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2021-12-31

Wow

Stocks Rise as Dow and S&P 500 Aim to Build on Records<blockquote>道琼斯指数和标普500指数旨在打破纪录，股市上涨</blockquote>

2021-12-31

Wow

Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>

2021-12-30

Wow

Semiconductor Stocks Mixed in Morning Trading<blockquote>半导体股早盘涨跌互现</blockquote>

2021-12-29

Wow

S&P 500 Ekes Out a New Record High as Traders Weigh Omicron Threat<blockquote>交易员权衡 Omicron 威胁，标普500创下新高</blockquote>

2021-12-28

Wow

Singapore Bourse Likely To Bounce Higher Again On Tuesday<blockquote>新加坡股市周二可能再次反弹</blockquote>

2021-12-27

Wow

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2021-12-26

Wow

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2021-12-25

Wow

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2021-12-24

Wow

InnovAge shares tumbled nearly 50% in early trading<blockquote>InnovAge股价早盘暴跌近50%</blockquote>

2021-12-23

Wow

Biogen shares fell 1.2% in early trading<blockquote>百健股价早盘下跌 1.2%</blockquote>

2021-12-22

Wow

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2021-12-21

Wow

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2021-12-20

Wow

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2021-12-19

Wow

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2021-12-18

Wow

U.S. stocks sink at Friday's open,Nasdaq Composite Index declines 0.9%<blockquote>美国股市周五开盘下跌，纳斯达克综合指数下跌0.9%</blockquote>

2021-12-17

Wow

Is Ford Stock the New Tesla?<blockquote>福特股票是新的特斯拉吗？</blockquote>

2021-12-16

Wow

Vaccine stocks rose sharply in morning trading, with Vir technology rising over 15% and Novavax rising over 4%<blockquote>疫苗股早盘大涨，Vir technology涨超15%，Novavax涨超4%</blockquote>

2021-12-15

Wow

Warren Buffett's Berkshire Hathaway outruns Cathie Wood's Ark Innovation<blockquote>沃伦·巴菲特的伯克希尔·哈撒韦公司击败凯西·伍德的方舟创新公司</blockquote>

2021-12-14

Wow

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2021-12-13

Wow

Who's to blame for inflation? It's complicated<blockquote>谁该为通货膨胀负责？这很复杂</blockquote>

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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":1640874762,"share":"https://www.laohunote.com/m/news/1121842221?lang=zh_CN&edition=full","pubTime":"2021-12-30 22:32","market":"us","language":"en","title":"Stocks Rise as Dow and S&P 500 Aim to Build on Records<blockquote>道琼斯指数和标普500指数旨在打破纪录，股市上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121842221","media":"Tiger Newspress","summary":"U.S. stocks rose Thursday after the S&P 500 and Dow Jones Industrial Average reached new record high","content":"<p><html><head></head><body>U.S. stocks rose Thursday after the S&amp;P 500 and Dow Jones Industrial Average reached new record highs in the previous session.</p><p><blockquote><html><head></head><body>标普500和道琼斯工业平均指数在前一交易日创下历史新高后，美国股市周四上涨。</body></html></blockquote></p><p>The Dow Jones Industrial Average gained about 150 points. The S&amp;P 500 rose 0.2%. The Nasdaq Composite ticked up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨约150点。标普500上涨0.2%。纳斯达克综合指数上涨 0.2%。</blockquote></p><p>Thursday is the second-last trading session of 2021. The end of the year is a historically strong period for stocks, which has been dubbed the “Santa Claus rally.”</p><p><blockquote>周四是 2021 年倒数第二个交易日。年底是股市历史上的强势时期，被称为 “圣诞老人反弹”。</blockquote></p><p>The S&amp;P 500 has risen during the period — the last five trading days of the year followed by the first two session in January — 78.5% of the time since 1928, according to Bank of America.</p><p><blockquote>根据美国银行的数据，自 1928 年以来，标普500在此期间（今年最后五个交易日和 1 月份的前两个交易日）上涨了 78.5%。</blockquote></p><p>“Santa has been good to investors this holiday season, and we look for another year of positive returns in 2022,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.</p><p><blockquote>“富国银行投资研究所（Wells Fargo Investment Institute）高级全球市场策略师斯科特-雷恩（Scott Wren）说：”在这个假日季，圣诞老人对投资者来说一直很好，我们期待在 2022 年再次实现正回报。</blockquote></p><p>Biogen slid 6.5% in the premarket Thursday after Samsung denied a report in The Korea Economic Daily that it was in talks to buy Biogen. Biogen shares had surged 9.5% on Wednesday.</p><p><blockquote>周四，三星否认了《韩国经济日报》有关其正在洽谈收购百健的报道，百健股价在盘前下跌 6.5%。百健股价周三飙升 9.5%。</blockquote></p><p>Jobless claims last week came in lower than expected, the Labor Department reported Thursday. Initial claims totaled 198,000 for the week ended Dec. 25, while economists surveyed by Dow Jones projected 205,000.</p><p><blockquote>美国劳工部周四报告称，上周申请失业救济人数低于预期。截至 12 月 25 日当周，首次申请失业救济人数总计 198,000 人，而道琼斯调查的经济学家预计为 205,000 人。</blockquote></p><p>On Wednesday the S&amp;P 500 posted its 70th record close of the year. This year has seen the second-highest number of record closes for the benchmark index during a calendar year, trailing just 1995′s 77 record closing highs. The Dow also closed at its first high since November and saw its sixth-straight positive session.</p><p><blockquote>周三，标普500公布了今年第70次创纪录的收盘。今年是基准指数收盘次数第二多的一年，仅次于 1995 年创下的 77 次收盘纪录高点。道琼斯指数也收于11月以来的第一个高点，并连续第六个交易日上涨。</blockquote></p><p>All three major averages are in the green for December. The S&amp;P and Dow are on pace for a second positive month in the last three, while the Nasdaq Composite is on track for a third straight month of gains.</p><p><blockquote>12 月份三大平均值均为绿色。标准普尔和道琼斯指数有望在过去三个月中第二个月上涨，而纳斯达克综合指数有望连续第三个月上涨。</blockquote></p><p>For the year, the S&amp;P is up more than 27% and the Dow is up more than 19%. The Nasdaq has gained roughly 22.3%, while the Russell 2000 is up nearly 14%.</p><p><blockquote>今年，标准普尔指数上涨超过 27%，道琼斯指数上涨超过 19%。纳斯达克上涨了约 22.3%，而罗素 2000 指数上涨了近 14%。</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>Stocks Rise as Dow and S&P 500 Aim to Build on Records<blockquote>道琼斯指数和标普500指数旨在打破纪录，股市上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks Rise as Dow and S&P 500 Aim to Build on Records<blockquote>道琼斯指数和标普500指数旨在打破纪录，股市上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-30 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stocks rose Thursday after the S&amp;P 500 and Dow Jones Industrial Average reached new record highs in the previous session.</p><p><blockquote><html><head></head><body>标普500和道琼斯工业平均指数在前一交易日创下历史新高后，美国股市周四上涨。</body></html></blockquote></p><p>The Dow Jones Industrial Average gained about 150 points. The S&amp;P 500 rose 0.2%. The Nasdaq Composite ticked up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨约150点。标普500上涨0.2%。纳斯达克综合指数上涨 0.2%。</blockquote></p><p>Thursday is the second-last trading session of 2021. The end of the year is a historically strong period for stocks, which has been dubbed the “Santa Claus rally.”</p><p><blockquote>周四是 2021 年倒数第二个交易日。年底是股市历史上的强势时期，被称为 “圣诞老人反弹”。</blockquote></p><p>The S&amp;P 500 has risen during the period — the last five trading days of the year followed by the first two session in January — 78.5% of the time since 1928, according to Bank of America.</p><p><blockquote>根据美国银行的数据，自 1928 年以来，标普500在此期间（今年最后五个交易日和 1 月份的前两个交易日）上涨了 78.5%。</blockquote></p><p>“Santa has been good to investors this holiday season, and we look for another year of positive returns in 2022,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.</p><p><blockquote>“富国银行投资研究所（Wells Fargo Investment Institute）高级全球市场策略师斯科特-雷恩（Scott Wren）说：”在这个假日季，圣诞老人对投资者来说一直很好，我们期待在 2022 年再次实现正回报。</blockquote></p><p>Biogen slid 6.5% in the premarket Thursday after Samsung denied a report in The Korea Economic Daily that it was in talks to buy Biogen. Biogen shares had surged 9.5% on Wednesday.</p><p><blockquote>周四，三星否认了《韩国经济日报》有关其正在洽谈收购百健的报道，百健股价在盘前下跌 6.5%。百健股价周三飙升 9.5%。</blockquote></p><p>Jobless claims last week came in lower than expected, the Labor Department reported Thursday. Initial claims totaled 198,000 for the week ended Dec. 25, while economists surveyed by Dow Jones projected 205,000.</p><p><blockquote>美国劳工部周四报告称，上周申请失业救济人数低于预期。截至 12 月 25 日当周，首次申请失业救济人数总计 198,000 人，而道琼斯调查的经济学家预计为 205,000 人。</blockquote></p><p>On Wednesday the S&amp;P 500 posted its 70th record close of the year. This year has seen the second-highest number of record closes for the benchmark index during a calendar year, trailing just 1995′s 77 record closing highs. The Dow also closed at its first high since November and saw its sixth-straight positive session.</p><p><blockquote>周三，标普500公布了今年第70次创纪录的收盘。今年是基准指数收盘次数第二多的一年，仅次于 1995 年创下的 77 次收盘纪录高点。道琼斯指数也收于11月以来的第一个高点，并连续第六个交易日上涨。</blockquote></p><p>All three major averages are in the green for December. The S&amp;P and Dow are on pace for a second positive month in the last three, while the Nasdaq Composite is on track for a third straight month of gains.</p><p><blockquote>12 月份三大平均值均为绿色。标准普尔和道琼斯指数有望在过去三个月中第二个月上涨，而纳斯达克综合指数有望连续第三个月上涨。</blockquote></p><p>For the year, the S&amp;P is up more than 27% and the Dow is up more than 19%. The Nasdaq has gained roughly 22.3%, while the Russell 2000 is up nearly 14%.</p><p><blockquote>今年，标准普尔指数上涨超过 27%，道琼斯指数上涨超过 19%。纳斯达克上涨了约 22.3%，而罗素 2000 指数上涨了近 14%。</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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121842221","content_text":"U.S. stocks rose Thursday after the S&P 500 and Dow Jones Industrial Average reached new record highs in the previous session.The Dow Jones Industrial Average gained about 150 points. The S&P 500 rose 0.2%. The Nasdaq Composite ticked up 0.2%.Thursday is the second-last trading session of 2021. The end of the year is a historically strong period for stocks, which has been dubbed the “Santa Claus rally.”The S&P 500 has risen during the period — the last five trading days of the year followed by the first two session in January — 78.5% of the time since 1928, according to Bank of America.“Santa has been good to investors this holiday season, and we look for another year of positive returns in 2022,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.Biogen slid 6.5% in the premarket Thursday after Samsung denied a report in The Korea Economic Daily that it was in talks to buy Biogen. Biogen shares had surged 9.5% on Wednesday.Jobless claims last week came in lower than expected, the Labor Department reported Thursday. Initial claims totaled 198,000 for the week ended Dec. 25, while economists surveyed by Dow Jones projected 205,000.On Wednesday the S&P 500 posted its 70th record close of the year. This year has seen the second-highest number of record closes for the benchmark index during a calendar year, trailing just 1995′s 77 record closing highs. The Dow also closed at its first high since November and saw its sixth-straight positive session.All three major averages are in the green for December. The S&P and Dow are on pace for a second positive month in the last three, while the Nasdaq Composite is on track for a third straight month of gains.For the year, the S&P is up more than 27% and the Dow is up more than 19%. The Nasdaq has gained roughly 22.3%, while the Russell 2000 is up nearly 14%.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3956,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692884415,"gmtCreate":1640916074541,"gmtModify":1640916075063,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/692884415","repostId":"1106092668","repostType":4,"repost":{"id":"1106092668","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":1640876653,"share":"https://www.laohunote.com/m/news/1106092668?lang=zh_CN&edition=full","pubTime":"2021-12-30 23:04","market":"us","language":"en","title":"Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106092668","media":"Tiger Newspress","summary":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Unde","content":"<p><html><head></head><body>Sea Limited shares jumped more than 4% in morning trading.</p><p><blockquote><html><head></head><body>Sea Limited 股价早盘上涨超过 4%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><blockquote><b>另请阅读：</b><b>Sea Limited：深入了解近期抛售情况</b></blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p><b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p>A by-parts analysis of Sea Limited&#39;s (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对 Sea Limited（纽约证券交易所股票代码：SE）各部门的部分分析表明，其目前的估值大致公平，但有许多长期增长驱动力可能会带来惊喜，并在未来几年带来非常强劲的回报。</blockquote></p><p><b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I&#39;d already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章，重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don&#39;t speculate on short-term market movements, but I personally added to my Sea shares recently. It&#39;s one of my only losing positions that I didn&#39;t sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不猜测短期市场走势，但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一，我没有为了税收损失而暂时卖出，在这篇文章中，我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p>It&#39;s also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it&#39;s the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>同样值得注意的是，许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司，但在对冲基金中却是第 16 大最受欢迎的持股。这意味着，大钱是跑赢大盘海，71%的股份由机构持有。</blockquote></p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于 Sea 在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p><b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p>Sea Limited&#39;s gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it&#39;s particularly popular in emerging markets like SEA, LATAM, and India, where it&#39;s been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售，但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p>With the game having been popular for a long time already, there&#39;s some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老，仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前，总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p>Regardless, Garena is a critical part of Sea because it&#39;s the only profitable segment and it doubles a social platform that provides free advertising for Sea&#39;s non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何，Garena 是 Sea 的重要组成部分，因为它是唯一盈利的细分市场，并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p>Thus, one reason for Sea&#39;s recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：盈利看涨期权演示</span></p></blockquote></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度，Garena 将 2021 年预订指引上调至 $4.5B-$4.7B（从 $4.3B-$4.5B）。前三个季度的预订总额已经达到$3.5B，这意味着第四季度的预订量将达到$1.0B-$1.2B，同比增长0%至20%，并可能随后下降。相比之下，最近一个季度的增长率为 29%，全年的预计增长率为 44%。</blockquote></p><p>While 20% isn&#39;t a terrible deceleration, 0% certainly is. Even 20% growth isn&#39;t spectacular compared to the historic levels. At the 10% midpoint, Garena&#39;s growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然 20% 并不是可怕的减速，但 0% 肯定是。与历史水平相比，即使是 20% 的增长也并不引人注目。在 10% 的中点，Garena 的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或 Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是 Roblox（纽约证券交易所股票代码：RBLX）等快速增长公司。</blockquote></p><p></p><p>Garena&#39;s implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I&#39;ll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today&#39;s market.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高，上行风险可能更大，因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说，市盈率约为10，这在当今的市场上是非常合理的。</blockquote></p><p>This means Garena is worth $23.5B based on the high end of management&#39;s guidance.</p><p><blockquote>这意味着根据管理层的高端指导，Garena 的价值为 $23.5B。</blockquote></p><p>I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的，原因有几个：</blockquote></p><p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I&#39;d obviously prefer that Garena develops more games in house, in the meantime it&#39;s still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena&#39;s revenue.</li></ul><b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，未来几年甚至明年的增长可能会再次加速，特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录，并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至增加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了 Free Fire 之外，Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏，有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p>Sea&#39;s e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克股票代码：AMZN），最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p>There&#39;s always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba&#39;s (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don&#39;t publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn&#39;t published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁才是一个地区的真正亚马逊，总有一些争论。Shopee 当然面临着竞争对手，包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI)，甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常注重移动端，但上表只考虑了网站。要查看购物类别的App Store App排名，我们可以使用App Annie。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p>On the mobile side, there&#39;s no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动方面，没有必要关注竞争，因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里，这是一个非常好的兆头。即使在网络方面，Shopee 也获胜，除了在拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p>Of course, traffic doesn&#39;t always translate to GMV. But for a shopping app where most people will use the app to buy something, it&#39;s a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It&#39;s Shopee&#39;s dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，它是一个不错的代理。第三方估计，Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位，让我认为它是东南亚的亚马逊。</blockquote></p><p>So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家拥有如此巨大潜力的公司会被抛售呢？</blockquote></p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it&#39;s bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO&#39;s comments that they don&#39;t have a concrete measure of success in these earlier stage countries won&#39;t help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they&#39;re successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后，一些分析师表示担心，Shopee在当前市场验证其商业模式之前，正在向波兰和墨西哥等其他国家拓展业务。在这些国家，Shopee的存在较少；它在墨西哥应用商店购物应用的3-5名之间，在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史，我愿意给管理层一些时间尝试扩张更多。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p></p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it&#39;s hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小（平均购买大小）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子大小缩小，但整体销售额却大幅增长，这很难抱怨。</blockquote></p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That&#39;s 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon&#39;s $340B in 2020 e-commerce sales, Shopee looks like it&#39;s just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA&#39;s.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%，全年增长了约 135%。这些数字比游戏方面令人兴奋得多，尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比，Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济的增长速度普遍快于美国。</blockquote></p><p>Despite being in a blue skies industry, it&#39;s more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee&#39;s success is not guaranteed because it&#39;s not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业，但电子商务部门更难估值，因为它亏损运营（而游戏部门利润丰厚）。Shopee 的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it&#39;s difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it&#39;s worth noting that despite being unprofitable, Sea&#39;s Rule of 40 score of 104 is better than most SaaS companies&#39;, and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此，值得注意的是，尽管无利可图，Sea的40法则104分优于大多数SaaS公司，也优于电子商务同行亚马逊（21）、MercadoLibre（73）和阿里巴巴-SW（43）。</blockquote></p><p>To understand Shopee&#39;s terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon&#39;s high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为 4 倍。AWS 推高了这一数字，但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似：阿里巴巴-SW市盈率为 3 倍，MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p>If Shopee keeps doubling revenue over the next couple of years (which it&#39;s easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon&#39;s P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番（自 2016 年以来，它每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率，那么今天的市盈率为 16 倍，它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度，和/或如果整体行业倍数扩大到更正常的历史水平，那么即使市盈率为 16 倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或从未盈利，那么投资者会对任何市盈率感到非常失望。</blockquote></p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee&#39;s mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment&#39;s future. I recognize that it&#39;s currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于如此广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金，以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时，我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域，但我也看到了巨大的潜力。</blockquote></p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此，我很乐意支付 16 倍市盈率，这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高，这些人可能永远不会有机会投资这家公司，不管是好是坏。</blockquote></p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let&#39;s look at the other parts of Sea.</p><p><blockquote>因此，仅 Garena 和 Shopee，我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p><b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p>The easiest addition to my computed valuation is Sea&#39;s $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won&#39;t be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>对我计算的估值来说，最简单的补充是 Sea 的 120 亿美元现金堆，部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择，并确保尽管在Shopee上亏损，但它不会很快破产。加上$8B的现金差异，我的计算估值为$114.7B，仅比实际估值少$8.4B。</blockquote></p><p>Then there is Sea&#39;s FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a &#34;take rate&#34; of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I&#39;m not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包，它在上一季度的支付量为46亿美元（一年内约20亿美元）。该部门第三季度收入为 1.32 亿美元，同比增长 818%。这意味着2.9%的“接受率”，甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率，我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p></p><p>Despite SeaMoney being a small segment, it&#39;s now reaching a point where it can be factored into the valuation. Maybe it&#39;s only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea&#39;s sales would today be worth more than the gaming segment. But Sea&#39;s management - combined with Garena&#39;s ability to fund new segments and drive their viral adoption - made it happen. It&#39;s certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场，但它现在已经达到了可以计入估值的程度。也许它只值几十亿，但这仅仅是个开始。五年前，没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理层，加上 Garena 资助新细分市场并推动其病毒式采用的能力，使得这一目标得以实现。当然不能保证Sea会在金融科技方面取得同样的成功，但这是有先例的。</blockquote></p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre&#39;s revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa&#39;s, Mastercard&#39;s (NYSE:MA), and Affirm&#39;s (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies&#39;, but we don&#39;t even need to speculate about what a fair multiple is, since we can reach Sea&#39;s current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值是Sea的三分之一或更多（2020年，金融科技占MercadoLibre收入的36%），那么今天仅以7%的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率有点高16倍。事实上，这个倍数已经低于 Visa、万事达卡 (NYSE:MA) 和 Affirm (NASDAQ:AFRM)。实际上，一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率，但我们甚至不需要猜测公平的市盈率是多少，因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started &#34;early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.&#34; These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出，他们已经开始“在其他数字金融服务领域采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p>Finally, there&#39;s the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There&#39;s strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea&#39;s investment arm is very early stage, so I don&#39;t include it in my valuation model. But it doesn&#39;t have to be factored in to justify the current share price. It&#39;s just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是 Sea 投资者）和 Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段，所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前的股价是合理的。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>Looking at each of Sea&#39;s segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn&#39;t account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea&#39;s business. With the FinTech segment currently growing at 818% year over year, it doesn&#39;t take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>查看 Sea 的每个细分市场，我的估值模型表明 Sea 目前的估值相当合理。然而，我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%，不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，金融科技领域就会让投资者无法忽视。</blockquote></p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven&#39;t been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today&#39;s prices. It&#39;s a steep drop for sure, but most companies in today&#39;s market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择结合了每项业务的整体实力，使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲，我预计这将是我的估值模型的主要争论点，就像大多数不盈利的公司一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但是，即使你把电子商务一路降到5倍市盈率（这是今天增长缓慢得多的电子商务公司看到的倍数），这也意味着比今天的价格下降了54%。这肯定是一个急剧下降，但如果使用最保守的估值标准，当今市场上的大多数公司都会面临这样的下跌。</blockquote></p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It&#39;s one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此，最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-30 23:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Sea Limited shares jumped more than 4% in morning trading.</p><p><blockquote><html><head></head><body>Sea Limited 股价早盘上涨超过 4%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><blockquote><b>另请阅读：</b><b>Sea Limited：深入了解近期抛售情况</b></blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p><b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p>A by-parts analysis of Sea Limited&#39;s (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对 Sea Limited（纽约证券交易所股票代码：SE）各部门的部分分析表明，其目前的估值大致公平，但有许多长期增长驱动力可能会带来惊喜，并在未来几年带来非常强劲的回报。</blockquote></p><p><b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I&#39;d already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章，重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don&#39;t speculate on short-term market movements, but I personally added to my Sea shares recently. It&#39;s one of my only losing positions that I didn&#39;t sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不猜测短期市场走势，但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一，我没有为了税收损失而暂时卖出，在这篇文章中，我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p>It&#39;s also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it&#39;s the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>同样值得注意的是，许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司，但在对冲基金中却是第 16 大最受欢迎的持股。这意味着，大钱是跑赢大盘海，71%的股份由机构持有。</blockquote></p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于 Sea 在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p><b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p>Sea Limited&#39;s gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it&#39;s particularly popular in emerging markets like SEA, LATAM, and India, where it&#39;s been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售，但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p>With the game having been popular for a long time already, there&#39;s some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老，仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前，总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p>Regardless, Garena is a critical part of Sea because it&#39;s the only profitable segment and it doubles a social platform that provides free advertising for Sea&#39;s non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何，Garena 是 Sea 的重要组成部分，因为它是唯一盈利的细分市场，并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p>Thus, one reason for Sea&#39;s recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：盈利看涨期权演示</span></p></blockquote></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度，Garena 将 2021 年预订指引上调至 $4.5B-$4.7B（从 $4.3B-$4.5B）。前三个季度的预订总额已经达到$3.5B，这意味着第四季度的预订量将达到$1.0B-$1.2B，同比增长0%至20%，并可能随后下降。相比之下，最近一个季度的增长率为 29%，全年的预计增长率为 44%。</blockquote></p><p>While 20% isn&#39;t a terrible deceleration, 0% certainly is. Even 20% growth isn&#39;t spectacular compared to the historic levels. At the 10% midpoint, Garena&#39;s growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然 20% 并不是可怕的减速，但 0% 肯定是。与历史水平相比，即使是 20% 的增长也并不引人注目。在 10% 的中点，Garena 的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或 Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是 Roblox（纽约证券交易所股票代码：RBLX）等快速增长公司。</blockquote></p><p></p><p>Garena&#39;s implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I&#39;ll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today&#39;s market.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高，上行风险可能更大，因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说，市盈率约为10，这在当今的市场上是非常合理的。</blockquote></p><p>This means Garena is worth $23.5B based on the high end of management&#39;s guidance.</p><p><blockquote>这意味着根据管理层的高端指导，Garena 的价值为 $23.5B。</blockquote></p><p>I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的，原因有几个：</blockquote></p><p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I&#39;d obviously prefer that Garena develops more games in house, in the meantime it&#39;s still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena&#39;s revenue.</li></ul><b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，未来几年甚至明年的增长可能会再次加速，特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录，并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至增加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了 Free Fire 之外，Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏，有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p>Sea&#39;s e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克股票代码：AMZN），最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p>There&#39;s always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba&#39;s (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don&#39;t publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn&#39;t published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁才是一个地区的真正亚马逊，总有一些争论。Shopee 当然面临着竞争对手，包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI)，甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常注重移动端，但上表只考虑了网站。要查看购物类别的App Store App排名，我们可以使用App Annie。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p>On the mobile side, there&#39;s no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动方面，没有必要关注竞争，因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里，这是一个非常好的兆头。即使在网络方面，Shopee 也获胜，除了在拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p>Of course, traffic doesn&#39;t always translate to GMV. But for a shopping app where most people will use the app to buy something, it&#39;s a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It&#39;s Shopee&#39;s dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，它是一个不错的代理。第三方估计，Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位，让我认为它是东南亚的亚马逊。</blockquote></p><p>So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家拥有如此巨大潜力的公司会被抛售呢？</blockquote></p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it&#39;s bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO&#39;s comments that they don&#39;t have a concrete measure of success in these earlier stage countries won&#39;t help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they&#39;re successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后，一些分析师表示担心，Shopee在当前市场验证其商业模式之前，正在向波兰和墨西哥等其他国家拓展业务。在这些国家，Shopee的存在较少；它在墨西哥应用商店购物应用的3-5名之间，在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史，我愿意给管理层一些时间尝试扩张更多。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p></p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it&#39;s hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小（平均购买大小）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子大小缩小，但整体销售额却大幅增长，这很难抱怨。</blockquote></p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That&#39;s 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon&#39;s $340B in 2020 e-commerce sales, Shopee looks like it&#39;s just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA&#39;s.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%，全年增长了约 135%。这些数字比游戏方面令人兴奋得多，尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比，Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济的增长速度普遍快于美国。</blockquote></p><p>Despite being in a blue skies industry, it&#39;s more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee&#39;s success is not guaranteed because it&#39;s not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业，但电子商务部门更难估值，因为它亏损运营（而游戏部门利润丰厚）。Shopee 的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it&#39;s difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it&#39;s worth noting that despite being unprofitable, Sea&#39;s Rule of 40 score of 104 is better than most SaaS companies&#39;, and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此，值得注意的是，尽管无利可图，Sea的40法则104分优于大多数SaaS公司，也优于电子商务同行亚马逊（21）、MercadoLibre（73）和阿里巴巴-SW（43）。</blockquote></p><p>To understand Shopee&#39;s terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon&#39;s high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为 4 倍。AWS 推高了这一数字，但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似：阿里巴巴-SW市盈率为 3 倍，MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p>If Shopee keeps doubling revenue over the next couple of years (which it&#39;s easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon&#39;s P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番（自 2016 年以来，它每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率，那么今天的市盈率为 16 倍，它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度，和/或如果整体行业倍数扩大到更正常的历史水平，那么即使市盈率为 16 倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或从未盈利，那么投资者会对任何市盈率感到非常失望。</blockquote></p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee&#39;s mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment&#39;s future. I recognize that it&#39;s currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于如此广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金，以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时，我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域，但我也看到了巨大的潜力。</blockquote></p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此，我很乐意支付 16 倍市盈率，这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高，这些人可能永远不会有机会投资这家公司，不管是好是坏。</blockquote></p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let&#39;s look at the other parts of Sea.</p><p><blockquote>因此，仅 Garena 和 Shopee，我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p><b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p>The easiest addition to my computed valuation is Sea&#39;s $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won&#39;t be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>对我计算的估值来说，最简单的补充是 Sea 的 120 亿美元现金堆，部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择，并确保尽管在Shopee上亏损，但它不会很快破产。加上$8B的现金差异，我的计算估值为$114.7B，仅比实际估值少$8.4B。</blockquote></p><p>Then there is Sea&#39;s FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a &#34;take rate&#34; of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I&#39;m not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包，它在上一季度的支付量为46亿美元（一年内约20亿美元）。该部门第三季度收入为 1.32 亿美元，同比增长 818%。这意味着2.9%的“接受率”，甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率，我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p></p><p>Despite SeaMoney being a small segment, it&#39;s now reaching a point where it can be factored into the valuation. Maybe it&#39;s only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea&#39;s sales would today be worth more than the gaming segment. But Sea&#39;s management - combined with Garena&#39;s ability to fund new segments and drive their viral adoption - made it happen. It&#39;s certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场，但它现在已经达到了可以计入估值的程度。也许它只值几十亿，但这仅仅是个开始。五年前，没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理层，加上 Garena 资助新细分市场并推动其病毒式采用的能力，使得这一目标得以实现。当然不能保证Sea会在金融科技方面取得同样的成功，但这是有先例的。</blockquote></p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre&#39;s revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa&#39;s, Mastercard&#39;s (NYSE:MA), and Affirm&#39;s (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies&#39;, but we don&#39;t even need to speculate about what a fair multiple is, since we can reach Sea&#39;s current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值是Sea的三分之一或更多（2020年，金融科技占MercadoLibre收入的36%），那么今天仅以7%的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率有点高16倍。事实上，这个倍数已经低于 Visa、万事达卡 (NYSE:MA) 和 Affirm (NASDAQ:AFRM)。实际上，一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率，但我们甚至不需要猜测公平的市盈率是多少，因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started &#34;early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.&#34; These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出，他们已经开始“在其他数字金融服务领域采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p>Finally, there&#39;s the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There&#39;s strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea&#39;s investment arm is very early stage, so I don&#39;t include it in my valuation model. But it doesn&#39;t have to be factored in to justify the current share price. It&#39;s just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是 Sea 投资者）和 Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段，所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前的股价是合理的。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>Looking at each of Sea&#39;s segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn&#39;t account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea&#39;s business. With the FinTech segment currently growing at 818% year over year, it doesn&#39;t take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>查看 Sea 的每个细分市场，我的估值模型表明 Sea 目前的估值相当合理。然而，我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%，不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，金融科技领域就会让投资者无法忽视。</blockquote></p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven&#39;t been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today&#39;s prices. It&#39;s a steep drop for sure, but most companies in today&#39;s market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择结合了每项业务的整体实力，使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲，我预计这将是我的估值模型的主要争论点，就像大多数不盈利的公司一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但是，即使你把电子商务一路降到5倍市盈率（这是今天增长缓慢得多的电子商务公司看到的倍数），这也意味着比今天的价格下降了54%。这肯定是一个急剧下降，但如果使用最保守的估值标准，当今市场上的大多数公司都会面临这样的下跌。</blockquote></p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It&#39;s one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此，最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106092668","content_text":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Understand The Recent SelloffSummarySea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.I dive into each of its segments to understand the recent selloff and justify the current valuation.I consider Sea one of my ten highest conviction investments.kokkai/iStock Unreleased via Getty ImagesThesisA by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.IntroductionI recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.GamingSea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.Source: Earnings Call PresentationIn Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.This means Garena is worth $23.5B based on the high end of management's guidance.I believe this valuation is actually conservative for a few reasons:Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.E-CommerceSea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.Source: The Author, compiled from AlexaShopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.Source: The Author, compiled from AppAnnieOn the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.So why would a company with so much potential sell off?After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.FinTech & InvestmentsThe easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.ConclusionLooking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":3971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692990513,"gmtCreate":1640821795160,"gmtModify":1640821796244,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692990513","repostId":"1149988860","repostType":4,"repost":{"id":"1149988860","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":1640792807,"share":"https://www.laohunote.com/m/news/1149988860?lang=zh_CN&edition=full","pubTime":"2021-12-29 23:46","market":"us","language":"en","title":"Semiconductor Stocks Mixed in Morning Trading<blockquote>半导体股早盘涨跌互现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149988860","media":"Tiger Newspress","summary":"Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AM","content":"<p><html><head></head><body>Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AMD fell more than 2%.</p><p><blockquote><html><head></head><body>半导体股早盘涨跌互现。美光科技上涨近3%，英伟达和AMD下跌超过2%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/f4d9932e27e7be43b2a47e9900754cd6\" tg-width=\"412\" tg-height=\"177\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSemiconductor Stocks Mixed in Morning Trading<blockquote>半导体股早盘涨跌互现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-29 23:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AMD fell more than 2%.</p><p><blockquote><html><head></head><body>半导体股早盘涨跌互现。美光科技上涨近3%，英伟达和AMD下跌超过2%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/f4d9932e27e7be43b2a47e9900754cd6\" tg-width=\"412\" tg-height=\"177\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","NVDA":"英伟达","MU":"美光科技"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149988860","content_text":"Semiconductor stocks mixed in morning trading.Micron Technology jumped nearly 3% while Nvidia and AMD fell more than 2%.","news_type":1,"symbols_score_info":{"NVDA":0.9,"AMD":0.9,"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":3803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696535053,"gmtCreate":1640732727484,"gmtModify":1640732727871,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696535053","repostId":"1125505230","repostType":4,"repost":{"id":"1125505230","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":1640701946,"share":"https://www.laohunote.com/m/news/1125505230?lang=zh_CN&edition=full","pubTime":"2021-12-28 22:32","market":"us","language":"en","title":"S&P 500 Ekes Out a New Record High as Traders Weigh Omicron Threat<blockquote>交易员权衡 Omicron 威胁，标普500创下新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125505230","media":"Tiger Newspress","summary":"U.S. stocks were mostly flat Tuesday as the major indexes looked to build on record highs in the fin","content":"<p>U.S. stocks were mostly flat Tuesday as the major indexes looked to build on record highs in the final week of the year.</p><p><blockquote>美国股市周二基本持平，主要股指有望在今年最后一周创下历史新高。</blockquote></p><p> The Dow Jones Industrial Average traded up 0.1%. The S&amp;P 500 gained less than 0.1%. The Nasdaq Composite was flat.</p><p><blockquote>道琼斯工业平均指数上涨0.1%。标普500上涨不到0.1%。纳斯达克综合指数持平。</blockquote></p><p> The move in futures comes after stocks rallied in Monday’s regular session, with the S&amp;P 500 closing at its 69th record high of the year.</p><p><blockquote>期货走势是在周一常规交易时段股市反弹之后出现的，标普500指数收盘创下今年第 69 个历史新高。</blockquote></p><p> Markets continued to look to pandemic news for direction.</p><p><blockquote>市场继续从疫情新闻中寻找方向。</blockquote></p><p> The Centers for Disease Control and Prevention announced on Monday that it was shortening its isolation recommendation for people who test positive to five days from 10, if those people do not have symptoms.</p><p><blockquote>美国疾病控制和预防中心周一宣布，如果这些人没有症状，它将对检测呈阳性的人的隔离建议从10天缩短到5天。</blockquote></p><p> Research out of South Africa also indicated that omicron infections can help boost immunity to the earlier delta strain of Covid.</p><p><blockquote>南非的研究还表明，奥密克戎感染有助于增强对早期 delta 菌株的免疫力。</blockquote></p><p> Pharmaceutical stocks dipped in early trading following the relatively optimistic news on the pandemic. Moderna slipped 1.1% and Pfizer was marginally lower in light premarket trading Tuesday morning.</p><p><blockquote>在有关疫情的相对乐观消息传出后，制药股在早盘交易中下跌。Moderna 下跌 1.1%，辉瑞在周二上午清淡的盘前交易中小幅走低。</blockquote></p><p> Stocks dipped in late November, in part because of the rise of the omicron variant of Covid-19, but have since rebounded as governments have largely shied away from reinstating lockdowns and strict social distancing measures.</p><p><blockquote>11 月下旬，股市下跌，部分原因是 Covid-19 奥密克戎变种的崛起，但此后随着政府在很大程度上避免恢复封锁和严格的社交距离措施，股市有所反弹。</blockquote></p><p> Stocks tend to rise in light trading during the final days of the year, often called the “Santa Claus rally.” However, many Wall Street pros predict relatively small gains for stocks in 2022 after two strong years.</p><p><blockquote>在一年中的最后几天，股市往往会在清淡的交易中上涨，这通常被称为 “圣诞老人反弹”。然而，许多华尔街专业人士预测，在经历了两年的强劲表现后，2022 年股市涨幅相对较小。</blockquote></p><p> “If you look around Wall Street, you see very tame expectations, and it’s probably a reflection that we’re probably pretty late in the cycle,” Jim Lacamp, senior vice president at Morgan Stanley Wealth Management, said on “Closing Bell.”</p><p><blockquote>“摩根士丹利财富管理公司（Morgan Stanley Wealth Management）高级副总裁吉姆-拉坎普（Jim Lacamp）在《收盘钟声》节目中说：”如果你环顾华尔街，你会看到非常温和的预期，这可能反映出我们可能已经进入了这个周期的后期。</blockquote></p><p> For the year, the S&amp;P 500 is up 27.6% for the year and the Nasdaq is up 23.1%. The Dow is the laggard, up 18.6%.</p><p><blockquote>今年，标普500全年上涨27.6%，纳斯达克全年上涨23.1%。道琼斯指数表现落后，上涨 18.6%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 Ekes Out a New Record High as Traders Weigh Omicron Threat<blockquote>交易员权衡 Omicron 威胁，标普500创下新高</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 Ekes Out a New Record High as Traders Weigh Omicron Threat<blockquote>交易员权衡 Omicron 威胁，标普500创下新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-28 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks were mostly flat Tuesday as the major indexes looked to build on record highs in the final week of the year.</p><p><blockquote>美国股市周二基本持平，主要股指有望在今年最后一周创下历史新高。</blockquote></p><p> The Dow Jones Industrial Average traded up 0.1%. The S&amp;P 500 gained less than 0.1%. The Nasdaq Composite was flat.</p><p><blockquote>道琼斯工业平均指数上涨0.1%。标普500上涨不到0.1%。纳斯达克综合指数持平。</blockquote></p><p> The move in futures comes after stocks rallied in Monday’s regular session, with the S&amp;P 500 closing at its 69th record high of the year.</p><p><blockquote>期货走势是在周一常规交易时段股市反弹之后出现的，标普500指数收盘创下今年第 69 个历史新高。</blockquote></p><p> Markets continued to look to pandemic news for direction.</p><p><blockquote>市场继续从疫情新闻中寻找方向。</blockquote></p><p> The Centers for Disease Control and Prevention announced on Monday that it was shortening its isolation recommendation for people who test positive to five days from 10, if those people do not have symptoms.</p><p><blockquote>美国疾病控制和预防中心周一宣布，如果这些人没有症状，它将对检测呈阳性的人的隔离建议从10天缩短到5天。</blockquote></p><p> Research out of South Africa also indicated that omicron infections can help boost immunity to the earlier delta strain of Covid.</p><p><blockquote>南非的研究还表明，奥密克戎感染有助于增强对早期 delta 菌株的免疫力。</blockquote></p><p> Pharmaceutical stocks dipped in early trading following the relatively optimistic news on the pandemic. Moderna slipped 1.1% and Pfizer was marginally lower in light premarket trading Tuesday morning.</p><p><blockquote>在有关疫情的相对乐观消息传出后，制药股在早盘交易中下跌。Moderna 下跌 1.1%，辉瑞在周二上午清淡的盘前交易中小幅走低。</blockquote></p><p> Stocks dipped in late November, in part because of the rise of the omicron variant of Covid-19, but have since rebounded as governments have largely shied away from reinstating lockdowns and strict social distancing measures.</p><p><blockquote>11 月下旬，股市下跌，部分原因是 Covid-19 奥密克戎变种的崛起，但此后随着政府在很大程度上避免恢复封锁和严格的社交距离措施，股市有所反弹。</blockquote></p><p> Stocks tend to rise in light trading during the final days of the year, often called the “Santa Claus rally.” However, many Wall Street pros predict relatively small gains for stocks in 2022 after two strong years.</p><p><blockquote>在一年中的最后几天，股市往往会在清淡的交易中上涨，这通常被称为 “圣诞老人反弹”。然而，许多华尔街专业人士预测，在经历了两年的强劲表现后，2022 年股市涨幅相对较小。</blockquote></p><p> “If you look around Wall Street, you see very tame expectations, and it’s probably a reflection that we’re probably pretty late in the cycle,” Jim Lacamp, senior vice president at Morgan Stanley Wealth Management, said on “Closing Bell.”</p><p><blockquote>“摩根士丹利财富管理公司（Morgan Stanley Wealth Management）高级副总裁吉姆-拉坎普（Jim Lacamp）在《收盘钟声》节目中说：”如果你环顾华尔街，你会看到非常温和的预期，这可能反映出我们可能已经进入了这个周期的后期。</blockquote></p><p> For the year, the S&amp;P 500 is up 27.6% for the year and the Nasdaq is up 23.1%. The Dow is the laggard, up 18.6%.</p><p><blockquote>今年，标普500全年上涨27.6%，纳斯达克全年上涨23.1%。道琼斯指数表现落后，上涨 18.6%。</blockquote></p><p></p>\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"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125505230","content_text":"U.S. stocks were mostly flat Tuesday as the major indexes looked to build on record highs in the final week of the year.\n\nThe Dow Jones Industrial Average traded up 0.1%. The S&P 500 gained less than 0.1%. The Nasdaq Composite was flat.\n\nThe move in futures comes after stocks rallied in Monday’s regular session, with the S&P 500 closing at its 69th record high of the year.\n\nMarkets continued to look to pandemic news for direction.\n\nThe Centers for Disease Control and Prevention announced on Monday that it was shortening its isolation recommendation for people who test positive to five days from 10, if those people do not have symptoms.\n\nResearch out of South Africa also indicated that omicron infections can help boost immunity to the earlier delta strain of Covid.\n\nPharmaceutical stocks dipped in early trading following the relatively optimistic news on the pandemic. Moderna slipped 1.1% and Pfizer was marginally lower in light premarket trading Tuesday morning.\n\nStocks dipped in late November, in part because of the rise of the omicron variant of Covid-19, but have since rebounded as governments have largely shied away from reinstating lockdowns and strict social distancing measures.\n\nStocks tend to rise in light trading during the final days of the year, often called the “Santa Claus rally.” However, many Wall Street pros predict relatively small gains for stocks in 2022 after two strong years.\n\n“If you look around Wall Street, you see very tame expectations, and it’s probably a reflection that we’re probably pretty late in the cycle,” Jim Lacamp, senior vice president at Morgan Stanley Wealth Management, said on “Closing Bell.”\n\nFor the year, the S&P 500 is up 27.6% for the year and the Nasdaq is up 23.1%. The Dow is the laggard, up 18.6%.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3565,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696149892,"gmtCreate":1640654512417,"gmtModify":1640654512849,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696149892","repostId":"1127506895","repostType":4,"repost":{"id":"1127506895","kind":"news","pubTimestamp":1640649773,"share":"https://www.laohunote.com/m/news/1127506895?lang=zh_CN&edition=full","pubTime":"2021-12-28 08:02","market":"sg","language":"en","title":"Singapore Bourse Likely To Bounce Higher Again On Tuesday<blockquote>新加坡股市周二可能再次反弹</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127506895","media":"RTTNews","summary":"The Singapore stock market on Monday snapped the four-day winning streak in which it had gathered al","content":"<p>The Singapore stock market on Monday snapped the four-day winning streak in which it had gathered almost 35 points or 1.2 percent. The Straits Times Index now sits just beneath the 3,105-point plateau although it's expected to rebound on Tuesday.</p><p><blockquote>新加坡股市周一结束了连续四天的上涨势头，上涨了近35点，涨幅为1.2%。海峡时报指数目前略低于 3,105 点的平台位，但预计周二将反弹。</blockquote></p><p> The global forecast for the Asian&nbsp;marketsis optimistic on easing fears regarding the Omicron variant of the coronavirus. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.</p><p><blockquote>亚洲市场的全球预测对缓解对冠状病毒奥密克戎变种的担忧持乐观态度。欧洲市场涨跌互现，美国股市上涨，亚洲市场平分秋色。</blockquote></p><p> The STI finished slightly lower on Monday following losses from the financials, gains from the properties and a mixed picture from the industrials.</p><p><blockquote>受金融股下跌、房地产股上涨以及工业股好坏参半的影响，STI 周一小幅收低。</blockquote></p><p> For the day, the index fell 4.04 points or 0.13 percent to finish at 3,104.24 after trading between 3,104.24 and 3,113.55. Volume was 863.6 million shares worth 394.2 million Singapore dollars. There were 190 gainers and 139 decliners.</p><p><blockquote>当天，该指数下跌 4.04 点或 0.13%，收于 3,104.24 点，交易价格在 3,104.24 至 3,113.55 之间。成交量为8.636亿股，价值3.942亿新加坡元。上涨的有190家，下跌的有139家。</blockquote></p><p> Among the actives, Ascendas REIT and DBS Group both fell 0.34 percent, while CapitaLand Integrated Commercial Trust and Mapletree Commercial Trust both climbed 0.50 percent, City Developments rallied 0.60 percent, Comfort DelGro advanced 0.73 percent, Dairy Farm International surged 2.56 percent, Genting Singapore jumped 0.65 percent, Keppel Corp and Hongkong Land both dropped 0.58 percent, Oversea-Chinese Banking Corporation eased 0.18 percent, SATS rose 0.26 percent, Singapore Exchange spiked 0.98 percent, Singapore Press Holdings added 0.43 percent, Singapore Technologies Engineering shed 0.53 percent, Thai Beverage accelerated 0.76 percent, United Overseas Bank sank 0.60 percent, Wilmar International lost 0.49 percent, Yangzijiang Shipbuilding soared 1.54 percent and Mapletree Logistics Trust, SembCorp Industries, Singapore Airlines and SingTel were unchanged.</p><p><blockquote>资产中，升达房地产投资信托和星展集团均下跌0.34%，凯德综合商业信托和丰树商业信托均上涨0.50%，城市发展上涨0.60%，康富德高涨0.73%，乳业国际飙升2.56%，云顶新加坡上涨0.65%，吉宝集团和香港置地均下跌0.58%，华侨银行下跌0.18%，SATS上涨0.26%，新加坡交易所飙升0.98%，新加坡报业控股上涨0.43%，新加坡科技工程下跌0.53%，泰国饮料加速上涨0.76%，大华银行下跌0.60%，丰益国际下跌0.49%，扬子江船舶飙升1.54%，丰树物流信托、胜科实业、新加坡航空</blockquote></p><p> The lead from Wall Street is solid as the major averages opened higher on Monday and accelerated as the day progressed, ending at or near record closing highs.</p><p><blockquote>华尔街的领先优势稳固，主要股指周一开盘走高，并随着当天的进展加速，收于或接近创纪录的收盘高点。</blockquote></p><p> The Dow spiked 351.82 points or 0.98 percent to finish at 36,302.38, while the NASDAQ surged 217.89 points or 1.39 percent to end at 15,871.26 and the S&amp;P 500 gained 65.40 points or 1.38 percent to close at 4,791.19.</p><p><blockquote>道琼斯指数飙升351.82点或0.98%，收于36,302.38点，而纳斯达克指数飙升217.89点或1.39%，收于15,871.26点，标普500指数上涨65.40点或1.38%，收于4,791.19点。</blockquote></p><p> The continued strength on Wall Street came amid easing concerns about the economic impact of the Omicron variant of the&nbsp;coronavirus. While Omicron seems to be more transmissible, the new strain purportedly causes milder symptoms and could accelerate the end of the pandemic.</p><p><blockquote>华尔街持续走强之际，人们对冠状病毒奥密克戎变种对经济影响的担忧有所缓解。虽然奥密克戎病毒似乎更具传染性，但据称这种新毒株会引起较轻的症状，并可能加速疫情的结束。</blockquote></p><p> Stocks may also have benefitted from so-called window-dressing going into the end of the year, with traders looking to boost the value of the portfolios.</p><p><blockquote>股市也可能受益于年底所谓的窗口期，交易员希望提高投资组合的价值。</blockquote></p><p> Crude oil futures ended sharply higher Monday amid hopes the Omicron variant will not any significantly impact global economic recovery. West Texas Intermediate Crude oil futures for February ended up by $1.78 or 2.4 percent at $75.57 a barrel.</p><p><blockquote>由于希望奥密克戎变体不会对全球经济复苏产生任何重大影响，原油期货周一大幅收高。2月份西德克萨斯中质原油期货收盘上涨1.78美元，涨幅2.4%，至每桶75.57美元。</blockquote></p><p></p>","source":"lsy1626938412129","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>Singapore Bourse Likely To Bounce Higher Again On Tuesday<blockquote>新加坡股市周二可能再次反弹</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ 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\">\nSingapore Bourse Likely To Bounce Higher Again On Tuesday<blockquote>新加坡股市周二可能再次反弹</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">RTTNews</strong><span class=\"h-time small\">2021-12-28 08:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Singapore stock market on Monday snapped the four-day winning streak in which it had gathered almost 35 points or 1.2 percent. The Straits Times Index now sits just beneath the 3,105-point plateau although it's expected to rebound on Tuesday.</p><p><blockquote>新加坡股市周一结束了连续四天的上涨势头，上涨了近35点，涨幅为1.2%。海峡时报指数目前略低于 3,105 点的平台位，但预计周二将反弹。</blockquote></p><p> The global forecast for the Asian&nbsp;marketsis optimistic on easing fears regarding the Omicron variant of the coronavirus. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.</p><p><blockquote>亚洲市场的全球预测对缓解对冠状病毒奥密克戎变种的担忧持乐观态度。欧洲市场涨跌互现，美国股市上涨，亚洲市场平分秋色。</blockquote></p><p> The STI finished slightly lower on Monday following losses from the financials, gains from the properties and a mixed picture from the industrials.</p><p><blockquote>受金融股下跌、房地产股上涨以及工业股好坏参半的影响，STI 周一小幅收低。</blockquote></p><p> For the day, the index fell 4.04 points or 0.13 percent to finish at 3,104.24 after trading between 3,104.24 and 3,113.55. Volume was 863.6 million shares worth 394.2 million Singapore dollars. There were 190 gainers and 139 decliners.</p><p><blockquote>当天，该指数下跌 4.04 点或 0.13%，收于 3,104.24 点，交易价格在 3,104.24 至 3,113.55 之间。成交量为8.636亿股，价值3.942亿新加坡元。上涨的有190家，下跌的有139家。</blockquote></p><p> Among the actives, Ascendas REIT and DBS Group both fell 0.34 percent, while CapitaLand Integrated Commercial Trust and Mapletree Commercial Trust both climbed 0.50 percent, City Developments rallied 0.60 percent, Comfort DelGro advanced 0.73 percent, Dairy Farm International surged 2.56 percent, Genting Singapore jumped 0.65 percent, Keppel Corp and Hongkong Land both dropped 0.58 percent, Oversea-Chinese Banking Corporation eased 0.18 percent, SATS rose 0.26 percent, Singapore Exchange spiked 0.98 percent, Singapore Press Holdings added 0.43 percent, Singapore Technologies Engineering shed 0.53 percent, Thai Beverage accelerated 0.76 percent, United Overseas Bank sank 0.60 percent, Wilmar International lost 0.49 percent, Yangzijiang Shipbuilding soared 1.54 percent and Mapletree Logistics Trust, SembCorp Industries, Singapore Airlines and SingTel were unchanged.</p><p><blockquote>资产中，升达房地产投资信托和星展集团均下跌0.34%，凯德综合商业信托和丰树商业信托均上涨0.50%，城市发展上涨0.60%，康富德高涨0.73%，乳业国际飙升2.56%，云顶新加坡上涨0.65%，吉宝集团和香港置地均下跌0.58%，华侨银行下跌0.18%，SATS上涨0.26%，新加坡交易所飙升0.98%，新加坡报业控股上涨0.43%，新加坡科技工程下跌0.53%，泰国饮料加速上涨0.76%，大华银行下跌0.60%，丰益国际下跌0.49%，扬子江船舶飙升1.54%，丰树物流信托、胜科实业、新加坡航空</blockquote></p><p> The lead from Wall Street is solid as the major averages opened higher on Monday and accelerated as the day progressed, ending at or near record closing highs.</p><p><blockquote>华尔街的领先优势稳固，主要股指周一开盘走高，并随着当天的进展加速，收于或接近创纪录的收盘高点。</blockquote></p><p> The Dow spiked 351.82 points or 0.98 percent to finish at 36,302.38, while the NASDAQ surged 217.89 points or 1.39 percent to end at 15,871.26 and the S&amp;P 500 gained 65.40 points or 1.38 percent to close at 4,791.19.</p><p><blockquote>道琼斯指数飙升351.82点或0.98%，收于36,302.38点，而纳斯达克指数飙升217.89点或1.39%，收于15,871.26点，标普500指数上涨65.40点或1.38%，收于4,791.19点。</blockquote></p><p> The continued strength on Wall Street came amid easing concerns about the economic impact of the Omicron variant of the&nbsp;coronavirus. While Omicron seems to be more transmissible, the new strain purportedly causes milder symptoms and could accelerate the end of the pandemic.</p><p><blockquote>华尔街持续走强之际，人们对冠状病毒奥密克戎变种对经济影响的担忧有所缓解。虽然奥密克戎病毒似乎更具传染性，但据称这种新毒株会引起较轻的症状，并可能加速疫情的结束。</blockquote></p><p> Stocks may also have benefitted from so-called window-dressing going into the end of the year, with traders looking to boost the value of the portfolios.</p><p><blockquote>股市也可能受益于年底所谓的窗口期，交易员希望提高投资组合的价值。</blockquote></p><p> Crude oil futures ended sharply higher Monday amid hopes the Omicron variant will not any significantly impact global economic recovery. West Texas Intermediate Crude oil futures for February ended up by $1.78 or 2.4 percent at $75.57 a barrel.</p><p><blockquote>由于希望奥密克戎变体不会对全球经济复苏产生任何重大影响，原油期货周一大幅收高。2月份西德克萨斯中质原油期货收盘上涨1.78美元，涨幅2.4%，至每桶75.57美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.rttnews.com/3251627/singapore-bourse-likely-to-bounce-higher-again-on-tuesday.aspx?type=acom\">RTTNews</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":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.rttnews.com/3251627/singapore-bourse-likely-to-bounce-higher-again-on-tuesday.aspx?type=acom","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127506895","content_text":"The Singapore stock market on Monday snapped the four-day winning streak in which it had gathered almost 35 points or 1.2 percent. The Straits Times Index now sits just beneath the 3,105-point plateau although it's expected to rebound on Tuesday.\nThe global forecast for the Asian marketsis optimistic on easing fears regarding the Omicron variant of the coronavirus. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.\nThe STI finished slightly lower on Monday following losses from the financials, gains from the properties and a mixed picture from the industrials.\nFor the day, the index fell 4.04 points or 0.13 percent to finish at 3,104.24 after trading between 3,104.24 and 3,113.55. Volume was 863.6 million shares worth 394.2 million Singapore dollars. There were 190 gainers and 139 decliners.\nAmong the actives, Ascendas REIT and DBS Group both fell 0.34 percent, while CapitaLand Integrated Commercial Trust and Mapletree Commercial Trust both climbed 0.50 percent, City Developments rallied 0.60 percent, Comfort DelGro advanced 0.73 percent, Dairy Farm International surged 2.56 percent, Genting Singapore jumped 0.65 percent, Keppel Corp and Hongkong Land both dropped 0.58 percent, Oversea-Chinese Banking Corporation eased 0.18 percent, SATS rose 0.26 percent, Singapore Exchange spiked 0.98 percent, Singapore Press Holdings added 0.43 percent, Singapore Technologies Engineering shed 0.53 percent, Thai Beverage accelerated 0.76 percent, United Overseas Bank sank 0.60 percent, Wilmar International lost 0.49 percent, Yangzijiang Shipbuilding soared 1.54 percent and Mapletree Logistics Trust, SembCorp Industries, Singapore Airlines and SingTel were unchanged.\nThe lead from Wall Street is solid as the major averages opened higher on Monday and accelerated as the day progressed, ending at or near record closing highs.\nThe Dow spiked 351.82 points or 0.98 percent to finish at 36,302.38, while the NASDAQ surged 217.89 points or 1.39 percent to end at 15,871.26 and the S&P 500 gained 65.40 points or 1.38 percent to close at 4,791.19.\nThe continued strength on Wall Street came amid easing concerns about the economic impact of the Omicron variant of the coronavirus. While Omicron seems to be more transmissible, the new strain purportedly causes milder symptoms and could accelerate the end of the pandemic.\nStocks may also have benefitted from so-called window-dressing going into the end of the year, with traders looking to boost the value of the portfolios.\nCrude oil futures ended sharply higher Monday amid hopes the Omicron variant will not any significantly impact global economic recovery. West Texas Intermediate Crude oil futures for February ended up by $1.78 or 2.4 percent at $75.57 a barrel.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":2681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698725215,"gmtCreate":1640562531722,"gmtModify":1640562532098,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698725215","repostId":"2193173436","repostType":4,"isVote":1,"tweetType":1,"viewCount":3518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698403400,"gmtCreate":1640483604194,"gmtModify":1640483604613,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698403400","repostId":"2193317305","repostType":4,"isVote":1,"tweetType":1,"viewCount":3455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698291983,"gmtCreate":1640398776949,"gmtModify":1640398777327,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698291983","repostId":"1166205101","repostType":4,"isVote":1,"tweetType":1,"viewCount":5047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698974498,"gmtCreate":1640298711245,"gmtModify":1640298713007,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698974498","repostId":"1122481313","repostType":4,"repost":{"id":"1122481313","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":1640270214,"share":"https://www.laohunote.com/m/news/1122481313?lang=zh_CN&edition=full","pubTime":"2021-12-23 22:36","market":"us","language":"en","title":"InnovAge shares tumbled nearly 50% in early trading<blockquote>InnovAge股价早盘暴跌近50%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122481313","media":"Tiger Newspress","summary":"InnovAge shares tumbled nearly 50% in early trading.\nInnovAge Holding Corp. announced today that the","content":"<p>InnovAge&nbsp;shares&nbsp;tumbled&nbsp;nearly&nbsp;50%&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>InnovAge 股价早盘暴跌近 50%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4f59ac3f16167bfe0c60c363c7fc0e98\" tg-width=\"717\" tg-height=\"605\" width=\"100%\" height=\"auto\">InnovAge Holding Corp.&nbsp;announced today that the Centers for Medicare and Medicaid Services (CMS) has sanctioned the Company’s Colorado centers based on deficiencies detected in a focused audit.</p><p><blockquote>InnovAge Holding Corp. 今天宣布，医疗保险和医疗补助服务中心（CMS）已根据在一次重点审计中发现的缺陷，对该公司在科罗拉多州的中心进行了制裁。</blockquote></p><p> On December 22, 2021 InnovAge was notified that CMS had determined to suspend new enrollments at the Company’s Colorado centers based on deficiencies detected in an audit that was conducted earlier this year the final results which have not yet been disclosed to the company. CMS identified the following deficiencies including a failure:</p><p><blockquote>2021 年 12 月 22 日，InnovAge 接到通知，CMS 根据今年早些时候进行的一次审计中发现的缺陷，决定暂停该公司科罗拉多州中心的新注册，最终结果尚未向公司披露。CMS发现以下缺陷，包括故障：</blockquote></p><p> To provide all Medicare and Medicaid covered services, as well as other services determined necessary by the interdisciplinary team (IDT) to improve and maintain the participant’s overall health status;To provide care that meets the needs of each participant across all care settings, 24 hours a day, every day of the year;To ensure accessible and adequate services to meet the needs of the Company’s participants;Of the IDT to coordinate 24-hour care delivery and to remain alert to pertinent information from other team members, participants, and caregivers; andOf the InnovAge Colorado’s primary care providers to manage their participants’ medical situations and oversee their participants’ use of medical specialists.</p><p><blockquote>提供所有医疗保险和医疗补助承保的服务，以及跨学科团队（IDT）确定为改善和维持参与者的整体健康状况所必需的其他服务；一年中的每一天，一天24小时，在所有护理环境中提供满足每个参与者需求的护理；确保提供便捷且充足的服务，以满足公司参与者的需求；IDT协调24小时护理服务，并对其他团队成员、参与者和护理人员的相关信息保持警惕；以及创新科罗拉多州的初级保健提供者，以管理其参与者的医疗状况，并监督其参与者对医疗专家的使用。</blockquote></p><p> CMS indicated that the suspension will remain in effect until it determines that the Company has remedied such deficiencies to its satisfaction.</p><p><blockquote>CMS表示，暂停将继续有效，直到它确定公司已经纠正了这些缺陷，使其满意。</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>InnovAge shares tumbled nearly 50% in early trading<blockquote>InnovAge股价早盘暴跌近50%</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\">\nInnovAge shares tumbled nearly 50% in early trading<blockquote>InnovAge股价早盘暴跌近50%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-23 22:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>InnovAge&nbsp;shares&nbsp;tumbled&nbsp;nearly&nbsp;50%&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>InnovAge 股价早盘暴跌近 50%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4f59ac3f16167bfe0c60c363c7fc0e98\" tg-width=\"717\" tg-height=\"605\" width=\"100%\" height=\"auto\">InnovAge Holding Corp.&nbsp;announced today that the Centers for Medicare and Medicaid Services (CMS) has sanctioned the Company’s Colorado centers based on deficiencies detected in a focused audit.</p><p><blockquote>InnovAge Holding Corp. 今天宣布，医疗保险和医疗补助服务中心（CMS）已根据在一次重点审计中发现的缺陷，对该公司在科罗拉多州的中心进行了制裁。</blockquote></p><p> On December 22, 2021 InnovAge was notified that CMS had determined to suspend new enrollments at the Company’s Colorado centers based on deficiencies detected in an audit that was conducted earlier this year the final results which have not yet been disclosed to the company. CMS identified the following deficiencies including a failure:</p><p><blockquote>2021 年 12 月 22 日，InnovAge 接到通知，CMS 根据今年早些时候进行的一次审计中发现的缺陷，决定暂停该公司科罗拉多州中心的新注册，最终结果尚未向公司披露。CMS发现以下缺陷，包括故障：</blockquote></p><p> To provide all Medicare and Medicaid covered services, as well as other services determined necessary by the interdisciplinary team (IDT) to improve and maintain the participant’s overall health status;To provide care that meets the needs of each participant across all care settings, 24 hours a day, every day of the year;To ensure accessible and adequate services to meet the needs of the Company’s participants;Of the IDT to coordinate 24-hour care delivery and to remain alert to pertinent information from other team members, participants, and caregivers; andOf the InnovAge Colorado’s primary care providers to manage their participants’ medical situations and oversee their participants’ use of medical specialists.</p><p><blockquote>提供所有医疗保险和医疗补助承保的服务，以及跨学科团队（IDT）确定为改善和维持参与者的整体健康状况所必需的其他服务；一年中的每一天，一天24小时，在所有护理环境中提供满足每个参与者需求的护理；确保提供便捷且充足的服务，以满足公司参与者的需求；IDT协调24小时护理服务，并对其他团队成员、参与者和护理人员的相关信息保持警惕；以及创新科罗拉多州的初级保健提供者，以管理其参与者的医疗状况，并监督其参与者对医疗专家的使用。</blockquote></p><p> CMS indicated that the suspension will remain in effect until it determines that the Company has remedied such deficiencies to its satisfaction.</p><p><blockquote>CMS表示，暂停将继续有效，直到它确定公司已经纠正了这些缺陷，使其满意。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INNV":"InnovAge Holding Corp."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122481313","content_text":"InnovAge shares tumbled nearly 50% in early trading.\nInnovAge Holding Corp. announced today that the Centers for Medicare and Medicaid Services (CMS) has sanctioned the Company’s Colorado centers based on deficiencies detected in a focused audit.\nOn December 22, 2021 InnovAge was notified that CMS had determined to suspend new enrollments at the Company’s Colorado centers based on deficiencies detected in an audit that was conducted earlier this year the final results which have not yet been disclosed to the company. CMS identified the following deficiencies including a failure:\nTo provide all Medicare and Medicaid covered services, as well as other services determined necessary by the interdisciplinary team (IDT) to improve and maintain the participant’s overall health status;To provide care that meets the needs of each participant across all care settings, 24 hours a day, every day of the year;To ensure accessible and adequate services to meet the needs of the Company’s participants;Of the IDT to coordinate 24-hour care delivery and to remain alert to pertinent information from other team members, participants, and caregivers; andOf the InnovAge Colorado’s primary care providers to manage their participants’ medical situations and oversee their participants’ use of medical specialists.\nCMS indicated that the suspension will remain in effect until it determines that the Company has remedied such deficiencies to its satisfaction.","news_type":1,"symbols_score_info":{"INNV":0.9}},"isVote":1,"tweetType":1,"viewCount":3617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691222649,"gmtCreate":1640213159990,"gmtModify":1640213160359,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691222649","repostId":"1104039472","repostType":4,"repost":{"id":"1104039472","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":1640184691,"share":"https://www.laohunote.com/m/news/1104039472?lang=zh_CN&edition=full","pubTime":"2021-12-22 22:51","market":"us","language":"en","title":"Biogen shares fell 1.2% in early trading<blockquote>百健股价早盘下跌 1.2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104039472","media":"Tiger Newspress","summary":"Biogen shares fell 1.2% in early trading.A Japanese health ministry panel said on Wednesday that inc","content":"<p>Biogen&nbsp;shares&nbsp;fell&nbsp;1.2%&nbsp;in&nbsp;early&nbsp;trading.<img src=\"https://static.tigerbbs.com/22ab29bf4110d582a44955c778f3cf48\" tg-width=\"713\" tg-height=\"596\" width=\"100%\" height=\"auto\">A Japanese health ministry panel said on Wednesday that inconsistent trial results made it difficult to determine the efficacy of an Alzheimer's treatment developed by Eisai Co and Biogen Inc.</p><p><blockquote>百健股价早盘下跌 1.2%。日本厚生劳动省的一个小组周三表示，不一致的试验结果使得很难确定卫材公司和百健公司开发的阿尔茨海默氏症治疗药物的疗效。</blockquote></p><p> Tokyo-based Eisai and its United States partner filed for Japanese regulatory approval just over a year ago for the drug Aduhelm, which was approved in the United States in June.</p><p><blockquote>总部位于东京的卫材及其美国合作伙伴一年多前就向日本监管部门申请了药物 Aduhelm 的批准，该药物于 6 月在美国获得批准。</blockquote></p><p> In a statement the panel cited inconsistent results from global Phase III trials and a lack of clinical significance in the drug's ability to reduce plaques in the brain. The panel said it would take another look if further data is submitted.</p><p><blockquote>在一份声明中，该小组引用了全球 III 期试验的不一致结果，以及该药物减少大脑斑块的能力缺乏临床意义。该小组表示，如果提交更多数据，将重新审查。</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>Biogen shares fell 1.2% in early trading<blockquote>百健股价早盘下跌 1.2%</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\">\nBiogen shares fell 1.2% in early trading<blockquote>百健股价早盘下跌 1.2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-22 22:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Biogen&nbsp;shares&nbsp;fell&nbsp;1.2%&nbsp;in&nbsp;early&nbsp;trading.<img src=\"https://static.tigerbbs.com/22ab29bf4110d582a44955c778f3cf48\" tg-width=\"713\" tg-height=\"596\" width=\"100%\" height=\"auto\">A Japanese health ministry panel said on Wednesday that inconsistent trial results made it difficult to determine the efficacy of an Alzheimer's treatment developed by Eisai Co and Biogen Inc.</p><p><blockquote>百健股价早盘下跌 1.2%。日本厚生劳动省的一个小组周三表示，不一致的试验结果使得很难确定卫材公司和百健公司开发的阿尔茨海默氏症治疗药物的疗效。</blockquote></p><p> Tokyo-based Eisai and its United States partner filed for Japanese regulatory approval just over a year ago for the drug Aduhelm, which was approved in the United States in June.</p><p><blockquote>总部位于东京的卫材及其美国合作伙伴一年多前就向日本监管部门申请了药物 Aduhelm 的批准，该药物于 6 月在美国获得批准。</blockquote></p><p> In a statement the panel cited inconsistent results from global Phase III trials and a lack of clinical significance in the drug's ability to reduce plaques in the brain. The panel said it would take another look if further data is submitted.</p><p><blockquote>在一份声明中，该小组引用了全球 III 期试验的不一致结果，以及该药物减少大脑斑块的能力缺乏临床意义。该小组表示，如果提交更多数据，将重新审查。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104039472","content_text":"Biogen shares fell 1.2% in early trading.A Japanese health ministry panel said on Wednesday that inconsistent trial results made it difficult to determine the efficacy of an Alzheimer's treatment developed by Eisai Co and Biogen Inc.\nTokyo-based Eisai and its United States partner filed for Japanese regulatory approval just over a year ago for the drug Aduhelm, which was approved in the United States in June.\nIn a statement the panel cited inconsistent results from global Phase III trials and a lack of clinical significance in the drug's ability to reduce plaques in the brain. The panel said it would take another look if further data is submitted.","news_type":1,"symbols_score_info":{"BIIB":0.9}},"isVote":1,"tweetType":1,"viewCount":4091,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691392455,"gmtCreate":1640134146302,"gmtModify":1640134146649,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691392455","repostId":"2193216546","repostType":4,"isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693215577,"gmtCreate":1640039518509,"gmtModify":1640039518868,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693215577","repostId":"1149998172","repostType":4,"isVote":1,"tweetType":1,"viewCount":1203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693980288,"gmtCreate":1639960614416,"gmtModify":1639960614850,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693980288","repostId":"2192909178","repostType":4,"isVote":1,"tweetType":1,"viewCount":1556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699464477,"gmtCreate":1639878831098,"gmtModify":1639878831482,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/699464477","repostId":"2192754259","repostType":4,"isVote":1,"tweetType":1,"viewCount":1099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699852531,"gmtCreate":1639785025006,"gmtModify":1639785025398,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699852531","repostId":"1114105828","repostType":4,"repost":{"id":"1114105828","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":1639751560,"share":"https://www.laohunote.com/m/news/1114105828?lang=zh_CN&edition=full","pubTime":"2021-12-17 22:32","market":"us","language":"en","title":"U.S. stocks sink at Friday's open,Nasdaq Composite Index declines 0.9%<blockquote>美国股市周五开盘下跌，纳斯达克综合指数下跌0.9%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114105828","media":"Tiger Newspress","summary":"U.S. stocks sink at Friday's open as 10-year Treasury yield falls below 1.4% to cap Fed week,Nasdaq ","content":"<p>U.S. stocks sink at Friday's open as 10-year Treasury yield falls below 1.4% to cap Fed week,Nasdaq Composite Index declines 0.9%,Dow trades 0.5% lower; S&amp;P 500 down 0.6%.</p><p><blockquote>美国股市周五开盘下跌，10年期国债收益率跌破1.4%，美联储本周上限，纳斯达克综合指数下跌0.9%，道琼斯指数下跌0.5%；标普500下跌0.6%。</blockquote></p><p> Shares of FedEx (FDX) jumped after the shipping giant raised its full-year earnings forecast, delivered better-than-expected fiscal second-quarter results and authorized a new $5 billion stock buyback program. Rivian (RIVN), meanwhile, saw shares sink following its first quarterly report since its IPO last month. The electric-vehicle makersaid in its shareholder letterit expected to be \"a few hundred vehicles short\" of its prior target of producing 1,200 units by the end of this year.</p><p><blockquote>航运巨头联邦快递 (FDX) 上调全年盈利预期、第二财季业绩好于预期并授权新的 50 亿美元股票回购计划后，该公司股价上涨。与此同时，Rivian (RIVN) 在发布自上个月 IPO 以来的首份季度报告后股价下跌。这家电动汽车制造商在致股东信中表示，预计到今年年底生产 1,200 辆汽车的目标将“少几百辆”。</blockquote></p><p> Investors' main focus this week has remained fixed on the Federal Reserve's updated outlook on monetary policy for next year, with the central bank's projections delivered mid-week suggesting the Fedcould hike interest rates three times next year.</p><p><blockquote>投资者本周的主要关注点仍然是美联储对明年货币政策的最新展望，央行周中发布的预测表明美联储明年可能加息三次。</blockquote></p><p> The specter of higher rates — and a lower-liquidity environment as the central bank also speeds up the tapering process of its asset purchases — has continued to weigh heavily on longer-duration technology and growth stocks valued heavily on future earnings potential. The Nasdaq Composite has fallen by 5% over the past month through Thursday's close. And shares of some notable technology stocks extended declines on Friday, with Apple (AAPL) shares dropping by more than 1% in early trading after a nearly 4% decrease on Thursday.</p><p><blockquote>利率上升的幽灵——以及随着央行也加快缩减资产购买进程而导致的流动性环境下降——继续给长期期限较长的科技股和成长型股票带来沉重压力，这些股票对未来盈利潜力估值较高。截至周四收盘，纳斯达克综合指数在过去一个月下跌了 5%。一些著名科技股的股价周五延续跌势，苹果 (AAPL) 股价继周四下跌近 4% 后，早盘交易中下跌超过 1%。</blockquote></p><p> On the other hand, cyclical stocks in the energy and financials sectors outperformed on Thursday, with the prospects of higher interest rates and stronger growth seen as benefitting these sectors.</p><p><blockquote>另一方面，能源和金融行业的周期性股票周四表现优异，利率上升和增长强劲的前景被视为有利于这些行业。</blockquote></p><p> \"The thing investors have to understand is, we're going through a major transition in monetary policy,\" Troy Gayeski, FS Investments chief market strategist,told Yahoo Finance Live on Thursday.\"The Fed has been running emergency policies arguably far longer than they should have been, and as that money supply growth slows down as they ease off the balance sheet expansion and ultimately hike next year, one would at least expect more volatility in markets. And that's really what we've been seeing the last month.\"</p><p><blockquote>FS Investments 首席市场策略师特洛伊·盖耶斯基 (Troy Gayeski) 周四对雅虎财经直播表示：“投资者必须明白的是，我们正在经历货币政策的重大转变。”美联储实施紧急政策的时间可以说远远超过了应该的时间，随着货币供应量增长放缓，随着资产负债表扩张的放松，并最终在明年加息，人们至少可以预计市场会出现更大的波动。这确实是我们上个月所看到的。”</blockquote></p><p> \"The biggest difference between now and six months ago, or even more than a year ago, is you could pretty much go long anything and you were confident it was going to go up. The economy was booming, we had a lot of fiscal stimulus, we still had unprecedented monetary policy stimulus,\" he added. \"And it's a very different environment in 2022 where you're going to have to pick and choose much more carefully.\"</p><p><blockquote>“现在与六个月前，甚至一年多前最大的区别在于，你几乎可以做多任何事情，而且你有信心它会上涨。经济正在蓬勃发展，我们有很多财政刺激，我们仍然有前所未有的货币政策刺激，”他补充道。“2022 年的环境截然不同，你必须更加仔细地挑选。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stocks sink at Friday's open,Nasdaq Composite Index declines 0.9%<blockquote>美国股市周五开盘下跌，纳斯达克综合指数下跌0.9%</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\">\nU.S. stocks sink at Friday's open,Nasdaq Composite Index declines 0.9%<blockquote>美国股市周五开盘下跌，纳斯达克综合指数下跌0.9%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-17 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks sink at Friday's open as 10-year Treasury yield falls below 1.4% to cap Fed week,Nasdaq Composite Index declines 0.9%,Dow trades 0.5% lower; S&amp;P 500 down 0.6%.</p><p><blockquote>美国股市周五开盘下跌，10年期国债收益率跌破1.4%，美联储本周上限，纳斯达克综合指数下跌0.9%，道琼斯指数下跌0.5%；标普500下跌0.6%。</blockquote></p><p> Shares of FedEx (FDX) jumped after the shipping giant raised its full-year earnings forecast, delivered better-than-expected fiscal second-quarter results and authorized a new $5 billion stock buyback program. Rivian (RIVN), meanwhile, saw shares sink following its first quarterly report since its IPO last month. The electric-vehicle makersaid in its shareholder letterit expected to be \"a few hundred vehicles short\" of its prior target of producing 1,200 units by the end of this year.</p><p><blockquote>航运巨头联邦快递 (FDX) 上调全年盈利预期、第二财季业绩好于预期并授权新的 50 亿美元股票回购计划后，该公司股价上涨。与此同时，Rivian (RIVN) 在发布自上个月 IPO 以来的首份季度报告后股价下跌。这家电动汽车制造商在致股东信中表示，预计到今年年底生产 1,200 辆汽车的目标将“少几百辆”。</blockquote></p><p> Investors' main focus this week has remained fixed on the Federal Reserve's updated outlook on monetary policy for next year, with the central bank's projections delivered mid-week suggesting the Fedcould hike interest rates three times next year.</p><p><blockquote>投资者本周的主要关注点仍然是美联储对明年货币政策的最新展望，央行周中发布的预测表明美联储明年可能加息三次。</blockquote></p><p> The specter of higher rates — and a lower-liquidity environment as the central bank also speeds up the tapering process of its asset purchases — has continued to weigh heavily on longer-duration technology and growth stocks valued heavily on future earnings potential. The Nasdaq Composite has fallen by 5% over the past month through Thursday's close. And shares of some notable technology stocks extended declines on Friday, with Apple (AAPL) shares dropping by more than 1% in early trading after a nearly 4% decrease on Thursday.</p><p><blockquote>利率上升的幽灵——以及随着央行也加快缩减资产购买进程而导致的流动性环境下降——继续给长期期限较长的科技股和成长型股票带来沉重压力，这些股票对未来盈利潜力估值较高。截至周四收盘，纳斯达克综合指数在过去一个月下跌了 5%。一些著名科技股的股价周五延续跌势，苹果 (AAPL) 股价继周四下跌近 4% 后，早盘交易中下跌超过 1%。</blockquote></p><p> On the other hand, cyclical stocks in the energy and financials sectors outperformed on Thursday, with the prospects of higher interest rates and stronger growth seen as benefitting these sectors.</p><p><blockquote>另一方面，能源和金融行业的周期性股票周四表现优异，利率上升和增长强劲的前景被视为有利于这些行业。</blockquote></p><p> \"The thing investors have to understand is, we're going through a major transition in monetary policy,\" Troy Gayeski, FS Investments chief market strategist,told Yahoo Finance Live on Thursday.\"The Fed has been running emergency policies arguably far longer than they should have been, and as that money supply growth slows down as they ease off the balance sheet expansion and ultimately hike next year, one would at least expect more volatility in markets. And that's really what we've been seeing the last month.\"</p><p><blockquote>FS Investments 首席市场策略师特洛伊·盖耶斯基 (Troy Gayeski) 周四对雅虎财经直播表示：“投资者必须明白的是，我们正在经历货币政策的重大转变。”美联储实施紧急政策的时间可以说远远超过了应该的时间，随着货币供应量增长放缓，随着资产负债表扩张的放松，并最终在明年加息，人们至少可以预计市场会出现更大的波动。这确实是我们上个月所看到的。”</blockquote></p><p> \"The biggest difference between now and six months ago, or even more than a year ago, is you could pretty much go long anything and you were confident it was going to go up. The economy was booming, we had a lot of fiscal stimulus, we still had unprecedented monetary policy stimulus,\" he added. \"And it's a very different environment in 2022 where you're going to have to pick and choose much more carefully.\"</p><p><blockquote>“现在与六个月前，甚至一年多前最大的区别在于，你几乎可以做多任何事情，而且你有信心它会上涨。经济正在蓬勃发展，我们有很多财政刺激，我们仍然有前所未有的货币政策刺激，”他补充道。“2022 年的环境截然不同，你必须更加仔细地挑选。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114105828","content_text":"U.S. stocks sink at Friday's open as 10-year Treasury yield falls below 1.4% to cap Fed week,Nasdaq Composite Index declines 0.9%,Dow trades 0.5% lower; S&P 500 down 0.6%.\nShares of FedEx (FDX) jumped after the shipping giant raised its full-year earnings forecast, delivered better-than-expected fiscal second-quarter results and authorized a new $5 billion stock buyback program. Rivian (RIVN), meanwhile, saw shares sink following its first quarterly report since its IPO last month. The electric-vehicle makersaid in its shareholder letterit expected to be \"a few hundred vehicles short\" of its prior target of producing 1,200 units by the end of this year.\nInvestors' main focus this week has remained fixed on the Federal Reserve's updated outlook on monetary policy for next year, with the central bank's projections delivered mid-week suggesting the Fedcould hike interest rates three times next year.\nThe specter of higher rates — and a lower-liquidity environment as the central bank also speeds up the tapering process of its asset purchases — has continued to weigh heavily on longer-duration technology and growth stocks valued heavily on future earnings potential. The Nasdaq Composite has fallen by 5% over the past month through Thursday's close. And shares of some notable technology stocks extended declines on Friday, with Apple (AAPL) shares dropping by more than 1% in early trading after a nearly 4% decrease on Thursday.\nOn the other hand, cyclical stocks in the energy and financials sectors outperformed on Thursday, with the prospects of higher interest rates and stronger growth seen as benefitting these sectors.\n\"The thing investors have to understand is, we're going through a major transition in monetary policy,\" Troy Gayeski, FS Investments chief market strategist,told Yahoo Finance Live on Thursday.\"The Fed has been running emergency policies arguably far longer than they should have been, and as that money supply growth slows down as they ease off the balance sheet expansion and ultimately hike next year, one would at least expect more volatility in markets. And that's really what we've been seeing the last month.\"\n\"The biggest difference between now and six months ago, or even more than a year ago, is you could pretty much go long anything and you were confident it was going to go up. The economy was booming, we had a lot of fiscal stimulus, we still had unprecedented monetary policy stimulus,\" he added. \"And it's a very different environment in 2022 where you're going to have to pick and choose much more carefully.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690459229,"gmtCreate":1639703833646,"gmtModify":1639703834046,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690459229","repostId":"1148045391","repostType":4,"repost":{"id":"1148045391","kind":"news","pubTimestamp":1639698518,"share":"https://www.laohunote.com/m/news/1148045391?lang=zh_CN&edition=full","pubTime":"2021-12-17 07:48","market":"us","language":"en","title":"Is Ford Stock the New Tesla?<blockquote>福特股票是新的特斯拉吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148045391","media":"Barrons","summary":"Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 202","content":"<p>Shares of&nbsp;Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.</p><p><blockquote>令人惊讶的是，进入 2022 年，福特汽车的股票在华尔街引起了一些争议。一些分析师正在放弃筹码，而另一些分析师则加倍下注。</blockquote></p><p> On Thursday, Barclays analyst Brian Johnson increased his price target for&nbsp;Ford&nbsp;stock (ticker: F) to $23 from $18 and kept his Buy rating. Johnson believes Ford shares will keep working in 2022 amid low dealer inventories and high vehicle pricing.</p><p><blockquote>周四，巴克莱分析师布莱恩·约翰逊将福特股票（股票代码：F）的目标价从 18 美元上调至 23 美元，并维持买入评级。约翰逊认为，在经销商库存较低和汽车定价较高的情况下，福特股价将在 2022 年继续上涨。</blockquote></p><p> Ford stock has had a great 2021 so far. Shares have soared about 131% year to date.</p><p><blockquote>到目前为止，福特股票在 2021 年表现良好。今年迄今为止，股价已飙升约 131%。</blockquote></p><p> It’s the second price target bump for Ford stock in the past couple of days. On Wednesday, Wells Fargo analyst Colin Langan increased his price target to $25 from $19 a share.</p><p><blockquote>这是福特股票在过去几天里第二次上调目标价。周三，富国银行分析师科林·兰根将目标价从每股 19 美元上调至 25 美元。</blockquote></p><p> Not everyone is increasingly bullish on the auto maker, though. On Monday, Daiwa analyst Jairam Nathan downgraded the stock to Sell from Hold. Although he did take his price target to $19 from $16 a share.</p><p><blockquote>不过，并不是每个人都越来越看好这家汽车制造商。周一，大和分析师 Jairam Nathan 将该股评级从持有下调至卖出。尽管他确实将目标价从每股 16 美元上调至 19 美元。</blockquote></p><p> After all the recent analyst adjustments, Ford price targets now range from $12 to $25 a share. The $13 spread is about 65% of the current share price. The average bull-bear spread for stocks in the Dow is about 48%.</p><p><blockquote>经过最近分析师的所有调整后，福特的目标价现在在每股 12 美元至 25 美元之间。13 美元的价差约为当前股价的 65%。道琼斯指数股票的平均牛熊价差约为 48%。</blockquote></p><p> Three months ago, target prices for Ford stock ranged from about $11 to $18 a share; the $7 spread was about 50% of the current stock price. This all illustrates that Ford stock is getting a little more controversial on Wall Street.</p><p><blockquote>三个月前，福特股票的目标价约为每股 11 美元至 18 美元；7 美元的价差约为当前股价的 50%。这一切都表明福特股票在华尔街的争议越来越大。</blockquote></p><p> Even though Wall Street can’t seem to agree on Ford,Tesla&nbsp;(TSLA) remains the king of car-stock controversy. The bull-bear spread for Tesla stock coming from large brokerage firms is about $1,330, or almost 140% of the current stock price.</p><p><blockquote>尽管华尔街似乎无法就福特达成一致，但特斯拉（TSLA）仍然是汽车股争议之王。来自大型经纪公司的特斯拉股票的牛熊价差约为 1,330 美元，几乎是当前股价的 140%。</blockquote></p><p> One interpretation of increasing disagreement over Ford stock’s value is that some analysts aren’t sure Ford’s 2021 gains are justified. Ford stock has benefited from improving auto demand and higher vehicle pricing. That part of Ford’s gains likely doesn’t vex analysts. But Ford shares have also gained because of improving electric vehicle sales. The company has sold about 25,000 all-electric Mustang Mach E vehicles so far this year. Ford EV momentum might be harder for analysts to reward.</p><p><blockquote>对福特股票价值的分歧越来越多的一种解释是，一些分析师不确定福特 2021 年的涨幅是否合理。福特股票受益于汽车需求改善和汽车定价上涨。福特的这部分收益可能不会让分析师感到困扰。但由于电动汽车销售的改善，福特股价也有所上涨。今年迄今为止，该公司已售出约 25,000 辆全电动野马 Mach E 汽车。分析师可能更难回报福特电动汽车的势头。</blockquote></p><p> In 2022, Ford is launching an all-electric F-150. How sales of that vehicle ramp will go a long way in determining how Ford stock performs this coming year. Rising EV sales will be a key factor for Ford investors in 2022—just like rising EV sales are a key factor for Tesla investors every year.</p><p><blockquote>2022年，福特将推出全电动F-150。该汽车销量的增长将在很大程度上决定福特股票明年的表现。2022 年，电动汽车销量的增长将是福特投资者的一个关键因素，就像电动汽车销量的增长是特斯拉投资者每年的一个关键因素一样。</blockquote></p><p> About 54% of analysts covering Ford stock rate share Buy. The average Buy-rating ratio for stocks in the S&amp;P is about 55%. About 48% of analysts covering Tesla stock rate shares Buy.</p><p><blockquote>约 54% 关注福特股票的分析师表示买入。标准普尔股票的平均买入评级比率约为 55%。大约 48% 的特斯拉股票分析师给予股票买入评级。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Ford Stock the New Tesla?<blockquote>福特股票是新的特斯拉吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Ford Stock the New Tesla?<blockquote>福特股票是新的特斯拉吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-17 07:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of&nbsp;Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.</p><p><blockquote>令人惊讶的是，进入 2022 年，福特汽车的股票在华尔街引起了一些争议。一些分析师正在放弃筹码，而另一些分析师则加倍下注。</blockquote></p><p> On Thursday, Barclays analyst Brian Johnson increased his price target for&nbsp;Ford&nbsp;stock (ticker: F) to $23 from $18 and kept his Buy rating. Johnson believes Ford shares will keep working in 2022 amid low dealer inventories and high vehicle pricing.</p><p><blockquote>周四，巴克莱分析师布莱恩·约翰逊将福特股票（股票代码：F）的目标价从 18 美元上调至 23 美元，并维持买入评级。约翰逊认为，在经销商库存较低和汽车定价较高的情况下，福特股价将在 2022 年继续上涨。</blockquote></p><p> Ford stock has had a great 2021 so far. Shares have soared about 131% year to date.</p><p><blockquote>到目前为止，福特股票在 2021 年表现良好。今年迄今为止，股价已飙升约 131%。</blockquote></p><p> It’s the second price target bump for Ford stock in the past couple of days. On Wednesday, Wells Fargo analyst Colin Langan increased his price target to $25 from $19 a share.</p><p><blockquote>这是福特股票在过去几天里第二次上调目标价。周三，富国银行分析师科林·兰根将目标价从每股 19 美元上调至 25 美元。</blockquote></p><p> Not everyone is increasingly bullish on the auto maker, though. On Monday, Daiwa analyst Jairam Nathan downgraded the stock to Sell from Hold. Although he did take his price target to $19 from $16 a share.</p><p><blockquote>不过，并不是每个人都越来越看好这家汽车制造商。周一，大和分析师 Jairam Nathan 将该股评级从持有下调至卖出。尽管他确实将目标价从每股 16 美元上调至 19 美元。</blockquote></p><p> After all the recent analyst adjustments, Ford price targets now range from $12 to $25 a share. The $13 spread is about 65% of the current share price. The average bull-bear spread for stocks in the Dow is about 48%.</p><p><blockquote>经过最近分析师的所有调整后，福特的目标价现在在每股 12 美元至 25 美元之间。13 美元的价差约为当前股价的 65%。道琼斯指数股票的平均牛熊价差约为 48%。</blockquote></p><p> Three months ago, target prices for Ford stock ranged from about $11 to $18 a share; the $7 spread was about 50% of the current stock price. This all illustrates that Ford stock is getting a little more controversial on Wall Street.</p><p><blockquote>三个月前，福特股票的目标价约为每股 11 美元至 18 美元；7 美元的价差约为当前股价的 50%。这一切都表明福特股票在华尔街的争议越来越大。</blockquote></p><p> Even though Wall Street can’t seem to agree on Ford,Tesla&nbsp;(TSLA) remains the king of car-stock controversy. The bull-bear spread for Tesla stock coming from large brokerage firms is about $1,330, or almost 140% of the current stock price.</p><p><blockquote>尽管华尔街似乎无法就福特达成一致，但特斯拉（TSLA）仍然是汽车股争议之王。来自大型经纪公司的特斯拉股票的牛熊价差约为 1,330 美元，几乎是当前股价的 140%。</blockquote></p><p> One interpretation of increasing disagreement over Ford stock’s value is that some analysts aren’t sure Ford’s 2021 gains are justified. Ford stock has benefited from improving auto demand and higher vehicle pricing. That part of Ford’s gains likely doesn’t vex analysts. But Ford shares have also gained because of improving electric vehicle sales. The company has sold about 25,000 all-electric Mustang Mach E vehicles so far this year. Ford EV momentum might be harder for analysts to reward.</p><p><blockquote>对福特股票价值的分歧越来越多的一种解释是，一些分析师不确定福特 2021 年的涨幅是否合理。福特股票受益于汽车需求改善和汽车定价上涨。福特的这部分收益可能不会让分析师感到困扰。但由于电动汽车销售的改善，福特股价也有所上涨。今年迄今为止，该公司已售出约 25,000 辆全电动野马 Mach E 汽车。分析师可能更难回报福特电动汽车的势头。</blockquote></p><p> In 2022, Ford is launching an all-electric F-150. How sales of that vehicle ramp will go a long way in determining how Ford stock performs this coming year. Rising EV sales will be a key factor for Ford investors in 2022—just like rising EV sales are a key factor for Tesla investors every year.</p><p><blockquote>2022年，福特将推出全电动F-150。该汽车销量的增长将在很大程度上决定福特股票明年的表现。2022 年，电动汽车销量的增长将是福特投资者的一个关键因素，就像电动汽车销量的增长是特斯拉投资者每年的一个关键因素一样。</blockquote></p><p> About 54% of analysts covering Ford stock rate share Buy. The average Buy-rating ratio for stocks in the S&amp;P is about 55%. About 48% of analysts covering Tesla stock rate shares Buy.</p><p><blockquote>约 54% 关注福特股票的分析师表示买入。标准普尔股票的平均买入评级比率约为 55%。大约 48% 的特斯拉股票分析师给予股票买入评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车"},"source_url":"https://www.barrons.com/articles/ford-stock-tesla-evs-51639664981","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148045391","content_text":"Shares of Ford Motor,surprisingly, have become somewhat controversial on Wall Street headed into 2022. Some analysts are taking their chips off the table, while others are doubling down.\nOn Thursday, Barclays analyst Brian Johnson increased his price target for Ford stock (ticker: F) to $23 from $18 and kept his Buy rating. Johnson believes Ford shares will keep working in 2022 amid low dealer inventories and high vehicle pricing.\nFord stock has had a great 2021 so far. Shares have soared about 131% year to date.\nIt’s the second price target bump for Ford stock in the past couple of days. On Wednesday, Wells Fargo analyst Colin Langan increased his price target to $25 from $19 a share.\nNot everyone is increasingly bullish on the auto maker, though. On Monday, Daiwa analyst Jairam Nathan downgraded the stock to Sell from Hold. Although he did take his price target to $19 from $16 a share.\nAfter all the recent analyst adjustments, Ford price targets now range from $12 to $25 a share. The $13 spread is about 65% of the current share price. The average bull-bear spread for stocks in the Dow is about 48%.\nThree months ago, target prices for Ford stock ranged from about $11 to $18 a share; the $7 spread was about 50% of the current stock price. This all illustrates that Ford stock is getting a little more controversial on Wall Street.\nEven though Wall Street can’t seem to agree on Ford,Tesla (TSLA) remains the king of car-stock controversy. The bull-bear spread for Tesla stock coming from large brokerage firms is about $1,330, or almost 140% of the current stock price.\nOne interpretation of increasing disagreement over Ford stock’s value is that some analysts aren’t sure Ford’s 2021 gains are justified. Ford stock has benefited from improving auto demand and higher vehicle pricing. That part of Ford’s gains likely doesn’t vex analysts. But Ford shares have also gained because of improving electric vehicle sales. The company has sold about 25,000 all-electric Mustang Mach E vehicles so far this year. Ford EV momentum might be harder for analysts to reward.\nIn 2022, Ford is launching an all-electric F-150. How sales of that vehicle ramp will go a long way in determining how Ford stock performs this coming year. Rising EV sales will be a key factor for Ford investors in 2022—just like rising EV sales are a key factor for Tesla investors every year.\nAbout 54% of analysts covering Ford stock rate share Buy. The average Buy-rating ratio for stocks in the S&P is about 55%. About 48% of analysts covering Tesla stock rate shares Buy.","news_type":1,"symbols_score_info":{"F":0.9}},"isVote":1,"tweetType":1,"viewCount":1370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607740920,"gmtCreate":1639608599617,"gmtModify":1639608599958,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607740920","repostId":"1149717556","repostType":4,"repost":{"id":"1149717556","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":1639579526,"share":"https://www.laohunote.com/m/news/1149717556?lang=zh_CN&edition=full","pubTime":"2021-12-15 22:45","market":"us","language":"en","title":"Vaccine stocks rose sharply in morning trading, with Vir technology rising over 15% and Novavax rising over 4%<blockquote>疫苗股早盘大涨，Vir technology涨超15%，Novavax涨超4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149717556","media":"Tiger Newspress","summary":"Vaccine stocks rose sharply in morning trading, with Vir technology rising over 15% and Novavax risi","content":"<p>Vaccine stocks rose sharply in morning trading, with Vir technology rising over 15% and Novavax rising over 4%.<img src=\"https://static.tigerbbs.com/9fe6a9d4d67542197b8f5233dddb808c\" tg-width=\"287\" tg-height=\"246\" width=\"100%\" height=\"auto\">Vir Biotechnology (VIR) unveiled late Tuesday new preclinical data that demonstrates the impact of the \"significant antigenic shift\" of the new SARS-CoV-2 Omicron variant on neutralizing activity of monoclonal antibodies.</p><p><blockquote>疫苗股早盘大幅上涨，Vir technology涨超15%，Novavax涨超4%。Vir Biotechnology (VIR) 周二晚间公布了新的临床前数据，证明了新型新型冠状病毒奥密克戎变体的“显著抗原转移”对单克隆抗体中和活性的影响。</blockquote></p><p> The company said a \"significant\" reduction in plasma neutralizing activity was observed against omicron in sera from vaccinated and convalescent individuals.</p><p><blockquote>该公司表示，在接种疫苗和恢复期个体的血清中观察到针对奥密克戎的血浆中和活性“显着”降低。</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>Vaccine stocks rose sharply in morning trading, with Vir technology rising over 15% and Novavax rising over 4%<blockquote>疫苗股早盘大涨，Vir technology涨超15%，Novavax涨超4%</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\">\nVaccine stocks rose sharply in morning trading, with Vir technology rising over 15% and Novavax rising over 4%<blockquote>疫苗股早盘大涨，Vir technology涨超15%，Novavax涨超4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-15 22:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Vaccine stocks rose sharply in morning trading, with Vir technology rising over 15% and Novavax rising over 4%.<img src=\"https://static.tigerbbs.com/9fe6a9d4d67542197b8f5233dddb808c\" tg-width=\"287\" tg-height=\"246\" width=\"100%\" height=\"auto\">Vir Biotechnology (VIR) unveiled late Tuesday new preclinical data that demonstrates the impact of the \"significant antigenic shift\" of the new SARS-CoV-2 Omicron variant on neutralizing activity of monoclonal antibodies.</p><p><blockquote>疫苗股早盘大幅上涨，Vir technology涨超15%，Novavax涨超4%。Vir Biotechnology (VIR) 周二晚间公布了新的临床前数据，证明了新型新型冠状病毒奥密克戎变体的“显著抗原转移”对单克隆抗体中和活性的影响。</blockquote></p><p> The company said a \"significant\" reduction in plasma neutralizing activity was observed against omicron in sera from vaccinated and convalescent individuals.</p><p><blockquote>该公司表示，在接种疫苗和恢复期个体的血清中观察到针对奥密克戎的血浆中和活性“显着”降低。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VIR":"Vir Biotechnology, Inc.","NVAX":"诺瓦瓦克斯医药"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149717556","content_text":"Vaccine stocks rose sharply in morning trading, with Vir technology rising over 15% and Novavax rising over 4%.Vir Biotechnology (VIR) unveiled late Tuesday new preclinical data that demonstrates the impact of the \"significant antigenic shift\" of the new SARS-CoV-2 Omicron variant on neutralizing activity of monoclonal antibodies.\nThe company said a \"significant\" reduction in plasma neutralizing activity was observed against omicron in sera from vaccinated and convalescent individuals.","news_type":1,"symbols_score_info":{"VIR":0.9,"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":2116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607842559,"gmtCreate":1639528380858,"gmtModify":1639528381203,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607842559","repostId":"1175111161","repostType":4,"repost":{"id":"1175111161","kind":"news","pubTimestamp":1639524053,"share":"https://www.laohunote.com/m/news/1175111161?lang=zh_CN&edition=full","pubTime":"2021-12-15 07:20","market":"us","language":"en","title":"Warren Buffett's Berkshire Hathaway outruns Cathie Wood's Ark Innovation<blockquote>沃伦·巴菲特的伯克希尔·哈撒韦公司击败凯西·伍德的方舟创新公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175111161","media":"seekingalpha","summary":"In what could be called a tortoise (value) vs. hare (growth) matchup, the tortoise appears to be win","content":"<p>In what could be called a tortoise (value) vs. hare (growth) matchup, the tortoise appears to be winning this year. In the past month, Berkshire Hathaway (BRK.B +1.8%) (BRK.A +1.5%) increases its lead on the more mercurial Ark Innovation ETF (ARKK -3.0%).</p><p><blockquote>在可以被称为乌龟（价值）与野兔（增长）的比赛中，乌龟今年似乎赢了。在过去的一个月里，伯克希尔哈撒韦公司 (BRK.B +1.8%) (BRK.A +1.5%) 扩大了其在波动较大的 Ark Innovation ETF (ARKK -3.0%) 中的领先优势。</blockquote></p><p> Of course, Berkshire could be getting a leg up from Apple's (AAPL -1.1%) 17% gain in the past month. Apple is Berkshire's biggest equity holding and made up about half of the investment firm's equity portfolio (as of Dec. 10), according to Business Insider.</p><p><blockquote>当然，伯克希尔哈撒韦公司可能会从苹果 (AAPL -1.1%) 过去一个月 17% 的涨幅中受益。据 Business Insider 报道，苹果是伯克希尔最大的股权持有者，约占该投资公司股票投资组合的一半（截至 12 月 10 日）。</blockquote></p><p> In the past month (as of Monday's close), Berkshire's B (NYSE:BRK.B) shares rose 1.4%, exceeding the S&amp;P 500's 0.2% decline and Ark Innovation's (NYSEARCA:ARKK) 20% drop as seen in the graph below.</p><p><blockquote>过去一个月（截至周一收盘），伯克希尔 B (NYSE:BRK.B) 股价上涨 1.4%，超过标准普尔 500 指数 0.2% 的跌幅和方舟创新 (NYSEARCA:ARKK) 20% 的跌幅，如下图所示。</blockquote></p><p> Ark Innovation (ARKK) had a sizeable lead on Berkshire in February when retail investors piled into popular stay-at-home trades like Coinbase (NASDAQ:COIN), Roku (NASDAQ:ROKU), Teladoc (NYSE:TDOC), and Zoom Video Communications (NASDAQ:ZM), all stocks included in the ETF.</p><p><blockquote>Ark Innovation (ARKK) 在 2 月份领先伯克希尔，当时散户投资者纷纷涌入 Coinbase（纳斯达克股票代码：COIN）、Roku（纳斯达克股票代码：ROKU）、Teladoc（纽约证券交易所股票代码：TDOC）和Zoom Video通信（纳斯达克股票代码：ZM），所有股票都包含在 ETF 中。</blockquote></p><p> Since then, all four tech names have lagged the S&amp;P 500, with only Coinbase managing a gain for the year.</p><p><blockquote>从那时起，所有四家科技公司的表现都落后于标普500，只有比特币基地今年实现了上涨。</blockquote></p><p> SA contributor Steven Fiorillo calls Berkshire (BRK.B) a \"complete value opportunity in a market obsessed with growth.\"</p><p><blockquote>SA 撰稿人 Steven Fiorillo 评级伯克希尔 (BRK.B) “痴迷于增长的市场中的完整价值机会”。</blockquote></p><p> Last week, BofA Securities said long-duration tech is now trading like the post-dot-com bubble in 2000 and 2001.</p><p><blockquote>上周，美国银行证券表示，长期科技股现在的交易就像 2000 年和 2001 年互联网泡沫后一样。</blockquote></p><p></p>","source":"lsy1638401102509","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett's Berkshire Hathaway outruns Cathie Wood's Ark Innovation<blockquote>沃伦·巴菲特的伯克希尔·哈撒韦公司击败凯西·伍德的方舟创新公司</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\">\nWarren Buffett's Berkshire Hathaway outruns Cathie Wood's Ark Innovation<blockquote>沃伦·巴菲特的伯克希尔·哈撒韦公司击败凯西·伍德的方舟创新公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-12-15 07:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In what could be called a tortoise (value) vs. hare (growth) matchup, the tortoise appears to be winning this year. In the past month, Berkshire Hathaway (BRK.B +1.8%) (BRK.A +1.5%) increases its lead on the more mercurial Ark Innovation ETF (ARKK -3.0%).</p><p><blockquote>在可以被称为乌龟（价值）与野兔（增长）的比赛中，乌龟今年似乎赢了。在过去的一个月里，伯克希尔哈撒韦公司 (BRK.B +1.8%) (BRK.A +1.5%) 扩大了其在波动较大的 Ark Innovation ETF (ARKK -3.0%) 中的领先优势。</blockquote></p><p> Of course, Berkshire could be getting a leg up from Apple's (AAPL -1.1%) 17% gain in the past month. Apple is Berkshire's biggest equity holding and made up about half of the investment firm's equity portfolio (as of Dec. 10), according to Business Insider.</p><p><blockquote>当然，伯克希尔哈撒韦公司可能会从苹果 (AAPL -1.1%) 过去一个月 17% 的涨幅中受益。据 Business Insider 报道，苹果是伯克希尔最大的股权持有者，约占该投资公司股票投资组合的一半（截至 12 月 10 日）。</blockquote></p><p> In the past month (as of Monday's close), Berkshire's B (NYSE:BRK.B) shares rose 1.4%, exceeding the S&amp;P 500's 0.2% decline and Ark Innovation's (NYSEARCA:ARKK) 20% drop as seen in the graph below.</p><p><blockquote>过去一个月（截至周一收盘），伯克希尔 B (NYSE:BRK.B) 股价上涨 1.4%，超过标准普尔 500 指数 0.2% 的跌幅和方舟创新 (NYSEARCA:ARKK) 20% 的跌幅，如下图所示。</blockquote></p><p> Ark Innovation (ARKK) had a sizeable lead on Berkshire in February when retail investors piled into popular stay-at-home trades like Coinbase (NASDAQ:COIN), Roku (NASDAQ:ROKU), Teladoc (NYSE:TDOC), and Zoom Video Communications (NASDAQ:ZM), all stocks included in the ETF.</p><p><blockquote>Ark Innovation (ARKK) 在 2 月份领先伯克希尔，当时散户投资者纷纷涌入 Coinbase（纳斯达克股票代码：COIN）、Roku（纳斯达克股票代码：ROKU）、Teladoc（纽约证券交易所股票代码：TDOC）和Zoom Video通信（纳斯达克股票代码：ZM），所有股票都包含在 ETF 中。</blockquote></p><p> Since then, all four tech names have lagged the S&amp;P 500, with only Coinbase managing a gain for the year.</p><p><blockquote>从那时起，所有四家科技公司的表现都落后于标普500，只有比特币基地今年实现了上涨。</blockquote></p><p> SA contributor Steven Fiorillo calls Berkshire (BRK.B) a \"complete value opportunity in a market obsessed with growth.\"</p><p><blockquote>SA 撰稿人 Steven Fiorillo 评级伯克希尔 (BRK.B) “痴迷于增长的市场中的完整价值机会”。</blockquote></p><p> Last week, BofA Securities said long-duration tech is now trading like the post-dot-com bubble in 2000 and 2001.</p><p><blockquote>上周，美国银行证券表示，长期科技股现在的交易就像 2000 年和 2001 年互联网泡沫后一样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3780056-warren-buffetts-berkshire-hathaway-outruns-cathie-woods-ark-innovation\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/news/3780056-warren-buffetts-berkshire-hathaway-outruns-cathie-woods-ark-innovation","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175111161","content_text":"In what could be called a tortoise (value) vs. hare (growth) matchup, the tortoise appears to be winning this year. In the past month, Berkshire Hathaway (BRK.B +1.8%) (BRK.A +1.5%) increases its lead on the more mercurial Ark Innovation ETF (ARKK -3.0%).\nOf course, Berkshire could be getting a leg up from Apple's (AAPL -1.1%) 17% gain in the past month. Apple is Berkshire's biggest equity holding and made up about half of the investment firm's equity portfolio (as of Dec. 10), according to Business Insider.\nIn the past month (as of Monday's close), Berkshire's B (NYSE:BRK.B) shares rose 1.4%, exceeding the S&P 500's 0.2% decline and Ark Innovation's (NYSEARCA:ARKK) 20% drop as seen in the graph below.\n\nArk Innovation (ARKK) had a sizeable lead on Berkshire in February when retail investors piled into popular stay-at-home trades like Coinbase (NASDAQ:COIN), Roku (NASDAQ:ROKU), Teladoc (NYSE:TDOC), and Zoom Video Communications (NASDAQ:ZM), all stocks included in the ETF.\n\nSince then, all four tech names have lagged the S&P 500, with only Coinbase managing a gain for the year.\nSA contributor Steven Fiorillo calls Berkshire (BRK.B) a \"complete value opportunity in a market obsessed with growth.\"\n\nLast week, BofA Securities said long-duration tech is now trading like the post-dot-com bubble in 2000 and 2001.","news_type":1,"symbols_score_info":{"ARKK":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604487387,"gmtCreate":1639439354439,"gmtModify":1639439354779,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604487387","repostId":"2191984549","repostType":4,"isVote":1,"tweetType":1,"viewCount":1384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604834987,"gmtCreate":1639367692641,"gmtModify":1639367692975,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604834987","repostId":"1130623983","repostType":4,"repost":{"id":"1130623983","kind":"news","pubTimestamp":1639360672,"share":"https://www.laohunote.com/m/news/1130623983?lang=zh_CN&edition=full","pubTime":"2021-12-13 09:57","market":"us","language":"en","title":"Who's to blame for inflation? It's complicated<blockquote>谁该为通货膨胀负责？这很复杂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130623983","media":"CNN Business","summary":"New York (CNN Business) - President Joe Biden and other politicians will tell you inflation is Corpo","content":"<p><div> New York (CNN Business) - President Joe Biden and other politicians will tell you inflation is Corporate America's fault. Corporate America blames the administration's pandemic assistance programs for...</p><p><blockquote><div>纽约（CNN Business）——乔·拜登总统和其他政客会告诉你，通货膨胀是美国企业的错。美国公司指责政府的疫情援助计划……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/12/12/economy/inflation-blame-pandemic-biden-corporations/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/12/12/economy/inflation-blame-pandemic-biden-corporations/index.html\">网页连接</a></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>Who's to blame for inflation? It's complicated<blockquote>谁该为通货膨胀负责？这很复杂</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\">\nWho's to blame for inflation? It's complicated<blockquote>谁该为通货膨胀负责？这很复杂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-12-13 09:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> New York (CNN Business) - President Joe Biden and other politicians will tell you inflation is Corporate America's fault. Corporate America blames the administration's pandemic assistance programs for...</p><p><blockquote><div>纽约（CNN Business）——乔·拜登总统和其他政客会告诉你，通货膨胀是美国企业的错。美国公司指责政府的疫情援助计划……</div></blockquote></p><p>  <a href=\"https://edition.cnn.com/2021/12/12/economy/inflation-blame-pandemic-biden-corporations/index.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://edition.cnn.com/2021/12/12/economy/inflation-blame-pandemic-biden-corporations/index.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/12/12/economy/inflation-blame-pandemic-biden-corporations/index.html\">CNN Business</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://edition.cnn.com/2021/12/12/economy/inflation-blame-pandemic-biden-corporations/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130623983","content_text":"New York (CNN Business) - President Joe Biden and other politicians will tell you inflation is Corporate America's fault. Corporate America blames the administration's pandemic assistance programs for putting too much cash into the economy.\nThe reality, economists say, is that it's all of those things. And more.\nOn Friday, the consumer price index showed inflation hitting a nearly four-decade high. Prices for goods and services rose 6.8% last month compared with a year earlier — the fastest pace since 1982.\nInflation isn't inherently a bad thing. In the United States, for the past 40 years or so (and the better part of this century), we've been living with an ideal low-and-slow level of inflation that comes with a well-oiled consumer-driven economy, with prices going up around 2% a year, if that. The current surge in prices reflects an economy roaring back to its fighting weight. What concerns economists and policymakers is when prices keep rising, and when wages don't rise in kind.\nAlthough wages broadly are also going up, they so far haven't kept pace with the rising costs of food, energy, housing and everyday consumer goods. People are, understandably, frustrated. Although there's no one single culprit to blame, here are some of the forces — Covid-19, greedy businesses, the supply chain crisis, the government — you can take your rage out on.\nThe pandemic\nThis is an easy one. The pandemic upended everything about our lives, and when the world shut down in the spring of 2020, it was like pulling the plug on the global economy.\nBut by that summer, demand for consumer goods started to rebound. Big time. Congress and President Biden passed an historic $1.9 trillion stimulus bill in March that put cash directly in Americans' wallets. And rather than spending money on travel or dining out, we spent on stuff. Lots and lots of it.\nDemand went from zero to 100, but supplies couldn't bounce back so easily. Factories were on lockdown or navigating Covid-19 restrictions, and raw materials were harder to get because of the sudden swell in demand. Shortages of just about everything cropped up, especially workers to unload goods and drive them to their destination. We're still untangling the mess at ports around the world.\nCorporate America\nIt can feel morally satisfying and politically convenient to blame Corporate America. After all, profit margins are up across industries even as the costs of production have risen.\nAbout two-thirds of the largest publicly traded US companies have reported fatter profit margins so far this year than in the same period in 2019, according to the Wall Street Journal. In other words, even as costs for raw materials, labor and transportation have increased in response to the pandemic, a lot big corporations are offsetting those costs by raising prices on consumers.\nAlthough analysts say it's almost impossible to verify how much price increases reflect rising production costs versus a desire to juice profits, companies aren't exactly hiding their price flexes. In fact, some are on record bragging about their \"pricing power\" — corporate-speak for sticking customers with a bigger bill.\nDemocrats and consumer advocates are calling these companies out. Earlier this week, Senator Elizabeth Warren blasted Hertz for spending $2 billion on a stock buyback — a common but controversial way to reward shareholders — rather than investing its excess cash in rebuilding its fleet, which could bring down record-high prices for consumers.\nAlthough there's some truth to the argument that corporations are making inflation worse, there is a bigger structural problem underpinning the issue: for decades, lax antitrust enforcement has put the concentration of economic power in the hands of a few giants.\n\"Viewed this way, the underlying problem isn't inflation per se. It's lack of competition,\" wrote Robert Reich, a former US secretary of labor,in an op-ed for the Guardian last month. \"Corporations are using the excuse of inflation to raise prices and make fatter profits.\"\nThe Biden Administration\nRepublicans have been hammering Democrats and the Biden White House on inflation.\nAfter Friday's price index report came out, Senate Minority Leader Mitch McConnell wasted no time when it came to pointing fingers. \"It is unthinkable that Senate Democrats would try to respond to this inflation report by ramming through another massive socialist spending package in a matter of days,\" he tweeted.\nIt's true that government spending boosts inflation, but economists have pushed back on the idea that Biden's ambitious social safety net expansion will inflame price surges. \"Worries that the plan will ignite undesirably high inflation and an overheating economy are overdone,\" Mark Zandi, the chief economist at Moody's Analytics, said in July.\nMoody's analysts noted that government spending on items such as rental housing for low-income Americans, reducing prescription drug costs and making childcare more affordable is aimed at cooling off prices and easing shortages.\nRepublicans blaming inflation on Biden are also conveniently forgetting the trillions of dollars in spending passed in 2020 supported by Republicans and signed by then-President Donald Trump, which economists say have also contributed to inflation.\nThe Fed\nMoney has essentially been free for the past year and a half, thanks to the Fed's double-barrel shotgun approach to economic stimulus — interest rates near zero and a massive investment in bonds that keeps yields near rock-bottom.\nThat stimulus has staved off a lot of financial and economic pain, and was always meant to be temporary. But for months the Fed brushed off inflation concerns, vaguely dubbing price surges \"transitory\" before that word became almost comically devoid of meaning.\nThe Fed is finally tapping the breaks. Last month, Chairman Jerome Powell told Congress \"the economy is very strong and inflationary pressures are high,\" so it would be appropriate to consider tapering its asset purchases more aggressively.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":804201023,"gmtCreate":1627956462662,"gmtModify":1633754903237,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/804201023","repostId":"2156114224","repostType":4,"isVote":1,"tweetType":1,"viewCount":810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":845030430,"gmtCreate":1636251124277,"gmtModify":1636251124757,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/845030430","repostId":"2181374735","repostType":4,"isVote":1,"tweetType":1,"viewCount":802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854555565,"gmtCreate":1635470023983,"gmtModify":1635470100175,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/854555565","repostId":"2179291938","repostType":4,"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":830015697,"gmtCreate":1628993233419,"gmtModify":1633688127653,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830015697","repostId":"2159145532","repostType":4,"isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179469940,"gmtCreate":1626571867980,"gmtModify":1633925824945,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179469940","repostId":"1183956332","repostType":4,"isVote":1,"tweetType":1,"viewCount":530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":699464477,"gmtCreate":1639878831098,"gmtModify":1639878831482,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"3574808684684286"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/699464477","repostId":"2192754259","repostType":4,"isVote":1,"tweetType":1,"viewCount":1099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876382804,"gmtCreate":1637271802095,"gmtModify":1637271802252,"author":{"id":"3574808684684286","authorId":"3574808684684286","name":"DirtyGreen","avatar":"https://static.tigerbbs.com/fa007b8422fe75437cf1ad74252b636a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574808684684286","authorIdStr":"35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09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC 提起首例 DeFi 未注册证券诉讼</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发去中心化金融（DeFi）协议的组织……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC 提起首例 DeFi 未注册证券诉讼</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC 提起首例 DeFi 未注册证券诉讼</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-08 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发去中心化金融（DeFi）协议的组织……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Benzinga</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":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":580,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}