blockquote></p><p>That isn&#39;t a criticism, she said. Rather it merely reflects just how difficult it is to make accurate rate predictions. New York Life Investments, for its part, looks for four quarter-point rate increases in 2022, possibly frontloaded.</p><p><blockquote>她说，这不是批评。相反，它仅仅反映了做出准确的利率预测是多么困难。纽约人寿投资公司 (New York Life Investments) 则预计 2022 年将加息四个 25 个百分点，这可能是前期加息。</blockquote></p><p>The point, she said, is that there has already been substantial volatility around rate expectations and, moreover, that&#39;s likely to continue as data comes in. That could make for more volatility in the rates market and the yield curve, which has flattened significantly since the beginning of the year as rates at the short end have risen sharply in anticipation of Fed tightening while longer-dated yields have risen less sharply.</p><p><blockquote>她说，关键是利率预期已经出现了很大的波动，而且随着数据的公布，这种情况可能会持续下去。这可能会导致利率市场和收益率曲线出现更大的波动，自今年年初以来，由于预期美联储紧缩，短期利率大幅上升，而长期收益率上升幅度较小，收益率自年初以来已大幅趋平。</blockquote></p><p>The yield curve is viewed as an important indicator in itself. An inversion of the curve, particularly when the 2-year or shorter-dated yields rise above the 10-year yield, has been a reliable recession indicator.</p><p><blockquote>收益率曲线本身被视为一个重要指标。曲线倒挂，特别是当2年期或更短期限的收益率升至10年期收益率以上时，一直是一个可靠的衰退指标。</blockquote></p><p>That hasn&#39;t happened yet, but the rapid flattening of the curve may reflect fears aggressive Fed tightening could throw the economy into recession, some analysts say. Others offer a more benign interpretation, with the flattening reflecting expectations a quick response by the Fed will help wrestle down inflation without requiring rates to rise to eye-watering levels.</p><p><blockquote>一些分析师表示，这种情况尚未发生，但曲线的快速变平可能反映出人们担心美联储激进的紧缩政策可能会使经济陷入衰退。其他人则给出了更温和的解释，持平反映了美联储的快速反应将有助于抑制通胀，而无需利率升至令人瞠目结舌的水平。</blockquote></p><p>On the surface, the latter scenario would seem to favor stocks of companies tied to the economic cycle, particularly those that are able to pass on rising costs and navigate rising capital costs, Goodwin said. In asset class terms, that would tend to favor value stocks over growth stocks, she said.</p><p><blockquote>古德温表示，从表面上看，后一种情况似乎有利于与经济周期挂钩的公司股票，特别是那些能够转嫁成本上升并应对资本成本上升的公司股票。她说，就资产类别而言，这往往有利于价值股而不是成长型股。</blockquote></p><p>But it&#39;s not that simple. &#34;It really depends on the company and that their capital structure and competitiveness in this type of environment,&#34; she said, noting that some technology stocks have fared very well in an environment that seems to no longer favor growth, while others have suffered.</p><p><blockquote>但事情没那么简单。她表示：“这实际上取决于公司及其资本结构和这种环境下的竞争力。”她指出，一些科技股在似乎不再有利于增长的环境中表现非常好，而其他科技股则遭受了损失。</blockquote></p><p></p><p>That makes for a more &#34;company by company&#34; picture that favors active managers, Goodwin said.</p><p><blockquote>古德温说，这使得情况更加“逐家公司”，有利于积极的管理者。</blockquote></p><p>It&#39;s all part of a &#34;midcycle&#34; environment. Economic growth remains healthy, which is constructive for stocks, but growth is only likely to slow from here, she said, and that makes &#34;earnings and earnings quality particularly important.&#34;</p><p><blockquote>这都是“中周期”环境的一部分。她表示，经济增长保持健康，这对股市来说是建设性的，但增长只会从现在开始放缓，这使得“盈利和盈利质量尤为重要”。</blockquote></p><p>That will change when there are clearer signs the economy is simply decelerating, which is when more broad level asset class considerations play a bigger role in determining outcomes for investors, she said.</p><p><blockquote>她表示，当有更明确的迹象表明经济正在放缓时，这种情况就会改变，此时更广泛的资产类别考虑在决定投资者的结果方面发挥更大的作用。</blockquote></p><p>U.S. markets will be closed Monday for the Presidents Day holiday. Meanwhile, investors, like Fed officials, will remain glued to inflation data, while keeping watch on developments around Ukraine as U.S. officials warn of the threat of a Russian invasion.</p><p><blockquote>美国市场将于周一因总统日假期休市。与此同时，随着美国官员警告俄罗斯入侵的威胁，投资者将继续关注通胀数据，同时密切关注乌克兰周边的事态发展。</blockquote></p><p>Ukraine-related jitters were blamed in part for the stock market&#39;s stumble over the past week, with the Dow Jones Industrial Average  falling 1.9%, while the S&amp;P 500 fell 1.6% and the Nasdaq Composite  lost 1.2%.</p><p><blockquote>过去一周股市下跌的部分原因是与乌克兰相关的紧张情绪，道琼斯工业平均指数下跌 1.9%，标普500指数下跌 1.6%，纳斯达克综合指数下跌 1.2%。</blockquote></p><p>Friday will bring the Fed&#39;s favored reading on price pressures with the release of the January personal consumption and expenditures, or PCE, inflation reading. The University of Michigan&#39;s final February take on five-year consumer inflation expectations is also due Friday.</p><p><blockquote>周五，随着1月份个人消费和支出（PCE）通胀数据的发布，美联储将公布对价格压力的有利读数。密歇根大学二月份对五年期消费者通胀预期的最终评估也将于周五公布。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Will Fed rate hikes crush the stock market? Here's why speed matters<blockquote>美联储加息会压垮股市吗？这就是速度很重要的原因</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\">\nWill Fed rate hikes crush the stock market? Here's why speed matters<blockquote>美联储加息会压垮股市吗？这就是速度很重要的原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2022-02-20 09:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>With the Federal Reserve all but certain to begin raising interest rates in March, market prognosticators have been quick to reassure investors that history shows stocks tend to do just fine as policy makers embark on a monetary policy tightening cycle.</p><p><blockquote><html><head></head><body>随着美联储几乎肯定会在3月份开始加息，市场预测者很快向投资者保证，历史表明，随着政策制定者开始货币政策紧缩周期，股市往往表现良好。</body></html></blockquote></p><p>But like most things related to markets, there&#39;s more to the story.</p><p><blockquote>但就像大多数与市场相关的事情一样，这个故事还有更多内容。</blockquote></p><p>It turns out that when the Fed moves fast to hike rates, as it has signaled it&#39;s prepared to do in a scramble to rein in U.S. inflation running at its hottest since the early 1980s, the stock market&#39;s short-term performance hasn&#39;t been quite as stellar, said Ed Clissold, chief U.S. strategist at Ned Davis Research.</p><p><blockquote>事实证明，当美联储迅速加息时（正如它所表示的那样），它准备这样做，以努力控制美国通胀达到 20 世纪 80 年代初以来的最高点时，股市的短期表现并不那么出色，内德·戴维斯研究公司 (Ned Davis Research) 首席美国策略师埃德·克利索尔德 (Ed Clissold) 表示。</blockquote></p><p>&#34;It&#39;s intuitive that the Fed&#39;s job when they start to raise rates is to take the punch bowl away before the party gets going too much,&#34; he said, in a Thursday interview. So it shouldn&#39;t be a surprise that &#34;the quicker they&#39;ve been, the more markets have taken note.&#34;</p><p><blockquote>他在周四接受采访时表示：“很直观，当美联储开始加息时，他们的工作就是在派对变得过度之前把潘趣酒拿走。”因此，“速度越快，市场注意到的就越多”也就不足为奇了。</blockquote></p><p>Clissold and Thanh Nguyen, NDR&#39;s senior quantitative analyst, detailed the difference between market performance in &#34;fast&#34; versus &#34;slow&#34; cycles in a Feb. 9 note. They found that in the year following the initial rate increase, the S&amp;P 500  rose an average 10.5% in slow cycles versus an average fall of 2.7% in fast cycles (see chart below).</p><p><blockquote>Clissold 和 NDR 高级量化分析师 Thanh Nguyen 在 2 月 9 日的一份报告中详细介绍了“快”周期和“慢”周期的市场表现之间的差异。他们发现，在最初加息后的一年里，标普500在慢周期中平均上涨10.5%，而在快周期中平均下跌2.7%（见下图）。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b209a13e185df7837bbe56e3518647ca\" tg-width=\"700\" tg-height=\"558\" width=\"100%\" height=\"auto\"/><span>Ned Davis Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>内德·戴维斯研究</span></p></blockquote></p><p>The median gain during the first year of a slow cycle was 13.4% versus 2.4% for fast cycles. The median maximum drawdown in slow cycles was 11%, compared with 12.1% for fast cycles.</p><p><blockquote>慢周期第一年的中位数收益为13.4%，而快周期为2.4%。慢周期的中位数最大缩减为11%，而快周期为12.1%。</blockquote></p><p>Overall, the &#34;return and drawdown statistics of a fast cycle are consistent with choppy conditions, but not necessarily a major bear market,&#34; Clissold and Nguyen wrote.</p><p><blockquote>总体而言，“快速周期的回报和回撤统计数据与波动情况一致，但不一定是大熊市，”Clissold 和 Nguyen 写道。</blockquote></p><p>So how fast is fast? It&#39;s a bit subjective, Clissold told MarketWatch, but past cycles have shaken out relatively clearly between the two categories. NDR expects four or more rate increases over the Fed&#39;s seven remaining policy meetings in 2022 alongside the start of a reduction in the size of the central bank&#39;s balance sheet -- a pace that would put the cycle clearly in the &#34;fast&#34; category.</p><p><blockquote>那么多快才算快呢？Clissold 告诉 MarketWatch，这有点主观，但过去的周期在这两个类别之间的区别相对明显。NDR 预计，美联储在 2022 年剩余的七次政策会议上将加息四次或更多次，同时央行资产负债表规模也将开始缩减——这一步伐将使周期明显处于“快速”类别。</blockquote></p><p>Some Fed watchers see a faster pace than that, and fed-funds futures traders have increasingly priced in the prospect of policy makers kicking off the cycle with a half-point rate increase rather than the typical quarter-point, or 25 basis point, move.</p><p><blockquote>一些美联储观察人士认为加息速度会比这更快，联邦基金期货交易员越来越认识到政策制定者将以半个基点的加息开始周期，而不是典型的25个基点或25个基点的加息。</blockquote></p><p>The market&#39;s pricing of an aggressive rate-hike scenario appears reasonable given the inflation picture, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments.</p><p><blockquote>纽约人寿投资公司经济学家兼投资组合策略师劳伦·古德温表示，考虑到通胀形势，市场对激进加息情景的定价似乎是合理的。</blockquote></p><p>That said, it&#39;s worth remembering that both the market and the Fed itself, via the central bank&#39;s so-called dot-plot forecast for benchmark interest rates, have been relatively poor at predicting the actual rate outcome, she noted, in a phone interview.</p><p><blockquote>也就是说，值得记住的是，市场和美联储本身，通过央行所谓的基准利率点图预测，在预测实际利率结果方面都相对较差，她在接受电话采访时指出。</blockquote></p><p>That isn&#39;t a criticism, she said. Rather it merely reflects just how difficult it is to make accurate rate predictions. New York Life Investments, for its part, looks for four quarter-point rate increases in 2022, possibly frontloaded.</p><p><blockquote>她说，这不是批评。相反，它仅仅反映了做出准确的利率预测是多么困难。纽约人寿投资公司 (New York Life Investments) 则预计 2022 年将加息四个 25 个百分点，这可能是前期加息。</blockquote></p><p>The point, she said, is that there has already been substantial volatility around rate expectations and, moreover, that&#39;s likely to continue as data comes in. That could make for more volatility in the rates market and the yield curve, which has flattened significantly since the beginning of the year as rates at the short end have risen sharply in anticipation of Fed tightening while longer-dated yields have risen less sharply.</p><p><blockquote>她说，关键是利率预期已经出现了很大的波动，而且随着数据的公布，这种情况可能会持续下去。这可能会导致利率市场和收益率曲线出现更大的波动，自今年年初以来，由于预期美联储紧缩，短期利率大幅上升，而长期收益率上升幅度较小，收益率自年初以来已大幅趋平。</blockquote></p><p>The yield curve is viewed as an important indicator in itself. An inversion of the curve, particularly when the 2-year or shorter-dated yields rise above the 10-year yield, has been a reliable recession indicator.</p><p><blockquote>收益率曲线本身被视为一个重要指标。曲线倒挂，特别是当2年期或更短期限的收益率升至10年期收益率以上时，一直是一个可靠的衰退指标。</blockquote></p><p>That hasn&#39;t happened yet, but the rapid flattening of the curve may reflect fears aggressive Fed tightening could throw the economy into recession, some analysts say. Others offer a more benign interpretation, with the flattening reflecting expectations a quick response by the Fed will help wrestle down inflation without requiring rates to rise to eye-watering levels.</p><p><blockquote>一些分析师表示，这种情况尚未发生，但曲线的快速变平可能反映出人们担心美联储激进的紧缩政策可能会使经济陷入衰退。其他人则给出了更温和的解释，持平反映了美联储的快速反应将有助于抑制通胀，而无需利率升至令人瞠目结舌的水平。</blockquote></p><p>On the surface, the latter scenario would seem to favor stocks of companies tied to the economic cycle, particularly those that are able to pass on rising costs and navigate rising capital costs, Goodwin said. In asset class terms, that would tend to favor value stocks over growth stocks, she said.</p><p><blockquote>古德温表示，从表面上看，后一种情况似乎有利于与经济周期挂钩的公司股票，特别是那些能够转嫁成本上升并应对资本成本上升的公司股票。她说，就资产类别而言，这往往有利于价值股而不是成长型股。</blockquote></p><p>But it&#39;s not that simple. &#34;It really depends on the company and that their capital structure and competitiveness in this type of environment,&#34; she said, noting that some technology stocks have fared very well in an environment that seems to no longer favor growth, while others have suffered.</p><p><blockquote>但事情没那么简单。她表示：“这实际上取决于公司及其资本结构和这种环境下的竞争力。”她指出，一些科技股在似乎不再有利于增长的环境中表现非常好，而其他科技股则遭受了损失。</blockquote></p><p></p><p>That makes for a more &#34;company by company&#34; picture that favors active managers, Goodwin said.</p><p><blockquote>古德温说，这使得情况更加“逐家公司”，有利于积极的管理者。</blockquote></p><p>It&#39;s all part of a &#34;midcycle&#34; environment. Economic growth remains healthy, which is constructive for stocks, but growth is only likely to slow from here, she said, and that makes &#34;earnings and earnings quality particularly important.&#34;</p><p><blockquote>这都是“中周期”环境的一部分。她表示，经济增长保持健康，这对股市来说是建设性的，但增长只会从现在开始放缓，这使得“盈利和盈利质量尤为重要”。</blockquote></p><p>That will change when there are clearer signs the economy is simply decelerating, which is when more broad level asset class considerations play a bigger role in determining outcomes for investors, she said.</p><p><blockquote>她表示，当有更明确的迹象表明经济正在放缓时，这种情况就会改变，此时更广泛的资产类别考虑在决定投资者的结果方面发挥更大的作用。</blockquote></p><p>U.S. markets will be closed Monday for the Presidents Day holiday. Meanwhile, investors, like Fed officials, will remain glued to inflation data, while keeping watch on developments around Ukraine as U.S. officials warn of the threat of a Russian invasion.</p><p><blockquote>美国市场将于周一因总统日假期休市。与此同时，随着美国官员警告俄罗斯入侵的威胁，投资者将继续关注通胀数据，同时密切关注乌克兰周边的事态发展。</blockquote></p><p>Ukraine-related jitters were blamed in part for the stock market&#39;s stumble over the past week, with the Dow Jones Industrial Average  falling 1.9%, while the S&amp;P 500 fell 1.6% and the Nasdaq Composite  lost 1.2%.</p><p><blockquote>过去一周股市下跌的部分原因是与乌克兰相关的紧张情绪，道琼斯工业平均指数下跌 1.9%，标普500指数下跌 1.6%，纳斯达克综合指数下跌 1.2%。</blockquote></p><p>Friday will bring the Fed&#39;s favored reading on price pressures with the release of the January personal consumption and expenditures, or PCE, inflation reading. The University of Michigan&#39;s final February take on five-year consumer inflation expectations is also due Friday.</p><p><blockquote>周五，随着1月份个人消费和支出（PCE）通胀数据的发布，美联储将公布对价格压力的有利读数。密歇根大学二月份对五年期消费者通胀预期的最终评估也将于周五公布。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/will-fed-rate-hikes-crush-the-stock-market-heres-why-speed-matters-11645270790?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/will-fed-rate-hikes-crush-the-stock-market-heres-why-speed-matters-11645270790?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2212671091","content_text":"With the Federal Reserve all but certain to begin raising interest rates in March, market prognosticators have been quick to reassure investors that history shows stocks tend to do just fine as policy makers embark on a monetary policy tightening cycle.But like most things related to markets, there's more to the story.It turns out that when the Fed moves fast to hike rates, as it has signaled it's prepared to do in a scramble to rein in U.S. inflation running at its hottest since the early 1980s, the stock market's short-term performance hasn't been quite as stellar, said Ed Clissold, chief U.S. strategist at Ned Davis Research.\"It's intuitive that the Fed's job when they start to raise rates is to take the punch bowl away before the party gets going too much,\" he said, in a Thursday interview. So it shouldn't be a surprise that \"the quicker they've been, the more markets have taken note.\"Clissold and Thanh Nguyen, NDR's senior quantitative analyst, detailed the difference between market performance in \"fast\" versus \"slow\" cycles in a Feb. 9 note. They found that in the year following the initial rate increase, the S&P 500  rose an average 10.5% in slow cycles versus an average fall of 2.7% in fast cycles (see chart below).Ned Davis ResearchThe median gain during the first year of a slow cycle was 13.4% versus 2.4% for fast cycles. The median maximum drawdown in slow cycles was 11%, compared with 12.1% for fast cycles.Overall, the \"return and drawdown statistics of a fast cycle are consistent with choppy conditions, but not necessarily a major bear market,\" Clissold and Nguyen wrote.So how fast is fast? It's a bit subjective, Clissold told MarketWatch, but past cycles have shaken out relatively clearly between the two categories. NDR expects four or more rate increases over the Fed's seven remaining policy meetings in 2022 alongside the start of a reduction in the size of the central bank's balance sheet -- a pace that would put the cycle clearly in the \"fast\" category.Some Fed watchers see a faster pace than that, and fed-funds futures traders have increasingly priced in the prospect of policy makers kicking off the cycle with a half-point rate increase rather than the typical quarter-point, or 25 basis point, move.The market's pricing of an aggressive rate-hike scenario appears reasonable given the inflation picture, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments.That said, it's worth remembering that both the market and the Fed itself, via the central bank's so-called dot-plot forecast for benchmark interest rates, have been relatively poor at predicting the actual rate outcome, she noted, in a phone interview.That isn't a criticism, she said. Rather it merely reflects just how difficult it is to make accurate rate predictions. New York Life Investments, for its part, looks for four quarter-point rate increases in 2022, possibly frontloaded.The point, she said, is that there has already been substantial volatility around rate expectations and, moreover, that's likely to continue as data comes in. That could make for more volatility in the rates market and the yield curve, which has flattened significantly since the beginning of the year as rates at the short end have risen sharply in anticipation of Fed tightening while longer-dated yields have risen less sharply.The yield curve is viewed as an important indicator in itself. An inversion of the curve, particularly when the 2-year or shorter-dated yields rise above the 10-year yield, has been a reliable recession indicator.That hasn't happened yet, but the rapid flattening of the curve may reflect fears aggressive Fed tightening could throw the economy into recession, some analysts say. Others offer a more benign interpretation, with the flattening reflecting expectations a quick response by the Fed will help wrestle down inflation without requiring rates to rise to eye-watering levels.On the surface, the latter scenario would seem to favor stocks of companies tied to the economic cycle, particularly those that are able to pass on rising costs and navigate rising capital costs, Goodwin said. In asset class terms, that would tend to favor value stocks over growth stocks, she said.But it's not that simple. \"It really depends on the company and that their capital structure and competitiveness in this type of environment,\" she said, noting that some technology stocks have fared very well in an environment that seems to no longer favor growth, while others have suffered.That makes for a more \"company by company\" picture that favors active managers, Goodwin said.It's all part of a \"midcycle\" environment. Economic growth remains healthy, which is constructive for stocks, but growth is only likely to slow from here, she said, and that makes \"earnings and earnings quality particularly important.\"That will change when there are clearer signs the economy is simply decelerating, which is when more broad level asset class considerations play a bigger role in determining outcomes for investors, she said.U.S. markets will be closed Monday for the Presidents Day holiday. Meanwhile, investors, like Fed officials, will remain glued to inflation data, while keeping watch on developments around Ukraine as U.S. officials warn of the threat of a Russian invasion.Ukraine-related jitters were blamed in part for the stock market's stumble over the past week, with the Dow Jones Industrial Average  falling 1.9%, while the S&P 500 fell 1.6% and the Nasdaq Composite  lost 1.2%.Friday will bring the Fed's favored reading on price pressures with the release of the January personal consumption and expenditures, or PCE, inflation reading. The University of Michigan's final February take on five-year consumer inflation expectations is also due Friday.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.76,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3059,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":638681492,"gmtCreate":1645237864932,"gmtModify":1645237865863,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls 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like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/631635778","repostId":"1167381325","repostType":4,"repost":{"id":"1167381325","kind":"news","pubTimestamp":1644625609,"share":"https://www.laohunote.com/m/news/1167381325?lang=zh_CN&edition=full","pubTime":"2022-02-12 08:26","market":"us","language":"en","title":"US IPO Week Ahead: More micro-caps amid the IPO market’s February lull<blockquote>美国 IPO 未来一周： IPO 市场二月份低迷，更多微型股上市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167381325","media":"renaissancecap...","summary":"The IPO market has hit its February lull. Just two micro-cap holdovers are scheduled to price in the","content":"<p><html><head></head><body>The IPO market has hit its February lull. Just two micro-cap holdovers are scheduled to price in the week ahead, though some small issuers and SPACs may join the calendar during the week.</p><p><blockquote><html><head></head><body>IPO市场进入了二月份的平静期。尽管一些小型发行人和 SPAC 可能会在本周加入日历，但只有两只微型股持有计划在未来一周进行定价。</body></html></blockquote></p><p>Preclinical biotech <b>Ocean Biomedical</b>(OCEA) plans to raise $22 million at a $222 million market cap. The company’s preclinical pipeline includes various humanized mAbs for non-small cell lung cancer and glioblastoma multiforme, a small molecule for the treatment of Idiopathic Pulmonary Fibrosis, a malaria vaccine, and two malaria therapeutics.</p><p><blockquote>临床前生物技术<b>海洋生物医学</b>（OCEA）计划以2.22亿美元的市值筹集2200万美元。该公司的临床前产品线包括用于非小细胞肺癌和多形性胶质母细胞瘤的各种人源化单克隆抗体、一种用于治疗特发性肺纤维化的小分子药物、一种疟疾疫苗和两种疟疾治疗药物。</blockquote></p><p>Bedding brand <b>Cariloha</b>(ALOHA) plans to raise $20 million at a $122 million market cap. The company positions itself as an eco-friendly alternative to traditional fabrics, and largely reaches customers through partnerships with cruise lines. Cariloha’s sales fell 30% in 2020 due to the pandemic, though it has since ramped up S&amp;M initiatives in the DTC channel. The company cut its deal size by 33% on Friday.</p><p><blockquote>寝具品牌<b>卡里洛哈</b>(ALOHA) 计划以 1.22 亿美元的市值筹集 2000 万美元。该公司将自己定位为传统面料的环保替代品，并主要通过与邮轮公司的合作来接触客户。受大流行病影响，Cariloha 的销售额在 2020 年下降了 30%，但此后该公司加强了 DTC 渠道的 S&amp;M 计划。该公司周五将交易规模削减了 33%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/03fc45f9eafede36a0eb28d36cd5ab7b\" tg-width=\"1555\" tg-height=\"383\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1619493174116","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: More micro-caps amid the IPO market’s February lull<blockquote>美国 IPO 未来一周： IPO 市场二月份低迷，更多微型股上市</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: More micro-caps amid the IPO market’s February lull<blockquote>美国 IPO 未来一周： IPO 市场二月份低迷，更多微型股上市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2022-02-12 08:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The IPO market has hit its February lull. Just two micro-cap holdovers are scheduled to price in the week ahead, though some small issuers and SPACs may join the calendar during the week.</p><p><blockquote><html><head></head><body>IPO市场进入了二月份的平静期。尽管一些小型发行人和 SPAC 可能会在本周加入日历，但只有两只微型股持有计划在未来一周进行定价。</body></html></blockquote></p><p>Preclinical biotech <b>Ocean Biomedical</b>(OCEA) plans to raise $22 million at a $222 million market cap. The company’s preclinical pipeline includes various humanized mAbs for non-small cell lung cancer and glioblastoma multiforme, a small molecule for the treatment of Idiopathic Pulmonary Fibrosis, a malaria vaccine, and two malaria therapeutics.</p><p><blockquote>临床前生物技术<b>海洋生物医学</b>（OCEA）计划以2.22亿美元的市值筹集2200万美元。该公司的临床前产品线包括用于非小细胞肺癌和多形性胶质母细胞瘤的各种人源化单克隆抗体、一种用于治疗特发性肺纤维化的小分子药物、一种疟疾疫苗和两种疟疾治疗药物。</blockquote></p><p>Bedding brand <b>Cariloha</b>(ALOHA) plans to raise $20 million at a $122 million market cap. The company positions itself as an eco-friendly alternative to traditional fabrics, and largely reaches customers through partnerships with cruise lines. Cariloha’s sales fell 30% in 2020 due to the pandemic, though it has since ramped up S&amp;M initiatives in the DTC channel. The company cut its deal size by 33% on Friday.</p><p><blockquote>寝具品牌<b>卡里洛哈</b>(ALOHA) 计划以 1.22 亿美元的市值筹集 2000 万美元。该公司将自己定位为传统面料的环保替代品，并主要通过与邮轮公司的合作来接触客户。受大流行病影响，Cariloha 的销售额在 2020 年下降了 30%，但此后该公司加强了 DTC 渠道的 S&amp;M 计划。该公司周五将交易规模削减了 33%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/03fc45f9eafede36a0eb28d36cd5ab7b\" tg-width=\"1555\" tg-height=\"383\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/90918/US-IPO-Week-Ahead-More-micro-caps-amid-the-IPO-market%E2%80%99s-February-lull\">renaissancecap...</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":{"IPO":"Renaissance IPO ETF"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/90918/US-IPO-Week-Ahead-More-micro-caps-amid-the-IPO-market%E2%80%99s-February-lull","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167381325","content_text":"The IPO market has hit its February lull. Just two micro-cap holdovers are scheduled to price in the week ahead, though some small issuers and SPACs may join the calendar during the week.Preclinical biotech Ocean Biomedical(OCEA) plans to raise $22 million at a $222 million market cap. The company’s preclinical pipeline includes various humanized mAbs for non-small cell lung cancer and glioblastoma multiforme, a small molecule for the treatment of Idiopathic Pulmonary Fibrosis, a malaria vaccine, and two malaria therapeutics.Bedding brand Cariloha(ALOHA) plans to raise $20 million at a $122 million market cap. The company positions itself as an eco-friendly alternative to traditional fabrics, and largely reaches customers through partnerships with cruise lines. Cariloha’s sales fell 30% in 2020 due to the pandemic, though it has since ramped up S&M initiatives in the DTC channel. The company cut its deal size by 33% on Friday.","news_type":1,"symbols_score_info":{"IPO":0.9}},"isVote":1,"tweetType":1,"viewCount":732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":631167423,"gmtCreate":1644546560520,"gmtModify":1644546560741,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls 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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/184678116","repostId":"1126626020","repostType":4,"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":876123531,"gmtCreate":1637283975082,"gmtModify":1637283975211,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/876123531","repostId":"1185082595","repostType":4,"repost":{"id":"1185082595","kind":"news","pubTimestamp":1637276340,"share":"https://www.laohunote.com/m/news/1185082595?lang=zh_CN&edition=full","pubTime":"2021-11-19 06:59","market":"us","language":"en","title":"S&P 500, Nasdaq hit record closing highs<blockquote>纳斯达克标普500创下收盘新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185082595","media":"Reuters","summary":"(Reuters) - The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corpo","content":"<p>(Reuters) - The S&amp;P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, while Turkey's lira weakened further after its central bank cut rates.</p><p><blockquote>（路透社） - 标普500和纳斯达克周四创下收盘新高，受以下公司乐观的企业盈利消息提振，包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>而土耳其央行降息后里拉进一步走弱。</blockquote></p><p> MSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&amp;P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.</p><p><blockquote>摩根士丹利资本国际 (MSCI) 对全球股市的衡量标准持平，道琼斯工业平均指数收低。英伟达 (Nvidia) 的股价上涨，成为标普500和纳斯达克的最大支撑之一，此前该公司超出了季度预期并预测第四季度收入强劲。梅西百货 (M.N.) 上调盈利预期后股价飙升 21.2%。</blockquote></p><p> On the flip side, <a href=\"https://laohu8.com/S/CSCO\">Cisco Systems</a>&nbsp;shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.</p><p><blockquote>另一方面，<a href=\"https://laohu8.com/S/CSCO\">思科系统</a>由于供应链短缺和延误，该公司预测本季度收入低于预期，一天后，该公司股价下跌 5.5%。这是越来越多引用供应链问题的美国公司中的最新一家。</blockquote></p><p> Investors have been concerned over further increases in price pressures. Retail giant <a href=\"https://laohu8.com/S/TGT\">Target</a>&nbsp;warned of higher costs earlier this week.</p><p><blockquote>投资者一直担心价格压力进一步加大。零售巨头<a href=\"https://laohu8.com/S/TGT\">目标</a>本周早些时候警告称成本上升。</blockquote></p><p> New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.</p><p><blockquote>纽约联邦储备银行行长约翰·威廉姆斯周四表示，通胀正变得更加广泛，对未来物价上涨的预期正在上升。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)&nbsp;fell 60.1 points, or 0.17%, to 35,870.95, the S&amp;P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC)&nbsp;added 72.14 points, or 0.45%, to 15,993.71.</p><p><blockquote>道琼斯工业平均指数 (.DJI) 下跌 60.1 点，或 0.17%，至 35,870.95 点；标普500指数 (.SPX) 上涨 15.87 点，或 0.34%，至 4,704.54 点；纳斯达克综合指数 (.IXIC) 上涨 72.14 点，或 0.45%，至 15,993.71。</blockquote></p><p> The pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.</p><p><blockquote>泛欧斯托克 600 指数 (.STOXX) 下跌 0.46%，摩根士丹利资本国际 (.MIWD00000PUS) 上涨 0.03%。</blockquote></p><p> Turkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.</p><p><blockquote>土耳其央行将利率下调 100 个基点至 15%，尽管通胀率接近 20%，土耳其里拉仍下跌 2.83%，导致土耳其货币大幅下跌。</blockquote></p><p> \"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda 高级市场分析师爱德华·莫亚 (Edward Moya) 表示：“里拉仍然是一个出气筒，进一步疲软看不到尽头。”</blockquote></p><p> The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.</p><p><blockquote>尽管存在风险，塔伊普·埃尔多安总统再次批评利率和刺激评级，里拉本月已贬值约 11.5%。最新价格为 10.909，早些时候曾触及 1 美元兑换 11.30 美元的历史低点。</blockquote></p><p> The dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.</p><p><blockquote>由于交易员权衡美元最近的飙升是否走得太远，美元从 16 个月高点小幅回落。</blockquote></p><p> The dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.</p><p><blockquote>衡量美元兑一篮子六种竞争对手货币的美元指数最新下跌 0.3%。</blockquote></p><p> In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.</p><p><blockquote>在美国国债市场，周三 20 年期债券拍卖相对成功，缓解了人们对收益率进一步快速上升的担忧，收益率下跌。</blockquote></p><p> Benchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.</p><p><blockquote>基准 10 年期国债最新利率为 1.587%。它们已从上周 1.415% 的低点反弹，目前仍低于 10 月 21 日触及的 1.705% 的五个月高点。</blockquote></p><p> Oil prices rose slightly after dropping to six-week lows.</p><p><blockquote>油价在跌至六周低点后小幅上涨。</blockquote></p><p> Brent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.</p><p><blockquote>布伦特原油收盘上涨 96 美分，涨幅 1.2%，至每桶 81.24 美元；美国西德克萨斯中质原油期货收盘上涨 65 美分，涨幅 0.8%，至每桶 79.01 美元。</blockquote></p><p> U.S. gold futures settled down 0.5% at $1,861.4.</p><p><blockquote>美国黄金期货下跌 0.5%，至 1,861.4 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500, Nasdaq hit record closing highs<blockquote>纳斯达克标普500创下收盘新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500, Nasdaq hit record closing highs<blockquote>纳斯达克标普500创下收盘新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-19 06:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The S&amp;P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, while Turkey's lira weakened further after its central bank cut rates.</p><p><blockquote>（路透社） - 标普500和纳斯达克周四创下收盘新高，受以下公司乐观的企业盈利消息提振，包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>而土耳其央行降息后里拉进一步走弱。</blockquote></p><p> MSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&amp;P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.</p><p><blockquote>摩根士丹利资本国际 (MSCI) 对全球股市的衡量标准持平，道琼斯工业平均指数收低。英伟达 (Nvidia) 的股价上涨，成为标普500和纳斯达克的最大支撑之一，此前该公司超出了季度预期并预测第四季度收入强劲。梅西百货 (M.N.) 上调盈利预期后股价飙升 21.2%。</blockquote></p><p> On the flip side, <a href=\"https://laohu8.com/S/CSCO\">Cisco Systems</a>&nbsp;shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.</p><p><blockquote>另一方面，<a href=\"https://laohu8.com/S/CSCO\">思科系统</a>由于供应链短缺和延误，该公司预测本季度收入低于预期，一天后，该公司股价下跌 5.5%。这是越来越多引用供应链问题的美国公司中的最新一家。</blockquote></p><p> Investors have been concerned over further increases in price pressures. Retail giant <a href=\"https://laohu8.com/S/TGT\">Target</a>&nbsp;warned of higher costs earlier this week.</p><p><blockquote>投资者一直担心价格压力进一步加大。零售巨头<a href=\"https://laohu8.com/S/TGT\">目标</a>本周早些时候警告称成本上升。</blockquote></p><p> New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.</p><p><blockquote>纽约联邦储备银行行长约翰·威廉姆斯周四表示，通胀正变得更加广泛，对未来物价上涨的预期正在上升。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)&nbsp;fell 60.1 points, or 0.17%, to 35,870.95, the S&amp;P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC)&nbsp;added 72.14 points, or 0.45%, to 15,993.71.</p><p><blockquote>道琼斯工业平均指数 (.DJI) 下跌 60.1 点，或 0.17%，至 35,870.95 点；标普500指数 (.SPX) 上涨 15.87 点，或 0.34%，至 4,704.54 点；纳斯达克综合指数 (.IXIC) 上涨 72.14 点，或 0.45%，至 15,993.71。</blockquote></p><p> The pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.</p><p><blockquote>泛欧斯托克 600 指数 (.STOXX) 下跌 0.46%，摩根士丹利资本国际 (.MIWD00000PUS) 上涨 0.03%。</blockquote></p><p> Turkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.</p><p><blockquote>土耳其央行将利率下调 100 个基点至 15%，尽管通胀率接近 20%，土耳其里拉仍下跌 2.83%，导致土耳其货币大幅下跌。</blockquote></p><p> \"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda 高级市场分析师爱德华·莫亚 (Edward Moya) 表示：“里拉仍然是一个出气筒，进一步疲软看不到尽头。”</blockquote></p><p> The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.</p><p><blockquote>尽管存在风险，塔伊普·埃尔多安总统再次批评利率和刺激评级，里拉本月已贬值约 11.5%。最新价格为 10.909，早些时候曾触及 1 美元兑换 11.30 美元的历史低点。</blockquote></p><p> The dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.</p><p><blockquote>由于交易员权衡美元最近的飙升是否走得太远，美元从 16 个月高点小幅回落。</blockquote></p><p> The dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.</p><p><blockquote>衡量美元兑一篮子六种竞争对手货币的美元指数最新下跌 0.3%。</blockquote></p><p> In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.</p><p><blockquote>在美国国债市场，周三 20 年期债券拍卖相对成功，缓解了人们对收益率进一步快速上升的担忧，收益率下跌。</blockquote></p><p> Benchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.</p><p><blockquote>基准 10 年期国债最新利率为 1.587%。它们已从上周 1.415% 的低点反弹，目前仍低于 10 月 21 日触及的 1.705% 的五个月高点。</blockquote></p><p> Oil prices rose slightly after dropping to six-week lows.</p><p><blockquote>油价在跌至六周低点后小幅上涨。</blockquote></p><p> Brent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.</p><p><blockquote>布伦特原油收盘上涨 96 美分，涨幅 1.2%，至每桶 81.24 美元；美国西德克萨斯中质原油期货收盘上涨 65 美分，涨幅 0.8%，至每桶 79.01 美元。</blockquote></p><p> U.S. gold futures settled down 0.5% at $1,861.4.</p><p><blockquote>美国黄金期货下跌 0.5%，至 1,861.4 美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/markets/us/global-markets-wrapup-6-graphics-2021-11-18/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/markets/us/global-markets-wrapup-6-graphics-2021-11-18/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185082595","content_text":"(Reuters) - The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including Nvidia, while Turkey's lira weakened further after its central bank cut rates.\nMSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.\nOn the flip side, Cisco Systems shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.\nInvestors have been concerned over further increases in price pressures. Retail giant Target warned of higher costs earlier this week.\nNew York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.\nThe Dow Jones Industrial Average(.DJI) fell 60.1 points, or 0.17%, to 35,870.95, the S&P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC) added 72.14 points, or 0.45%, to 15,993.71.\nThe pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.\nTurkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.\n\"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.\nThe lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.\nThe dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.\nThe dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.\nIn the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.\nBenchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.\nOil prices rose slightly after dropping to six-week lows.\nBrent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.\nU.S. gold futures settled down 0.5% at $1,861.4.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823701446,"gmtCreate":1633658337827,"gmtModify":1633658338051,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Please like and comment&nbsp;","listText":"Please like and comment&nbsp;","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/823701446","repostId":"1163018074","repostType":4,"isVote":1,"tweetType":1,"viewCount":692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692910682,"gmtCreate":1640825672759,"gmtModify":1640825673020,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":1,"link":"https://laohu8.com/post/692910682","repostId":"2195466435","repostType":4,"isVote":1,"tweetType":1,"viewCount":966,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858754333,"gmtCreate":1635125146982,"gmtModify":1635125147260,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/858754333","repostId":"2178808449","repostType":4,"isVote":1,"tweetType":1,"viewCount":831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":813997104,"gmtCreate":1630118724608,"gmtModify":1704956237419,"author":{"id":"3572595527962994","authorId":"3572595527962994","name":"tnerual","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572595527962994","idStr":"3572595527962994"},"themes":[],"title":"","htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/813997104","repostId":"2162733980","repostType":4,"isVote":1,"tweetType":1,"viewCount":790,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}