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2021-06-19

Comment and like please :)

ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>

2021-10-07

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Here are 10 'high conviction' stocks of companies with strong pricing power and at least 20% upside potential to UBS targets<blockquote>以下是 10 只具有强大定价能力且对瑞银目标至少有 20% 上涨潜力的“高信念”公司股票</blockquote>

2021-12-17

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2021-11-25

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2021-08-15

Like pls

These 10 Standout Stocks Could Be the Next Amazon<blockquote>这 10 只杰出股票可能成为下一个亚马逊</blockquote>

2021-11-18

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2021-11-12

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CVC Capital Weighs Joining Management Buyout of Razer<blockquote>CVC Capital 考虑加入管理层收购 Razer</blockquote>

2021-09-21

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2021-09-18

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2021-08-31

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15:56","market":"us","language":"en","title":"5 Best Value Stocks in Warren Buffett’s Portfolio<blockquote>沃伦·巴菲特投资组合中最有价值的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129001294","media":"Insider Monkey","summary":"In this article, we discuss the 10 best value stocks in Warren Buffett’s portfolio.\nBillionaire Warr","content":"<p>In this article, we discuss the 10 best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>在本文中，我们将讨论沃伦-巴菲特投资组合中的 10 只最有价值的股票。</blockquote></p><p> Billionaire Warren Buffett is an American business tycoon, legendary value investor, and philanthropist, who is known for his conglomerate holding company, Berkshire Hathaway Inc. (NYSE:BRK-A), which he manages alongside Charlie Munger, who is the vice chairman of the company and the closest associate of Buffett.</p><p><blockquote>亿万富翁沃伦·巴菲特是美国商业大亨、传奇价值投资者和慈善家，以其企业集团控股公司伯克希尔·哈撒韦公司（纽约证券交易所代码：BRK-A）而闻名，他与查理·芒格共同管理该公司副董事长，也是巴菲特最亲密的合伙人。</blockquote></p><p> Buffett manages his investments via his hedge fund,Berkshire Hathaway, which managed about $293.4 billion in 13F securities in the third quarter, gaining approximately $57 billion as compared to the prior-year quarter. Buffett’s portfolio is largely concentrated in the information technology, finance, and consumer staples sectors. The billionaire is known for following the Benjamin Graham school of thought, focusing primarily on value stocks.</p><p><blockquote>巴菲特通过他的对冲基金伯克希尔哈撒韦公司管理他的投资，该公司第三季度管理了约2934亿美元的13F证券，与去年同期相比增加了约570亿美元。巴菲特的投资组合主要集中在信息技术、金融和必需消费品领域。这位亿万富翁以遵循本杰明·格雷厄姆学派而闻名，主要关注价值股。</blockquote></p><p> The legendary investor recommends low-cost index funds for a majority of investors, as some active managers charge heavy management and performance fees, and he doesn’t believe they can beat the market on a consistent basis. In his opinion, amatuer and passive investors are better off betting on an S&amp;P 500 index fund for the long-term, since it would generate returns over the course of a decade that are higher than the returns from a basket of diversified hedge funds after the hedge fund managers are paid their share of the management fees.</p><p><blockquote>这位传奇投资者向大多数投资者推荐低成本指数基金，因为一些主动型基金经理收取高额管理费和业绩费，他不相信这些基金能持续跑赢市场。在他看来，业余和被动投资者最好长期押注标普500指数基金，因为它在十年内产生的回报将高于一篮子多元化对冲基金的回报。对冲基金经理获得管理费份额。</blockquote></p><p> Since Buffett is a long-term investor, he advises people who are starting out their investment journey to buy the stock dips, since the market is eventually going to rise again.</p><p><blockquote>由于巴菲特是一位长期投资者，他建议开始投资之旅的人在股票下跌时买入，因为市场最终会再次上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95c29fa4a746a9be0316155793ff359c\" tg-width=\"767\" tg-height=\"843\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The most notable stocks in Warren Buffett’s Q3 portfolio include Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), in addition to others mentioned in detail below.</p><p><blockquote>巴菲特第三季度投资组合中最著名的股票包括苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN），此外还有下文详细提到的其他股票。</blockquote></p><p> <b><i>Our Methodology</i></b></p><p><blockquote><b><i>我们的方法</i></b></blockquote></p><p> We used the Q3 portfolio of Warren Buffett’s Berkshire Hathaway to select his top 10 value stocks. We chose stocks that had the lowest price to earnings ratio in the billionaire’s portfolio, and ranked the securities according to Buffett’s stake value in each holding.</p><p><blockquote>我们利用沃伦-巴菲特（Warren Buffett）的伯克希尔-哈撒韦公司（Berkshire Hathaway）第三季度投资组合，选出了他的十大价值股。我们选择了这位亿万富翁投资组合中市盈率最低的股票，并根据巴菲特在每笔持股中的持股价值对证券进行排名。</blockquote></p><p> <b>Best Value Stocks in Warren Buffett’s Portfolio</b></p><p><blockquote><b>沃伦·巴菲特投资组合中最有价值的股票</b></blockquote></p><p> <b>10. Wells Fargo &amp; Company (NYSE:WFC)</b></p><p><blockquote><b>10. 富国银行公司（纽约证券交易所代码：WFC）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $31,329,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：31,329,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.01%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：0.01%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 88</i></b></p><p><blockquote><b><i>对冲基金持有人数量：88</i></b></blockquote></p><p> <b><i>P/E Ratio: 11.98</i></b></p><p><blockquote><b><i>市盈率：11.98</i></b></blockquote></p><p> Wells Fargo &amp; Company (NYSE:WFC) posted its Q3 earnings on October 14. EPS in the quarter totaled $1.22, exceeding estimates by $0.28. Revenue over the period equaled $18.83 billion, outperforming analysts’ consensus estimates by $542.17 million.</p><p><blockquote>富国银行公司（纽约证券交易所股票代码：WFC）于 10 月 14 日公布了第三季度收益。本季度每股收益总计 1.22 美元，超出预期 0.28 美元。同期营收达到 188.3 亿美元，比分析师一致预期高出 5.4217 亿美元。</blockquote></p><p> Warren Buffett holds 675,054 shares in Wells Fargo &amp; Company (NYSE:WFC), an American multinational financial services corporation, as of September this year. Buffett’s stake in Wells Fargo &amp; Company (NYSE:WFC) amounts to $31.32 million, and it accounts for 0.01% of the billionaire’s Q3 portfolio. With a P/E ratio of 11.98, Wells Fargo &amp; Company (NYSE:WFC) is one of the best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>截至今年9月，沃伦·巴菲特持有美国跨国金融服务公司富国银行（纽约证券交易所股票代码：WFC）675,054股股票。巴菲特持有的富国银行（纽约证券交易所股票代码：WFC）股份达 3132 万美元，占这位亿万富翁第三季度投资组合的 0.01%。富国银行（纽约证券交易所股票代码：WFC）的市盈率为 11.98，是沃伦-巴菲特投资组合中最有价值的股票之一。</blockquote></p><p> On December 9, UBS analyst Erika Najarian called Wells Fargo &amp; Company (NYSE:WFC) one of her “highest conviction Buy ideas”, assuming coverage of the stock with a Buy rating and a $65 price target. The analyst sees rising rates and execution of its expense plan driving return on average tangible common shareholders’ equity as attractive catalysts.</p><p><blockquote>12 月 9 日，瑞银（UBS）分析师埃里卡-纳贾里安（Erika Najarian）称富国银行（Wells Fargo &amp; Company，纽约证券交易所股票代码：WFC）是她 “最有说服力的买入想法”之一，她认为该股的评级为买入，目标价为 65 美元。这位分析师认为，利率上升和支出计划的执行推动了有形普通股股东权益的平均回报率，是极具吸引力的催化剂。</blockquote></p><p> A total of 88 hedge funds were bullish on Wells Fargo &amp; Company (NYSE:WFC) at the end of the third quarter, holding stakes worth $6.18 billion. This is comparable to 94 funds holding stakes valued at over $7 billion in Wells Fargo &amp; Company (NYSE:WFC) in the previous quarter.</p><p><blockquote>截至第三季度末，共有88家对冲基金看好富国银行公司（纽约证券交易所股票代码：WFC），持有价值61.8亿美元的股份。这相当于上一季度持有富国银行公司（纽约证券交易所股票代码：WFC）价值超过 70 亿美元股份的 94 只基金。</blockquote></p><p> Boykin Curry’s&nbsp;Eagle Capital Management&nbsp;is the largest Wells Fargo &amp; Company (NYSE:WFC) stakeholder as of the third quarter, holding 33.74 million shares worth $1.56 billion.</p><p><blockquote>截至第三季度，博伊金-库里（Boykin Curry）的鹰资本管理公司（Eagle Capital Management）是富国银行（Wells Fargo &amp; Company，纽约证券交易所股票代码：WFC）最大的股东，持有 3374 万股股票，价值 15.6 亿美元。</blockquote></p><p> Wells Fargo &amp; Company (NYSE:WFC) is a notable stock from Warren Buffett’s Q3 portfolio, in addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).</p><p><blockquote>富国银行（纽约证券交易所股票代码：WFC）是巴菲特第三季度投资组合中的一只著名股票，此外还有苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）。</blockquote></p><p> Hereis what Davis Global Fund has to say about Wells Fargo &amp; Company (NYSE:WFC) in its Q3 2021 investor letter:</p><p><blockquote>以下是戴维斯全球基金在其 2021 年第三季度投资者信中对富国银行公司（纽约证券交易所股票代码：WFC）的评价：</blockquote></p><p></p><p>   “…This second chart highlights that financials remain the cheapest part of the market today and continue to be extremely attractive. Strong capital ratios, conservative lending practices, already record low interest rates and now a strengthening economy, all paired with low valuations, bode well for future returns.    Take our top financials holding in Wells Fargo, for instance. Wells Fargo is trading at 1.3x tangible book value, while we expect return on equity (ROE) to be in the mid-to-high teens over time. Even in this low-rate environment, the current multiple is only 12x 2021 owner earnings, and our IRR estimate is 12–13%. Wells Fargo has performed well this year, up 51% year-to-date, yet still looks very attractive, which speaks to how undervalued it was and why it is so important to be patient when investing in high-quality companies trading at low valuations. Rather than invest on the basis of unpredictable near-term catalysts, we prefer to be patient as earnings and cash build up, even if the stock price does not immediately reflect the economic reality. We continue to like our positions in financials.”  <b>9. Teva Pharmaceutical Industries Limited (NYSE:TEVA)</b></p><p><blockquote>“.第二张图表凸显了金融股仍然是当今市场上最便宜的部分，并且仍然极具吸引力。强劲的资本比率、保守的贷款做法、已经创下历史新低的利率以及现在的经济走强，再加上低估值，都预示着未来的回报。以我们持有的富国银行为例。富国银行的交易价格为有形账面价值的 1.3 倍，而我们预计随着时间的推移，股本回报率 (ROE) 将处于中高位。即使在这种低利率环境下，目前的倍数也只有2021年所有者收益的12倍，我们的IRR估计为12-13%。富国银行今年表现良好，今年迄今已上涨 51%，但看起来仍然非常有吸引力，这说明它被低估了多少，以及为什么在投资低估值的优质公司时保持耐心如此重要。与其根据不可预测的近期催化剂进行投资，我们更愿意在盈利和现金积累时保持耐心，即使股价不能立即反映经济现实。我们仍然喜欢我们在金融领域的职位。”<b>9.梯瓦制药工业有限公司（纽约证券交易所代码：TEVA）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $416,768,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：416,768,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.14%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：0.14%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 22</i></b></p><p><blockquote><b><i>对冲基金持有人数量：22</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.63</i></b></p><p><blockquote><b><i>市盈率：12.63</i></b></blockquote></p><p> Teva Pharmaceutical Industries Limited (NYSE:TEVA), a pharmaceutical company from Israel specializing in generics and biopharmaceutical medicines, reported its Q3 results on October 27. Teva Pharmaceutical Industries Limited (NYSE:TEVA) posted an EPS of $0.59, missing estimates by $0.06. The Q3 revenue totaled $3.89 billion, down 2.29% year-over-year, missing estimates by $163.2 million.</p><p><blockquote>Teva Pharmaceutical Industries Limited（纽约证券交易所股票代码：TEVA）是一家以色列制药公司，专门从事仿制药和生物制药，于10月27日公布了第三季度业绩。梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）公布的每股收益为 0.59 美元，比预期低 0.06 美元。第三季度营收总计38.9亿美元，同比下降2.29%，比预期低1.632亿美元。</blockquote></p><p> Warren Buffett holds a $416.76 million position in Teva Pharmaceutical Industries Limited (NYSE:TEVA) as of September 2021, which accounts for 0.14% of the billionaire’s total Q3 portfolio.</p><p><blockquote>截至 2021 年 9 月，沃伦-巴菲特持有梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）价值 4.1676 亿美元的头寸，占这位亿万富翁第三季度总投资组合的 0.14%。</blockquote></p><p> Abrams Capital Managementis one of the leading stakeholders of Teva Pharmaceutical Industries Limited (NYSE:TEVA) from the third quarter, owning over 24 million shares valued at $234.2 million.</p><p><blockquote>自第三季度以来，艾布拉姆斯资本管理公司一直是梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）的主要利益相关者之一，拥有超过 2400 万股股票，价值 2.342 亿美元。</blockquote></p><p> Hedge funds increased their stakes in Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the third quarter, with 22 funds holding stakes valued at $950.6 million in the company, as compared to the same number of funds being bullish on Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the preceding quarter, with a total stake value of $947.1 million.</p><p><blockquote>对冲基金第三季度增持梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA），22只基金持有该公司价值9.506亿美元的股份，而同样数量的基金看好梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）上一季度，总股权价值为9.471亿美元。</blockquote></p><p> Raymond James analyst Elliot Wilbur on October 27 downgraded Teva Pharmaceutical Industries Limited (NYSE:TEVA) to Market Perform from Outperform without a price target, stating that near-term fundamentals are coming up short, as compared to the performance expectations from the company.</p><p><blockquote>Raymond James 分析师 Elliot Wilbur 于 10 月 27 日将梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）的评级从跑赢大盘下调至市场表现，但没有设定价格目标，并表示与该公司的业绩预期相比，近期基本面不足。</blockquote></p><p> <b>8. Globe Life Inc. (NYSE:GL)</b></p><p><blockquote><b>8. 环球人寿公司（纽约证券交易所股票代码：GL）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $565,672,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：565,672,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.19%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：0.19%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 27</i></b></p><p><blockquote><b><i>对冲基金持有人数量：27</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.45</i></b></p><p><blockquote><b><i>市盈率：12.45</i></b></blockquote></p><p> Billionaire Warren Buffett holds 6.35 million shares in Globe Life Inc. (NYSE:GL) as of September this year, worth $565.6 million, accounting for 0.19% of his total Q3 13F portfolio. Globe Life Inc. (NYSE:GL) is a Texas-based financial services holding company that specializes in life insurance, annuity, and supplemental health insurance products.</p><p><blockquote>截至今年 9 月，亿万富翁沃伦·巴菲特持有 Globe Life Inc.（纽约证券交易所股票代码：GL）635 万股股票，价值 5.656 亿美元，占其第三季度 13F 投资组合总额的 0.19%。Globe Life Inc.（纽约证券交易所股票代码：GL）是一家总部位于德克萨斯州的金融服务控股公司，专门从事人寿保险、年金和补充健康保险产品。</blockquote></p><p> Credit Suisse analyst Andrew Kligerman on October 19 lowered the price target on Globe Life Inc. (NYSE:GL) to $130 from $135 and kept an Outperform rating on the shares, stating that despite the COVID-19 pressures on the stock, Globe Life Inc. (NYSE:GL) is trading at an attractive valuation. Globe Life Inc. (NYSE:GL) is one of the top value stocks according to Warren Buffett’s Berkshire Hathaway.</p><p><blockquote>瑞士信贷分析师 Andrew Kligerman 于 10 月 19 日将 Globe Life Inc. (NYSE:GL) 的目标价从 135 美元下调至 130 美元，并维持该股跑赢大盘评级，表示尽管该股面临 COVID-19 压力，Globe Life Inc. (NYSE:GL) 的交易估值颇具吸引力。根据沃伦-巴菲特的伯克希尔-哈撒韦公司的说法，Globe Life Inc.（纽约证券交易所股票代码：GL）是最有价值的股票之一。</blockquote></p><p> Globe Life Inc. (NYSE:GL) announced Q3 earnings on October 20, posting an EPS of $1.78, missing estimates by $0.11. The quarterly revenue jumped 6.93% to $1.28 billion, outperforming estimates by $15.97 million.</p><p><blockquote>Globe Life Inc.（纽约证券交易所股票代码：GL）于 10 月 20 日公布了第三季度收益，每股收益为 1.78 美元，比预期低 0.11 美元。季度收入增长 6.93%，达到 12.8 亿美元，超出预期 1597 万美元。</blockquote></p><p> Insider Monkey tracks the movement of 867 elite hedge funds as of the third quarter, and a total of 27 funds of them reported owning stakes in Globe Life Inc. (NYSE:GL), worth $775.77 million. This is compared to 28 funds being bullish on Globe Life Inc. (NYSE:GL) in the prior quarter, with a total stake value of approximately $795 million.</p><p><blockquote>Insider Monkey 追踪了截至第三季度 867 家精英对冲基金的动向，其中共有 27 家基金报告持有 Globe Life Inc.（纽约证券交易所股票代码：GL）的股份，价值 7.7577 亿美元。相比之下，上一季度有 28 只基金看好 Globe Life Inc.（纽约证券交易所股票代码：GL），总股权价值约为 7.95 亿美元。</blockquote></p><p> In addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), elite hedge funds are piling into Globe Life Inc. (NYSE:GL).</p><p><blockquote>除了苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）之外，精英对冲基金也纷纷涌入环球人寿公司（纽约证券交易所股票代码：GL）。</blockquote></p><p> <b>7. General Motors Company (NYSE:GM)</b></p><p><blockquote><b>7. 通用汽车公司（纽约证券交易所代码：GM）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $3,162,600,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：3,162,600,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.07%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：1.07%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 77</i></b></p><p><blockquote><b><i>对冲基金持有人数量：77</i></b></blockquote></p><p> <b><i>P/E Ratio: 8.45</i></b></p><p><blockquote><b><i>市盈率：8.45</i></b></blockquote></p><p></p><p> General Motors Company (NYSE:GM) stock represents 1.07% of Berkshire Hathaway’s Q3 portfolio, with the hedge fund holding a $3.16 billion position in the company. General Motors Company (NYSE:GM) is an American multinational automaker, with four core automobile brands including Chevrolet, Buick, GMC, and Cadillac. General Motors Company (NYSE:GM), a notable value stock from Buffett’s Q3 portfolio, is also actively working on electric vehicles, gearing up to compete with the EV market leader, Tesla, Inc. (NASDAQ:TSLA).</p><p><blockquote>通用汽车公司（NYSE:GM）股票占伯克希尔-哈撒韦公司第三季度投资组合的 1.07%，该对冲基金持有该公司 31.6 亿美元的头寸。通用汽车公司（纽约证券交易所股票代码：GM）是一家美国跨国汽车制造商，拥有雪佛兰、别克、GMC和凯迪拉克四大核心汽车品牌。通用汽车公司（纽约证券交易所股票代码：GM）是巴菲特第三季度投资组合中著名的价值股，该公司也在积极研发电动汽车，准备与电动汽车市场领导者特斯拉公司（纳斯达克股票代码：TSLA）竞争。</blockquote></p><p> General Motors Company (NYSE:GM), on October 27, announced its third quarter results, posting earnings per share of $1.52, beating estimates by $0.55. The revenue fell by 24.52% year-over-year, amounting to $26.78 billion, missing estimates by $1.10 billion.</p><p><blockquote>通用汽车公司（纽约证券交易所股票代码：GM）于 10 月 27 日公布了第三季度业绩，每股收益为 1.52 美元，超出预期 0.55 美元。收入同比下降24.52%，至267.8亿美元，比预期低11亿美元。</blockquote></p><p> On November 15, Wedbush analyst Daniel Ives kept an Outperform rating and a price target of $85 on General Motors Company (NYSE:GM)’s shares. The analyst stated that the vertical integration capabilities of General Motors Company (NYSE:GM) and conversion of its massive customer base to electric vehicles over the coming years represents a transformational opportunity for the company looking ahead.</p><p><blockquote>11 月 15 日，Wedbush 分析师丹尼尔-艾夫斯（Daniel Ives）维持通用汽车公司（NYSE:GM）股票跑赢大盘评级，目标价为 85 美元。这位分析师表示，通用汽车公司（纽约证券交易所股票代码：GM）的垂直整合能力以及未来几年其庞大客户群向电动汽车的转变，代表着该公司未来的转型机遇。</blockquote></p><p> Harris Associates&nbsp;is one of the leading General Motors Company (NYSE:GM) stakeholders from Q3, holding a $1.82 billion stake in the company, out of a total of 77 funds that were bullish on the stock in the third quarter.</p><p><blockquote>自第三季度以来，Harris Associates 一直是通用汽车公司（纽约证券交易所股票代码：GM）的主要利益相关者之一，持有该公司价值 18.2 亿美元的股份，而第三季度共有 77 只看好该股票的基金。</blockquote></p><p> Here&nbsp;is what&nbsp;Miller Value Partners&nbsp;has to say about General Motors Company (NYSE:GM) in its Q3 2021 investor letter:</p><p><blockquote>以下是 Miller Value Partners 在其 2021 年第三季度投资者信中对通用汽车公司（纽约证券交易所股票代码：GM）的评价：</blockquote></p><p>   “Another name we’ve recently purchased and have grown incredibly excited about: General Motors (GM). GM is interesting on many levels. We see it as an attractive investment opportunity and it might be a microcosm of current markets, both past and prospective.    Tesla trounced GM over the last decade. Tesla rose 15,797% crushing GM’s 238% increase, which lagged the S&amp;P 500’s 365%. Tesla came out of nowhere creating what many said was the best car ever made. A decade ago, no one saw that coming, including GM. GM’s historical strength led to arrogance. It completely dismissed the threat of any newcomer.    Where are we now? Expectations are entirely different. Tesla’s current price embeds 18 years of growth while GM embeds under one year (see a pattern in what we like?!). Tesla’s expectations look even loftier when you consider that in that 18th year, Tesla would be projected to earn $1.35 trillion revenues at very high, Ferrari-type margins. The largest automakers today generate roughly $250 billion revenues at less than half those margins.    Tesla’s priced to go where no man (or woman!) has gone before. It’s impossible for Tesla to meet these expectations with auto manufacturing alone. It requires something more. Bulls believe Tesla can dominate an autonomous driving future and make significant money on software subscriptions. We don’t have a view on this other than that Tesla needs to do so to be attractive at the current price.    Market expectations for GM, on the other hand, are muted. There appears to be no innovation or growth priced into the stock. Yet GM plans to launch 30 EV (electric vehicles) models globally by 2025 (Tesla has launched a total of 4). GM’s new electric vehicles, like the Hummer and Cadillac Lyric, are extremely impressive. It’s revamping its manufacturing production to be modular, allowing greater speed and adaptability. The entire culture has transformed from a stodgy, bureaucratic old manufacturer to a speedier, more innovative software-enabled automaker. GM currently employs 25,000 software engineers.    GM believes it can double revenues by 2030, and improve margins through software and services. GM currently earns $2 billion of high margin software and services revenue, which is more than Tesla. Cruise, GM’s majority owned autonomous company, recently detailed why it sees the potential for $50B in revenues within 6-8 years of its 2023 launch of the Origin vehicle. BrightDrop, its autonomous commercial vehicle unit, looks promising as well with the potential for $10 billion in revenues. We don’t think this optionality is reflected in the current price. Investors started to see the potential after GM’s recent analyst day. We can easily get values for GM more than double its current price of $58.    The contrast between GM and Tesla illustrates what we see more broadly in the market, which is why we see more opportunity in classic value names than in the secular growth names. After a decade of dominance, expectations for innovative and disruptive companies are quite high. Many classic value companies were caught flat-footed, but have invested heavily to catch up. Muted expectations don’t reflect their improved prospects.”  <b>6. The Bank of New York Mellon Corporation (NYSE:BK)</b></p><p><blockquote>“我们最近购买的另一个品牌让我们无比兴奋：通用汽车公司（GM）。通用汽车在很多方面都很有趣。我们认为它是一个有吸引力的投资机会，它可能是当前市场（包括过去和未来市场）的一个缩影。特斯拉在过去十年中击败了通用汽车。特斯拉上涨了 15,797%，超过了通用汽车 238% 的增幅，后者落后于标普500的 365%。特斯拉凭空出现，创造了许多人所说的有史以来最好的汽车。十年前，没有人预见到这一点，包括通用汽车。通用汽车的历史实力导致了傲慢。它完全排除了任何新来者的威胁。我们现在在哪里？期望完全不同。特斯拉目前的价格包含了 18 年的增长，而通用汽车的增长不到一年（看看我们喜欢的模式？!）。考虑到特斯拉在第 18 个年头的收入预计将达到 1.35 万亿美元，利润率非常高，堪比法拉利，特斯拉的期望就显得更加崇高了。如今，最大的汽车制造商创造了大约 2500 亿美元的收入，但利润率还不到一半。特斯拉的定价是前所未有的。特斯拉仅靠汽车制造业不可能满足这些期望。它需要更多的东西。看涨者相信特斯拉可以主导自动驾驶的未来，并通过软件订阅赚取大量收入。我们对此没有其他看法，只是认为特斯拉需要这样做才能在目前的价格下具有吸引力。另一方面，市场对通用汽车的预期却很低。该股似乎没有创新或增长。然而，通用汽车计划到2025年在全球推出30款EV（电动汽车）车型（特斯拉总共推出了4款）。通用汽车的新型电动汽车，如悍马和凯迪拉克 Lyric，令人印象深刻。该公司正在对其制造生产进行模块化改造，以提高速度和适应性。整个文化已经从一个呆板、官僚主义的老制造商转变为一个更快、更具创新性的软件驱动的汽车制造商。通用汽车目前雇佣了25,000名软件工程师。通用汽车相信，到 2030 年，它可以将收入翻一番，并通过软件和服务提高利润率。通用汽车目前的高利润软件和服务收入为 20 亿美元，超过了特斯拉。通用汽车控股的自动驾驶公司 Cruise 最近详细介绍了为什么它认为在 2023 年推出 Origin 汽车后的 6-8 年内有可能获得 500 亿美元的收入。其自动驾驶商用车部门 BrightDrop 看起来也很有前途，收入潜力达 100 亿美元。我们认为这种选择并没有反映在当前价格中。在通用汽车最近的分析师日之后，投资者开始看到这一潜力。我们可以轻松地获得通用汽车目前 58 美元价格的两倍多的价值。通用汽车和特斯拉之间的对比说明了我们在市场上看到的更广泛的情况，这就是为什么我们在经典价值名称中看到的机会比在长期增长名称中看到的更多。经过十年的主导地位，人们对创新型和颠覆性公司的期望相当高。许多经典价值公司措手不及，但投入巨资迎头赶上。低迷的期望并不反映他们前景的改善。”<b>6. 纽约银行梅隆公司（纽约证券交易所代码：BK）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $3,751,012,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：3,751,012,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.27%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：1.27%</i></b></blockquote></p><p></p><p> <b><i>Number of Hedge Fund Holders: 46</i></b></p><p><blockquote><b><i>对冲基金持有人数量：46</i></b></blockquote></p><p> <b><i>P/E Ratio: 14.48</i></b></p><p><blockquote><b><i>市盈率：14.48</i></b></blockquote></p><p> Warren Buffett owned 72.35 million shares in The Bank of New York Mellon Corporation (NYSE:BK), worth $3.75 billion by the end of the third quarter, accounting for 1.27% of the total investment portfolio at Berkshire Hathaway. The Bank of New York Mellon Corporation (NYSE:BK) is a financial services holding company, offering a range of services including corporate banking, investment banking, global wealth management, financial analysis, and private equity.</p><p><blockquote>沃伦·巴菲特持有纽约梅隆银行（纽约证券交易所股票代码：BK）7235万股股票，截至第三季度末价值37.5亿美元，占伯克希尔哈撒韦公司总投资组合的1.27%。纽约梅隆银行（纽约证券交易所股票代码：BK）是一家金融服务控股公司，提供一系列服务，包括企业银行、投资银行、全球财富管理、财务分析和私募股权。</blockquote></p><p> The Bank of New York Mellon Corporation (NYSE:BK) announced on October 19 its Q3 earnings. EPS in the period totaled $1.04, exceeding estimates by $0.04. The $4.04 billion revenue jumped 4.89% year-over-year, outperforming estimates by $88.43 million.</p><p><blockquote>纽约梅隆银行（纽约证券交易所股票代码：BK）于 10 月 19 日公布了第三季度收益。该期间每股收益总计 1.04 美元，超出预期 0.04 美元。40.4亿美元的收入同比增长4.89%，超出预期8843万美元。</blockquote></p><p> Morgan Stanley analyst Betsy Graseck on December 6 downgraded The Bank of New York Mellon Corporation (NYSE:BK) to Underweight from Equal Weight with a $59 price target, citing the stock’s valuation, low loan exposure, and negative operating leverage as reasons for the downgrade.</p><p><blockquote>摩根士丹利分析师贝齐-格拉塞克（Betsy Graseck）于 12 月 6 日将纽约梅隆银行（NYSE:BK）的评级从同等权重下调至跑输大盘，目标价为 59 美元，理由是该股的估值、低贷款敞口和负运营杠杆是下调评级的原因。</blockquote></p><p> First Eagle Investment Management&nbsp;is one of the largest stakeholders of The Bank of New York Mellon Corporation (NYSE:BK) in Q3, with 16.1 million shares worth over $837 million. Overall, 46 hedge funds monitored by Insider Monkey were bullish on The Bank of New York Mellon Corporation (NYSE:BK) in the third quarter, down from 52 funds in the preceding quarter.</p><p><blockquote>First Eagle Investment Management 是第三季度纽约梅隆银行（纽约证券交易所股票代码：BK）最大的股东之一，持有 1610 万股股票，价值超过 8.37 亿美元。总体而言，Insider Monkey 监测的 46 家对冲基金第三季度看好纽约梅隆银行（纽约证券交易所股票代码：BK），低于上一季度的 52 家。</blockquote></p><p> The Bank of New York Mellon Corporation (NYSE:BK) is a notable stock from Warren Buffett’s Q3 portfolio, just like Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).</p><p><blockquote>纽约梅隆银行（NYSE:BK）是巴菲特第三季度投资组合中的一只著名股票，就像苹果公司（NASDAQ:AAPL）、美国运通公司（NYSE:AXP）、可口可乐公司（NYSE:KO）和亚马逊公司（NASDAQ:AMZN）一样。</blockquote></p><p> <b>5. DaVita Inc. (NYSE:DVA)</b></p><p><blockquote><b>5. DaVita Inc.（纽约证券交易所代码：DVA）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $4,196,471,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：4,196,471,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.43%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：1.43%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 39</i></b></p><p><blockquote><b><i>对冲基金持有人数量：39</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.37</i></b></p><p><blockquote><b><i>市盈率：12.37</i></b></blockquote></p><p> DaVita Inc. (NYSE:DVA) made it to our list of the best value stocks in Warren Buffett’s portfolio, with the company announcing solid Q3 earnings on October 28, posting an EPS of $2.36, beating estimates by $0.10. Revenue over the period also outperformed estimates by $23.55 million.</p><p><blockquote>DaVita Inc.（纽约证券交易所股票代码：DVA）入选了沃伦-巴菲特投资组合中最有价值股票的名单，该公司于 10 月 28 日公布了稳健的第三季度收益，每股收益为 2.36 美元，比预期高出 0.10 美元。同期收入也超出预期 2355 万美元。</blockquote></p><p> Deutsche Bank analyst Pito Chickering on November 17 lowered the price target on DaVita Inc. (NYSE:DVA) to $150 from $164 and kept a Buy rating on the shares after the capital markets day, stating that the company offers a longer term investment horizon than many investors can be comfortable with.</p><p><blockquote>德意志银行分析师 Pito Chickering 于 11 月 17 日将 DaVita Inc.（纽约证券交易所股票代码：DVA）的目标价从 164 美元下调至 150 美元，并在资本市场日之后维持该股的买入评级，称该公司提供的长期投资期限比许多投资者可以放心。</blockquote></p><p> DaVita Inc. (NYSE:DVA) is a healthcare company primarily focusing on kidney diseases and dialysis support, operating in nine countries in addition to the United States. Warren Buffett holds a $4.19 billion position in DaVita Inc. (NYSE:DVA) as of September this year, with DaVita Inc. (NYSE:DVA) stock accounting for 1.43% of the billionaire’s total investments.</p><p><blockquote>DaVita Inc.（纽约证券交易所股票代码：DVA）是一家主要专注于肾脏疾病和透析支持的医疗保健公司，除美国外，在九个国家开展业务。截至今年 9 月，沃伦-巴菲特持有 DaVita Inc.（纽约证券交易所股票代码：DVA）价值 41.9 亿美元，DaVita Inc.（纽约证券交易所股票代码：DVA）股票占这位亿万富翁总投资的 1.43%。</blockquote></p><p> At the end of the third quarter, 39 hedge funds tracked by Insider Monkey reported owning stakes worth $4.81 billion in DaVita Inc. (NYSE:DVA). This is compared to the same number of funds holding the DaVita Inc. (NYSE:DVA) stock in the preceding quarter, with a total stake value of approximately $5.13 billion.</p><p><blockquote>截至第三季度末，Insider Monkey 追踪的 39 家对冲基金报告称持有 DaVita Inc.（纽约证券交易所股票代码：DVA）价值 48.1 亿美元的股份。相比之下，上一季度持有 DaVita Inc.（纽约证券交易所股票代码：DVA）股票的基金数量相同，总股权价值约为 51.3 亿美元。</blockquote></p><p> Gates Capital Managementincreased its stake in DaVita Inc. (NYSE:DVA) by 5% in the third quarter, and is one of the leading stakeholders of the company, with a $174.1 million position.</p><p><blockquote>盖茨资本管理公司第三季度将其在 DaVita Inc.（纽约证券交易所股票代码：DVA）的股份增加了 5%，是该公司的主要利益相关者之一，持有 1.741 亿美元的头寸。</blockquote></p><p> <b>4. U.S. Bancorp (NYSE:USB)</b></p><p><blockquote><b>4. 合众银行（纽约证券交易所股票代码：USB）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $7,514,279,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：7,514,279,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 2.52%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：2.52%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 42</i></b></p><p><blockquote><b><i>对冲基金持有人数量：42</i></b></blockquote></p><p> <b><i>P/E Ratio: 11.60</i></b></p><p><blockquote><b><i>市盈率：11.60</i></b></blockquote></p><p> U.S. Bancorp (NYSE:USB) is a Minnesota-based bank holding company that operates via its wholly owned subsidiary, U.S. Bank National Association, and offers banking, investment, mortgage, trust, and payment services to customers. As one of the best value stocks in Warren Buffett’s Q3 portfolio, U.S. Bancorp (NYSE:USB) represents 2.52% of the billionaire’s total investments. Berkshire Hathaway owns over 126 million U.S. Bancorp (NYSE:USB) shares, worth $7.51 billion.</p><p><blockquote>U.S. Bancorp（纽约证券交易所股票代码：USB）是一家总部位于明尼苏达州的银行控股公司，通过其全资子公司美国银行全国协会运营，为客户提供银行、投资、抵押贷款、信托和支付服务。作为沃伦-巴菲特第三季度投资组合中最有价值的股票之一，美国合众银行（纽约证券交易所股票代码：USB）占这位亿万富翁总投资的 2.52%。伯克希尔哈撒韦公司拥有超过 1.26 亿股 U.S. Bancorp (NYSE:USB) 股票，价值 75.1 亿美元。</blockquote></p><p> On December 9, UBS analyst Erika Najarian initiated coverage of U.S. Bancorp (NYSE:USB) with a Buy rating and a $70 price target, after the 300 basis points of ROTCE outperformance by the company.</p><p><blockquote>12 月 9 日，瑞银分析师 Erika Najarian 开始对 U.S. Bancorp (NYSE:USB) 进行买入评级，目标价为 70 美元，此前该公司的 ROTCE 表现优于 300 个基点。</blockquote></p><p> U.S. Bancorp (NYSE:USB), on October 14, reported its Q3 results, posting an EPS of $1.30, beating estimates by $0.14. The $5.86 billion revenue also exceeded estimates by $105.32 million.</p><p><blockquote>U.S. Bancorp（纽约证券交易所股票代码：USB）于 10 月 14 日公布了第三季度业绩，每股收益为 1.30 美元，超出预期 0.14 美元。58.6亿美元的收入也超出预期1.0532亿美元。</blockquote></p><p> In Q3 2021, 42 hedge funds in the database of Insider Monkey were long U.S. Bancorp (NYSE:USB), up from 41 funds in the preceding quarter.Yacktman Asset Managementis one of the leading stakeholders of U.S. Bancorp (NYSE:USB), holding a $279.3 million stake in the bank holding company.</p><p><blockquote>2021 年第三季度，Insider Monkey 数据库中有 42 只对冲基金做多 U.S. Bancorp (NYSE:USB)，高于上一季度的 41 只基金。 Yacktman Asset Managementis 是 U.S. Bancorp (NYSE:USB) 的主要利益相关者之一，持有该银行控股公司 2.793 亿美元的股份。</blockquote></p><p> Hereis what Mairs &amp; Power has to say about U.S. Bancorp (NYSE:USB) in their Q4 2020 investor letter:</p><p><blockquote>以下是 Mairs &amp; Power 在 2020 年第四季度投资者信中对 U.S. Bancorp（纽约证券交易所股票代码：USB）的评价：</blockquote></p><p></p><p>   “On the negative side, one of the Fund’s biggest detractor in 2020 was U.S. Bancorp (USB). Like all banks, U.S. Bank was hurt by the difficult interest rate environment and credit cycle concerns. We believe banks are strong enough to survive the current sector doldrums, and they remain some of the market’s most attractive opportunities.”  <b>3. Verizon Communications Inc. (NYSE:VZ)</b></p><p><blockquote>“从消极的一面来看，2020 年该基金最大的诋毁者之一是合众银行（USB）。与所有银行一样，合众银行也受到了困难的利率环境和信贷周期担忧的影响。我们相信，银行有足够的实力在当前的行业低迷中生存下来，它们仍然是市场上最具吸引力的机会。”<b>3. 威瑞森通信公司（纽约证券交易所股票代码：VZ）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $8,578,115,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：8,578,115,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 2.92%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：2.92%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 57</i></b></p><p><blockquote><b><i>对冲基金持有人数量：57</i></b></blockquote></p><p> <b><i>P/E Ratio: 9.43</i></b></p><p><blockquote><b><i>市盈率：9.43</i></b></blockquote></p><p> With a price to earnings ratio of 9.43, Verizon Communications Inc. (NYSE:VZ) is one of Warren Buffett’s top value stock picks from the third quarter, with the billionaire holding an $8.57 billion position in the company. Verizon Communications Inc. (NYSE:VZ), an American multinational telecommunications conglomerate, announced a quarterly dividend of $0.64 per share on December 2, payable on February 1 to shareholders of record on January 10. Verizon Communications Inc. (NYSE:VZ) offers a forward dividend yield of 5.10%.</p><p><blockquote>Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的市盈率为 9.43，是沃伦-巴菲特第三季度最看好的股票之一，这位亿万富翁在该公司持有 85.7 亿美元的头寸。美国跨国电信集团 Verizon Communications Inc.（纽约证券交易所股票代码：VZ）于 12 月 2 日宣布派发每股 0.64 美元的季度股息，将于 2 月 1 日支付给 1 月 10 日登记在册的股东。Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的远期股息率为 5.10%。</blockquote></p><p> On October 20, Verizon Communications Inc. (NYSE:VZ) announced Q3 results, posting an EPS of $1.41, beating estimates by $0.05. The quarterly revenue amounted to $32.92 billion, missing estimates by $301.93 million. Following the Q3 performance, Cowen analyst Colby Synesael raised the price target on Verizon Communications Inc. (NYSE:VZ) to $71 from $68 and kept an Outperform rating on the shares.</p><p><blockquote>10 月 20 日，Verizon Communications Inc.（纽约证券交易所股票代码：VZ）公布了第三季度业绩，每股收益为 1.41 美元，超出预期 0.05 美元。季度收入达329.2亿美元，比预期低3.0193亿美元。继第三季度业绩公布后，Cowen 分析师 Colby Synesael 将 Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的目标价从 68 美元上调至 71 美元，并维持该股跑赢大盘评级。</blockquote></p><p> Verizon Communications Inc. (NYSE:VZ) was awarded two contracts worth $34.6 million by the U.S. Department of Energy. The task orders were awarded through the federal government’s Enterprise Infrastructure Solutions contract vehicle on December 1.</p><p><blockquote>Verizon Communications Inc.（纽约证券交易所股票代码：VZ）获得了两份价值 3460 万美元的合同。能源部。这些任务订单于 12 月 1 日通过联邦政府的企业基础设施解决方案合同工具授予。</blockquote></p><p> By the end of the third quarter, 57 hedge funds were bullish on Verizon Communications Inc. (NYSE:VZ), down from 63 funds in the preceding quarter. Jaime Sterne’s&nbsp;Skye Global Management&nbsp;is one of the leading Verizon Communications Inc. (NYSE:VZ) stakeholders from Q3, holding a $282.3 million position in the company.</p><p><blockquote>截至第三季度末，57 家对冲基金看好 Verizon Communications Inc.（纽约证券交易所股票代码：VZ），低于上一季度的 63 家。Jaime Sterne 的 Skye Global Management 是第三季度 Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的主要利益相关者之一，持有该公司价值 2.823 亿美元的股份。</blockquote></p><p> Hereis what&nbsp;Miller/Howard Investments&nbsp;has to say about Verizon Communications Inc. (NYSE:VZ) in its Q1 2021 investor letter:</p><p><blockquote>以下是 Miller/Howard Investments 在其 2021 年第一季度投资者信中对 Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的评价：</blockquote></p><p>   “We sold Verizon (VZ) based on concerns over how much they might spend in ongoing spectrum auctions. Management may legitimately view spending billions of dollars to expand their spectrum holdings as necessary, but we believe the payoff will be slow and will make it challenging to grow the dividend at a good pace.”  <b>2. American Express Company (NYSE:AXP)</b></p><p><blockquote>“我们出售 Verizon (VZ) 的原因是担心他们在正在进行的频谱拍卖中可能会花费多少钱。管理层可能有理由认为，花费数十亿美元扩大频谱持有量是必要的，但我们认为，回报将是缓慢的，这将使以良好的速度增长股息变得具有挑战性。”<b>2. 美国运通公司（纽约证券交易所代码：AXP）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $25,399,340,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：25,399,340,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 8.65%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：8.65%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 57</i></b></p><p><blockquote><b><i>对冲基金持有人数量：57</i></b></blockquote></p><p> <b><i>P/E Ratio: 17.45</i></b></p><p><blockquote><b><i>市盈率：17.45</i></b></blockquote></p><p> American Express Company (NYSE:AXP), a multinational payment card services company, posted on October 22 its Q3 results. EPS for the period came in at $2.27, exceeding estimates by $0.52. The revenue amounted to $10.93 billion, up 24.88% year-over-year, outperforming estimates by $382.39 million.</p><p><blockquote>跨国支付卡服务公司美国运通公司（纽约证券交易所股票代码：AXP）于 10 月 22 日公布了第三季度业绩。该期间每股收益为 2.27 美元，超出预期 0.52 美元。营收达109.3亿美元，同比增长24.88%，超出预期3.8239亿美元。</blockquote></p><p> 8.65% of Berkshire Hathaway’s Q3 investments are represented by American Express Company (NYSE:AXP) stock, with Warren Buffett holding 151.6 million shares of the company, worth $25.39 billion at the end of September this year. American Express Company (NYSE:AXP) is one of the best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>伯克希尔-哈撒韦公司第三季度投资的 8.65% 是美国运通公司（NYSE:AXP）股票，沃伦-巴菲特持有该公司股票 1.516 亿股，截至今年 9 月底，价值 253.9 亿美元。美国运通公司（纽约证券交易所股票代码：AXP）是沃伦-巴菲特投资组合中最有价值的股票之一。</blockquote></p><p> The smart money took a greater interest in American Express Company (NYSE:AXP) in the third quarter, with 57 hedge funds being bullish on the stock at September end, up from 52 funds holding stakes in American Express Company (NYSE:AXP) in the preceding quarter.Fisher Asset Management&nbsp;is a notable stakeholder of American Express Company (NYSE:AXP) in Q3, with 15.6 million shares valued at $2.61 billion.</p><p><blockquote>精明资金在第三季度对美国运通公司（纽约证券交易所股票代码：AXP）表现出了更大的兴趣，截至 9 月底，有 57 家对冲基金看好该股，高于上一季度持有美国运通公司（纽约证券交易所股票代码：AXP）股份的 52 家基金。费舍尔资产管理公司是第三季度美国运通公司（纽约证券交易所股票代码：AXP）的著名股东，持有 1560 万股股票，价值 26.1 亿美元。</blockquote></p><p> After the Q3 earnings beat, BMO Capital analyst James Fotheringham on October 25 raised the price target on American Express Company (NYSE:AXP) to $151 from $147 but kept a Market Perform rating on the shares. In addition to the strong Q3 earnings, the analyst revised his model for American Express Company (NYSE:AXP) to forecast higher net interest income, lower loan loss provisions, and lower share counts.</p><p><blockquote>在第三季度盈利超出预期后，BMO Capital 分析师 James Fotheringham 于 10 月 25 日将美国运通公司 (NYSE:AXP) 的目标价从 147 美元上调至 151 美元，但维持该股的市场表现评级。除了强劲的第三季度收益外，该分析师还修改了美国运通公司（纽约证券交易所股票代码：AXP）的模型，预测更高的净利息收入、更低的贷款损失准备金和更低的股票数量。</blockquote></p><p> Hereis what&nbsp;ClearBridge Investments&nbsp;has to say about American Express Company (NYSE:AXP) in its Q2 2021 investor letter:</p><p><blockquote>以下是 ClearBridge Investments 在其 2021 年第二季度投资者信中对美国运通公司（纽约证券交易所股票代码：AXP）的评价：</blockquote></p><p></p><p>   “In financials, American Express has done an excellent job demonstrating the resiliency of its franchise in the midst of a global pandemic that drove a 60% decline in its core travel and entertainment business. The company’s spend-centric model has been helped by fiscal stimulus ensuring a flush consumer, while management continues to execute well by adding millions of new consumer and small and medium business accounts, which should benefit the franchise over the medium to long term. We remain optimistic regarding the company’s prospects as travel and entertainment activity rebounds, adding to our position in the quarter.”  <b>1. Bank of America Corporation (NYSE:BAC)</b></p><p><blockquote>“在财务方面，美国运通在全球大流行病导致其核心旅游和娱乐业务下降 60% 的情况下，出色地展示了其特许经营权的韧性。该公司以支出为中心的模式得益于财政刺激措施，确保了消费者的活跃，而管理层通过增加数百万个新的消费者和中小企业账户，继续表现出色，这将使特许经营权在中长期内受益。随着旅游和娱乐活动的反弹，我们对公司的前景保持乐观，这增加了我们在本季度的地位。”<b>1. 美国银行公司（纽约证券交易所代码：BAC）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $42,878,771,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：42,878,771,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 14.61%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：14.61%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 72</i></b></p><p><blockquote><b><i>对冲基金持有人数量：72</i></b></blockquote></p><p> <b><i>P/E Ratio: 13.32</i></b></p><p><blockquote><b><i>市盈率：13.32</i></b></blockquote></p><p> Ranking first on our list of the best value stocks in Warren Buffett’s portfolio is Bank of America Corporation (NYSE:BAC), with the billionaire holding more than 1 billion shares worth $42.8 billion by the end of September. Bank of America Corporation (NYSE:BAC) stock represents 14.61% of Warren Buffett’s total Q3 securities.</p><p><blockquote>在沃伦-巴菲特投资组合中最有价值股票榜单中排名第一的是美国银行公司（纽约证券交易所股票代码：BAC），截至 9 月底，这位亿万富翁持有超过 10 亿股股票，价值 428 亿美元。美国银行公司（NYSE:BAC）股票占沃伦-巴菲特第三季度证券总额的 14.61%。</blockquote></p><p> UBS analyst Erika Najarian assumed coverage of Bank of America Corporation (NYSE:BAC) with a Buy rating and a $64 price target on December 9. The analyst named Bank of America Corporation (NYSE:BAC) her top pick among the U.S. large cap banks.</p><p><blockquote>瑞银分析师 Erika Najarian 于 12 月 9 日对美国银行公司（纽约证券交易所股票代码：BAC）给予买入评级，目标价为 64 美元。这位分析师将美国银行公司（纽约证券交易所股票代码：BAC）列为她在美国大型银行中的首选。</blockquote></p><p> Bank of America Corporation (NYSE:BAC), on October 14, announced earnings for the third quarter, posting an EPS of $0.85, beating estimates by $0.15. The revenue was up 11.33% year-over-year, amounting to $22.77 billion, exceeding estimates by $1.16 billion.</p><p><blockquote>美国银行公司（纽约证券交易所股票代码：BAC）于 10 月 14 日公布了第三季度收益，每股收益为 0.85 美元，超出预期 0.15 美元。收入同比增长11.33%，达到227.7亿美元，超出预期11.6亿美元。</blockquote></p><p> In the third quarter, 72 hedge funds were bullish on Bank of America Corporation (NYSE:BAC), holding total stakes valued at $46.48 billion. One of the leading Bank of America Corporation (NYSE:BAC) stakeholders from Q3 isHarris Associates, with a $2.52 billion position in the company.</p><p><blockquote>第三季度，72家对冲基金看好美国银行公司（纽约证券交易所股票代码：BAC），总持股价值464.8亿美元。isHarris Associates 是美国银行公司 (NYSE:BAC) 第三季度的主要利益相关者之一，持有该公司 25.2 亿美元的头寸。</blockquote></p><p> Here&nbsp;is what Oakmark Funds has to say about Bank of America Corporation (NYSE:BAC) in its Q3 2021 investor letter:</p><p><blockquote>以下是 Oakmark Funds 在其 2021 年第三季度投资者信中对美国银行公司 (NYSE:BAC) 的评价：</blockquote></p><p>   “Earlier this year, one of our holdings, Bank of America, announced that it was raising its minimum hourly wage from $15 to $20 and would increase it to $25 by 2025. The company received great press for placing the well-being of its employees above profits. But was it really either/or? Bank of America’s chief human resources officer spoke to the bigger picture: “A core tenet of responsible growth is our commitment to being a great place to work…that includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.” Bank of America understood that engaged, high-caliber employees are more productive, less prone to turnover and, therefore, less expensive in the long run. Increasing the pay for employees wasn’t elevating employees above shareholders; it was the right thing to do for employees  <i>and</i>for shareholders.    If an increase to $20 was good, why stop there? Why not $50 per hour? Because the benefits the business receives at $50 don’t justify the expense. The bank would no longer be able to price its products competitively and would lose business. The employees would “win” in the short term, but eventually the lost business would lead to job cuts, meaning both employees and shareholders would lose. The negative effects of stakeholder overreach are no different than when CEOs overreach to inflate short-term profits. Both hurt shareholders  <i>and</i>stakeholders.” </p><p><blockquote>“今年早些时候，我们的控股公司之一美国银行宣布将最低时薪从 15 美元提高到 20 美元，并将在 2025 年提高到 25 美元。该公司因将员工的福祉置于利润之上而受到广泛关注。但真的是非此即彼吗？美国银行首席人力资源官从大局出发： “负责任增长的核心原则是我们致力于成为一个好的工作场所.这包括提供丰厚的薪酬和有竞争力的福利，以帮助他们及其家人，从而继续吸引和留住最优秀的人才”。美国银行明白，敬业的高素质员工生产力更高，不易离职，因此从长远来看成本更低。提高员工工资并不能让员工凌驾于股东之上；对员工来说这是正确的做法<i>和</i>对于股东来说。如果涨到20美元是好的，为什么就此打住呢？为什么不是每小时50美元？因为企业以 50 美元的价格获得的利益并不能证明这笔费用是合理的。该银行将不再能够为其产品定价有竞争力，并将失去业务。员工会在短期内 “获胜”，但最终失去的业务将导致裁员，这意味着员工和股东都将遭受损失。利益相关者越权的负面影响与首席执行官越权夸大短期利润没有什么不同。两者都伤害了股东<i>和</i>利益相关者。”</blockquote></p><p></p>","source":"lsy1606273129822","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>5 Best Value Stocks in Warren Buffett’s Portfolio<blockquote>沃伦·巴菲特投资组合中最有价值的 5 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Best Value Stocks in Warren Buffett’s Portfolio<blockquote>沃伦·巴菲特投资组合中最有价值的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Insider Monkey</strong><span class=\"h-time small\">2021-12-16 15:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In this article, we discuss the 10 best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>在本文中，我们将讨论沃伦-巴菲特投资组合中的 10 只最有价值的股票。</blockquote></p><p> Billionaire Warren Buffett is an American business tycoon, legendary value investor, and philanthropist, who is known for his conglomerate holding company, Berkshire Hathaway Inc. (NYSE:BRK-A), which he manages alongside Charlie Munger, who is the vice chairman of the company and the closest associate of Buffett.</p><p><blockquote>亿万富翁沃伦·巴菲特是美国商业大亨、传奇价值投资者和慈善家，以其企业集团控股公司伯克希尔·哈撒韦公司（纽约证券交易所代码：BRK-A）而闻名，他与查理·芒格共同管理该公司副董事长，也是巴菲特最亲密的合伙人。</blockquote></p><p> Buffett manages his investments via his hedge fund,Berkshire Hathaway, which managed about $293.4 billion in 13F securities in the third quarter, gaining approximately $57 billion as compared to the prior-year quarter. Buffett’s portfolio is largely concentrated in the information technology, finance, and consumer staples sectors. The billionaire is known for following the Benjamin Graham school of thought, focusing primarily on value stocks.</p><p><blockquote>巴菲特通过他的对冲基金伯克希尔哈撒韦公司管理他的投资，该公司第三季度管理了约2934亿美元的13F证券，与去年同期相比增加了约570亿美元。巴菲特的投资组合主要集中在信息技术、金融和必需消费品领域。这位亿万富翁以遵循本杰明·格雷厄姆学派而闻名，主要关注价值股。</blockquote></p><p> The legendary investor recommends low-cost index funds for a majority of investors, as some active managers charge heavy management and performance fees, and he doesn’t believe they can beat the market on a consistent basis. In his opinion, amatuer and passive investors are better off betting on an S&amp;P 500 index fund for the long-term, since it would generate returns over the course of a decade that are higher than the returns from a basket of diversified hedge funds after the hedge fund managers are paid their share of the management fees.</p><p><blockquote>这位传奇投资者向大多数投资者推荐低成本指数基金，因为一些主动型基金经理收取高额管理费和业绩费，他不相信这些基金能持续跑赢市场。在他看来，业余和被动投资者最好长期押注标普500指数基金，因为它在十年内产生的回报将高于一篮子多元化对冲基金的回报。对冲基金经理获得管理费份额。</blockquote></p><p> Since Buffett is a long-term investor, he advises people who are starting out their investment journey to buy the stock dips, since the market is eventually going to rise again.</p><p><blockquote>由于巴菲特是一位长期投资者，他建议开始投资之旅的人在股票下跌时买入，因为市场最终会再次上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95c29fa4a746a9be0316155793ff359c\" tg-width=\"767\" tg-height=\"843\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The most notable stocks in Warren Buffett’s Q3 portfolio include Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), in addition to others mentioned in detail below.</p><p><blockquote>巴菲特第三季度投资组合中最著名的股票包括苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN），此外还有下文详细提到的其他股票。</blockquote></p><p> <b><i>Our Methodology</i></b></p><p><blockquote><b><i>我们的方法</i></b></blockquote></p><p> We used the Q3 portfolio of Warren Buffett’s Berkshire Hathaway to select his top 10 value stocks. We chose stocks that had the lowest price to earnings ratio in the billionaire’s portfolio, and ranked the securities according to Buffett’s stake value in each holding.</p><p><blockquote>我们利用沃伦-巴菲特（Warren Buffett）的伯克希尔-哈撒韦公司（Berkshire Hathaway）第三季度投资组合，选出了他的十大价值股。我们选择了这位亿万富翁投资组合中市盈率最低的股票，并根据巴菲特在每笔持股中的持股价值对证券进行排名。</blockquote></p><p> <b>Best Value Stocks in Warren Buffett’s Portfolio</b></p><p><blockquote><b>沃伦·巴菲特投资组合中最有价值的股票</b></blockquote></p><p> <b>10. Wells Fargo &amp; Company (NYSE:WFC)</b></p><p><blockquote><b>10. 富国银行公司（纽约证券交易所代码：WFC）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $31,329,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：31,329,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.01%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：0.01%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 88</i></b></p><p><blockquote><b><i>对冲基金持有人数量：88</i></b></blockquote></p><p> <b><i>P/E Ratio: 11.98</i></b></p><p><blockquote><b><i>市盈率：11.98</i></b></blockquote></p><p> Wells Fargo &amp; Company (NYSE:WFC) posted its Q3 earnings on October 14. EPS in the quarter totaled $1.22, exceeding estimates by $0.28. Revenue over the period equaled $18.83 billion, outperforming analysts’ consensus estimates by $542.17 million.</p><p><blockquote>富国银行公司（纽约证券交易所股票代码：WFC）于 10 月 14 日公布了第三季度收益。本季度每股收益总计 1.22 美元，超出预期 0.28 美元。同期营收达到 188.3 亿美元，比分析师一致预期高出 5.4217 亿美元。</blockquote></p><p> Warren Buffett holds 675,054 shares in Wells Fargo &amp; Company (NYSE:WFC), an American multinational financial services corporation, as of September this year. Buffett’s stake in Wells Fargo &amp; Company (NYSE:WFC) amounts to $31.32 million, and it accounts for 0.01% of the billionaire’s Q3 portfolio. With a P/E ratio of 11.98, Wells Fargo &amp; Company (NYSE:WFC) is one of the best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>截至今年9月，沃伦·巴菲特持有美国跨国金融服务公司富国银行（纽约证券交易所股票代码：WFC）675,054股股票。巴菲特持有的富国银行（纽约证券交易所股票代码：WFC）股份达 3132 万美元，占这位亿万富翁第三季度投资组合的 0.01%。富国银行（纽约证券交易所股票代码：WFC）的市盈率为 11.98，是沃伦-巴菲特投资组合中最有价值的股票之一。</blockquote></p><p> On December 9, UBS analyst Erika Najarian called Wells Fargo &amp; Company (NYSE:WFC) one of her “highest conviction Buy ideas”, assuming coverage of the stock with a Buy rating and a $65 price target. The analyst sees rising rates and execution of its expense plan driving return on average tangible common shareholders’ equity as attractive catalysts.</p><p><blockquote>12 月 9 日，瑞银（UBS）分析师埃里卡-纳贾里安（Erika Najarian）称富国银行（Wells Fargo &amp; Company，纽约证券交易所股票代码：WFC）是她 “最有说服力的买入想法”之一，她认为该股的评级为买入，目标价为 65 美元。这位分析师认为，利率上升和支出计划的执行推动了有形普通股股东权益的平均回报率，是极具吸引力的催化剂。</blockquote></p><p> A total of 88 hedge funds were bullish on Wells Fargo &amp; Company (NYSE:WFC) at the end of the third quarter, holding stakes worth $6.18 billion. This is comparable to 94 funds holding stakes valued at over $7 billion in Wells Fargo &amp; Company (NYSE:WFC) in the previous quarter.</p><p><blockquote>截至第三季度末，共有88家对冲基金看好富国银行公司（纽约证券交易所股票代码：WFC），持有价值61.8亿美元的股份。这相当于上一季度持有富国银行公司（纽约证券交易所股票代码：WFC）价值超过 70 亿美元股份的 94 只基金。</blockquote></p><p> Boykin Curry’s&nbsp;Eagle Capital Management&nbsp;is the largest Wells Fargo &amp; Company (NYSE:WFC) stakeholder as of the third quarter, holding 33.74 million shares worth $1.56 billion.</p><p><blockquote>截至第三季度，博伊金-库里（Boykin Curry）的鹰资本管理公司（Eagle Capital Management）是富国银行（Wells Fargo &amp; Company，纽约证券交易所股票代码：WFC）最大的股东，持有 3374 万股股票，价值 15.6 亿美元。</blockquote></p><p> Wells Fargo &amp; Company (NYSE:WFC) is a notable stock from Warren Buffett’s Q3 portfolio, in addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).</p><p><blockquote>富国银行（纽约证券交易所股票代码：WFC）是巴菲特第三季度投资组合中的一只著名股票，此外还有苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）。</blockquote></p><p> Hereis what Davis Global Fund has to say about Wells Fargo &amp; Company (NYSE:WFC) in its Q3 2021 investor letter:</p><p><blockquote>以下是戴维斯全球基金在其 2021 年第三季度投资者信中对富国银行公司（纽约证券交易所股票代码：WFC）的评价：</blockquote></p><p></p><p>   “…This second chart highlights that financials remain the cheapest part of the market today and continue to be extremely attractive. Strong capital ratios, conservative lending practices, already record low interest rates and now a strengthening economy, all paired with low valuations, bode well for future returns.    Take our top financials holding in Wells Fargo, for instance. Wells Fargo is trading at 1.3x tangible book value, while we expect return on equity (ROE) to be in the mid-to-high teens over time. Even in this low-rate environment, the current multiple is only 12x 2021 owner earnings, and our IRR estimate is 12–13%. Wells Fargo has performed well this year, up 51% year-to-date, yet still looks very attractive, which speaks to how undervalued it was and why it is so important to be patient when investing in high-quality companies trading at low valuations. Rather than invest on the basis of unpredictable near-term catalysts, we prefer to be patient as earnings and cash build up, even if the stock price does not immediately reflect the economic reality. We continue to like our positions in financials.”  <b>9. Teva Pharmaceutical Industries Limited (NYSE:TEVA)</b></p><p><blockquote>“.第二张图表凸显了金融股仍然是当今市场上最便宜的部分，并且仍然极具吸引力。强劲的资本比率、保守的贷款做法、已经创下历史新低的利率以及现在的经济走强，再加上低估值，都预示着未来的回报。以我们持有的富国银行为例。富国银行的交易价格为有形账面价值的 1.3 倍，而我们预计随着时间的推移，股本回报率 (ROE) 将处于中高位。即使在这种低利率环境下，目前的倍数也只有2021年所有者收益的12倍，我们的IRR估计为12-13%。富国银行今年表现良好，今年迄今已上涨 51%，但看起来仍然非常有吸引力，这说明它被低估了多少，以及为什么在投资低估值的优质公司时保持耐心如此重要。与其根据不可预测的近期催化剂进行投资，我们更愿意在盈利和现金积累时保持耐心，即使股价不能立即反映经济现实。我们仍然喜欢我们在金融领域的职位。”<b>9.梯瓦制药工业有限公司（纽约证券交易所代码：TEVA）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $416,768,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：416,768,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.14%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：0.14%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 22</i></b></p><p><blockquote><b><i>对冲基金持有人数量：22</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.63</i></b></p><p><blockquote><b><i>市盈率：12.63</i></b></blockquote></p><p> Teva Pharmaceutical Industries Limited (NYSE:TEVA), a pharmaceutical company from Israel specializing in generics and biopharmaceutical medicines, reported its Q3 results on October 27. Teva Pharmaceutical Industries Limited (NYSE:TEVA) posted an EPS of $0.59, missing estimates by $0.06. The Q3 revenue totaled $3.89 billion, down 2.29% year-over-year, missing estimates by $163.2 million.</p><p><blockquote>Teva Pharmaceutical Industries Limited（纽约证券交易所股票代码：TEVA）是一家以色列制药公司，专门从事仿制药和生物制药，于10月27日公布了第三季度业绩。梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）公布的每股收益为 0.59 美元，比预期低 0.06 美元。第三季度营收总计38.9亿美元，同比下降2.29%，比预期低1.632亿美元。</blockquote></p><p> Warren Buffett holds a $416.76 million position in Teva Pharmaceutical Industries Limited (NYSE:TEVA) as of September 2021, which accounts for 0.14% of the billionaire’s total Q3 portfolio.</p><p><blockquote>截至 2021 年 9 月，沃伦-巴菲特持有梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）价值 4.1676 亿美元的头寸，占这位亿万富翁第三季度总投资组合的 0.14%。</blockquote></p><p> Abrams Capital Managementis one of the leading stakeholders of Teva Pharmaceutical Industries Limited (NYSE:TEVA) from the third quarter, owning over 24 million shares valued at $234.2 million.</p><p><blockquote>自第三季度以来，艾布拉姆斯资本管理公司一直是梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）的主要利益相关者之一，拥有超过 2400 万股股票，价值 2.342 亿美元。</blockquote></p><p> Hedge funds increased their stakes in Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the third quarter, with 22 funds holding stakes valued at $950.6 million in the company, as compared to the same number of funds being bullish on Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the preceding quarter, with a total stake value of $947.1 million.</p><p><blockquote>对冲基金第三季度增持梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA），22只基金持有该公司价值9.506亿美元的股份，而同样数量的基金看好梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）上一季度，总股权价值为9.471亿美元。</blockquote></p><p> Raymond James analyst Elliot Wilbur on October 27 downgraded Teva Pharmaceutical Industries Limited (NYSE:TEVA) to Market Perform from Outperform without a price target, stating that near-term fundamentals are coming up short, as compared to the performance expectations from the company.</p><p><blockquote>Raymond James 分析师 Elliot Wilbur 于 10 月 27 日将梯瓦制药工业有限公司（纽约证券交易所股票代码：TEVA）的评级从跑赢大盘下调至市场表现，但没有设定价格目标，并表示与该公司的业绩预期相比，近期基本面不足。</blockquote></p><p> <b>8. Globe Life Inc. (NYSE:GL)</b></p><p><blockquote><b>8. 环球人寿公司（纽约证券交易所股票代码：GL）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $565,672,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：565,672,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 0.19%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：0.19%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 27</i></b></p><p><blockquote><b><i>对冲基金持有人数量：27</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.45</i></b></p><p><blockquote><b><i>市盈率：12.45</i></b></blockquote></p><p> Billionaire Warren Buffett holds 6.35 million shares in Globe Life Inc. (NYSE:GL) as of September this year, worth $565.6 million, accounting for 0.19% of his total Q3 13F portfolio. Globe Life Inc. (NYSE:GL) is a Texas-based financial services holding company that specializes in life insurance, annuity, and supplemental health insurance products.</p><p><blockquote>截至今年 9 月，亿万富翁沃伦·巴菲特持有 Globe Life Inc.（纽约证券交易所股票代码：GL）635 万股股票，价值 5.656 亿美元，占其第三季度 13F 投资组合总额的 0.19%。Globe Life Inc.（纽约证券交易所股票代码：GL）是一家总部位于德克萨斯州的金融服务控股公司，专门从事人寿保险、年金和补充健康保险产品。</blockquote></p><p> Credit Suisse analyst Andrew Kligerman on October 19 lowered the price target on Globe Life Inc. (NYSE:GL) to $130 from $135 and kept an Outperform rating on the shares, stating that despite the COVID-19 pressures on the stock, Globe Life Inc. (NYSE:GL) is trading at an attractive valuation. Globe Life Inc. (NYSE:GL) is one of the top value stocks according to Warren Buffett’s Berkshire Hathaway.</p><p><blockquote>瑞士信贷分析师 Andrew Kligerman 于 10 月 19 日将 Globe Life Inc. (NYSE:GL) 的目标价从 135 美元下调至 130 美元，并维持该股跑赢大盘评级，表示尽管该股面临 COVID-19 压力，Globe Life Inc. (NYSE:GL) 的交易估值颇具吸引力。根据沃伦-巴菲特的伯克希尔-哈撒韦公司的说法，Globe Life Inc.（纽约证券交易所股票代码：GL）是最有价值的股票之一。</blockquote></p><p> Globe Life Inc. (NYSE:GL) announced Q3 earnings on October 20, posting an EPS of $1.78, missing estimates by $0.11. The quarterly revenue jumped 6.93% to $1.28 billion, outperforming estimates by $15.97 million.</p><p><blockquote>Globe Life Inc.（纽约证券交易所股票代码：GL）于 10 月 20 日公布了第三季度收益，每股收益为 1.78 美元，比预期低 0.11 美元。季度收入增长 6.93%，达到 12.8 亿美元，超出预期 1597 万美元。</blockquote></p><p> Insider Monkey tracks the movement of 867 elite hedge funds as of the third quarter, and a total of 27 funds of them reported owning stakes in Globe Life Inc. (NYSE:GL), worth $775.77 million. This is compared to 28 funds being bullish on Globe Life Inc. (NYSE:GL) in the prior quarter, with a total stake value of approximately $795 million.</p><p><blockquote>Insider Monkey 追踪了截至第三季度 867 家精英对冲基金的动向，其中共有 27 家基金报告持有 Globe Life Inc.（纽约证券交易所股票代码：GL）的股份，价值 7.7577 亿美元。相比之下，上一季度有 28 只基金看好 Globe Life Inc.（纽约证券交易所股票代码：GL），总股权价值约为 7.95 亿美元。</blockquote></p><p> In addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), elite hedge funds are piling into Globe Life Inc. (NYSE:GL).</p><p><blockquote>除了苹果公司（纳斯达克股票代码：AAPL）、美国运通公司（纽约证券交易所股票代码：AXP）、可口可乐公司（纽约证券交易所股票代码：KO）和亚马逊公司（纳斯达克股票代码：AMZN）之外，精英对冲基金也纷纷涌入环球人寿公司（纽约证券交易所股票代码：GL）。</blockquote></p><p> <b>7. General Motors Company (NYSE:GM)</b></p><p><blockquote><b>7. 通用汽车公司（纽约证券交易所代码：GM）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $3,162,600,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：3,162,600,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.07%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：1.07%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 77</i></b></p><p><blockquote><b><i>对冲基金持有人数量：77</i></b></blockquote></p><p> <b><i>P/E Ratio: 8.45</i></b></p><p><blockquote><b><i>市盈率：8.45</i></b></blockquote></p><p></p><p> General Motors Company (NYSE:GM) stock represents 1.07% of Berkshire Hathaway’s Q3 portfolio, with the hedge fund holding a $3.16 billion position in the company. General Motors Company (NYSE:GM) is an American multinational automaker, with four core automobile brands including Chevrolet, Buick, GMC, and Cadillac. General Motors Company (NYSE:GM), a notable value stock from Buffett’s Q3 portfolio, is also actively working on electric vehicles, gearing up to compete with the EV market leader, Tesla, Inc. (NASDAQ:TSLA).</p><p><blockquote>通用汽车公司（NYSE:GM）股票占伯克希尔-哈撒韦公司第三季度投资组合的 1.07%，该对冲基金持有该公司 31.6 亿美元的头寸。通用汽车公司（纽约证券交易所股票代码：GM）是一家美国跨国汽车制造商，拥有雪佛兰、别克、GMC和凯迪拉克四大核心汽车品牌。通用汽车公司（纽约证券交易所股票代码：GM）是巴菲特第三季度投资组合中著名的价值股，该公司也在积极研发电动汽车，准备与电动汽车市场领导者特斯拉公司（纳斯达克股票代码：TSLA）竞争。</blockquote></p><p> General Motors Company (NYSE:GM), on October 27, announced its third quarter results, posting earnings per share of $1.52, beating estimates by $0.55. The revenue fell by 24.52% year-over-year, amounting to $26.78 billion, missing estimates by $1.10 billion.</p><p><blockquote>通用汽车公司（纽约证券交易所股票代码：GM）于 10 月 27 日公布了第三季度业绩，每股收益为 1.52 美元，超出预期 0.55 美元。收入同比下降24.52%，至267.8亿美元，比预期低11亿美元。</blockquote></p><p> On November 15, Wedbush analyst Daniel Ives kept an Outperform rating and a price target of $85 on General Motors Company (NYSE:GM)’s shares. The analyst stated that the vertical integration capabilities of General Motors Company (NYSE:GM) and conversion of its massive customer base to electric vehicles over the coming years represents a transformational opportunity for the company looking ahead.</p><p><blockquote>11 月 15 日，Wedbush 分析师丹尼尔-艾夫斯（Daniel Ives）维持通用汽车公司（NYSE:GM）股票跑赢大盘评级，目标价为 85 美元。这位分析师表示，通用汽车公司（纽约证券交易所股票代码：GM）的垂直整合能力以及未来几年其庞大客户群向电动汽车的转变，代表着该公司未来的转型机遇。</blockquote></p><p> Harris Associates&nbsp;is one of the leading General Motors Company (NYSE:GM) stakeholders from Q3, holding a $1.82 billion stake in the company, out of a total of 77 funds that were bullish on the stock in the third quarter.</p><p><blockquote>自第三季度以来，Harris Associates 一直是通用汽车公司（纽约证券交易所股票代码：GM）的主要利益相关者之一，持有该公司价值 18.2 亿美元的股份，而第三季度共有 77 只看好该股票的基金。</blockquote></p><p> Here&nbsp;is what&nbsp;Miller Value Partners&nbsp;has to say about General Motors Company (NYSE:GM) in its Q3 2021 investor letter:</p><p><blockquote>以下是 Miller Value Partners 在其 2021 年第三季度投资者信中对通用汽车公司（纽约证券交易所股票代码：GM）的评价：</blockquote></p><p>   “Another name we’ve recently purchased and have grown incredibly excited about: General Motors (GM). GM is interesting on many levels. We see it as an attractive investment opportunity and it might be a microcosm of current markets, both past and prospective.    Tesla trounced GM over the last decade. Tesla rose 15,797% crushing GM’s 238% increase, which lagged the S&amp;P 500’s 365%. Tesla came out of nowhere creating what many said was the best car ever made. A decade ago, no one saw that coming, including GM. GM’s historical strength led to arrogance. It completely dismissed the threat of any newcomer.    Where are we now? Expectations are entirely different. Tesla’s current price embeds 18 years of growth while GM embeds under one year (see a pattern in what we like?!). Tesla’s expectations look even loftier when you consider that in that 18th year, Tesla would be projected to earn $1.35 trillion revenues at very high, Ferrari-type margins. The largest automakers today generate roughly $250 billion revenues at less than half those margins.    Tesla’s priced to go where no man (or woman!) has gone before. It’s impossible for Tesla to meet these expectations with auto manufacturing alone. It requires something more. Bulls believe Tesla can dominate an autonomous driving future and make significant money on software subscriptions. We don’t have a view on this other than that Tesla needs to do so to be attractive at the current price.    Market expectations for GM, on the other hand, are muted. There appears to be no innovation or growth priced into the stock. Yet GM plans to launch 30 EV (electric vehicles) models globally by 2025 (Tesla has launched a total of 4). GM’s new electric vehicles, like the Hummer and Cadillac Lyric, are extremely impressive. It’s revamping its manufacturing production to be modular, allowing greater speed and adaptability. The entire culture has transformed from a stodgy, bureaucratic old manufacturer to a speedier, more innovative software-enabled automaker. GM currently employs 25,000 software engineers.    GM believes it can double revenues by 2030, and improve margins through software and services. GM currently earns $2 billion of high margin software and services revenue, which is more than Tesla. Cruise, GM’s majority owned autonomous company, recently detailed why it sees the potential for $50B in revenues within 6-8 years of its 2023 launch of the Origin vehicle. BrightDrop, its autonomous commercial vehicle unit, looks promising as well with the potential for $10 billion in revenues. We don’t think this optionality is reflected in the current price. Investors started to see the potential after GM’s recent analyst day. We can easily get values for GM more than double its current price of $58.    The contrast between GM and Tesla illustrates what we see more broadly in the market, which is why we see more opportunity in classic value names than in the secular growth names. After a decade of dominance, expectations for innovative and disruptive companies are quite high. Many classic value companies were caught flat-footed, but have invested heavily to catch up. Muted expectations don’t reflect their improved prospects.”  <b>6. The Bank of New York Mellon Corporation (NYSE:BK)</b></p><p><blockquote>“我们最近购买的另一个品牌让我们无比兴奋：通用汽车公司（GM）。通用汽车在很多方面都很有趣。我们认为它是一个有吸引力的投资机会，它可能是当前市场（包括过去和未来市场）的一个缩影。特斯拉在过去十年中击败了通用汽车。特斯拉上涨了 15,797%，超过了通用汽车 238% 的增幅，后者落后于标普500的 365%。特斯拉凭空出现，创造了许多人所说的有史以来最好的汽车。十年前，没有人预见到这一点，包括通用汽车。通用汽车的历史实力导致了傲慢。它完全排除了任何新来者的威胁。我们现在在哪里？期望完全不同。特斯拉目前的价格包含了 18 年的增长，而通用汽车的增长不到一年（看看我们喜欢的模式？!）。考虑到特斯拉在第 18 个年头的收入预计将达到 1.35 万亿美元，利润率非常高，堪比法拉利，特斯拉的期望就显得更加崇高了。如今，最大的汽车制造商创造了大约 2500 亿美元的收入，但利润率还不到一半。特斯拉的定价是前所未有的。特斯拉仅靠汽车制造业不可能满足这些期望。它需要更多的东西。看涨者相信特斯拉可以主导自动驾驶的未来，并通过软件订阅赚取大量收入。我们对此没有其他看法，只是认为特斯拉需要这样做才能在目前的价格下具有吸引力。另一方面，市场对通用汽车的预期却很低。该股似乎没有创新或增长。然而，通用汽车计划到2025年在全球推出30款EV（电动汽车）车型（特斯拉总共推出了4款）。通用汽车的新型电动汽车，如悍马和凯迪拉克 Lyric，令人印象深刻。该公司正在对其制造生产进行模块化改造，以提高速度和适应性。整个文化已经从一个呆板、官僚主义的老制造商转变为一个更快、更具创新性的软件驱动的汽车制造商。通用汽车目前雇佣了25,000名软件工程师。通用汽车相信，到 2030 年，它可以将收入翻一番，并通过软件和服务提高利润率。通用汽车目前的高利润软件和服务收入为 20 亿美元，超过了特斯拉。通用汽车控股的自动驾驶公司 Cruise 最近详细介绍了为什么它认为在 2023 年推出 Origin 汽车后的 6-8 年内有可能获得 500 亿美元的收入。其自动驾驶商用车部门 BrightDrop 看起来也很有前途，收入潜力达 100 亿美元。我们认为这种选择并没有反映在当前价格中。在通用汽车最近的分析师日之后，投资者开始看到这一潜力。我们可以轻松地获得通用汽车目前 58 美元价格的两倍多的价值。通用汽车和特斯拉之间的对比说明了我们在市场上看到的更广泛的情况，这就是为什么我们在经典价值名称中看到的机会比在长期增长名称中看到的更多。经过十年的主导地位，人们对创新型和颠覆性公司的期望相当高。许多经典价值公司措手不及，但投入巨资迎头赶上。低迷的期望并不反映他们前景的改善。”<b>6. 纽约银行梅隆公司（纽约证券交易所代码：BK）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $3,751,012,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：3,751,012,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.27%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：1.27%</i></b></blockquote></p><p></p><p> <b><i>Number of Hedge Fund Holders: 46</i></b></p><p><blockquote><b><i>对冲基金持有人数量：46</i></b></blockquote></p><p> <b><i>P/E Ratio: 14.48</i></b></p><p><blockquote><b><i>市盈率：14.48</i></b></blockquote></p><p> Warren Buffett owned 72.35 million shares in The Bank of New York Mellon Corporation (NYSE:BK), worth $3.75 billion by the end of the third quarter, accounting for 1.27% of the total investment portfolio at Berkshire Hathaway. The Bank of New York Mellon Corporation (NYSE:BK) is a financial services holding company, offering a range of services including corporate banking, investment banking, global wealth management, financial analysis, and private equity.</p><p><blockquote>沃伦·巴菲特持有纽约梅隆银行（纽约证券交易所股票代码：BK）7235万股股票，截至第三季度末价值37.5亿美元，占伯克希尔哈撒韦公司总投资组合的1.27%。纽约梅隆银行（纽约证券交易所股票代码：BK）是一家金融服务控股公司，提供一系列服务，包括企业银行、投资银行、全球财富管理、财务分析和私募股权。</blockquote></p><p> The Bank of New York Mellon Corporation (NYSE:BK) announced on October 19 its Q3 earnings. EPS in the period totaled $1.04, exceeding estimates by $0.04. The $4.04 billion revenue jumped 4.89% year-over-year, outperforming estimates by $88.43 million.</p><p><blockquote>纽约梅隆银行（纽约证券交易所股票代码：BK）于 10 月 19 日公布了第三季度收益。该期间每股收益总计 1.04 美元，超出预期 0.04 美元。40.4亿美元的收入同比增长4.89%，超出预期8843万美元。</blockquote></p><p> Morgan Stanley analyst Betsy Graseck on December 6 downgraded The Bank of New York Mellon Corporation (NYSE:BK) to Underweight from Equal Weight with a $59 price target, citing the stock’s valuation, low loan exposure, and negative operating leverage as reasons for the downgrade.</p><p><blockquote>摩根士丹利分析师贝齐-格拉塞克（Betsy Graseck）于 12 月 6 日将纽约梅隆银行（NYSE:BK）的评级从同等权重下调至跑输大盘，目标价为 59 美元，理由是该股的估值、低贷款敞口和负运营杠杆是下调评级的原因。</blockquote></p><p> First Eagle Investment Management&nbsp;is one of the largest stakeholders of The Bank of New York Mellon Corporation (NYSE:BK) in Q3, with 16.1 million shares worth over $837 million. Overall, 46 hedge funds monitored by Insider Monkey were bullish on The Bank of New York Mellon Corporation (NYSE:BK) in the third quarter, down from 52 funds in the preceding quarter.</p><p><blockquote>First Eagle Investment Management 是第三季度纽约梅隆银行（纽约证券交易所股票代码：BK）最大的股东之一，持有 1610 万股股票，价值超过 8.37 亿美元。总体而言，Insider Monkey 监测的 46 家对冲基金第三季度看好纽约梅隆银行（纽约证券交易所股票代码：BK），低于上一季度的 52 家。</blockquote></p><p> The Bank of New York Mellon Corporation (NYSE:BK) is a notable stock from Warren Buffett’s Q3 portfolio, just like Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).</p><p><blockquote>纽约梅隆银行（NYSE:BK）是巴菲特第三季度投资组合中的一只著名股票，就像苹果公司（NASDAQ:AAPL）、美国运通公司（NYSE:AXP）、可口可乐公司（NYSE:KO）和亚马逊公司（NASDAQ:AMZN）一样。</blockquote></p><p> <b>5. DaVita Inc. (NYSE:DVA)</b></p><p><blockquote><b>5. DaVita Inc.（纽约证券交易所代码：DVA）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $4,196,471,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：4,196,471,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 1.43%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：1.43%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 39</i></b></p><p><blockquote><b><i>对冲基金持有人数量：39</i></b></blockquote></p><p> <b><i>P/E Ratio: 12.37</i></b></p><p><blockquote><b><i>市盈率：12.37</i></b></blockquote></p><p> DaVita Inc. (NYSE:DVA) made it to our list of the best value stocks in Warren Buffett’s portfolio, with the company announcing solid Q3 earnings on October 28, posting an EPS of $2.36, beating estimates by $0.10. Revenue over the period also outperformed estimates by $23.55 million.</p><p><blockquote>DaVita Inc.（纽约证券交易所股票代码：DVA）入选了沃伦-巴菲特投资组合中最有价值股票的名单，该公司于 10 月 28 日公布了稳健的第三季度收益，每股收益为 2.36 美元，比预期高出 0.10 美元。同期收入也超出预期 2355 万美元。</blockquote></p><p> Deutsche Bank analyst Pito Chickering on November 17 lowered the price target on DaVita Inc. (NYSE:DVA) to $150 from $164 and kept a Buy rating on the shares after the capital markets day, stating that the company offers a longer term investment horizon than many investors can be comfortable with.</p><p><blockquote>德意志银行分析师 Pito Chickering 于 11 月 17 日将 DaVita Inc.（纽约证券交易所股票代码：DVA）的目标价从 164 美元下调至 150 美元，并在资本市场日之后维持该股的买入评级，称该公司提供的长期投资期限比许多投资者可以放心。</blockquote></p><p> DaVita Inc. (NYSE:DVA) is a healthcare company primarily focusing on kidney diseases and dialysis support, operating in nine countries in addition to the United States. Warren Buffett holds a $4.19 billion position in DaVita Inc. (NYSE:DVA) as of September this year, with DaVita Inc. (NYSE:DVA) stock accounting for 1.43% of the billionaire’s total investments.</p><p><blockquote>DaVita Inc.（纽约证券交易所股票代码：DVA）是一家主要专注于肾脏疾病和透析支持的医疗保健公司，除美国外，在九个国家开展业务。截至今年 9 月，沃伦-巴菲特持有 DaVita Inc.（纽约证券交易所股票代码：DVA）价值 41.9 亿美元，DaVita Inc.（纽约证券交易所股票代码：DVA）股票占这位亿万富翁总投资的 1.43%。</blockquote></p><p> At the end of the third quarter, 39 hedge funds tracked by Insider Monkey reported owning stakes worth $4.81 billion in DaVita Inc. (NYSE:DVA). This is compared to the same number of funds holding the DaVita Inc. (NYSE:DVA) stock in the preceding quarter, with a total stake value of approximately $5.13 billion.</p><p><blockquote>截至第三季度末，Insider Monkey 追踪的 39 家对冲基金报告称持有 DaVita Inc.（纽约证券交易所股票代码：DVA）价值 48.1 亿美元的股份。相比之下，上一季度持有 DaVita Inc.（纽约证券交易所股票代码：DVA）股票的基金数量相同，总股权价值约为 51.3 亿美元。</blockquote></p><p> Gates Capital Managementincreased its stake in DaVita Inc. (NYSE:DVA) by 5% in the third quarter, and is one of the leading stakeholders of the company, with a $174.1 million position.</p><p><blockquote>盖茨资本管理公司第三季度将其在 DaVita Inc.（纽约证券交易所股票代码：DVA）的股份增加了 5%，是该公司的主要利益相关者之一，持有 1.741 亿美元的头寸。</blockquote></p><p> <b>4. U.S. Bancorp (NYSE:USB)</b></p><p><blockquote><b>4. 合众银行（纽约证券交易所股票代码：USB）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $7,514,279,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：7,514,279,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 2.52%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：2.52%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 42</i></b></p><p><blockquote><b><i>对冲基金持有人数量：42</i></b></blockquote></p><p> <b><i>P/E Ratio: 11.60</i></b></p><p><blockquote><b><i>市盈率：11.60</i></b></blockquote></p><p> U.S. Bancorp (NYSE:USB) is a Minnesota-based bank holding company that operates via its wholly owned subsidiary, U.S. Bank National Association, and offers banking, investment, mortgage, trust, and payment services to customers. As one of the best value stocks in Warren Buffett’s Q3 portfolio, U.S. Bancorp (NYSE:USB) represents 2.52% of the billionaire’s total investments. Berkshire Hathaway owns over 126 million U.S. Bancorp (NYSE:USB) shares, worth $7.51 billion.</p><p><blockquote>U.S. Bancorp（纽约证券交易所股票代码：USB）是一家总部位于明尼苏达州的银行控股公司，通过其全资子公司美国银行全国协会运营，为客户提供银行、投资、抵押贷款、信托和支付服务。作为沃伦-巴菲特第三季度投资组合中最有价值的股票之一，美国合众银行（纽约证券交易所股票代码：USB）占这位亿万富翁总投资的 2.52%。伯克希尔哈撒韦公司拥有超过 1.26 亿股 U.S. Bancorp (NYSE:USB) 股票，价值 75.1 亿美元。</blockquote></p><p> On December 9, UBS analyst Erika Najarian initiated coverage of U.S. Bancorp (NYSE:USB) with a Buy rating and a $70 price target, after the 300 basis points of ROTCE outperformance by the company.</p><p><blockquote>12 月 9 日，瑞银分析师 Erika Najarian 开始对 U.S. Bancorp (NYSE:USB) 进行买入评级，目标价为 70 美元，此前该公司的 ROTCE 表现优于 300 个基点。</blockquote></p><p> U.S. Bancorp (NYSE:USB), on October 14, reported its Q3 results, posting an EPS of $1.30, beating estimates by $0.14. The $5.86 billion revenue also exceeded estimates by $105.32 million.</p><p><blockquote>U.S. Bancorp（纽约证券交易所股票代码：USB）于 10 月 14 日公布了第三季度业绩，每股收益为 1.30 美元，超出预期 0.14 美元。58.6亿美元的收入也超出预期1.0532亿美元。</blockquote></p><p> In Q3 2021, 42 hedge funds in the database of Insider Monkey were long U.S. Bancorp (NYSE:USB), up from 41 funds in the preceding quarter.Yacktman Asset Managementis one of the leading stakeholders of U.S. Bancorp (NYSE:USB), holding a $279.3 million stake in the bank holding company.</p><p><blockquote>2021 年第三季度，Insider Monkey 数据库中有 42 只对冲基金做多 U.S. Bancorp (NYSE:USB)，高于上一季度的 41 只基金。 Yacktman Asset Managementis 是 U.S. Bancorp (NYSE:USB) 的主要利益相关者之一，持有该银行控股公司 2.793 亿美元的股份。</blockquote></p><p> Hereis what Mairs &amp; Power has to say about U.S. Bancorp (NYSE:USB) in their Q4 2020 investor letter:</p><p><blockquote>以下是 Mairs &amp; Power 在 2020 年第四季度投资者信中对 U.S. Bancorp（纽约证券交易所股票代码：USB）的评价：</blockquote></p><p></p><p>   “On the negative side, one of the Fund’s biggest detractor in 2020 was U.S. Bancorp (USB). Like all banks, U.S. Bank was hurt by the difficult interest rate environment and credit cycle concerns. We believe banks are strong enough to survive the current sector doldrums, and they remain some of the market’s most attractive opportunities.”  <b>3. Verizon Communications Inc. (NYSE:VZ)</b></p><p><blockquote>“从消极的一面来看，2020 年该基金最大的诋毁者之一是合众银行（USB）。与所有银行一样，合众银行也受到了困难的利率环境和信贷周期担忧的影响。我们相信，银行有足够的实力在当前的行业低迷中生存下来，它们仍然是市场上最具吸引力的机会。”<b>3. 威瑞森通信公司（纽约证券交易所股票代码：VZ）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $8,578,115,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：8,578,115,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 2.92%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：2.92%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 57</i></b></p><p><blockquote><b><i>对冲基金持有人数量：57</i></b></blockquote></p><p> <b><i>P/E Ratio: 9.43</i></b></p><p><blockquote><b><i>市盈率：9.43</i></b></blockquote></p><p> With a price to earnings ratio of 9.43, Verizon Communications Inc. (NYSE:VZ) is one of Warren Buffett’s top value stock picks from the third quarter, with the billionaire holding an $8.57 billion position in the company. Verizon Communications Inc. (NYSE:VZ), an American multinational telecommunications conglomerate, announced a quarterly dividend of $0.64 per share on December 2, payable on February 1 to shareholders of record on January 10. Verizon Communications Inc. (NYSE:VZ) offers a forward dividend yield of 5.10%.</p><p><blockquote>Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的市盈率为 9.43，是沃伦-巴菲特第三季度最看好的股票之一，这位亿万富翁在该公司持有 85.7 亿美元的头寸。美国跨国电信集团 Verizon Communications Inc.（纽约证券交易所股票代码：VZ）于 12 月 2 日宣布派发每股 0.64 美元的季度股息，将于 2 月 1 日支付给 1 月 10 日登记在册的股东。Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的远期股息率为 5.10%。</blockquote></p><p> On October 20, Verizon Communications Inc. (NYSE:VZ) announced Q3 results, posting an EPS of $1.41, beating estimates by $0.05. The quarterly revenue amounted to $32.92 billion, missing estimates by $301.93 million. Following the Q3 performance, Cowen analyst Colby Synesael raised the price target on Verizon Communications Inc. (NYSE:VZ) to $71 from $68 and kept an Outperform rating on the shares.</p><p><blockquote>10 月 20 日，Verizon Communications Inc.（纽约证券交易所股票代码：VZ）公布了第三季度业绩，每股收益为 1.41 美元，超出预期 0.05 美元。季度收入达329.2亿美元，比预期低3.0193亿美元。继第三季度业绩公布后，Cowen 分析师 Colby Synesael 将 Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的目标价从 68 美元上调至 71 美元，并维持该股跑赢大盘评级。</blockquote></p><p> Verizon Communications Inc. (NYSE:VZ) was awarded two contracts worth $34.6 million by the U.S. Department of Energy. The task orders were awarded through the federal government’s Enterprise Infrastructure Solutions contract vehicle on December 1.</p><p><blockquote>Verizon Communications Inc.（纽约证券交易所股票代码：VZ）获得了两份价值 3460 万美元的合同。能源部。这些任务订单于 12 月 1 日通过联邦政府的企业基础设施解决方案合同工具授予。</blockquote></p><p> By the end of the third quarter, 57 hedge funds were bullish on Verizon Communications Inc. (NYSE:VZ), down from 63 funds in the preceding quarter. Jaime Sterne’s&nbsp;Skye Global Management&nbsp;is one of the leading Verizon Communications Inc. (NYSE:VZ) stakeholders from Q3, holding a $282.3 million position in the company.</p><p><blockquote>截至第三季度末，57 家对冲基金看好 Verizon Communications Inc.（纽约证券交易所股票代码：VZ），低于上一季度的 63 家。Jaime Sterne 的 Skye Global Management 是第三季度 Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的主要利益相关者之一，持有该公司价值 2.823 亿美元的股份。</blockquote></p><p> Hereis what&nbsp;Miller/Howard Investments&nbsp;has to say about Verizon Communications Inc. (NYSE:VZ) in its Q1 2021 investor letter:</p><p><blockquote>以下是 Miller/Howard Investments 在其 2021 年第一季度投资者信中对 Verizon Communications Inc.（纽约证券交易所股票代码：VZ）的评价：</blockquote></p><p>   “We sold Verizon (VZ) based on concerns over how much they might spend in ongoing spectrum auctions. Management may legitimately view spending billions of dollars to expand their spectrum holdings as necessary, but we believe the payoff will be slow and will make it challenging to grow the dividend at a good pace.”  <b>2. American Express Company (NYSE:AXP)</b></p><p><blockquote>“我们出售 Verizon (VZ) 的原因是担心他们在正在进行的频谱拍卖中可能会花费多少钱。管理层可能有理由认为，花费数十亿美元扩大频谱持有量是必要的，但我们认为，回报将是缓慢的，这将使以良好的速度增长股息变得具有挑战性。”<b>2. 美国运通公司（纽约证券交易所代码：AXP）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $25,399,340,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：25,399,340,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 8.65%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：8.65%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 57</i></b></p><p><blockquote><b><i>对冲基金持有人数量：57</i></b></blockquote></p><p> <b><i>P/E Ratio: 17.45</i></b></p><p><blockquote><b><i>市盈率：17.45</i></b></blockquote></p><p> American Express Company (NYSE:AXP), a multinational payment card services company, posted on October 22 its Q3 results. EPS for the period came in at $2.27, exceeding estimates by $0.52. The revenue amounted to $10.93 billion, up 24.88% year-over-year, outperforming estimates by $382.39 million.</p><p><blockquote>跨国支付卡服务公司美国运通公司（纽约证券交易所股票代码：AXP）于 10 月 22 日公布了第三季度业绩。该期间每股收益为 2.27 美元，超出预期 0.52 美元。营收达109.3亿美元，同比增长24.88%，超出预期3.8239亿美元。</blockquote></p><p> 8.65% of Berkshire Hathaway’s Q3 investments are represented by American Express Company (NYSE:AXP) stock, with Warren Buffett holding 151.6 million shares of the company, worth $25.39 billion at the end of September this year. American Express Company (NYSE:AXP) is one of the best value stocks in Warren Buffett’s portfolio.</p><p><blockquote>伯克希尔-哈撒韦公司第三季度投资的 8.65% 是美国运通公司（NYSE:AXP）股票，沃伦-巴菲特持有该公司股票 1.516 亿股，截至今年 9 月底，价值 253.9 亿美元。美国运通公司（纽约证券交易所股票代码：AXP）是沃伦-巴菲特投资组合中最有价值的股票之一。</blockquote></p><p> The smart money took a greater interest in American Express Company (NYSE:AXP) in the third quarter, with 57 hedge funds being bullish on the stock at September end, up from 52 funds holding stakes in American Express Company (NYSE:AXP) in the preceding quarter.Fisher Asset Management&nbsp;is a notable stakeholder of American Express Company (NYSE:AXP) in Q3, with 15.6 million shares valued at $2.61 billion.</p><p><blockquote>精明资金在第三季度对美国运通公司（纽约证券交易所股票代码：AXP）表现出了更大的兴趣，截至 9 月底，有 57 家对冲基金看好该股，高于上一季度持有美国运通公司（纽约证券交易所股票代码：AXP）股份的 52 家基金。费舍尔资产管理公司是第三季度美国运通公司（纽约证券交易所股票代码：AXP）的著名股东，持有 1560 万股股票，价值 26.1 亿美元。</blockquote></p><p> After the Q3 earnings beat, BMO Capital analyst James Fotheringham on October 25 raised the price target on American Express Company (NYSE:AXP) to $151 from $147 but kept a Market Perform rating on the shares. In addition to the strong Q3 earnings, the analyst revised his model for American Express Company (NYSE:AXP) to forecast higher net interest income, lower loan loss provisions, and lower share counts.</p><p><blockquote>在第三季度盈利超出预期后，BMO Capital 分析师 James Fotheringham 于 10 月 25 日将美国运通公司 (NYSE:AXP) 的目标价从 147 美元上调至 151 美元，但维持该股的市场表现评级。除了强劲的第三季度收益外，该分析师还修改了美国运通公司（纽约证券交易所股票代码：AXP）的模型，预测更高的净利息收入、更低的贷款损失准备金和更低的股票数量。</blockquote></p><p> Hereis what&nbsp;ClearBridge Investments&nbsp;has to say about American Express Company (NYSE:AXP) in its Q2 2021 investor letter:</p><p><blockquote>以下是 ClearBridge Investments 在其 2021 年第二季度投资者信中对美国运通公司（纽约证券交易所股票代码：AXP）的评价：</blockquote></p><p></p><p>   “In financials, American Express has done an excellent job demonstrating the resiliency of its franchise in the midst of a global pandemic that drove a 60% decline in its core travel and entertainment business. The company’s spend-centric model has been helped by fiscal stimulus ensuring a flush consumer, while management continues to execute well by adding millions of new consumer and small and medium business accounts, which should benefit the franchise over the medium to long term. We remain optimistic regarding the company’s prospects as travel and entertainment activity rebounds, adding to our position in the quarter.”  <b>1. Bank of America Corporation (NYSE:BAC)</b></p><p><blockquote>“在财务方面，美国运通在全球大流行病导致其核心旅游和娱乐业务下降 60% 的情况下，出色地展示了其特许经营权的韧性。该公司以支出为中心的模式得益于财政刺激措施，确保了消费者的活跃，而管理层通过增加数百万个新的消费者和中小企业账户，继续表现出色，这将使特许经营权在中长期内受益。随着旅游和娱乐活动的反弹，我们对公司的前景保持乐观，这增加了我们在本季度的地位。”<b>1. 美国银行公司（纽约证券交易所代码：BAC）</b></blockquote></p><p> <b><i>Berkshire Hathaway’s Stake Value: $42,878,771,000</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司的股权价值：42,878,771,000 美元</i></b></blockquote></p><p> <b><i>Percentage of Berkshire Hathaway’s 13F Portfolio: 14.61%</i></b></p><p><blockquote><b><i>伯克希尔哈撒韦公司 13F 投资组合的百分比：14.61%</i></b></blockquote></p><p> <b><i>Number of Hedge Fund Holders: 72</i></b></p><p><blockquote><b><i>对冲基金持有人数量：72</i></b></blockquote></p><p> <b><i>P/E Ratio: 13.32</i></b></p><p><blockquote><b><i>市盈率：13.32</i></b></blockquote></p><p> Ranking first on our list of the best value stocks in Warren Buffett’s portfolio is Bank of America Corporation (NYSE:BAC), with the billionaire holding more than 1 billion shares worth $42.8 billion by the end of September. Bank of America Corporation (NYSE:BAC) stock represents 14.61% of Warren Buffett’s total Q3 securities.</p><p><blockquote>在沃伦-巴菲特投资组合中最有价值股票榜单中排名第一的是美国银行公司（纽约证券交易所股票代码：BAC），截至 9 月底，这位亿万富翁持有超过 10 亿股股票，价值 428 亿美元。美国银行公司（NYSE:BAC）股票占沃伦-巴菲特第三季度证券总额的 14.61%。</blockquote></p><p> UBS analyst Erika Najarian assumed coverage of Bank of America Corporation (NYSE:BAC) with a Buy rating and a $64 price target on December 9. The analyst named Bank of America Corporation (NYSE:BAC) her top pick among the U.S. large cap banks.</p><p><blockquote>瑞银分析师 Erika Najarian 于 12 月 9 日对美国银行公司（纽约证券交易所股票代码：BAC）给予买入评级，目标价为 64 美元。这位分析师将美国银行公司（纽约证券交易所股票代码：BAC）列为她在美国大型银行中的首选。</blockquote></p><p> Bank of America Corporation (NYSE:BAC), on October 14, announced earnings for the third quarter, posting an EPS of $0.85, beating estimates by $0.15. The revenue was up 11.33% year-over-year, amounting to $22.77 billion, exceeding estimates by $1.16 billion.</p><p><blockquote>美国银行公司（纽约证券交易所股票代码：BAC）于 10 月 14 日公布了第三季度收益，每股收益为 0.85 美元，超出预期 0.15 美元。收入同比增长11.33%，达到227.7亿美元，超出预期11.6亿美元。</blockquote></p><p> In the third quarter, 72 hedge funds were bullish on Bank of America Corporation (NYSE:BAC), holding total stakes valued at $46.48 billion. One of the leading Bank of America Corporation (NYSE:BAC) stakeholders from Q3 isHarris Associates, with a $2.52 billion position in the company.</p><p><blockquote>第三季度，72家对冲基金看好美国银行公司（纽约证券交易所股票代码：BAC），总持股价值464.8亿美元。isHarris Associates 是美国银行公司 (NYSE:BAC) 第三季度的主要利益相关者之一，持有该公司 25.2 亿美元的头寸。</blockquote></p><p> Here&nbsp;is what Oakmark Funds has to say about Bank of America Corporation (NYSE:BAC) in its Q3 2021 investor letter:</p><p><blockquote>以下是 Oakmark Funds 在其 2021 年第三季度投资者信中对美国银行公司 (NYSE:BAC) 的评价：</blockquote></p><p>   “Earlier this year, one of our holdings, Bank of America, announced that it was raising its minimum hourly wage from $15 to $20 and would increase it to $25 by 2025. The company received great press for placing the well-being of its employees above profits. But was it really either/or? Bank of America’s chief human resources officer spoke to the bigger picture: “A core tenet of responsible growth is our commitment to being a great place to work…that includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.” Bank of America understood that engaged, high-caliber employees are more productive, less prone to turnover and, therefore, less expensive in the long run. Increasing the pay for employees wasn’t elevating employees above shareholders; it was the right thing to do for employees  <i>and</i>for shareholders.    If an increase to $20 was good, why stop there? Why not $50 per hour? Because the benefits the business receives at $50 don’t justify the expense. The bank would no longer be able to price its products competitively and would lose business. The employees would “win” in the short term, but eventually the lost business would lead to job cuts, meaning both employees and shareholders would lose. The negative effects of stakeholder overreach are no different than when CEOs overreach to inflate short-term profits. Both hurt shareholders  <i>and</i>stakeholders.” </p><p><blockquote>“今年早些时候，我们的控股公司之一美国银行宣布将最低时薪从 15 美元提高到 20 美元，并将在 2025 年提高到 25 美元。该公司因将员工的福祉置于利润之上而受到广泛关注。但真的是非此即彼吗？美国银行首席人力资源官从大局出发： “负责任增长的核心原则是我们致力于成为一个好的工作场所.这包括提供丰厚的薪酬和有竞争力的福利，以帮助他们及其家人，从而继续吸引和留住最优秀的人才”。美国银行明白，敬业的高素质员工生产力更高，不易离职，因此从长远来看成本更低。提高员工工资并不能让员工凌驾于股东之上；对员工来说这是正确的做法<i>和</i>对于股东来说。如果涨到20美元是好的，为什么就此打住呢？为什么不是每小时50美元？因为企业以 50 美元的价格获得的利益并不能证明这笔费用是合理的。该银行将不再能够为其产品定价有竞争力，并将失去业务。员工会在短期内 “获胜”，但最终失去的业务将导致裁员，这意味着员工和股东都将遭受损失。利益相关者越权的负面影响与首席执行官越权夸大短期利润没有什么不同。两者都伤害了股东<i>和</i>利益相关者。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.insidermonkey.com/blog/5-best-value-stocks-in-warren-buffetts-portfolio-1013929/5/\">Insider Monkey</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":{"DVA":"达维塔保健","USB":"美国合众银行","GM":"通用汽车","VZ":"Verizon Comms","AXP":"美国运通","BK":"Bank of New York Mellon","BAC":"美国银行","WFC":"富国银行","TEVA":"梯瓦制药","GL":"Globe Life Inc."},"source_url":"https://www.insidermonkey.com/blog/5-best-value-stocks-in-warren-buffetts-portfolio-1013929/5/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129001294","content_text":"In this article, we discuss the 10 best value stocks in Warren Buffett’s portfolio.\nBillionaire Warren Buffett is an American business tycoon, legendary value investor, and philanthropist, who is known for his conglomerate holding company, Berkshire Hathaway Inc. (NYSE:BRK-A), which he manages alongside Charlie Munger, who is the vice chairman of the company and the closest associate of Buffett.\nBuffett manages his investments via his hedge fund,Berkshire Hathaway, which managed about $293.4 billion in 13F securities in the third quarter, gaining approximately $57 billion as compared to the prior-year quarter. Buffett’s portfolio is largely concentrated in the information technology, finance, and consumer staples sectors. The billionaire is known for following the Benjamin Graham school of thought, focusing primarily on value stocks.\nThe legendary investor recommends low-cost index funds for a majority of investors, as some active managers charge heavy management and performance fees, and he doesn’t believe they can beat the market on a consistent basis. In his opinion, amatuer and passive investors are better off betting on an S&P 500 index fund for the long-term, since it would generate returns over the course of a decade that are higher than the returns from a basket of diversified hedge funds after the hedge fund managers are paid their share of the management fees.\nSince Buffett is a long-term investor, he advises people who are starting out their investment journey to buy the stock dips, since the market is eventually going to rise again.\n\nThe most notable stocks in Warren Buffett’s Q3 portfolio include Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), in addition to others mentioned in detail below.\nOur Methodology\nWe used the Q3 portfolio of Warren Buffett’s Berkshire Hathaway to select his top 10 value stocks. We chose stocks that had the lowest price to earnings ratio in the billionaire’s portfolio, and ranked the securities according to Buffett’s stake value in each holding.\nBest Value Stocks in Warren Buffett’s Portfolio\n10. Wells Fargo & Company (NYSE:WFC)\nBerkshire Hathaway’s Stake Value: $31,329,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 0.01%\nNumber of Hedge Fund Holders: 88\nP/E Ratio: 11.98\nWells Fargo & Company (NYSE:WFC) posted its Q3 earnings on October 14. EPS in the quarter totaled $1.22, exceeding estimates by $0.28. Revenue over the period equaled $18.83 billion, outperforming analysts’ consensus estimates by $542.17 million.\nWarren Buffett holds 675,054 shares in Wells Fargo & Company (NYSE:WFC), an American multinational financial services corporation, as of September this year. Buffett’s stake in Wells Fargo & Company (NYSE:WFC) amounts to $31.32 million, and it accounts for 0.01% of the billionaire’s Q3 portfolio. With a P/E ratio of 11.98, Wells Fargo & Company (NYSE:WFC) is one of the best value stocks in Warren Buffett’s portfolio.\nOn December 9, UBS analyst Erika Najarian called Wells Fargo & Company (NYSE:WFC) one of her “highest conviction Buy ideas”, assuming coverage of the stock with a Buy rating and a $65 price target. The analyst sees rising rates and execution of its expense plan driving return on average tangible common shareholders’ equity as attractive catalysts.\nA total of 88 hedge funds were bullish on Wells Fargo & Company (NYSE:WFC) at the end of the third quarter, holding stakes worth $6.18 billion. This is comparable to 94 funds holding stakes valued at over $7 billion in Wells Fargo & Company (NYSE:WFC) in the previous quarter.\nBoykin Curry’s Eagle Capital Management is the largest Wells Fargo & Company (NYSE:WFC) stakeholder as of the third quarter, holding 33.74 million shares worth $1.56 billion.\nWells Fargo & Company (NYSE:WFC) is a notable stock from Warren Buffett’s Q3 portfolio, in addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).\nHereis what Davis Global Fund has to say about Wells Fargo & Company (NYSE:WFC) in its Q3 2021 investor letter:\n\n “…This second chart highlights that financials remain the cheapest part of the market today and continue to be extremely attractive. Strong capital ratios, conservative lending practices, already record low interest rates and now a strengthening economy, all paired with low valuations, bode well for future returns.\n\n\n Take our top financials holding in Wells Fargo, for instance. Wells Fargo is trading at 1.3x tangible book value, while we expect return on equity (ROE) to be in the mid-to-high teens over time. Even in this low-rate environment, the current multiple is only 12x 2021 owner earnings, and our IRR estimate is 12–13%. Wells Fargo has performed well this year, up 51% year-to-date, yet still looks very attractive, which speaks to how undervalued it was and why it is so important to be patient when investing in high-quality companies trading at low valuations. Rather than invest on the basis of unpredictable near-term catalysts, we prefer to be patient as earnings and cash build up, even if the stock price does not immediately reflect the economic reality. We continue to like our positions in financials.”\n\n9. Teva Pharmaceutical Industries Limited (NYSE:TEVA)\nBerkshire Hathaway’s Stake Value: $416,768,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 0.14%\nNumber of Hedge Fund Holders: 22\nP/E Ratio: 12.63\nTeva Pharmaceutical Industries Limited (NYSE:TEVA), a pharmaceutical company from Israel specializing in generics and biopharmaceutical medicines, reported its Q3 results on October 27. Teva Pharmaceutical Industries Limited (NYSE:TEVA) posted an EPS of $0.59, missing estimates by $0.06. The Q3 revenue totaled $3.89 billion, down 2.29% year-over-year, missing estimates by $163.2 million.\nWarren Buffett holds a $416.76 million position in Teva Pharmaceutical Industries Limited (NYSE:TEVA) as of September 2021, which accounts for 0.14% of the billionaire’s total Q3 portfolio.\nAbrams Capital Managementis one of the leading stakeholders of Teva Pharmaceutical Industries Limited (NYSE:TEVA) from the third quarter, owning over 24 million shares valued at $234.2 million.\nHedge funds increased their stakes in Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the third quarter, with 22 funds holding stakes valued at $950.6 million in the company, as compared to the same number of funds being bullish on Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the preceding quarter, with a total stake value of $947.1 million.\nRaymond James analyst Elliot Wilbur on October 27 downgraded Teva Pharmaceutical Industries Limited (NYSE:TEVA) to Market Perform from Outperform without a price target, stating that near-term fundamentals are coming up short, as compared to the performance expectations from the company.\n8. Globe Life Inc. (NYSE:GL)\nBerkshire Hathaway’s Stake Value: $565,672,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 0.19%\nNumber of Hedge Fund Holders: 27\nP/E Ratio: 12.45\nBillionaire Warren Buffett holds 6.35 million shares in Globe Life Inc. (NYSE:GL) as of September this year, worth $565.6 million, accounting for 0.19% of his total Q3 13F portfolio. Globe Life Inc. (NYSE:GL) is a Texas-based financial services holding company that specializes in life insurance, annuity, and supplemental health insurance products.\nCredit Suisse analyst Andrew Kligerman on October 19 lowered the price target on Globe Life Inc. (NYSE:GL) to $130 from $135 and kept an Outperform rating on the shares, stating that despite the COVID-19 pressures on the stock, Globe Life Inc. (NYSE:GL) is trading at an attractive valuation. Globe Life Inc. (NYSE:GL) is one of the top value stocks according to Warren Buffett’s Berkshire Hathaway.\nGlobe Life Inc. (NYSE:GL) announced Q3 earnings on October 20, posting an EPS of $1.78, missing estimates by $0.11. The quarterly revenue jumped 6.93% to $1.28 billion, outperforming estimates by $15.97 million.\nInsider Monkey tracks the movement of 867 elite hedge funds as of the third quarter, and a total of 27 funds of them reported owning stakes in Globe Life Inc. (NYSE:GL), worth $775.77 million. This is compared to 28 funds being bullish on Globe Life Inc. (NYSE:GL) in the prior quarter, with a total stake value of approximately $795 million.\nIn addition to Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN), elite hedge funds are piling into Globe Life Inc. (NYSE:GL).\n7. General Motors Company (NYSE:GM)\nBerkshire Hathaway’s Stake Value: $3,162,600,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 1.07%\nNumber of Hedge Fund Holders: 77\nP/E Ratio: 8.45\nGeneral Motors Company (NYSE:GM) stock represents 1.07% of Berkshire Hathaway’s Q3 portfolio, with the hedge fund holding a $3.16 billion position in the company. General Motors Company (NYSE:GM) is an American multinational automaker, with four core automobile brands including Chevrolet, Buick, GMC, and Cadillac. General Motors Company (NYSE:GM), a notable value stock from Buffett’s Q3 portfolio, is also actively working on electric vehicles, gearing up to compete with the EV market leader, Tesla, Inc. (NASDAQ:TSLA).\nGeneral Motors Company (NYSE:GM), on October 27, announced its third quarter results, posting earnings per share of $1.52, beating estimates by $0.55. The revenue fell by 24.52% year-over-year, amounting to $26.78 billion, missing estimates by $1.10 billion.\nOn November 15, Wedbush analyst Daniel Ives kept an Outperform rating and a price target of $85 on General Motors Company (NYSE:GM)’s shares. The analyst stated that the vertical integration capabilities of General Motors Company (NYSE:GM) and conversion of its massive customer base to electric vehicles over the coming years represents a transformational opportunity for the company looking ahead.\nHarris Associates is one of the leading General Motors Company (NYSE:GM) stakeholders from Q3, holding a $1.82 billion stake in the company, out of a total of 77 funds that were bullish on the stock in the third quarter.\nHere is what Miller Value Partners has to say about General Motors Company (NYSE:GM) in its Q3 2021 investor letter:\n\n “Another name we’ve recently purchased and have grown incredibly excited about: General Motors (GM). GM is interesting on many levels. We see it as an attractive investment opportunity and it might be a microcosm of current markets, both past and prospective.\n\n\n Tesla trounced GM over the last decade. Tesla rose 15,797% crushing GM’s 238% increase, which lagged the S&P 500’s 365%. Tesla came out of nowhere creating what many said was the best car ever made. A decade ago, no one saw that coming, including GM. GM’s historical strength led to arrogance. It completely dismissed the threat of any newcomer.\n\n\n Where are we now? Expectations are entirely different. Tesla’s current price embeds 18 years of growth while GM embeds under one year (see a pattern in what we like?!). Tesla’s expectations look even loftier when you consider that in that 18th year, Tesla would be projected to earn $1.35 trillion revenues at very high, Ferrari-type margins. The largest automakers today generate roughly $250 billion revenues at less than half those margins.\n\n\n Tesla’s priced to go where no man (or woman!) has gone before. It’s impossible for Tesla to meet these expectations with auto manufacturing alone. It requires something more. Bulls believe Tesla can dominate an autonomous driving future and make significant money on software subscriptions. We don’t have a view on this other than that Tesla needs to do so to be attractive at the current price.\n\n\n Market expectations for GM, on the other hand, are muted. There appears to be no innovation or growth priced into the stock. Yet GM plans to launch 30 EV (electric vehicles) models globally by 2025 (Tesla has launched a total of 4). GM’s new electric vehicles, like the Hummer and Cadillac Lyric, are extremely impressive. It’s revamping its manufacturing production to be modular, allowing greater speed and adaptability. The entire culture has transformed from a stodgy, bureaucratic old manufacturer to a speedier, more innovative software-enabled automaker. GM currently employs 25,000 software engineers.\n\n\n GM believes it can double revenues by 2030, and improve margins through software and services. GM currently earns $2 billion of high margin software and services revenue, which is more than Tesla. Cruise, GM’s majority owned autonomous company, recently detailed why it sees the potential for $50B in revenues within 6-8 years of its 2023 launch of the Origin vehicle. BrightDrop, its autonomous commercial vehicle unit, looks promising as well with the potential for $10 billion in revenues. We don’t think this optionality is reflected in the current price. Investors started to see the potential after GM’s recent analyst day. We can easily get values for GM more than double its current price of $58.\n\n\n The contrast between GM and Tesla illustrates what we see more broadly in the market, which is why we see more opportunity in classic value names than in the secular growth names. After a decade of dominance, expectations for innovative and disruptive companies are quite high. Many classic value companies were caught flat-footed, but have invested heavily to catch up. Muted expectations don’t reflect their improved prospects.”\n\n6. The Bank of New York Mellon Corporation (NYSE:BK)\nBerkshire Hathaway’s Stake Value: $3,751,012,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 1.27%\nNumber of Hedge Fund Holders: 46\nP/E Ratio: 14.48\nWarren Buffett owned 72.35 million shares in The Bank of New York Mellon Corporation (NYSE:BK), worth $3.75 billion by the end of the third quarter, accounting for 1.27% of the total investment portfolio at Berkshire Hathaway. The Bank of New York Mellon Corporation (NYSE:BK) is a financial services holding company, offering a range of services including corporate banking, investment banking, global wealth management, financial analysis, and private equity.\nThe Bank of New York Mellon Corporation (NYSE:BK) announced on October 19 its Q3 earnings. EPS in the period totaled $1.04, exceeding estimates by $0.04. The $4.04 billion revenue jumped 4.89% year-over-year, outperforming estimates by $88.43 million.\nMorgan Stanley analyst Betsy Graseck on December 6 downgraded The Bank of New York Mellon Corporation (NYSE:BK) to Underweight from Equal Weight with a $59 price target, citing the stock’s valuation, low loan exposure, and negative operating leverage as reasons for the downgrade.\nFirst Eagle Investment Management is one of the largest stakeholders of The Bank of New York Mellon Corporation (NYSE:BK) in Q3, with 16.1 million shares worth over $837 million. Overall, 46 hedge funds monitored by Insider Monkey were bullish on The Bank of New York Mellon Corporation (NYSE:BK) in the third quarter, down from 52 funds in the preceding quarter.\nThe Bank of New York Mellon Corporation (NYSE:BK) is a notable stock from Warren Buffett’s Q3 portfolio, just like Apple Inc. (NASDAQ:AAPL), American Express Company (NYSE:AXP), The Coca-Cola Company (NYSE:KO), and Amazon.com, Inc. (NASDAQ:AMZN).\n5. DaVita Inc. (NYSE:DVA)\nBerkshire Hathaway’s Stake Value: $4,196,471,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 1.43%\nNumber of Hedge Fund Holders: 39\nP/E Ratio: 12.37\nDaVita Inc. (NYSE:DVA) made it to our list of the best value stocks in Warren Buffett’s portfolio, with the company announcing solid Q3 earnings on October 28, posting an EPS of $2.36, beating estimates by $0.10. Revenue over the period also outperformed estimates by $23.55 million.\nDeutsche Bank analyst Pito Chickering on November 17 lowered the price target on DaVita Inc. (NYSE:DVA) to $150 from $164 and kept a Buy rating on the shares after the capital markets day, stating that the company offers a longer term investment horizon than many investors can be comfortable with.\nDaVita Inc. (NYSE:DVA) is a healthcare company primarily focusing on kidney diseases and dialysis support, operating in nine countries in addition to the United States. Warren Buffett holds a $4.19 billion position in DaVita Inc. (NYSE:DVA) as of September this year, with DaVita Inc. (NYSE:DVA) stock accounting for 1.43% of the billionaire’s total investments.\nAt the end of the third quarter, 39 hedge funds tracked by Insider Monkey reported owning stakes worth $4.81 billion in DaVita Inc. (NYSE:DVA). This is compared to the same number of funds holding the DaVita Inc. (NYSE:DVA) stock in the preceding quarter, with a total stake value of approximately $5.13 billion.\nGates Capital Managementincreased its stake in DaVita Inc. (NYSE:DVA) by 5% in the third quarter, and is one of the leading stakeholders of the company, with a $174.1 million position.\n4. U.S. Bancorp (NYSE:USB)\nBerkshire Hathaway’s Stake Value: $7,514,279,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 2.52%\nNumber of Hedge Fund Holders: 42\nP/E Ratio: 11.60\nU.S. Bancorp (NYSE:USB) is a Minnesota-based bank holding company that operates via its wholly owned subsidiary, U.S. Bank National Association, and offers banking, investment, mortgage, trust, and payment services to customers. As one of the best value stocks in Warren Buffett’s Q3 portfolio, U.S. Bancorp (NYSE:USB) represents 2.52% of the billionaire’s total investments. Berkshire Hathaway owns over 126 million U.S. Bancorp (NYSE:USB) shares, worth $7.51 billion.\nOn December 9, UBS analyst Erika Najarian initiated coverage of U.S. Bancorp (NYSE:USB) with a Buy rating and a $70 price target, after the 300 basis points of ROTCE outperformance by the company.\nU.S. Bancorp (NYSE:USB), on October 14, reported its Q3 results, posting an EPS of $1.30, beating estimates by $0.14. The $5.86 billion revenue also exceeded estimates by $105.32 million.\nIn Q3 2021, 42 hedge funds in the database of Insider Monkey were long U.S. Bancorp (NYSE:USB), up from 41 funds in the preceding quarter.Yacktman Asset Managementis one of the leading stakeholders of U.S. Bancorp (NYSE:USB), holding a $279.3 million stake in the bank holding company.\nHereis what Mairs & Power has to say about U.S. Bancorp (NYSE:USB) in their Q4 2020 investor letter:\n\n “On the negative side, one of the Fund’s biggest detractor in 2020 was U.S. Bancorp (USB). Like all banks, U.S. Bank was hurt by the difficult interest rate environment and credit cycle concerns. We believe banks are strong enough to survive the current sector doldrums, and they remain some of the market’s most attractive opportunities.”\n\n3. Verizon Communications Inc. (NYSE:VZ)\nBerkshire Hathaway’s Stake Value: $8,578,115,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 2.92%\nNumber of Hedge Fund Holders: 57\nP/E Ratio: 9.43\nWith a price to earnings ratio of 9.43, Verizon Communications Inc. (NYSE:VZ) is one of Warren Buffett’s top value stock picks from the third quarter, with the billionaire holding an $8.57 billion position in the company. Verizon Communications Inc. (NYSE:VZ), an American multinational telecommunications conglomerate, announced a quarterly dividend of $0.64 per share on December 2, payable on February 1 to shareholders of record on January 10. Verizon Communications Inc. (NYSE:VZ) offers a forward dividend yield of 5.10%.\nOn October 20, Verizon Communications Inc. (NYSE:VZ) announced Q3 results, posting an EPS of $1.41, beating estimates by $0.05. The quarterly revenue amounted to $32.92 billion, missing estimates by $301.93 million. Following the Q3 performance, Cowen analyst Colby Synesael raised the price target on Verizon Communications Inc. (NYSE:VZ) to $71 from $68 and kept an Outperform rating on the shares.\nVerizon Communications Inc. (NYSE:VZ) was awarded two contracts worth $34.6 million by the U.S. Department of Energy. The task orders were awarded through the federal government’s Enterprise Infrastructure Solutions contract vehicle on December 1.\nBy the end of the third quarter, 57 hedge funds were bullish on Verizon Communications Inc. (NYSE:VZ), down from 63 funds in the preceding quarter. Jaime Sterne’s Skye Global Management is one of the leading Verizon Communications Inc. (NYSE:VZ) stakeholders from Q3, holding a $282.3 million position in the company.\nHereis what Miller/Howard Investments has to say about Verizon Communications Inc. (NYSE:VZ) in its Q1 2021 investor letter:\n\n “We sold Verizon (VZ) based on concerns over how much they might spend in ongoing spectrum auctions. Management may legitimately view spending billions of dollars to expand their spectrum holdings as necessary, but we believe the payoff will be slow and will make it challenging to grow the dividend at a good pace.”\n\n2. American Express Company (NYSE:AXP)\nBerkshire Hathaway’s Stake Value: $25,399,340,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 8.65%\nNumber of Hedge Fund Holders: 57\nP/E Ratio: 17.45\nAmerican Express Company (NYSE:AXP), a multinational payment card services company, posted on October 22 its Q3 results. EPS for the period came in at $2.27, exceeding estimates by $0.52. The revenue amounted to $10.93 billion, up 24.88% year-over-year, outperforming estimates by $382.39 million.\n8.65% of Berkshire Hathaway’s Q3 investments are represented by American Express Company (NYSE:AXP) stock, with Warren Buffett holding 151.6 million shares of the company, worth $25.39 billion at the end of September this year. American Express Company (NYSE:AXP) is one of the best value stocks in Warren Buffett’s portfolio.\nThe smart money took a greater interest in American Express Company (NYSE:AXP) in the third quarter, with 57 hedge funds being bullish on the stock at September end, up from 52 funds holding stakes in American Express Company (NYSE:AXP) in the preceding quarter.Fisher Asset Management is a notable stakeholder of American Express Company (NYSE:AXP) in Q3, with 15.6 million shares valued at $2.61 billion.\nAfter the Q3 earnings beat, BMO Capital analyst James Fotheringham on October 25 raised the price target on American Express Company (NYSE:AXP) to $151 from $147 but kept a Market Perform rating on the shares. In addition to the strong Q3 earnings, the analyst revised his model for American Express Company (NYSE:AXP) to forecast higher net interest income, lower loan loss provisions, and lower share counts.\nHereis what ClearBridge Investments has to say about American Express Company (NYSE:AXP) in its Q2 2021 investor letter:\n\n “In financials, American Express has done an excellent job demonstrating the resiliency of its franchise in the midst of a global pandemic that drove a 60% decline in its core travel and entertainment business. The company’s spend-centric model has been helped by fiscal stimulus ensuring a flush consumer, while management continues to execute well by adding millions of new consumer and small and medium business accounts, which should benefit the franchise over the medium to long term. We remain optimistic regarding the company’s prospects as travel and entertainment activity rebounds, adding to our position in the quarter.”\n\n1. Bank of America Corporation (NYSE:BAC)\nBerkshire Hathaway’s Stake Value: $42,878,771,000\nPercentage of Berkshire Hathaway’s 13F Portfolio: 14.61%\nNumber of Hedge Fund Holders: 72\nP/E Ratio: 13.32\nRanking first on our list of the best value stocks in Warren Buffett’s portfolio is Bank of America Corporation (NYSE:BAC), with the billionaire holding more than 1 billion shares worth $42.8 billion by the end of September. Bank of America Corporation (NYSE:BAC) stock represents 14.61% of Warren Buffett’s total Q3 securities.\nUBS analyst Erika Najarian assumed coverage of Bank of America Corporation (NYSE:BAC) with a Buy rating and a $64 price target on December 9. The analyst named Bank of America Corporation (NYSE:BAC) her top pick among the U.S. large cap banks.\nBank of America Corporation (NYSE:BAC), on October 14, announced earnings for the third quarter, posting an EPS of $0.85, beating estimates by $0.15. The revenue was up 11.33% year-over-year, amounting to $22.77 billion, exceeding estimates by $1.16 billion.\nIn the third quarter, 72 hedge funds were bullish on Bank of America Corporation (NYSE:BAC), holding total stakes valued at $46.48 billion. One of the leading Bank of America Corporation (NYSE:BAC) stakeholders from Q3 isHarris Associates, with a $2.52 billion position in the company.\nHere is what Oakmark Funds has to say about Bank of America Corporation (NYSE:BAC) in its Q3 2021 investor letter:\n\n “Earlier this year, one of our holdings, Bank of America, announced that it was raising its minimum hourly wage from $15 to $20 and would increase it to $25 by 2025. The company received great press for placing the well-being of its employees above profits. But was it really either/or? Bank of America’s chief human resources officer spoke to the bigger picture: “A core tenet of responsible growth is our commitment to being a great place to work…that includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.” Bank of America understood that engaged, high-caliber employees are more productive, less prone to turnover and, therefore, less expensive in the long run. Increasing the pay for employees wasn’t elevating employees above shareholders; it was the right thing to do for employees\n andfor shareholders.\n\n\n If an increase to $20 was good, why stop there? Why not $50 per hour? Because the benefits the business receives at $50 don’t justify the expense. The bank would no longer be able to price its products competitively and would lose business. The employees would “win” in the short term, but eventually the lost business would lead to job cuts, meaning both employees and shareholders would lose. The negative effects of stakeholder overreach are no different than when CEOs overreach to inflate short-term profits. Both hurt shareholders\n andstakeholders.”","news_type":1,"symbols_score_info":{"USB":0.9,"DVA":0.9,"GM":0.9,"VZ":0.9,"BK":0.9,"WFC":0.9,"AXP":0.9,"TEVA":0.9,"BAC":0.9,"GL":0.9}},"isVote":1,"tweetType":1,"viewCount":3596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607294007,"gmtCreate":1639541759714,"gmtModify":1639541760062,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607294007","repostId":"1156446659","repostType":4,"repost":{"id":"1156446659","kind":"news","pubTimestamp":1639540344,"share":"https://www.laohunote.com/m/news/1156446659?lang=zh_CN&edition=full","pubTime":"2021-12-15 11:52","market":"us","language":"en","title":"Warren Buffett has grown Berkshire Hathaway's Apple stake to 50% of its entire equity portfolio and nearly a quarter of its $649 billion market cap<blockquote>巴菲特已将伯克希尔哈撒韦公司的苹果股份增加到其全部股票投资组合的 50%，占其 6,490 亿美元市值的近四分之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156446659","media":"Business Insider","summary":"Berkshire Hathaway's Apple holdings of 887 million shares swelled to a value of $159 billion on Frid","content":"<p><div> Berkshire Hathaway's Apple holdings of 887 million shares swelled to a value of $159 billion on Friday. That makes the stake worth half of Berkshire's entire equity portfolio, and almost 25% of its $...</p><p><blockquote><div>周五，伯克希尔哈撒韦公司持有的 8.87 亿股苹果股票价值飙升至 1,590 亿美元。这使得这些股份相当于伯克希尔整个股票投资组合的一半，以及近25%的美元……</div></blockquote></p><p>  <a href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-half-berkshire-hathaway-equity-portfolio-concentration-2021-12\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-half-berkshire-hathaway-equity-portfolio-concentration-2021-12\">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>Warren Buffett has grown Berkshire Hathaway's Apple stake to 50% of its entire equity portfolio and nearly a quarter of its $649 billion market cap<blockquote>巴菲特已将伯克希尔哈撒韦公司的苹果股份增加到其全部股票投资组合的 50%，占其 6,490 亿美元市值的近四分之一</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett has grown Berkshire Hathaway's Apple stake to 50% of its entire equity portfolio and nearly a quarter of its $649 billion market cap<blockquote>巴菲特已将伯克希尔哈撒韦公司的苹果股份增加到其全部股票投资组合的 50%，占其 6,490 亿美元市值的近四分之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Business Insider</strong><span class=\"h-time small\">2021-12-15 11:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Berkshire Hathaway's Apple holdings of 887 million shares swelled to a value of $159 billion on Friday. That makes the stake worth half of Berkshire's entire equity portfolio, and almost 25% of its $...</p><p><blockquote><div>周五，伯克希尔哈撒韦公司持有的 8.87 亿股苹果股票价值飙升至 1,590 亿美元。这使得这些股份相当于伯克希尔整个股票投资组合的一半，以及近25%的美元……</div></blockquote></p><p>  <a href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-half-berkshire-hathaway-equity-portfolio-concentration-2021-12\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-half-berkshire-hathaway-equity-portfolio-concentration-2021-12\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-half-berkshire-hathaway-equity-portfolio-concentration-2021-12\">Business Insider</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":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔","AAPL":"苹果"},"source_url":"https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-half-berkshire-hathaway-equity-portfolio-concentration-2021-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156446659","content_text":"Berkshire Hathaway's Apple holdings of 887 million shares swelled to a value of $159 billion on Friday.\nThat makes the stake worth half of Berkshire's entire equity portfolio, and almost 25% of its $649 billion market capitalization.\nWarren Buffett started to build Berkshire's position in Apple in 2016 and added to it up until mid-2018.\n\nSCOTT MORGAN/REUTERS\nWarren Buffett is known for concentrating his investments to build generational wealth, and Berkshire Hathaway's stake in Apple is no better example of that investment practice.\nBerkshire's 887.1 million shares in the iPhone maker swelled to a record value of $159 billion on Friday, a 342% increase from its original cost basis of about $36 billion.That means Apple is now worth more than half of Berkshire's $293 billion equity portfolio, based on data from its third-quarter 13F filing.\nAnd assuming Berkshire hasn't trimmed its Apple position since September 30, the equity stake now represents about a quarter of Berkshire Hathaway's $649 billion market capitalization.\nWhat also makes Buffett's concentration in Apple notable is that it didn't take decades to compound like most successful investments managed by Buffett. Instead, it's only been five years since Berkshire began to build its stake in Apple.\nThe conglomerate first purchased Apple shares in 2016 and continued buying them until mid-2018, when the position topped 1 billion shares after adjusting for a 4-for-1 stock split in 2020. Buffett has trimmed Berkshire's position in Apple by about 12% since initially building the stake.\nBarring any changes since the most recent 13F filing, Berkshire's stock portfolio would be up 13.9% quarter-to-date, according to an analysis by Bespoke.Much of that gain has been driven by Apple's quarter-to-date gain of more than 20%.\nYear-to-date, Apple is up 31%, compared to Berkshire Hathaway's return of 26%. Apple's stock price was less than $1.00 away from hitting a $3 trillion valuation on Monday.\nBerkshire's three largest positions after Apple are Bank of America,American Express, and Coca-Cola, which make up a combined 30% of the equity portfolio's value. And Berkshire is still sitting on about $150 billion in cash that it has yet to put to work.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"AAPL":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":3311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604230718,"gmtCreate":1639399634977,"gmtModify":1639399636310,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604230718","repostId":"1171271872","repostType":4,"repost":{"id":"1171271872","kind":"news","pubTimestamp":1639348466,"share":"https://www.laohunote.com/m/news/1171271872?lang=zh_CN&edition=full","pubTime":"2021-12-13 06:34","market":"us","language":"en","title":"Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、FedEx、Lenner、Campbell Soup 和本周值得关注的其他股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171271872","media":"Barrons","summary":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.Earnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and","content":"<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要活动将是美联储利率制定委员会 2021 年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减规模的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但将包括周二的金宝汤；Lenner、埃森哲、联邦快递、Rivian Automotive 和 Adobe 周四；周五的达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的 11 月份生产者价格指数。经济学家预计总体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都将大致与 10 月份的生产者通胀率持平。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他数据还包括周二公布的全国独立企业联合会（National Federation of Independent Businesses）的情绪指数、周三公布的人口普查局（Census Bureau）的 11 月份零售销售支出以及周四公布的 11 月份房屋开工数据。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>12/13星期一</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill 和 PHX Minerals 在评级举办盈利会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二 12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>Campbell Soup、Barnes Group 和 Avaya Holdings 举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布了11月份的生产者价格指数。普遍预计环比上涨 0.55%，不包括食品和能源的核心 PPI 将上涨 0.4%。相比之下，10 月份分别增长了 0.6% 和 0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5000名小企业主。看涨期权的预期读数为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>12/15星期三</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束为期两天的会议，政策制定者将讨论加快逐步减少每月证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>BLS报告</b>11月份进出口价格数据。预计出口价格将环比上涨 0.5%，而进口价格将上涨 0.5%。相比之下，10 月份的涨幅分别为 1.5% 和 1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>住宅建筑商发布了12月份的NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11 月份零售支出报告。经季节性调整后，预计零售额环比增长 0.7%，而 10 月份为 1.7%。不包括汽车，支出预计增长 0.8%，而上一时期为 1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四 12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、埃森哲、联邦快递、捷普、Adobe、Rivian汽车和诺信等公司在评级举办了财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。经季节性调整后的新屋开工率预计为156.3万套，而10月份为152万套。当房屋开始挖掘时，房屋开始计算。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议纪要。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继 10 月份上涨 1.6% 之后，经济学家预计上涨 0.6%。产能利用率预计为 76.8%，与 10 月份的 76.4% 大致持平。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>12/17星期五</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants 和 Quanex Building Products 在评级举办财报会议。</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>Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、FedEx、Lenner、Campbell Soup 和本周值得关注的其他股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、FedEx、Lenner、Campbell Soup 和本周值得关注的其他股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-13 06:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要活动将是美联储利率制定委员会 2021 年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减规模的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但将包括周二的金宝汤；Lenner、埃森哲、联邦快递、Rivian Automotive 和 Adobe 周四；周五的达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的 11 月份生产者价格指数。经济学家预计总体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都将大致与 10 月份的生产者通胀率持平。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他数据还包括周二公布的全国独立企业联合会（National Federation of Independent Businesses）的情绪指数、周三公布的人口普查局（Census Bureau）的 11 月份零售销售支出以及周四公布的 11 月份房屋开工数据。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>12/13星期一</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill 和 PHX Minerals 在评级举办盈利会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二 12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>Campbell Soup、Barnes Group 和 Avaya Holdings 举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布了11月份的生产者价格指数。普遍预计环比上涨 0.55%，不包括食品和能源的核心 PPI 将上涨 0.4%。相比之下，10 月份分别增长了 0.6% 和 0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5000名小企业主。看涨期权的预期读数为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>12/15星期三</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束为期两天的会议，政策制定者将讨论加快逐步减少每月证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>BLS报告</b>11月份进出口价格数据。预计出口价格将环比上涨 0.5%，而进口价格将上涨 0.5%。相比之下，10 月份的涨幅分别为 1.5% 和 1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>住宅建筑商发布了12月份的NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11 月份零售支出报告。经季节性调整后，预计零售额环比增长 0.7%，而 10 月份为 1.7%。不包括汽车，支出预计增长 0.8%，而上一时期为 1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四 12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、埃森哲、联邦快递、捷普、Adobe、Rivian汽车和诺信等公司在评级举办了财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。经季节性调整后的新屋开工率预计为156.3万套，而10月份为152万套。当房屋开始挖掘时，房屋开始计算。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议纪要。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继 10 月份上涨 1.6% 之后，经济学家预计上涨 0.6%。产能利用率预计为 76.8%，与 10 月份的 76.4% 大致持平。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>12/17星期五</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants 和 Quanex Building Products 在评级举办财报会议。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3\">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":{".DJI":"道琼斯","PHX":"潘汉德尔油气","ACN":"埃森哲","LEN":"莱纳建筑公司","DRI":"达登饭店","CPB":"金宝汤","JILL":"J.Jill Inc.","ADBE":"Adobe",".IXIC":"NASDAQ Composite","FDX":"联邦快递",".SPX":"S&P 500 Index","RIVN":"Rivian Automotive, Inc.","HEI":"海科航空"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171271872","content_text":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.\nThe Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.\nEarnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and Darden Restaurants on Friday.\nEconomic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.\nOther data releases include the National Federation of Independent Businesses’ sentiment index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.\nMonday 12/13\nJ.Jill and PHX Minerals host earnings conference calls.\nTuesday 12/14\nCampbell Soup, Barnes Group, and Avaya Holdings host investor days.\nThe Bureau of Labor Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.\nThe National Federation of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.\nWednesday 12/15\nThe Federal Open Market Committee concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.\nThe BLS reports export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.\nThe National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.\nThe Census Bureau reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.\nThursday 12/16\nHeico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.\nThe Census Bureaureleases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.\nThe Bank of England announces its interest-rate decision and publishes the minutes of the meeting.\nThe Federal Reserve releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.\nFriday 12/17\nSteelcase,Darden Restaurants, and Quanex Building Products host earnings conference calls.","news_type":1,"symbols_score_info":{".DJI":0.9,"ADBE":0.9,"JILL":0.9,"HEI":0.9,"RIVN":0.9,"AVYA":0.9,".IXIC":0.9,"FDX":0.9,"PHX":0.9,"LEN":0.9,"CPB":0.9,"ACN":0.9,"DRI":0.9,".SPX":0.9,"SCS":0.9}},"isVote":1,"tweetType":1,"viewCount":3974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605149938,"gmtCreate":1639134793131,"gmtModify":1639134793488,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605149938","repostId":"1107688575","repostType":4,"repost":{"id":"1107688575","kind":"news","pubTimestamp":1639132321,"share":"https://www.laohunote.com/m/news/1107688575?lang=zh_CN&edition=full","pubTime":"2021-12-10 18:32","market":"us","language":"en","title":"U.S.Stock Futures Edge Up Ahead of Inflation Data<blockquote>美国股指期货在通胀数据公布前小幅上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107688575","media":"Wall Street Journal","summary":"U.S. stock futures and bond yields rose ahead of fresh inflation data that could influence the Feder","content":"<p>U.S. stock futures and bond yields rose ahead of fresh inflation data that could influence the Federal Reserve’s timeline for reducing stimulus measures.</p><p><blockquote>在新的通胀数据可能影响美联储缩减刺激措施的时间表之前，美国股指期货和债券收益率上涨。</blockquote></p><p> Futures for the S&amp;P 500 gained 0.3% Friday. The&nbsp;index retreated Thursday&nbsp;but was on track for its strongest week of gains since February. Contracts for the tech-focused Nasdaq-100 rose 0.3% Friday, and futures for the Dow Jones Industrial Average were up 0.1%.</p><p><blockquote>标普500期货周五上涨0.3%。该指数周四回落，但有望创下二月份以来最强劲的一周涨幅。以科技股为主的纳斯达克 100 指数合约周五上涨 0.3%，道琼斯工业平均指数期货上涨 0.1%。</blockquote></p><p> Economists surveyed by The Wall Street Journal expect that U.S. inflation hit an almost four-decade high in November. Price pressures have been driven by strong demand and supply-chain woes related to the pandemic, as well as higher energy prices.</p><p><blockquote>接受《华尔街日报》调查的经济学家预计，美国通胀率将在 11 月份创下近四十年来的新高。强劲的需求和与疫情相关的供应链困境，以及能源价格上涨，都造成了价格压力。</blockquote></p><p> The Federal Reserve will hold a two-meeting meeting next week at which it may provide more details about how it plans to wind down its bond-buying program and when it plans to begin raising interest rates. Investors are waiting to see whether officials signal a&nbsp;faster end to stimulus&nbsp;than currently expected and how they characterize inflation.</p><p><blockquote>美联储将于下周召开两场会议，届时可能会提供更多细节，说明其计划如何结束购债计划，以及计划何时开始加息。投资者正在观望官员们是否会发出比目前预期更快结束刺激的信号，以及他们如何描述通胀。</blockquote></p><p> “What we see is this lack of direction [in markets]: one day going up, one day going down and today what we are really looking to see are the U.S. inflation numbers,” said Frank Øland Winther, global chief strategist at&nbsp;Danske Bank.</p><p><blockquote>“丹麦银行全球首席策略师弗兰克-奥兰-温瑟（Frank Øland Winther）说：”我们看到的是（市场）缺乏方向： 一天上涨，一天下跌，今天我们真正希望看到的是美国的通胀数据。</blockquote></p><p> In bond markets on Friday, the yield on the 10-year Treasury note—which rises when prices fall—ticked up to 1.518%, from 1.486% Thursday. Brent crude futures, the benchmark in global oil markets, rose 0.2% to $74.55 a barrel, and were up 7.7% for the month.</p><p><blockquote>周五债券市场上，10 年期国库券收益率（价格下跌时上升）从周四的 1.486% 升至 1.518%。全球石油市场基准布伦特原油期货上涨0.2%，至每桶74.55美元，当月上涨7.7%。</blockquote></p><p> In premarket trading,Oracle&nbsp;shares gained more than 10% after the database giant reported second-quarter results that beat estimates.Broadcom&nbsp;shares added more than 5% after the company posted better-than-expected results, provided strong January-quarter guidance, raised its dividend and announced a stock-repurchase program.</p><p><blockquote>在盘前交易中，数据库巨头甲骨文公布第二季度业绩超出预期后，该公司股价上涨超过 10%。博通公布好于预期的业绩、提供强劲的一月份季度指引、提高股息并宣布股票回购计划。</blockquote></p><p> Overseas, the pan-continental Stoxx Europe 600 fell 0.4%. Shares of auto maker Daimler fell more than 15% as its spun-off trucks business, Daimler Truck Holding, began trading in Germany on Friday.</p><p><blockquote>海外方面，泛洲斯托克欧洲 600 指数下跌 0.4%。汽车制造商戴姆勒的股价下跌超过 15%，其分拆的卡车业务戴姆勒卡车控股公司周五开始在德国交易。</blockquote></p><p> Major indexes in Asia closed lower. Hong Kong’s Hang Seng declined 1.1%, and Japan’s Nikkei 225 fell 1%. South Korea’s Kospi shed 0.6% and China’s Shanghai Composite edged down 0.2%.</p><p><blockquote>亚洲主要股指收低。香港恒生指数下跌 1.1%，日本日经 225 指数下跌 1%。韩国综合指数下跌 0.6%，中国上证综指小幅下跌 0.2%。</blockquote></p><p> China Fortune Land Development’s shares rose 10% in Shanghai trading after the indebted property developer said creditors had approved a debt restructuring plan, potentially throwing it a lifeline. Concerns over China’s real-estate sector have weighed on markets this year, and this week, Fitch Ratings said&nbsp;China Evergrande Group&nbsp;and a second big property developer,Kaisa Group,had&nbsp;defaulted after missing U.S. dollar bond payments.</p><p><blockquote>华夏幸福的股价在上海交易中上涨了 10%，此前这家负债累累的房地产开发商表示，债权人已经批准了一项债务重组计划，这可能会给它带来一条生命线。今年，对中国房地产行业的担忧给市场带来了压力，惠誉评级（Fitch Ratings）本周称，中国恒大集团和第二大房地产开发商佳兆业集团（Kaisa Group）因未能支付美元债券而违约。</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.Stock Futures Edge Up Ahead of Inflation Data<blockquote>美国股指期货在通胀数据公布前小幅上涨</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\">\nU.S.Stock Futures Edge Up Ahead of Inflation Data<blockquote>美国股指期货在通胀数据公布前小幅上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wall Street Journal</strong><span class=\"h-time small\">2021-12-10 18:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock futures and bond yields rose ahead of fresh inflation data that could influence the Federal Reserve’s timeline for reducing stimulus measures.</p><p><blockquote>在新的通胀数据可能影响美联储缩减刺激措施的时间表之前，美国股指期货和债券收益率上涨。</blockquote></p><p> Futures for the S&amp;P 500 gained 0.3% Friday. The&nbsp;index retreated Thursday&nbsp;but was on track for its strongest week of gains since February. Contracts for the tech-focused Nasdaq-100 rose 0.3% Friday, and futures for the Dow Jones Industrial Average were up 0.1%.</p><p><blockquote>标普500期货周五上涨0.3%。该指数周四回落，但有望创下二月份以来最强劲的一周涨幅。以科技股为主的纳斯达克 100 指数合约周五上涨 0.3%，道琼斯工业平均指数期货上涨 0.1%。</blockquote></p><p> Economists surveyed by The Wall Street Journal expect that U.S. inflation hit an almost four-decade high in November. Price pressures have been driven by strong demand and supply-chain woes related to the pandemic, as well as higher energy prices.</p><p><blockquote>接受《华尔街日报》调查的经济学家预计，美国通胀率将在 11 月份创下近四十年来的新高。强劲的需求和与疫情相关的供应链困境，以及能源价格上涨，都造成了价格压力。</blockquote></p><p> The Federal Reserve will hold a two-meeting meeting next week at which it may provide more details about how it plans to wind down its bond-buying program and when it plans to begin raising interest rates. Investors are waiting to see whether officials signal a&nbsp;faster end to stimulus&nbsp;than currently expected and how they characterize inflation.</p><p><blockquote>美联储将于下周召开两场会议，届时可能会提供更多细节，说明其计划如何结束购债计划，以及计划何时开始加息。投资者正在观望官员们是否会发出比目前预期更快结束刺激的信号，以及他们如何描述通胀。</blockquote></p><p> “What we see is this lack of direction [in markets]: one day going up, one day going down and today what we are really looking to see are the U.S. inflation numbers,” said Frank Øland Winther, global chief strategist at&nbsp;Danske Bank.</p><p><blockquote>“丹麦银行全球首席策略师弗兰克-奥兰-温瑟（Frank Øland Winther）说：”我们看到的是（市场）缺乏方向： 一天上涨，一天下跌，今天我们真正希望看到的是美国的通胀数据。</blockquote></p><p> In bond markets on Friday, the yield on the 10-year Treasury note—which rises when prices fall—ticked up to 1.518%, from 1.486% Thursday. Brent crude futures, the benchmark in global oil markets, rose 0.2% to $74.55 a barrel, and were up 7.7% for the month.</p><p><blockquote>周五债券市场上，10 年期国库券收益率（价格下跌时上升）从周四的 1.486% 升至 1.518%。全球石油市场基准布伦特原油期货上涨0.2%，至每桶74.55美元，当月上涨7.7%。</blockquote></p><p> In premarket trading,Oracle&nbsp;shares gained more than 10% after the database giant reported second-quarter results that beat estimates.Broadcom&nbsp;shares added more than 5% after the company posted better-than-expected results, provided strong January-quarter guidance, raised its dividend and announced a stock-repurchase program.</p><p><blockquote>在盘前交易中，数据库巨头甲骨文公布第二季度业绩超出预期后，该公司股价上涨超过 10%。博通公布好于预期的业绩、提供强劲的一月份季度指引、提高股息并宣布股票回购计划。</blockquote></p><p> Overseas, the pan-continental Stoxx Europe 600 fell 0.4%. Shares of auto maker Daimler fell more than 15% as its spun-off trucks business, Daimler Truck Holding, began trading in Germany on Friday.</p><p><blockquote>海外方面，泛洲斯托克欧洲 600 指数下跌 0.4%。汽车制造商戴姆勒的股价下跌超过 15%，其分拆的卡车业务戴姆勒卡车控股公司周五开始在德国交易。</blockquote></p><p> Major indexes in Asia closed lower. Hong Kong’s Hang Seng declined 1.1%, and Japan’s Nikkei 225 fell 1%. South Korea’s Kospi shed 0.6% and China’s Shanghai Composite edged down 0.2%.</p><p><blockquote>亚洲主要股指收低。香港恒生指数下跌 1.1%，日本日经 225 指数下跌 1%。韩国综合指数下跌 0.6%，中国上证综指小幅下跌 0.2%。</blockquote></p><p> China Fortune Land Development’s shares rose 10% in Shanghai trading after the indebted property developer said creditors had approved a debt restructuring plan, potentially throwing it a lifeline. Concerns over China’s real-estate sector have weighed on markets this year, and this week, Fitch Ratings said&nbsp;China Evergrande Group&nbsp;and a second big property developer,Kaisa Group,had&nbsp;defaulted after missing U.S. dollar bond payments.</p><p><blockquote>华夏幸福的股价在上海交易中上涨了 10%，此前这家负债累累的房地产开发商表示，债权人已经批准了一项债务重组计划，这可能会给它带来一条生命线。今年，对中国房地产行业的担忧给市场带来了压力，惠誉评级（Fitch Ratings）本周称，中国恒大集团和第二大房地产开发商佳兆业集团（Kaisa Group）因未能支付美元债券而违约。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/global-stock-markets-dow-update-12-10-2021-11639125288?mod=markets_lead_pos2\">Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.wsj.com/articles/global-stock-markets-dow-update-12-10-2021-11639125288?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107688575","content_text":"U.S. stock futures and bond yields rose ahead of fresh inflation data that could influence the Federal Reserve’s timeline for reducing stimulus measures.\nFutures for the S&P 500 gained 0.3% Friday. The index retreated Thursday but was on track for its strongest week of gains since February. Contracts for the tech-focused Nasdaq-100 rose 0.3% Friday, and futures for the Dow Jones Industrial Average were up 0.1%.\nEconomists surveyed by The Wall Street Journal expect that U.S. inflation hit an almost four-decade high in November. Price pressures have been driven by strong demand and supply-chain woes related to the pandemic, as well as higher energy prices.\nThe Federal Reserve will hold a two-meeting meeting next week at which it may provide more details about how it plans to wind down its bond-buying program and when it plans to begin raising interest rates. Investors are waiting to see whether officials signal a faster end to stimulus than currently expected and how they characterize inflation.\n“What we see is this lack of direction [in markets]: one day going up, one day going down and today what we are really looking to see are the U.S. inflation numbers,” said Frank Øland Winther, global chief strategist at Danske Bank.\nIn bond markets on Friday, the yield on the 10-year Treasury note—which rises when prices fall—ticked up to 1.518%, from 1.486% Thursday. Brent crude futures, the benchmark in global oil markets, rose 0.2% to $74.55 a barrel, and were up 7.7% for the month.\nIn premarket trading,Oracle shares gained more than 10% after the database giant reported second-quarter results that beat estimates.Broadcom shares added more than 5% after the company posted better-than-expected results, provided strong January-quarter guidance, raised its dividend and announced a stock-repurchase program.\nOverseas, the pan-continental Stoxx Europe 600 fell 0.4%. Shares of auto maker Daimler fell more than 15% as its spun-off trucks business, Daimler Truck Holding, began trading in Germany on Friday.\nMajor indexes in Asia closed lower. Hong Kong’s Hang Seng declined 1.1%, and Japan’s Nikkei 225 fell 1%. South Korea’s Kospi shed 0.6% and China’s Shanghai Composite edged down 0.2%.\nChina Fortune Land Development’s shares rose 10% in Shanghai trading after the indebted property developer said creditors had approved a debt restructuring plan, potentially throwing it a lifeline. Concerns over China’s real-estate sector have weighed on markets this year, and this week, Fitch Ratings said China Evergrande Group and a second big property developer,Kaisa Group,had defaulted after missing U.S. dollar bond 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Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1638523347,"share":"https://www.laohunote.com/m/news/2188547616?lang=zh_CN&edition=full","pubTime":"2021-12-03 17:22","market":"us","language":"en","title":"Earnings Scheduled For December 3, 2021<blockquote>定于 2021 年 12 月 3 日公布的收益</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2188547616","media":"Benzinga Earnings","summary":" \n\nCompanies Reporting Before The Bell\n\n• SPDR Bloomberg Convertible Securities ETF (NYSE:CWB) is projected to report quarterly earnings at $0.86 per share on revenue of $266.98 million.","content":"<p><h3>Companies Reporting Before The Bell</h3> • SPDR Bloomberg Convertible Securities ETF (NYSE:CWB) is projected to report quarterly earnings at $0.86 per share on revenue of $266.98 million.</p><p><blockquote><h3>公司在钟声响起前报告</h3>- SPDR 彭博可转换证券 ETF（纽约证券交易所股票代码：CWB）预计季度收益为每股 0.86 美元，营收为 2.6698 亿美元。</blockquote></p><p> • Bank of Montreal (NYSE:BMO) is expected to report quarterly earnings at $3.21 per share on revenue of $6.59 billion.</p><p><blockquote>- 蒙特利尔银行（纽约证券交易所股票代码：BMO）预计季度收益为每股 3.21 美元，营收为 65.9 亿美元。</blockquote></p><p> • Hibbett (NASDAQ:HIBB) is likely to report quarterly earnings at $1.57 per share on revenue of $360.63 million.</p><p><blockquote>- Hibbett（纳斯达克股票代码：HIBB）的季度收益可能为每股 1.57 美元，营收为 3.6063 亿美元。</blockquote></p><p> • Dole (NYSE:DOLE) is likely to report quarterly earnings at $0.60 per share on revenue of $2.27 billion.</p><p><blockquote>- 都乐（纽约证券交易所股票代码：DOLE）的季度收益可能为每股 0.60 美元，营收为 22.7 亿美元。</blockquote></p><p> • RLX Technology (NYSE:RLX) is projected to report earnings for its third quarter.</p><p><blockquote>- RLX科技（NYSE:RLX）预计将公布第三季度收益。</blockquote></p><p> • Genesco (NYSE:GCO) is projected to report quarterly earnings at $1.29 per share on revenue of $575.57 million.</p><p><blockquote>- Genesco（纽约证券交易所股票代码：GCO）预计季度收益为每股 1.29 美元，营收为 5.7557 亿美元。</blockquote></p><p> • Big Lots (NYSE:BIG) is likely to report quarterly loss at $0.16 per share on revenue of $1.32 billion.</p><p><blockquote>- Big Lots（纽约证券交易所股票代码：BIG）的季度亏损可能为每股 0.16 美元，营收为 13.2 亿美元。</blockquote></p><p> This article was generated by Benzinga's automated content engine and reviewed by an editor.</p><p><blockquote>本文由Benzinga的自动内容引擎生成，并由编辑审核。</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>Earnings Scheduled For December 3, 2021<blockquote>定于 2021 年 12 月 3 日公布的收益</blockquote></title>\n<style 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#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\">\nEarnings Scheduled For December 3, 2021<blockquote>定于 2021 年 12 月 3 日公布的收益</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-12-03 17:22</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><h3>Companies Reporting Before The Bell</h3> • SPDR Bloomberg Convertible Securities ETF (NYSE:CWB) is projected to report quarterly earnings at $0.86 per share on revenue of $266.98 million.</p><p><blockquote><h3>公司在钟声响起前报告</h3>- SPDR 彭博可转换证券 ETF（纽约证券交易所股票代码：CWB）预计季度收益为每股 0.86 美元，营收为 2.6698 亿美元。</blockquote></p><p> • Bank of Montreal (NYSE:BMO) is expected to report quarterly earnings at $3.21 per share on revenue of $6.59 billion.</p><p><blockquote>- 蒙特利尔银行（纽约证券交易所股票代码：BMO）预计季度收益为每股 3.21 美元，营收为 65.9 亿美元。</blockquote></p><p> • Hibbett (NASDAQ:HIBB) is likely to report quarterly earnings at $1.57 per share on revenue of $360.63 million.</p><p><blockquote>- Hibbett（纳斯达克股票代码：HIBB）的季度收益可能为每股 1.57 美元，营收为 3.6063 亿美元。</blockquote></p><p> • Dole (NYSE:DOLE) is likely to report quarterly earnings at $0.60 per share on revenue of $2.27 billion.</p><p><blockquote>- 都乐（纽约证券交易所股票代码：DOLE）的季度收益可能为每股 0.60 美元，营收为 22.7 亿美元。</blockquote></p><p> • RLX Technology (NYSE:RLX) is projected to report earnings for its third quarter.</p><p><blockquote>- RLX科技（NYSE:RLX）预计将公布第三季度收益。</blockquote></p><p> • Genesco (NYSE:GCO) is projected to report quarterly earnings at $1.29 per share on revenue of $575.57 million.</p><p><blockquote>- Genesco（纽约证券交易所股票代码：GCO）预计季度收益为每股 1.29 美元，营收为 5.7557 亿美元。</blockquote></p><p> • Big Lots (NYSE:BIG) is likely to report quarterly loss at $0.16 per share on revenue of $1.32 billion.</p><p><blockquote>- Big Lots（纽约证券交易所股票代码：BIG）的季度亏损可能为每股 0.16 美元，营收为 13.2 亿美元。</blockquote></p><p> This article was generated by Benzinga's automated content engine and reviewed by an editor.</p><p><blockquote>本文由Benzinga的自动内容引擎生成，并由编辑审核。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BMO":"蒙特利尔银行","CWB":"美国可转债ETF-SPDR Barclays","RLX":"雾芯科技","HIBB":"希贝特体育","DOLE":"都乐食品","GCO":"格涅斯科"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2188547616","content_text":"Companies Reporting Before The Bell\n• SPDR Bloomberg Convertible Securities ETF (NYSE:CWB) is projected to report quarterly earnings at $0.86 per share on revenue of $266.98 million.\n• Bank of Montreal (NYSE:BMO) is expected to report quarterly earnings at $3.21 per share on revenue of $6.59 billion.\n• Hibbett (NASDAQ:HIBB) is likely to report quarterly earnings at $1.57 per share on revenue of $360.63 million.\n• Dole (NYSE:DOLE) is likely to report quarterly earnings at $0.60 per share on revenue of $2.27 billion.\n• RLX Technology (NYSE:RLX) is projected to report earnings for its third quarter.\n• Genesco (NYSE:GCO) is projected to report quarterly earnings at $1.29 per share on revenue of $575.57 million.\n• Big Lots (NYSE:BIG) is likely to report quarterly loss at $0.16 per share on revenue of $1.32 billion.\nThis article was generated by Benzinga's automated content engine and reviewed by an editor.","news_type":1,"symbols_score_info":{"BMO":0.9,"CWB":0.9,"HIBB":0.9,"BIG":0.9,"DOLE":0.9,"GCO":0.9,"RLX":0.9}},"isVote":1,"tweetType":1,"viewCount":994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601650224,"gmtCreate":1638525000082,"gmtModify":1638525000082,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/601650224","repostId":"2188540330","repostType":4,"repost":{"id":"2188540330","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1638524158,"share":"https://www.laohunote.com/m/news/2188540330?lang=zh_CN&edition=full","pubTime":"2021-12-03 17:35","market":"us","language":"en","title":"5 Stocks To Watch For December 3, 2021<blockquote>2021 年 12 月 3 日值得关注的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2188540330","media":"Benzinga Earnings","summary":"Some of the stocks that may grab investor focus today are:\n\tWall Street expects  Big Lots, Inc.  (NYSE: BIG) to report a quarterly loss at $0.16 per share on revenue of $1.32 billion before the opening bell. Big Lots shares fell 5% to $41.45 in after-hours trading.\n","content":"<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li>Wall Street expects&nbsp;<b>Big Lots, Inc.</b>&nbsp;(NYSE:BIG) to report a quarterly loss at $0.16 per share on revenue of $1.32 billion before the opening bell. Big Lots shares fell 5% to $41.45 in after-hours trading&nbsp;Thursday.</li>  <li><b>DiDi Global Inc.</b>&nbsp;(NYSE:DIDI) said that its board of directors had authorized the company to initiate procedures to delist the company’s shares from the New York Stock Exchange. The company, however, announced plans to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange. DiDi Global shares jumped 9.5% to $8.54 in premarket trading&nbsp;Friday.</li>  <li>Analysts are expecting&nbsp;<b>Hibbett, Inc.</b>&nbsp;(NASDAQ:HIBB) to have earned $1.57 per share on revenue of $360.63 million for the latest quarter. The company will release earnings before the markets open. Hibbett shares rose 0.3% to $72.35 in after-hours trading&nbsp;Thursday.</li> </ul> <ul>  <li><b>Tesla Inc</b> (NASDAQ:TSLA) Elon Musk sold another 934,091 shares worth around $1.01 billion in order to fulfill his tax obligations, as per filings made with the U.S. Securities And Exchange Commission Thursday. Musk also exercised options to purchase 2.1 million shares of the automaker at $6.24, as per one of the filings. In late November, the company’s CEO had sold $1 billion worth of Tesla shares. Tesla shares rose 0.3% to $1,088 in premarket tradingFriday.</li>  <li><b>Ulta Beauty, Inc.</b> (NASDAQ:ULTA) reported better-than-expected results for its third quarter and raised its FY21 forecast. Ulta Beauty shares climbed 5.2% to $403.50 in the after-hours trading Thursday.</li> </ul></p><p><blockquote><ul><li>华尔街预期<b>大批量公司。</b>（纽约证券交易所股票代码：BIG）公布季度亏损，每股亏损 0.16 美元，开盘前营收为 13.2 亿美元。周四盘后交易中，Big Lots 股价下跌 5%，至 41.45 美元。</li><li><b>滴滴全球公司。</b>(纽约证券交易所股票代码：滴滴）表示，其董事会已授权公司启动程序，将公司股票从纽约证券交易所退市。然而，该公司宣布计划寻求将其A类普通股在香港联交所主板上市。滴滴全球股价在周五盘前交易中上涨 9.5%，至 8.54 美元。</li><li>分析师预计<b>希贝特公司。</b>（纳斯达克股票代码：HIBB）最新季度每股收益 1.57 美元，营收为 3.6063 亿美元。该公司将在开盘前发布财报。周四盘后交易中，Hibbett 股价上涨 0.3%，至 72.35 美元。</li></ul><ul><li><b>特斯拉公司</b>（纳斯达克股票代码：TSLA）根据周四向美国证券交易委员会提交的文件，埃隆·马斯克又出售了 934,091 股股票，价值约 10.1 亿美元，以履行纳税义务。根据其中一份文件，马斯克还行使了以 6.24 美元购买该汽车制造商 210 万股股票的期权。11 月底，该公司首席执行官出售了价值 10 亿美元的特斯拉股票。周五盘前交易中，特斯拉股价上涨 0.3%，至 1,088 美元。</li><li><b>乌尔塔美容公司。</b>（纳斯达克股票代码：ULTA）公布的第三季度业绩好于预期，并上调了 2021 财年预测。Ulta Beauty 股价在周四盘后交易中上涨 5.2%，至 403.50 美元。</li></ul></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>5 Stocks To Watch For December 3, 2021<blockquote>2021 年 12 月 3 日值得关注的 5 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Stocks To Watch For December 3, 2021<blockquote>2021 年 12 月 3 日值得关注的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-12-03 17:35</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li>Wall Street expects&nbsp;<b>Big Lots, Inc.</b>&nbsp;(NYSE:BIG) to report a quarterly loss at $0.16 per share on revenue of $1.32 billion before the opening bell. Big Lots shares fell 5% to $41.45 in after-hours trading&nbsp;Thursday.</li>  <li><b>DiDi Global Inc.</b>&nbsp;(NYSE:DIDI) said that its board of directors had authorized the company to initiate procedures to delist the company’s shares from the New York Stock Exchange. The company, however, announced plans to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange. DiDi Global shares jumped 9.5% to $8.54 in premarket trading&nbsp;Friday.</li>  <li>Analysts are expecting&nbsp;<b>Hibbett, Inc.</b>&nbsp;(NASDAQ:HIBB) to have earned $1.57 per share on revenue of $360.63 million for the latest quarter. The company will release earnings before the markets open. Hibbett shares rose 0.3% to $72.35 in after-hours trading&nbsp;Thursday.</li> </ul> <ul>  <li><b>Tesla Inc</b> (NASDAQ:TSLA) Elon Musk sold another 934,091 shares worth around $1.01 billion in order to fulfill his tax obligations, as per filings made with the U.S. Securities And Exchange Commission Thursday. Musk also exercised options to purchase 2.1 million shares of the automaker at $6.24, as per one of the filings. In late November, the company’s CEO had sold $1 billion worth of Tesla shares. Tesla shares rose 0.3% to $1,088 in premarket tradingFriday.</li>  <li><b>Ulta Beauty, Inc.</b> (NASDAQ:ULTA) reported better-than-expected results for its third quarter and raised its FY21 forecast. Ulta Beauty shares climbed 5.2% to $403.50 in the after-hours trading Thursday.</li> </ul></p><p><blockquote><ul><li>华尔街预期<b>大批量公司。</b>（纽约证券交易所股票代码：BIG）公布季度亏损，每股亏损 0.16 美元，开盘前营收为 13.2 亿美元。周四盘后交易中，Big Lots 股价下跌 5%，至 41.45 美元。</li><li><b>滴滴全球公司。</b>(纽约证券交易所股票代码：滴滴）表示，其董事会已授权公司启动程序，将公司股票从纽约证券交易所退市。然而，该公司宣布计划寻求将其A类普通股在香港联交所主板上市。滴滴全球股价在周五盘前交易中上涨 9.5%，至 8.54 美元。</li><li>分析师预计<b>希贝特公司。</b>（纳斯达克股票代码：HIBB）最新季度每股收益 1.57 美元，营收为 3.6063 亿美元。该公司将在开盘前发布财报。周四盘后交易中，Hibbett 股价上涨 0.3%，至 72.35 美元。</li></ul><ul><li><b>特斯拉公司</b>（纳斯达克股票代码：TSLA）根据周四向美国证券交易委员会提交的文件，埃隆·马斯克又出售了 934,091 股股票，价值约 10.1 亿美元，以履行纳税义务。根据其中一份文件，马斯克还行使了以 6.24 美元购买该汽车制造商 210 万股股票的期权。11 月底，该公司首席执行官出售了价值 10 亿美元的特斯拉股票。周五盘前交易中，特斯拉股价上涨 0.3%，至 1,088 美元。</li><li><b>乌尔塔美容公司。</b>（纳斯达克股票代码：ULTA）公布的第三季度业绩好于预期，并上调了 2021 财年预测。Ulta Beauty 股价在周四盘后交易中上涨 5.2%，至 403.50 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4539":"次新股","BK4200":"专卖店","BK4505":"高瓴资本持仓","HIBB":"希贝特体育","BK4022":"陆运","BK4114":"综合货品商店","BK4561":"索罗斯持仓","DIDI":"滴滴(已退市)","CEO":"中海油","TSLA":"特斯拉","ULTA":"Ulta美容","BK4535":"淡马锡持仓","BK4526":"热门中概股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2188540330","content_text":"Some of the stocks that may grab investor focus today are:\n\nWall Street expects Big Lots, Inc. (NYSE:BIG) to report a quarterly loss at $0.16 per share on revenue of $1.32 billion before the opening bell. Big Lots shares fell 5% to $41.45 in after-hours trading Thursday.\nDiDi Global Inc. (NYSE:DIDI) said that its board of directors had authorized the company to initiate procedures to delist the company’s shares from the New York Stock Exchange. The company, however, announced plans to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange. DiDi Global shares jumped 9.5% to $8.54 in premarket trading Friday.\nAnalysts are expecting Hibbett, Inc. (NASDAQ:HIBB) to have earned $1.57 per share on revenue of $360.63 million for the latest quarter. The company will release earnings before the markets open. Hibbett shares rose 0.3% to $72.35 in after-hours trading Thursday.\n\n\nTesla Inc (NASDAQ:TSLA) Elon Musk sold another 934,091 shares worth around $1.01 billion in order to fulfill his tax obligations, as per filings made with the U.S. Securities And Exchange Commission Thursday. Musk also exercised options to purchase 2.1 million shares of the automaker at $6.24, as per one of the filings. In late November, the company’s CEO had sold $1 billion worth of Tesla shares. Tesla shares rose 0.3% to $1,088 in premarket tradingFriday.\nUlta Beauty, Inc. (NASDAQ:ULTA) reported better-than-expected results for its third quarter and raised its FY21 forecast. Ulta Beauty shares climbed 5.2% to $403.50 in the after-hours trading Thursday.","news_type":1,"symbols_score_info":{"DIDI":0.9,"HIBB":0.9,"ULTA":0.9,"TSLA":0.9,"BIG":0.9,"CEO":0.9}},"isVote":1,"tweetType":1,"viewCount":1922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603279352,"gmtCreate":1638419098064,"gmtModify":1638419098643,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603279352","repostId":"1171217212","repostType":4,"repost":{"id":"1171217212","kind":"news","pubTimestamp":1638416856,"share":"https://www.laohunote.com/m/news/1171217212?lang=zh_CN&edition=full","pubTime":"2021-12-02 11:47","market":"hk","language":"en","title":"Weibo plans to price HK listing at HK$272.80 per share<blockquote>微博计划将香港上市定价为每股272.80港元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171217212","media":"IFR","summary":"Weibo plans to price HK listing at HK$272.80 per share, according to IFR.","content":"<p>Weibo plans to price HK listing at HK$272.80 per share,&nbsp;according&nbsp;to&nbsp;IFR.</p><p><blockquote>根据国际财务报告准则，微博计划将香港上市定价为每股272.80港元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Weibo plans to price HK listing at HK$272.80 per share<blockquote>微博计划将香港上市定价为每股272.80港元</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\">\nWeibo plans to price HK listing at HK$272.80 per share<blockquote>微博计划将香港上市定价为每股272.80港元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">IFR</strong><span class=\"h-time small\">2021-12-02 11:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Weibo plans to price HK listing at HK$272.80 per share,&nbsp;according&nbsp;to&nbsp;IFR.</p><p><blockquote>根据国际财务报告准则，微博计划将香港上市定价为每股272.80港元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.ifre.com/story/3164593/weibo-plans-to-price-hk-listing-at-hk27280-per-share-rnhybgnjwr\">IFR</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":{"WB":"微博","09898":"微博-SW"},"source_url":"https://www.ifre.com/story/3164593/weibo-plans-to-price-hk-listing-at-hk27280-per-share-rnhybgnjwr","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171217212","content_text":"Weibo plans to price HK listing at HK$272.80 per share, according to IFR.","news_type":1,"symbols_score_info":{"09898":0.9,"WB":0.9}},"isVote":1,"tweetType":1,"viewCount":1334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603015199,"gmtCreate":1638338472983,"gmtModify":1638338473121,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603015199","repostId":"1117236043","repostType":4,"isVote":1,"tweetType":1,"viewCount":1071,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609673024,"gmtCreate":1638283248286,"gmtModify":1638283248478,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609673024","repostId":"1167187587","repostType":4,"repost":{"id":"1167187587","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":1638282732,"share":"https://www.laohunote.com/m/news/1167187587?lang=zh_CN&edition=full","pubTime":"2021-11-30 22:32","market":"us","language":"en","title":"Stocks open lower as investors assess omicron concerns<blockquote>投资者评估奥密克戎担忧，股市开盘走低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167187587","media":"Tiger Newspress","summary":"Stocks tumbled on Tuesday, reversing Monday's rebound on Wall Street, as investors reassessed risks ","content":"<p>Stocks tumbled on Tuesday, reversing Monday's rebound on Wall Street, as investors reassessed risks associated with the new omicron Covid variant.</p><p><blockquote>随着投资者重新评估与新奥密克戎新冠病毒变种相关的风险，周二股市暴跌，扭转了华尔街周一的反弹势头。</blockquote></p><p> The Dow Jones Industrial Average dropped about 290 points, or 0.8%. The S&amp;P 500 shed 0.64%. The technology-heavy Nasdaq Composite shed about 0.4%. The small-cap benchmark Russell 2000 dropped 0.7%.</p><p><blockquote>道琼斯工业平均指数下跌约290点，跌幅0.8%。标普500下跌0.64%。以技术为主的纳斯达克综合指数下跌约 0.4%。小盘股基准罗素 2000 指数下跌 0.7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/078050fb74fa44676c309ee766ee815d\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Tuesday's reversal came after&nbsp;Moderna&nbsp;CEO Stephane Bancel told the Financial Times that he&nbsp;expects existing vaccines to be less effective&nbsp;against the new variant. The CEO told the paper there could be a \"material drop\" in the current vaccines' effectiveness against this variant. Bancel told CNBC on Monday that it could take&nbsp;months to develop and ship an omicron-specific vaccine. Moderna was down nearly 4%.</p><p><blockquote>周二的逆转发生在 Moderna 首席执行官 Stephane Bancel 向英国《金融时报》表示，他预计现有疫苗对新变种的有效性较低之后。这位首席执行官告诉该报，当前疫苗对这种变种的有效性可能会出现“实质性下降”。班塞尔周一告诉 CNBC，开发和运送奥密克戎特异性疫苗可能需要几个月的时间。Moderna 下跌近 4%。</blockquote></p><p> Separately,Regeneron&nbsp;said its antibody treatment may have reduced effectiveness against omicron. Regeneron shares lost about 1%.</p><p><blockquote>另外， 再生元表示， 其抗体治疗可能降低了对抗奥密克戎病的有效性。再生元股价下跌约 1%。</blockquote></p><p> Travel shares, which led Friday's drop and then gained on Monday, were taking hits once again Tuesday.Expedia Group&nbsp;fell 2%,Norwegian Cruise Line Holdings&nbsp;and&nbsp;American Airlines&nbsp;&nbsp;shares&nbsp;tumbled about&nbsp;2%.</p><p><blockquote>周五领跌、周一上涨的旅游股周二再次受到冲击。 Expedia Group 下跌 2%，挪威邮轮控股公司和美国航空股价下跌约 2%。</blockquote></p><p> Bucking the broader market's trend, stay-at-home stock Netflix rose 1.4% and Tesla gained 1.5%.</p><p><blockquote>与大盘趋势相反，居家股票 Netflix 上涨 1.4%，特斯拉上涨 1.5%。</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 open lower as investors assess omicron concerns<blockquote>投资者评估奥密克戎担忧，股市开盘走低</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\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 open lower as investors assess omicron concerns<blockquote>投资者评估奥密克戎担忧，股市开盘走低</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\">2021-11-30 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Stocks tumbled on Tuesday, reversing Monday's rebound on Wall Street, as investors reassessed risks associated with the new omicron Covid variant.</p><p><blockquote>随着投资者重新评估与新奥密克戎新冠病毒变种相关的风险，周二股市暴跌，扭转了华尔街周一的反弹势头。</blockquote></p><p> The Dow Jones Industrial Average dropped about 290 points, or 0.8%. The S&amp;P 500 shed 0.64%. The technology-heavy Nasdaq Composite shed about 0.4%. The small-cap benchmark Russell 2000 dropped 0.7%.</p><p><blockquote>道琼斯工业平均指数下跌约290点，跌幅0.8%。标普500下跌0.64%。以技术为主的纳斯达克综合指数下跌约 0.4%。小盘股基准罗素 2000 指数下跌 0.7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/078050fb74fa44676c309ee766ee815d\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Tuesday's reversal came after&nbsp;Moderna&nbsp;CEO Stephane Bancel told the Financial Times that he&nbsp;expects existing vaccines to be less effective&nbsp;against the new variant. The CEO told the paper there could be a \"material drop\" in the current vaccines' effectiveness against this variant. Bancel told CNBC on Monday that it could take&nbsp;months to develop and ship an omicron-specific vaccine. Moderna was down nearly 4%.</p><p><blockquote>周二的逆转发生在 Moderna 首席执行官 Stephane Bancel 向英国《金融时报》表示，他预计现有疫苗对新变种的有效性较低之后。这位首席执行官告诉该报，当前疫苗对这种变种的有效性可能会出现“实质性下降”。班塞尔周一告诉 CNBC，开发和运送奥密克戎特异性疫苗可能需要几个月的时间。Moderna 下跌近 4%。</blockquote></p><p> Separately,Regeneron&nbsp;said its antibody treatment may have reduced effectiveness against omicron. Regeneron shares lost about 1%.</p><p><blockquote>另外， 再生元表示， 其抗体治疗可能降低了对抗奥密克戎病的有效性。再生元股价下跌约 1%。</blockquote></p><p> Travel shares, which led Friday's drop and then gained on Monday, were taking hits once again Tuesday.Expedia Group&nbsp;fell 2%,Norwegian Cruise Line Holdings&nbsp;and&nbsp;American Airlines&nbsp;&nbsp;shares&nbsp;tumbled about&nbsp;2%.</p><p><blockquote>周五领跌、周一上涨的旅游股周二再次受到冲击。 Expedia Group 下跌 2%，挪威邮轮控股公司和美国航空股价下跌约 2%。</blockquote></p><p> Bucking the broader market's trend, stay-at-home stock Netflix rose 1.4% and Tesla gained 1.5%.</p><p><blockquote>与大盘趋势相反，居家股票 Netflix 上涨 1.4%，特斯拉上涨 1.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167187587","content_text":"Stocks tumbled on Tuesday, reversing Monday's rebound on Wall Street, as investors reassessed risks associated with the new omicron Covid variant.\nThe Dow Jones Industrial Average dropped about 290 points, or 0.8%. The S&P 500 shed 0.64%. The technology-heavy Nasdaq Composite shed about 0.4%. The small-cap benchmark Russell 2000 dropped 0.7%.\n\nTuesday's reversal came after Moderna CEO Stephane Bancel told the Financial Times that he expects existing vaccines to be less effective against the new variant. The CEO told the paper there could be a \"material drop\" in the current vaccines' effectiveness against this variant. Bancel told CNBC on Monday that it could take months to develop and ship an omicron-specific vaccine. Moderna was down nearly 4%.\nSeparately,Regeneron said its antibody treatment may have reduced effectiveness against omicron. Regeneron shares lost about 1%.\nTravel shares, which led Friday's drop and then gained on Monday, were taking hits once again Tuesday.Expedia Group fell 2%,Norwegian Cruise Line Holdings and American Airlines  shares tumbled about 2%.\nBucking the broader market's trend, stay-at-home stock Netflix rose 1.4% and Tesla gained 1.5%.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600550310,"gmtCreate":1638177652035,"gmtModify":1638177747299,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600550310","repostId":"1124072014","repostType":4,"repost":{"id":"1124072014","kind":"news","pubTimestamp":1638140765,"share":"https://www.laohunote.com/m/news/1124072014?lang=zh_CN&edition=full","pubTime":"2021-11-29 07:06","market":"us","language":"en","title":"November jobs report: What to know this week<blockquote>11 月就业报告：本周须知</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124072014","media":"yahoo","summary":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor","content":"<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周归来，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。共识经济学家预计 11 月份将恢复 50 万个工作岗位，招聘速度仅比 10 月份的 53.1 万个工作岗位略有放缓。失业率预计也将从10月份的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情浪潮的风险越来越大以及可用工人供应的减少将很快影响就业增长。”上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更明显的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可能会下降。”<i>恶化</i>阿什沃斯补充说：“在未来几个月里，覆盖 1 亿 [万] 工人的联邦疫苗授权将于 1 月 4 日开始。这表明工资增长将保持强劲，我们预计 10 月份平均时薪将[环比]增长 0.4%”。</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长 5.0%，继 10 月份已经增长 4.9% 之后进一步加速，这是自 2 月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张——虽然对消费者及其消费能力有利——也加剧了人们对持续通胀的担忧。经济分析局上周公布的 10 月份个人消费支出 (PCE) 平减指数显示，该指数年增长率为 5.0%，为 1990 年以来最大涨幅。核心 PCE（美联储首选的剔除波动的食品和能源价格的通胀指标）同比上涨 4.1%，为三十年来最高。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据反映了紧张的劳动力市场，并预示着 11 月份就业报告可能会强劲。上周，首次申请失业救济人数降至 19.9 万人的 52 年来最低点，打破了疫情时代之前的低点和疫情之前新首次申请失业救济人数的平均水平。这再次凸显了美国雇主之间激烈的劳动力竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。共识经济学家预计，11 月份劳动力参与率只会小幅上升，达到 61.7%，高于 10 月份的 61.6%，但远低于 2020 年 2 月的 63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济恢复到大流行前的劳动力参与水平，并确保不同群体的就业增长得到公平对待，已成为美联储的一个重点。这些方面仍有待弥合的距离也是美联储在货币政策支持方面保持超宽松的最大因素，即使在一系列比预期更热门的通胀报告之后，这些报告似乎需要更加鹰派的政策倾斜和加息速度快于预期。美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长，这进一步表明美联储将继续关注劳动力市场作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳在上周的一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已被大幅提前。”“然而，正如鲍威尔主席 11 月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10 月份待售房屋销售环比（预期 0.7%，9 月份为 -2.3%）；达拉斯美联储 11 月制造业活动指数（预期 17.0，10 月 14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>FHFA房价指数，9月环比（预期1.2%，8月1.0%）；S&amp;P CoreLogic Case-Shiller 20 个城市综合指数，9 月环比（预期 1.30%，8 月 1.17%）；S&amp;P CoreLogic Case-Shiller 20 个城市综合指数，9 月（上月为 19.66%）；MNI芝加哥采购经理人指数，11月（预期67.0，10月68.4）；世界大型企业联合会消费者信心指数，11 月（预期 110.0，10 月 113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA 抵押贷款申请，11 月 26 日（前一周 1.8%）；11 月 ADP 就业变化（预计 515,000 人，10 月 571,000 人）；Markit 美国 11 月制造业 PMI 最终值（上月为 59.1）；10 月份建筑支出环比（预期 0.5%，9 月份为 -0.5%）；ISM 制造业，11 月（预期 61.0，10 月 60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11 月（10 月-71.7%）；截至 11 月 27 日当周首次申请失业救济人数（前一周为 199,000 人）；持续索赔，11 月 20 日（前一周 2,049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11 月非农就业人数变化（预计 500,000 人，10 月 531,000 人）；11月失业率（预期4.5%，10月4.6%）；11 月份平均小时收益环比（预期 0.4%，10 月份 0.4%）；11 月份平均小时收入同比（预期 5.0%，10 月份 4.9%）；Markit 美国服务业 PMI，11 月最终值（先前印刷为 57.0）；Markit 美国综合 PMI，11 月最终值（先前印刷为 56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10 月份最终订单（先前印刷-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>收益日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布的重要报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com (CRM) 收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp. (PVH) 收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General (DG)、Kroger (KR) 开市前；Ulta Beauty (ULTA) 收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布的重要报告</i></li></blockquote></p><p></li> </ul></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>November jobs report: What to know this week<blockquote>11 月就业报告：本周须知</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\">\nNovember jobs report: What to know this week<blockquote>11 月就业报告：本周须知</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-11-29 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周归来，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。共识经济学家预计 11 月份将恢复 50 万个工作岗位，招聘速度仅比 10 月份的 53.1 万个工作岗位略有放缓。失业率预计也将从10月份的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情浪潮的风险越来越大以及可用工人供应的减少将很快影响就业增长。”上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更明显的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可能会下降。”<i>恶化</i>阿什沃斯补充说：“在未来几个月里，覆盖 1 亿 [万] 工人的联邦疫苗授权将于 1 月 4 日开始。这表明工资增长将保持强劲，我们预计 10 月份平均时薪将[环比]增长 0.4%”。</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长 5.0%，继 10 月份已经增长 4.9% 之后进一步加速，这是自 2 月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张——虽然对消费者及其消费能力有利——也加剧了人们对持续通胀的担忧。经济分析局上周公布的 10 月份个人消费支出 (PCE) 平减指数显示，该指数年增长率为 5.0%，为 1990 年以来最大涨幅。核心 PCE（美联储首选的剔除波动的食品和能源价格的通胀指标）同比上涨 4.1%，为三十年来最高。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据反映了紧张的劳动力市场，并预示着 11 月份就业报告可能会强劲。上周，首次申请失业救济人数降至 19.9 万人的 52 年来最低点，打破了疫情时代之前的低点和疫情之前新首次申请失业救济人数的平均水平。这再次凸显了美国雇主之间激烈的劳动力竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。共识经济学家预计，11 月份劳动力参与率只会小幅上升，达到 61.7%，高于 10 月份的 61.6%，但远低于 2020 年 2 月的 63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济恢复到大流行前的劳动力参与水平，并确保不同群体的就业增长得到公平对待，已成为美联储的一个重点。这些方面仍有待弥合的距离也是美联储在货币政策支持方面保持超宽松的最大因素，即使在一系列比预期更热门的通胀报告之后，这些报告似乎需要更加鹰派的政策倾斜和加息速度快于预期。美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长，这进一步表明美联储将继续关注劳动力市场作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳在上周的一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已被大幅提前。”“然而，正如鲍威尔主席 11 月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10 月份待售房屋销售环比（预期 0.7%，9 月份为 -2.3%）；达拉斯美联储 11 月制造业活动指数（预期 17.0，10 月 14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>FHFA房价指数，9月环比（预期1.2%，8月1.0%）；S&amp;P CoreLogic Case-Shiller 20 个城市综合指数，9 月环比（预期 1.30%，8 月 1.17%）；S&amp;P CoreLogic Case-Shiller 20 个城市综合指数，9 月（上月为 19.66%）；MNI芝加哥采购经理人指数，11月（预期67.0，10月68.4）；世界大型企业联合会消费者信心指数，11 月（预期 110.0，10 月 113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA 抵押贷款申请，11 月 26 日（前一周 1.8%）；11 月 ADP 就业变化（预计 515,000 人，10 月 571,000 人）；Markit 美国 11 月制造业 PMI 最终值（上月为 59.1）；10 月份建筑支出环比（预期 0.5%，9 月份为 -0.5%）；ISM 制造业，11 月（预期 61.0，10 月 60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11 月（10 月-71.7%）；截至 11 月 27 日当周首次申请失业救济人数（前一周为 199,000 人）；持续索赔，11 月 20 日（前一周 2,049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11 月非农就业人数变化（预计 500,000 人，10 月 531,000 人）；11月失业率（预期4.5%，10月4.6%）；11 月份平均小时收益环比（预期 0.4%，10 月份 0.4%）；11 月份平均小时收入同比（预期 5.0%，10 月份 4.9%）；Markit 美国服务业 PMI，11 月最终值（先前印刷为 57.0）；Markit 美国综合 PMI，11 月最终值（先前印刷为 56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10 月份最终订单（先前印刷-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>收益日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布的重要报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com (CRM) 收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp. (PVH) 收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General (DG)、Kroger (KR) 开市前；Ulta Beauty (ULTA) 收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布的重要报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html\">yahoo</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":{"CRM":"赛富时"},"source_url":"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124072014","content_text":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.\nThe Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.\n\"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.\n\"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply couldworsenover the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"\nOn a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.\nGrowing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.\nOther recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.\nEven given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.\nReturning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.\n\"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"\nEconomic calendar\n\nMonday:Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)\nTuesday:FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)\nWednesday:MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book\nThursday:Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)\nFriday:Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)\n\nEarnings calendar\n\nMonday:No notable reports scheduled for release\nTuesday:Salesforce.com (CRM) after market close\nWednesday:PVH Corp. (PVH) after market close\nThursday:Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close\nFriday:No notable reports scheduled for release","news_type":1,"symbols_score_info":{"CRM":0.9}},"isVote":1,"tweetType":1,"viewCount":929,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600108185,"gmtCreate":1638078711485,"gmtModify":1638078711619,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600108185","repostId":"2186328507","repostType":4,"isVote":1,"tweetType":1,"viewCount":1063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600073347,"gmtCreate":1638023672251,"gmtModify":1638023672386,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600073347","repostId":"2186344334","repostType":4,"isVote":1,"tweetType":1,"viewCount":893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877008410,"gmtCreate":1637833947278,"gmtModify":1637833947494,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877008410","repostId":"2185354679","repostType":4,"isVote":1,"tweetType":1,"viewCount":1129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874885483,"gmtCreate":1637757805363,"gmtModify":1637757805529,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/874885483","repostId":"2185559613","repostType":4,"isVote":1,"tweetType":1,"viewCount":1609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":162847659,"gmtCreate":1624059021471,"gmtModify":1634023518683,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Comment and like please :)","listText":"Comment and like please :)","text":"Comment and like please :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/162847659","repostId":"1168762020","repostType":2,"repost":{"id":"1168762020","kind":"news","pubTimestamp":1623988654,"share":"https://www.laohunote.com/m/news/1168762020?lang=zh_CN&edition=full","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到 2028 年，半导体行业的复合年增长率将达到 8.6%。</li><li>DUV光刻预计到2025年将以8.4%的CAGR增长，EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML 在 EUV 中占据垄断地位，而在 DUV 中面临的竞争非常有限，这两个平台对于半导体制造工艺都绝对至关重要。</li><li>作为一家真正的创新者，ASML 拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受旅程方面做得很好，但对于潜在股东来说，安全边际很小，他们可能会通过美元成本平均法将脚趾浸入水中，以从推动 ASML 的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>微距照片/iStock via Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding (ASML) 拥有无与伦比的市场地位，其最先进的技术平台 EUV 光刻没有竞争对手。同样，它在 DUV 内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识掌握着非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象还有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于整体GDP的行业。然而，市场早已认识到 ASML 的杰出潜力和潜在历程，但仍然可能低估了其潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇文章，讲述了如何避免拥有太多半导体曝光。在分解了半导体制造的价值链后，我在评论部分收到了许多关于ASML的问题，并决定进行后续跟进。我选择 ASML 是因为它独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器公司（TXN）和博通公司（AVGO）的股票，接触到了半导体价值链的制造层面，但如果进一步深入价值链，投资者就可以以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触到大多数制造商，这使得它变得非常有趣，因为你可以采用 “我真的不介意谁赢，只要他们在竞争 ”的口头禅。因此，价值链上游的潜在风险敞口引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于 ASML 的追随者来说，这并不奇怪，但 ASML 在未来十年将推动其收入的产品中占据主导地位，那就是 EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方，都很难找到一家处于类似优势竞争地位的公司。ASML 提供光刻设备，光刻是通过光源以多种光谱打印芯片特征的艺术，其中最先进的是 EUV，它是 DUV（深紫外光刻）的下一代。对于 DUV 来说，尽管 ASML 拥有超过 85% 的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV在比DUV小近15倍的光波长（13.5nm对193nm）下工作。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将成为3nm等前沿芯片的半导体制造商严重依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来是一笔相当划算的交易，但只有一家公司能够做到这一点，那就是 ASML。对于每一代新的 EUV 机器，其产量都会随着更高的吞吐量和更少的停机问题而变得更好，这意味着 ASML 实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都是关于过程知识的行业。台积电（TSM）能够生产5纳米芯片，因为它能够生产7纳米，它将能够生产3纳米，因为它可以生产5纳米，并且已经这样做了一百万次，这也是为什么它对英特尔公司（INTC）如此不利，以至于它不得不承认其在7纳米技术方面的持续问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到 5 纳米，就没有 3 纳米，正如我之前的文章中所讨论的那样。ASML 也是如此，因为如果竞争对手进入 EUV 领域，他们将落后 ASML 很多年，因为他们将面临十多年前 EUV 早期困扰 ASML 的同样问题。我收录了他们最近一次投资者日的一些插图，该活动于 2018 年 11 月举行，下一次将于 2021 年 9 月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第6页。</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了 ASML 在其 EUV 生命周期中获得的工艺知识。这也为每一代新产品带来了更好的 EUV 机械，生产率的提高也证明了这一点。同样，考虑到竞争对手采用 EUV 技术需要大量的时间和资金，我无法想象还有什么比这更有利的竞争形势了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第16页。</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>根据摩尔定律，半导体制造是一个残酷的行业，研发支出巨大（ASML 花费了 60 亿欧元的研发支出才发明了 EUV）推动芯片改进，这意味着 ASML 已经在研究下一代技术，即高 NA-EUV。High NA-EUV 还需要一段时间，下面的时间表有点过时，但其技术将显着改善 EUV 平台，并在本十年后为行业提供动力。开发技术、提高良率和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍然有很多机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第21页。</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML 本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面规划了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的 DUV 平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第25页。</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上半导体行业的整体增长率预计至少在 2028 年之前将超过整体 GDP，复合年增长率为 8.6%。台积电、英特尔和三星电子公司 (OTC: SSNLF) 的最新通讯显示了该行业的实力和增长潜力，他们对未来十年的资本支出合计预期将超过 2000 亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图可以看出，ASML 预计通过升级来增加客户价值，他们的 DUV 路线图就是一个例子，说明 EUV 的收入基础如何在未来几年扩大，就像 DUV 的情况一样通过该公司称之为安装基地管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，DUV产品和商业机会，第10页。</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总是有可能有一个强有力的竞争者进入市场，试图挑战 ASML，但公司在该技术还处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现。到来并对 EUV 产生了 EUV 对 DUV 的影响。可能当然，很可能，没那么多。为了说明这一点，我插入了 ASML 自己对光刻技术如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是创造更强大、更快、更便宜的芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案相结合，帮助优化生产并实现经济实惠的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图（称为“掩模”或“十字线”）投射。在光中编码图案后，系统的光学器件会收缩并将图案聚焦到光敏硅晶片上。图案被打印后，系统稍微移动晶圆，并在晶圆上制作另一份拷贝。重复这一过程，直到晶片被图案覆盖，完成一层晶片。为了制造整个微芯片，这个过程一层一层地重复，堆叠图案以创建集成电路（IC）。最简单的芯片大约有10层，而最复杂的芯片可以有150多层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于功能最小的最关键层，而ArF、KrF和i-line DUV系统用于功能较小的不太关键层。</i>”<i>ASML 2020 年年度报告，光刻的作用，第 12 页。</i><p class=\"t-img-caption\"><span>ASML 2020 年年度报告，光刻的作用，第 12 页。</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果不熟悉，他们应该拿起一本书来教育自己。读完这一部分后，鉴于我对 ASML 的地位和竞争力的大力倡导，作为作者，我很容易觉得自己患有确认性偏见。不过，我一直在努力找出可能严重影响 ASML 的情况，但老实说，我找不到。当然，还有与地缘政治紧张局势相关的风险，这也反映在 2016 年的股价上，以及目前整个行业正在发生的供应链中断的风险以及人才竞争。这些都是公司自己在2020年年度报告第21页中提到的，没有一个行业没有潜在的风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>总而言之：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML 开创了 EUV 光刻技术，看不到竞争对手</li><li>EUV 将使摩尔定律得以延续，并将推动 ASML 及其客户在未来十年内的长期价值</li><li>预计到 2028 年，半导体行业的复合年增长率将达到 8.6%，超过整体 GDP，ASML 是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动对 ASML 产品的需求</li><li>在安装基地管理、利润率提高以及制造商对领先芯片 EUV 机器的依赖方面扩展 EUV 业务的前进道路</li><li>ASML 是尖端芯片制造的重要参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML 做得很好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>强劲的收入增长</li><li>强劲的利润率扩张</li><li>自由现金流大幅改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来巩固其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是 2021 年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于 2021 年第二季度的业绩，他们预计收入增长略有下降，为 41 亿欧元，毛利率为 49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是已安装基础管理中的发展，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从 2019 年到 2020 年同比增长 29%，远远超过 18% 的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021 年第一季度，第 8 页。</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是市场估计是否低估了 ASML 的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了 ASML 的潜力还是高估了？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>ASML 在整个 2028 年之前都受到分析师的广泛关注，但一旦我们超过 2025 年（这是不止一位分析师关注的最后一年），覆盖范围就会减弱。目前的估计显示，从2020年到2028年，收入CAGR增长率为11.1%，但如果我们排除2021年，这显示出恒星增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到 2028 年，整个行业的复合年增长率将达到 8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果将 2020 年至 2021 年的大幅跃升排除在外，ASML 的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑到一些支持 ASML 前景可能更加乐观的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业2020-2028年CAGR预测为8.6%。</li><li>DUV 2020-2025 年复合年增长率预测为 8.4%，仍是 ASML 最大的产品类别。</li><li>EUV CAGR 2020-2027 预测为 12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML 展示了其通过“安装基础管理”扩大机械生态系统的计划取得的进展，将总潜在市场增加了两位数以上，2018 年销售额为 20%，2025 年估计为 50%。</li><li>ASML 在 DUV 沉浸式细分市场占据主导地位，这是 DUV 中利润率较高的部分，因为其在 DUV 中唯一的两个竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向 EUV 过渡，对 DUV 的需求也将随之增长。芯片堆叠工艺通过其制造受益于这两个系统。</li></ul>更不用说潜在的价格上涨，这些价格上涨可能会波及到其客户，因为ASML在DUV中占据85%的强势市场地位，在EUV中占据垄断地位，同时还将在本十年中期将高NA-EUV推向市场，因此他们可能会争夺ASML的产能。如今，客户为 EUV 机器支付大约 1.3-1.5 亿美元，而 DUV 机器的收入约为 1 亿美元。ASML 超额交付的最大障碍是其目前在交付 EUV 系统的能力方面的产能限制，每年上限为 40 至 50 个系统，随着需求的增长，该公司当然会努力扩大这一产能限制多年来。另一方面，随着 ASML 努力扩大产能，这也可能成为价格上涨的驱动因素。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图制定一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否会成立，或者它们是过于积极还是过于消极。我只想强调的是，考虑到目前发生的一切以及 ASML 的市场地位，我认为该公司的表现会比目前的预期还要好并非不合理。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>股价距离 52 周高点仅一步之遥，自 2020 年初以来一直处于上涨状态，自 2020 年 10 月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但市盈率却大幅扩大，随后所有其他参数都出现了爆炸式增长。股市早已认识到 ASML 的故事和潜力，华尔街分析师目前的目标是每股 722 美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供目标价的 30 位分析师中，非常看涨的比例自 2016 年以来从未更高，56% 的分析师表示非常看涨。在相信此类声明时保持谨慎是一种心理练习，尤其是因为该股在过去几年中只知道一个方向——上涨。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>当考虑如下所示的五年期限时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅增长，分别为 55 和 15.7。然而，与三年前相比，该公司处于一个非常不同的位置。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极进展，ASML 还通过 2021 年 100 亿欧元的股票回购计划向股东返还大量资本，但不幸的是，该计划仅导致当前流通股减少 0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对 ASML 未来几年的预测也清楚地表明了对未来几年的坚定信心，由于该公司强大的产品组合和市场主导地位，近年来该公司的预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信现有股东持有现有股份对自己有好处，因为这家公司前景光明。过去一年，我一直在关注 ASML，我非常遗憾地说，我从来没有抽出时间好好研究过它，只是远远地看了一眼，得出的结论是，该股可能会在某个时候出现一次不错的回调。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得-林奇（Peter Lynch）的名言：“投资者因准备调整或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对 ASML 的前景和潜在发展历程非常着迷，但以目前的价格来看，我对其前景和缺乏安全边际仍然犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML 的估值有很大的增长潜力，如果要加上目前的水平，我认为美元成本平均法是当前价格的谨慎策略，同时如果我们在 2021 年底前看到回调，则保留为满载货车备份的可能性。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML 在其两大主要产品（DUV 和 EUV 光刻）中占据主导地位。它的市场得到了令人难以置信的强劲顺风的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，没有真正的竞争，为预计到 2028 年复合年增长率将达到 8.6% 的行业提供机械和工具，其 DUV 和 EUV 平台的增长可能会更加强劲，同时还预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML 没有什么坏话可说，但不幸的是，股市早已认识到其惊人的故事和潜力。有了如此强劲的前景，现有股东在持有股票方面做得很好，只是享受未来的旅程，但对于潜在股东来说，随着市值最近大幅扩大，似乎还有一点安全边际。股票交易距离 52 周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得-林奇（Peter Lynch）所说，“投资者因准备调整或试图预测调整而损失的资金远远多于调整本身损失的资金”。这正是我在很长一段时间里从远处看待 ASML 时陷入的谬误。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了 ASML 的真实潜力，但任何将未来 5-10 年的预测都伴随着极大的不确定性和猜测。正如我所展示的，ASML 的股价每年容易出现一到两次挫折，因此美元成本平均法可以作为一种方法，在此过程中慢慢建仓，从而获得对公司的敞口。</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>ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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\">\nASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 11:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到 2028 年，半导体行业的复合年增长率将达到 8.6%。</li><li>DUV光刻预计到2025年将以8.4%的CAGR增长，EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML 在 EUV 中占据垄断地位，而在 DUV 中面临的竞争非常有限，这两个平台对于半导体制造工艺都绝对至关重要。</li><li>作为一家真正的创新者，ASML 拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受旅程方面做得很好，但对于潜在股东来说，安全边际很小，他们可能会通过美元成本平均法将脚趾浸入水中，以从推动 ASML 的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>微距照片/iStock via Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding (ASML) 拥有无与伦比的市场地位，其最先进的技术平台 EUV 光刻没有竞争对手。同样，它在 DUV 内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识掌握着非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象还有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于整体GDP的行业。然而，市场早已认识到 ASML 的杰出潜力和潜在历程，但仍然可能低估了其潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇文章，讲述了如何避免拥有太多半导体曝光。在分解了半导体制造的价值链后，我在评论部分收到了许多关于ASML的问题，并决定进行后续跟进。我选择 ASML 是因为它独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器公司（TXN）和博通公司（AVGO）的股票，接触到了半导体价值链的制造层面，但如果进一步深入价值链，投资者就可以以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触到大多数制造商，这使得它变得非常有趣，因为你可以采用 “我真的不介意谁赢，只要他们在竞争 ”的口头禅。因此，价值链上游的潜在风险敞口引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于 ASML 的追随者来说，这并不奇怪，但 ASML 在未来十年将推动其收入的产品中占据主导地位，那就是 EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方，都很难找到一家处于类似优势竞争地位的公司。ASML 提供光刻设备，光刻是通过光源以多种光谱打印芯片特征的艺术，其中最先进的是 EUV，它是 DUV（深紫外光刻）的下一代。对于 DUV 来说，尽管 ASML 拥有超过 85% 的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV在比DUV小近15倍的光波长（13.5nm对193nm）下工作。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将成为3nm等前沿芯片的半导体制造商严重依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来是一笔相当划算的交易，但只有一家公司能够做到这一点，那就是 ASML。对于每一代新的 EUV 机器，其产量都会随着更高的吞吐量和更少的停机问题而变得更好，这意味着 ASML 实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都是关于过程知识的行业。台积电（TSM）能够生产5纳米芯片，因为它能够生产7纳米，它将能够生产3纳米，因为它可以生产5纳米，并且已经这样做了一百万次，这也是为什么它对英特尔公司（INTC）如此不利，以至于它不得不承认其在7纳米技术方面的持续问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到 5 纳米，就没有 3 纳米，正如我之前的文章中所讨论的那样。ASML 也是如此，因为如果竞争对手进入 EUV 领域，他们将落后 ASML 很多年，因为他们将面临十多年前 EUV 早期困扰 ASML 的同样问题。我收录了他们最近一次投资者日的一些插图，该活动于 2018 年 11 月举行，下一次将于 2021 年 9 月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第6页。</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了 ASML 在其 EUV 生命周期中获得的工艺知识。这也为每一代新产品带来了更好的 EUV 机械，生产率的提高也证明了这一点。同样，考虑到竞争对手采用 EUV 技术需要大量的时间和资金，我无法想象还有什么比这更有利的竞争形势了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第16页。</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>根据摩尔定律，半导体制造是一个残酷的行业，研发支出巨大（ASML 花费了 60 亿欧元的研发支出才发明了 EUV）推动芯片改进，这意味着 ASML 已经在研究下一代技术，即高 NA-EUV。High NA-EUV 还需要一段时间，下面的时间表有点过时，但其技术将显着改善 EUV 平台，并在本十年后为行业提供动力。开发技术、提高良率和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍然有很多机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第21页。</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML 本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面规划了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的 DUV 平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，EUV产品和商业机会，第25页。</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上半导体行业的整体增长率预计至少在 2028 年之前将超过整体 GDP，复合年增长率为 8.6%。台积电、英特尔和三星电子公司 (OTC: SSNLF) 的最新通讯显示了该行业的实力和增长潜力，他们对未来十年的资本支出合计预期将超过 2000 亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图可以看出，ASML 预计通过升级来增加客户价值，他们的 DUV 路线图就是一个例子，说明 EUV 的收入基础如何在未来几年扩大，就像 DUV 的情况一样通过该公司称之为安装基地管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML投资者日2018，DUV产品和商业机会，第10页。</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总是有可能有一个强有力的竞争者进入市场，试图挑战 ASML，但公司在该技术还处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现。到来并对 EUV 产生了 EUV 对 DUV 的影响。可能当然，很可能，没那么多。为了说明这一点，我插入了 ASML 自己对光刻技术如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是创造更强大、更快、更便宜的芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案相结合，帮助优化生产并实现经济实惠的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图（称为“掩模”或“十字线”）投射。在光中编码图案后，系统的光学器件会收缩并将图案聚焦到光敏硅晶片上。图案被打印后，系统稍微移动晶圆，并在晶圆上制作另一份拷贝。重复这一过程，直到晶片被图案覆盖，完成一层晶片。为了制造整个微芯片，这个过程一层一层地重复，堆叠图案以创建集成电路（IC）。最简单的芯片大约有10层，而最复杂的芯片可以有150多层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于功能最小的最关键层，而ArF、KrF和i-line DUV系统用于功能较小的不太关键层。</i>”<i>ASML 2020 年年度报告，光刻的作用，第 12 页。</i><p class=\"t-img-caption\"><span>ASML 2020 年年度报告，光刻的作用，第 12 页。</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果不熟悉，他们应该拿起一本书来教育自己。读完这一部分后，鉴于我对 ASML 的地位和竞争力的大力倡导，作为作者，我很容易觉得自己患有确认性偏见。不过，我一直在努力找出可能严重影响 ASML 的情况，但老实说，我找不到。当然，还有与地缘政治紧张局势相关的风险，这也反映在 2016 年的股价上，以及目前整个行业正在发生的供应链中断的风险以及人才竞争。这些都是公司自己在2020年年度报告第21页中提到的，没有一个行业没有潜在的风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>总而言之：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML 开创了 EUV 光刻技术，看不到竞争对手</li><li>EUV 将使摩尔定律得以延续，并将推动 ASML 及其客户在未来十年内的长期价值</li><li>预计到 2028 年，半导体行业的复合年增长率将达到 8.6%，超过整体 GDP，ASML 是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动对 ASML 产品的需求</li><li>在安装基地管理、利润率提高以及制造商对领先芯片 EUV 机器的依赖方面扩展 EUV 业务的前进道路</li><li>ASML 是尖端芯片制造的重要参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML 做得很好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>强劲的收入增长</li><li>强劲的利润率扩张</li><li>自由现金流大幅改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来巩固其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是 2021 年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于 2021 年第二季度的业绩，他们预计收入增长略有下降，为 41 亿欧元，毛利率为 49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是已安装基础管理中的发展，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从 2019 年到 2020 年同比增长 29%，远远超过 18% 的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021 年第一季度，第 8 页。</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是市场估计是否低估了 ASML 的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了 ASML 的潜力还是高估了？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>ASML 在整个 2028 年之前都受到分析师的广泛关注，但一旦我们超过 2025 年（这是不止一位分析师关注的最后一年），覆盖范围就会减弱。目前的估计显示，从2020年到2028年，收入CAGR增长率为11.1%，但如果我们排除2021年，这显示出恒星增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到 2028 年，整个行业的复合年增长率将达到 8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果将 2020 年至 2021 年的大幅跃升排除在外，ASML 的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑到一些支持 ASML 前景可能更加乐观的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业2020-2028年CAGR预测为8.6%。</li><li>DUV 2020-2025 年复合年增长率预测为 8.4%，仍是 ASML 最大的产品类别。</li><li>EUV CAGR 2020-2027 预测为 12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML 展示了其通过“安装基础管理”扩大机械生态系统的计划取得的进展，将总潜在市场增加了两位数以上，2018 年销售额为 20%，2025 年估计为 50%。</li><li>ASML 在 DUV 沉浸式细分市场占据主导地位，这是 DUV 中利润率较高的部分，因为其在 DUV 中唯一的两个竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向 EUV 过渡，对 DUV 的需求也将随之增长。芯片堆叠工艺通过其制造受益于这两个系统。</li></ul>更不用说潜在的价格上涨，这些价格上涨可能会波及到其客户，因为ASML在DUV中占据85%的强势市场地位，在EUV中占据垄断地位，同时还将在本十年中期将高NA-EUV推向市场，因此他们可能会争夺ASML的产能。如今，客户为 EUV 机器支付大约 1.3-1.5 亿美元，而 DUV 机器的收入约为 1 亿美元。ASML 超额交付的最大障碍是其目前在交付 EUV 系统的能力方面的产能限制，每年上限为 40 至 50 个系统，随着需求的增长，该公司当然会努力扩大这一产能限制多年来。另一方面，随着 ASML 努力扩大产能，这也可能成为价格上涨的驱动因素。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图制定一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否会成立，或者它们是过于积极还是过于消极。我只想强调的是，考虑到目前发生的一切以及 ASML 的市场地位，我认为该公司的表现会比目前的预期还要好并非不合理。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>股价距离 52 周高点仅一步之遥，自 2020 年初以来一直处于上涨状态，自 2020 年 10 月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但市盈率却大幅扩大，随后所有其他参数都出现了爆炸式增长。股市早已认识到 ASML 的故事和潜力，华尔街分析师目前的目标是每股 722 美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供目标价的 30 位分析师中，非常看涨的比例自 2016 年以来从未更高，56% 的分析师表示非常看涨。在相信此类声明时保持谨慎是一种心理练习，尤其是因为该股在过去几年中只知道一个方向——上涨。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>当考虑如下所示的五年期限时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅增长，分别为 55 和 15.7。然而，与三年前相比，该公司处于一个非常不同的位置。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极进展，ASML 还通过 2021 年 100 亿欧元的股票回购计划向股东返还大量资本，但不幸的是，该计划仅导致当前流通股减少 0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对 ASML 未来几年的预测也清楚地表明了对未来几年的坚定信心，由于该公司强大的产品组合和市场主导地位，近年来该公司的预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信现有股东持有现有股份对自己有好处，因为这家公司前景光明。过去一年，我一直在关注 ASML，我非常遗憾地说，我从来没有抽出时间好好研究过它，只是远远地看了一眼，得出的结论是，该股可能会在某个时候出现一次不错的回调。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得-林奇（Peter Lynch）的名言：“投资者因准备调整或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对 ASML 的前景和潜在发展历程非常着迷，但以目前的价格来看，我对其前景和缺乏安全边际仍然犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML 的估值有很大的增长潜力，如果要加上目前的水平，我认为美元成本平均法是当前价格的谨慎策略，同时如果我们在 2021 年底前看到回调，则保留为满载货车备份的可能性。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML 在其两大主要产品（DUV 和 EUV 光刻）中占据主导地位。它的市场得到了令人难以置信的强劲顺风的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，没有真正的竞争，为预计到 2028 年复合年增长率将达到 8.6% 的行业提供机械和工具，其 DUV 和 EUV 平台的增长可能会更加强劲，同时还预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML 没有什么坏话可说，但不幸的是，股市早已认识到其惊人的故事和潜力。有了如此强劲的前景，现有股东在持有股票方面做得很好，只是享受未来的旅程，但对于潜在股东来说，随着市值最近大幅扩大，似乎还有一点安全边际。股票交易距离 52 周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得-林奇（Peter Lynch）所说，“投资者因准备调整或试图预测调整而损失的资金远远多于调整本身损失的资金”。这正是我在很长一段时间里从远处看待 ASML 时陷入的谬误。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了 ASML 的真实潜力，但任何将未来 5-10 年的预测都伴随着极大的不确定性和猜测。正如我所展示的，ASML 的股价每年容易出现一到两次挫折，因此美元成本平均法可以作为一种方法，在此过程中慢慢建仓，从而获得对公司的敞口。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">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":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":823322359,"gmtCreate":1633587033317,"gmtModify":1633587105198,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/823322359","repostId":"2173948607","repostType":4,"repost":{"id":"2173948607","kind":"highlight","pubTimestamp":1633570746,"share":"https://www.laohunote.com/m/news/2173948607?lang=zh_CN&edition=full","pubTime":"2021-10-07 09:39","market":"us","language":"en","title":"Here are 10 'high conviction' stocks of companies with strong pricing power and at least 20% upside potential to UBS targets<blockquote>以下是 10 只具有强大定价能力且对瑞银目标至少有 20% 上涨潜力的“高信念”公司股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2173948607","media":"MarketWatch","summary":"UBS expects pricing power to be even more important as shipping, raw materials and wage costs surge. Inflation and supply issues are among the buzziest words on Wall Street as the third-quarter earnings reporting season approaches, with investors waiting to see which companies were the best at managing surging cost pressures and shipping disruptions.UBS strategists believe one of the best ways to deal with these headwinds is for a company to raise prices, but not all companies can do so by enoug","content":"<p>UBS expects pricing power to be even more important as shipping, raw materials and wage costs surge</p><p><blockquote>瑞银预计，随着航运、原材料和工资成本飙升，定价权将变得更加重要</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9666acc8b6cbedd5fb585565a168bcf\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片社</span></p></blockquote></p><p> Inflation and supply issues are among the buzziest words on Wall Street as the third-quarter earnings reporting season approaches, with investors waiting to see which companies were the best at managing surging cost pressures and shipping disruptions.</p><p><blockquote>随着第三季度财报季的临近，通胀和供应问题是华尔街最热门的词汇之一，投资者正在等待看哪些公司最擅长应对飙升的成本压力和运输中断。</blockquote></p><p> UBS strategists believe one of the best ways to deal with these headwinds is for a company to raise prices, but not all companies can do so by enough to make a real difference without losing customers.</p><p><blockquote>瑞银策略师认为，应对这些不利因素的最佳方法之一是公司提高价格，但并非所有公司都能在不失去客户的情况下产生真正的影响。</blockquote></p><p> A number of companies in different sectors have already cut forward guidance, given rising costs and supply-chain disruptions, such as FedEx Corp.,Nu Skin Enterprises Inc.&nbsp;and Dollar Tree Inc..</p><p><blockquote>鉴于成本上升和供应链中断，不同行业的许多公司已经下调了指引，如联邦快递公司、如新企业公司和美元树公司..</blockquote></p><p> Third-quarter earnings season kicks off in earnest next week, with aggregate earnings per share of the S&amp;P 500 companies&nbsp;expected to show year-over-year growth in earnings per share of about 27% and in sales of about 15%.</p><p><blockquote>第三季度财报季将于下周正式拉开帷幕，标普500公司的每股总收益预计将同比增长约27%，销售额增长约15%。</blockquote></p><p> “Pricing power should be an even more important theme for relative returns with surging shipping costs, rising raw materials, supply chain issues and accelerating wage growth,” UBS strategists wrote in a note to clients this week.</p><p><blockquote>“瑞银策略师在本周给客户的一份报告中写道：”随着运输成本飙升、原材料价格上涨、供应链问题和工资增长加速，定价权应该成为相对回报的一个更加重要的主题。</blockquote></p><p> So the strategists, led by Keith Parker, asked UBS analysts across 33 industries to identify companies with the strongest relative pricing power. The analysts were also asked to pick out companies that scored in the top third of their respective sectors based on UBS Equity Strategy’s composite score for pricing power, margin momentum and input cost exposure; have “buy” ratings; and have stocks with at least 10% upside potential to their respective price targets.</p><p><blockquote>因此，以基思·帕克为首的策略师要求瑞银33个行业的分析师找出相对定价能力最强的公司。分析师们还被要求根据瑞银股票策略公司（UBS Equity Strategy）对定价权、利润率动量和投入成本敞口的综合评分，选出在各自行业中得分排名前三分之一的公司；给予“买入”评级；并拥有较各自价格目标至少有 10% 上涨潜力的股票。</blockquote></p><p> Here are 10 “high conviction, strong pricing power stocks” on UBS’s list that have at least 20% upside to the analysts’ stock price targets, in alphabetical order:</p><p><blockquote>以下是瑞银名单上的 10 只 “高信念、定价强劲的股票 ”，它们比分析师的目标股价至少有 20% 的上涨空间，按字母顺序排列：</blockquote></p><p> <ul>  <li>Advance Auto Parts Inc.,with a price target of $255, which implies an upside of about 21% to prices in afternoon trading Wednesday. Analyst Michael Lasser said he believes the auto parts company’s (AAP) aftermarket fundamentals are in a strong position, and that a gradual increase in mobility and a return to working in offices should drive further recovery in vehicle miles traveled.</li> </ul> “The auto parts sector traditionally has strong pricing power, with an ability to pass along price increases to customers,” Lasser wrote. “Plus, AAP also have the largest exposure to the commercial segment of the market, which is viewed even more favorably.”</p><p><blockquote><ul><li>Advance Auto Parts Inc.，目标价为 255 美元，这意味着周三下午交易中的价格上涨约 21%。分析师迈克尔-拉瑟（Michael Lasser）说，他认为这家汽车零部件公司（AAP）的售后市场基本面处于强势地位，流动性的逐步提高和办公室工作的回归应该会推动车辆行驶里程的进一步恢复。</li></ul>“拉瑟写道：”汽车零部件行业历来拥有强大的定价权，有能力将价格上涨转嫁给客户。“此外，AAP 在商业市场领域也拥有最大的曝光率，这一点被视为更有利”。</blockquote></p><p> <ul>  <li>Apple Inc.,which has a price target of $175 that implies 24% upside. Analyst David Vogt said the combination of its technological capability, supported by its retention metrics from UBS surveys that indicate high customer satisfaction for Apple products, suggests the PC and smartphone giant’s brand equity should drive adoption in the battery-electric-vehicle (BEV) market.</li> </ul> “End-market demand has been improving year-over-year, leading to elevated ‘wait times’ despite increased product procurement/production,” Vogt wrote. Regarding the BEV market, Vogt said that while Apple isn’t a first mover, “its significant resources should enable the company to be a ‘fast follower,'” similar to when it entered the smartphone market in 2007.</p><p><blockquote><ul><li>苹果公司，其目标价为 175 美元，这意味着 24% 的上涨空间。分析师大卫-沃格特（David Vogt）说，瑞银调查显示客户对苹果产品的满意度很高，这表明这家个人电脑和智能手机巨头的品牌资产应该会推动电池电动汽车（BEV）市场的采用。</li></ul>“沃格特写道：”尽管产品采购/生产有所增加，但终端市场需求逐年改善，导致'等待时间'延长。关于纯电动汽车市场，沃格特说，虽然苹果不是先行者，但 “其丰富的资源应该能使该公司成为一个'快速追随者'”，类似于 2007 年进入智能手机市场时的情况。</blockquote></p><p> <ul>  <li>CME Group Inc.,with a price target of $245 implying 23% upside. Analyst Alex Kramm said the derivatives trading platform benefits from global expansion, innovation, adoption of options and pricing. And he believes regulation could provide a tailwind to growth.</li> </ul> “As primarily a U.S. futures business, CME enjoys the highest barriers of entry in the space,” Kramm wrote.</p><p><blockquote><ul><li>芝商所集团公司，目标价为 245 美元，意味着 23% 的上涨空间。分析师亚历克斯·克拉姆表示，衍生品交易平台受益于全球扩张、创新、期权的采用和定价。他认为监管可以为增长提供推动力。</li></ul>“克拉姆写道：”作为一家主要从事美国期货业务的公司，芝加哥商品交易所在该领域享有最高的准入门槛。</blockquote></p><p> <ul>  <li>Danaher Corp.&nbsp;has a price target of $365, which implies 22% upside. Analyst John Sourbeer believes the medical products and services company (DHR) is “very well positioned” within the life sciences tool and services sector, as COVID testing should hold up much better than peers and the vaccine and therapeutic opportunity appears durable.</li> </ul> “DHR sales engine is able to proactively identify areas of potential pricing pressure and [successfully] navigate customers to high-value product,” Sourbeer wrote.</p><p><blockquote><ul><li>丹纳赫公司的目标价为 365 美元，这意味着 22% 的上涨空间。分析师约翰-苏尔比尔（John Sourbeer）认为，这家医疗产品和服务公司（DHR）在生命科学工具和服务领域 “处于非常有利的地位”，因为 COVID 检测的表现应该比同行好得多，而且疫苗和治疗机会似乎是持久的。</li></ul>“Sourbeer 写道：”DHR 销售引擎能够主动识别潜在定价压力领域，并[成功]引导客户购买高价值产品。</blockquote></p><p></p><p> <ul>  <li>EOG Resources Inc.&nbsp;has a $119 stock price target that suggests 38% upside. Analyst Lloyd Byrne the oil and natural gas exploration company is well positioned to mitigate inflationary pressures expected next year given well costs that are expected to be flat to lower in 2022 because of reduced drilling days, the deployment of “super zipper fracs” and contracts negotiated at lower rates.</li> </ul> “Pricing power in commodity companies is difficult to achieve. Those that can hold margins by best controlling costs, though, are better positioned,” Byrne wrote. “EOG is better positioned than most by being proactive with input and service costs, while excelling in operations.”</p><p><blockquote><ul><li>EOG Resources Inc. 的目标股价为 119 美元，上涨空间为 38%。分析师劳埃德-伯恩（Lloyd Byrne）认为，由于钻井天数减少、部署 “超级拉链压裂 ”以及以较低的费率谈判的合同，预计 2022 年油井成本将持平甚至更低，因此这家石油和天然气勘探公司已做好充分准备，可以缓解明年预期的通胀压力。</li></ul>“大宗商品公司的定价权很难实现。不过，那些能够通过最好地控制成本来保持利润率的公司则处于更有利的地位，”伯恩写道。“与大多数公司相比，EOG 在投入和服务成本方面积极主动，同时在运营方面表现出色”。</blockquote></p><p> <ul>  <li>Extra Space Storage Inc.’s&nbsp;stock price target of $210 implies 24% upside. Analyst Michael Goldsmith said he believes strong underlying demand, in conjunction with decelerating supply growth, support rent growth.</li> </ul> “Strong demand for self storage and elevated occupancy rates, combined with its non-discretionary nature increased pricing power of the operators,” Goldsmith wrote. “Operators are flexing their pricing power to new customers, as well as existing customer rent increases every 9-12 months.”</p><p><blockquote><ul><li>Extra Space Storage Inc. 210 美元的目标股价意味着 24% 的上涨空间。分析师迈克尔·戈德史密斯表示，他认为强劲的潜在需求加上供应增长放缓，将支撑租金增长。</li></ul>“戈德史密斯写道：”对自助仓储的强劲需求和较高的入住率，再加上其非自由支配性质，增加了运营商的定价权。“运营商正在向新客户以及现有客户每 9-12 个月上涨一次租金”。</blockquote></p><p> <ul>  <li>Generac Holdings Inc.&nbsp;has a price target of $500, which implies 23% upside. Analyst Jon Windham believes the power generation equipment maker’s competitive edge lies in its customer acquisition platform, which should enable it to take market share from incumbents SolarEdge Technologies Inc.&nbsp;and Enphase Energy Inc..</li> </ul> “Dominant market share (~80%) and strong demand for home standby power have insulated already high residential product margins,” Windham wrote.</p><p><blockquote><ul><li>Generac Holdings Inc. 的目标价为 500 美元，这意味着 23% 的上涨空间。分析师乔恩-温德姆（Jon Windham）认为，这家发电设备制造商的竞争优势在于其客户获取平台，这将使其能够从现有的 SolarEdge Technologies Inc. 和 Enphase Energy Inc. 手中夺取市场份额。</li></ul>“温德姆写道：”占据主导地位的市场份额（约 80%）和对家庭备用电源的强劲需求使本已很高的住宅产品利润率隔绝开来。</blockquote></p><p> <ul>  <li>Nike Inc.’s&nbsp;price target of $185 implies 24% upside. Analyst Jay Sole said a UBS survey and pricing data reveal that the Nike brand currently is No. 1 in mindshare globally and the sports apparel and accessories company has significant room to reduce promotions.</li> </ul> “We believe the market doesn’t fully appreciate how Nike’s investments in product innovation, supply chain and e-commerce are working in concert to drive unit growth and [average selling price] increases,” Sole wrote.</p><p><blockquote><ul><li>耐克公司 185 美元的目标价意味着 24% 的上涨空间。分析师 Jay Sole 表示，瑞银的调查和定价数据显示，耐克品牌目前在全球心智份额中排名第一，这家运动服装和配饰公司还有很大的减少促销的空间。</li></ul>“索尔写道：”我们认为，市场并没有充分认识到耐克在产品创新、供应链和电子商务方面的投资是如何协同推动销量增长和[平均售价]上涨的。</blockquote></p><p> <ul>  <li>Salesforce.com Inc.&nbsp;has a stock price target of $330 that implies 20% upside potential. Analyst Karl Keirstead said the customer relationship management software company appears to be moving well beyond the previous era of limited operating margin expansion, and committing to boosting annual operating margins.</li> </ul> “Importantly, the drivers behind the improved margin outlook strike us as sustainable, with topline outperformance, a permanent shift towards WFH [work from home] and Zoom-based customer interactions, and renewed expense discipline internally…the three biggest drivers,” Keirstead wrote.</p><p><blockquote><ul><li>Salesforce.com Inc. 的目标股价为 330 美元，这意味着 20% 的上涨潜力。分析师 Karl Keirstead 表示，这家客户关系管理软件公司似乎已经远远超越了之前营业利润率扩张有限的时代，并致力于提高年度营业利润率。</li></ul>“Keirstead 写道：”重要的是，利润率前景改善背后的驱动因素在我们看来是可持续的，包括营收优异、向 WFH（在家工作）和基于 Zoom 的客户互动的永久转变，以及内部更新的费用纪律.这三大驱动因素。</blockquote></p><p> <ul>  <li>Teleflex Inc.’s price target of $480 implies 28% upside. Analyst Matthew Taylor said the medical technology products company makes a number of inexpensive products that fly under the radar, given them the opportunity to increase prices.</li> </ul> Taylor said he believes margins can go “significantly higher” over the long term, given the company’s leverage to both necessary and elective procedures, which should return quickly in a post-pandemic world.</p><p><blockquote><ul><li>Teleflex Inc. 480 美元的目标价意味着 28% 的上涨空间。分析师马修·泰勒 (Matthew Taylor) 表示，这家医疗技术产品公司生产了许多低调的廉价产品，因为它们有机会提高价格。</li></ul>泰勒说，他相信从长远来看，利润率可以 “大幅提高”，因为公司可以利用必要程序和选择性程序，而这些程序在后大流行病时代应该会很快恢复。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here are 10 'high conviction' stocks of companies with strong pricing power and at least 20% upside potential to UBS targets<blockquote>以下是 10 只具有强大定价能力且对瑞银目标至少有 20% 上涨潜力的“高信念”公司股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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\">\nHere are 10 'high conviction' stocks of companies with strong pricing power and at least 20% upside potential to UBS targets<blockquote>以下是 10 只具有强大定价能力且对瑞银目标至少有 20% 上涨潜力的“高信念”公司股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-07 09:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>UBS expects pricing power to be even more important as shipping, raw materials and wage costs surge</p><p><blockquote>瑞银预计，随着航运、原材料和工资成本飙升，定价权将变得更加重要</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9666acc8b6cbedd5fb585565a168bcf\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片社</span></p></blockquote></p><p> Inflation and supply issues are among the buzziest words on Wall Street as the third-quarter earnings reporting season approaches, with investors waiting to see which companies were the best at managing surging cost pressures and shipping disruptions.</p><p><blockquote>随着第三季度财报季的临近，通胀和供应问题是华尔街最热门的词汇之一，投资者正在等待看哪些公司最擅长应对飙升的成本压力和运输中断。</blockquote></p><p> UBS strategists believe one of the best ways to deal with these headwinds is for a company to raise prices, but not all companies can do so by enough to make a real difference without losing customers.</p><p><blockquote>瑞银策略师认为，应对这些不利因素的最佳方法之一是公司提高价格，但并非所有公司都能在不失去客户的情况下产生真正的影响。</blockquote></p><p> A number of companies in different sectors have already cut forward guidance, given rising costs and supply-chain disruptions, such as FedEx Corp.,Nu Skin Enterprises Inc.&nbsp;and Dollar Tree Inc..</p><p><blockquote>鉴于成本上升和供应链中断，不同行业的许多公司已经下调了指引，如联邦快递公司、如新企业公司和美元树公司..</blockquote></p><p> Third-quarter earnings season kicks off in earnest next week, with aggregate earnings per share of the S&amp;P 500 companies&nbsp;expected to show year-over-year growth in earnings per share of about 27% and in sales of about 15%.</p><p><blockquote>第三季度财报季将于下周正式拉开帷幕，标普500公司的每股总收益预计将同比增长约27%，销售额增长约15%。</blockquote></p><p> “Pricing power should be an even more important theme for relative returns with surging shipping costs, rising raw materials, supply chain issues and accelerating wage growth,” UBS strategists wrote in a note to clients this week.</p><p><blockquote>“瑞银策略师在本周给客户的一份报告中写道：”随着运输成本飙升、原材料价格上涨、供应链问题和工资增长加速，定价权应该成为相对回报的一个更加重要的主题。</blockquote></p><p> So the strategists, led by Keith Parker, asked UBS analysts across 33 industries to identify companies with the strongest relative pricing power. The analysts were also asked to pick out companies that scored in the top third of their respective sectors based on UBS Equity Strategy’s composite score for pricing power, margin momentum and input cost exposure; have “buy” ratings; and have stocks with at least 10% upside potential to their respective price targets.</p><p><blockquote>因此，以基思·帕克为首的策略师要求瑞银33个行业的分析师找出相对定价能力最强的公司。分析师们还被要求根据瑞银股票策略公司（UBS Equity Strategy）对定价权、利润率动量和投入成本敞口的综合评分，选出在各自行业中得分排名前三分之一的公司；给予“买入”评级；并拥有较各自价格目标至少有 10% 上涨潜力的股票。</blockquote></p><p> Here are 10 “high conviction, strong pricing power stocks” on UBS’s list that have at least 20% upside to the analysts’ stock price targets, in alphabetical order:</p><p><blockquote>以下是瑞银名单上的 10 只 “高信念、定价强劲的股票 ”，它们比分析师的目标股价至少有 20% 的上涨空间，按字母顺序排列：</blockquote></p><p> <ul>  <li>Advance Auto Parts Inc.,with a price target of $255, which implies an upside of about 21% to prices in afternoon trading Wednesday. Analyst Michael Lasser said he believes the auto parts company’s (AAP) aftermarket fundamentals are in a strong position, and that a gradual increase in mobility and a return to working in offices should drive further recovery in vehicle miles traveled.</li> </ul> “The auto parts sector traditionally has strong pricing power, with an ability to pass along price increases to customers,” Lasser wrote. “Plus, AAP also have the largest exposure to the commercial segment of the market, which is viewed even more favorably.”</p><p><blockquote><ul><li>Advance Auto Parts Inc.，目标价为 255 美元，这意味着周三下午交易中的价格上涨约 21%。分析师迈克尔-拉瑟（Michael Lasser）说，他认为这家汽车零部件公司（AAP）的售后市场基本面处于强势地位，流动性的逐步提高和办公室工作的回归应该会推动车辆行驶里程的进一步恢复。</li></ul>“拉瑟写道：”汽车零部件行业历来拥有强大的定价权，有能力将价格上涨转嫁给客户。“此外，AAP 在商业市场领域也拥有最大的曝光率，这一点被视为更有利”。</blockquote></p><p> <ul>  <li>Apple Inc.,which has a price target of $175 that implies 24% upside. Analyst David Vogt said the combination of its technological capability, supported by its retention metrics from UBS surveys that indicate high customer satisfaction for Apple products, suggests the PC and smartphone giant’s brand equity should drive adoption in the battery-electric-vehicle (BEV) market.</li> </ul> “End-market demand has been improving year-over-year, leading to elevated ‘wait times’ despite increased product procurement/production,” Vogt wrote. Regarding the BEV market, Vogt said that while Apple isn’t a first mover, “its significant resources should enable the company to be a ‘fast follower,'” similar to when it entered the smartphone market in 2007.</p><p><blockquote><ul><li>苹果公司，其目标价为 175 美元，这意味着 24% 的上涨空间。分析师大卫-沃格特（David Vogt）说，瑞银调查显示客户对苹果产品的满意度很高，这表明这家个人电脑和智能手机巨头的品牌资产应该会推动电池电动汽车（BEV）市场的采用。</li></ul>“沃格特写道：”尽管产品采购/生产有所增加，但终端市场需求逐年改善，导致'等待时间'延长。关于纯电动汽车市场，沃格特说，虽然苹果不是先行者，但 “其丰富的资源应该能使该公司成为一个'快速追随者'”，类似于 2007 年进入智能手机市场时的情况。</blockquote></p><p> <ul>  <li>CME Group Inc.,with a price target of $245 implying 23% upside. Analyst Alex Kramm said the derivatives trading platform benefits from global expansion, innovation, adoption of options and pricing. And he believes regulation could provide a tailwind to growth.</li> </ul> “As primarily a U.S. futures business, CME enjoys the highest barriers of entry in the space,” Kramm wrote.</p><p><blockquote><ul><li>芝商所集团公司，目标价为 245 美元，意味着 23% 的上涨空间。分析师亚历克斯·克拉姆表示，衍生品交易平台受益于全球扩张、创新、期权的采用和定价。他认为监管可以为增长提供推动力。</li></ul>“克拉姆写道：”作为一家主要从事美国期货业务的公司，芝加哥商品交易所在该领域享有最高的准入门槛。</blockquote></p><p> <ul>  <li>Danaher Corp.&nbsp;has a price target of $365, which implies 22% upside. Analyst John Sourbeer believes the medical products and services company (DHR) is “very well positioned” within the life sciences tool and services sector, as COVID testing should hold up much better than peers and the vaccine and therapeutic opportunity appears durable.</li> </ul> “DHR sales engine is able to proactively identify areas of potential pricing pressure and [successfully] navigate customers to high-value product,” Sourbeer wrote.</p><p><blockquote><ul><li>丹纳赫公司的目标价为 365 美元，这意味着 22% 的上涨空间。分析师约翰-苏尔比尔（John Sourbeer）认为，这家医疗产品和服务公司（DHR）在生命科学工具和服务领域 “处于非常有利的地位”，因为 COVID 检测的表现应该比同行好得多，而且疫苗和治疗机会似乎是持久的。</li></ul>“Sourbeer 写道：”DHR 销售引擎能够主动识别潜在定价压力领域，并[成功]引导客户购买高价值产品。</blockquote></p><p></p><p> <ul>  <li>EOG Resources Inc.&nbsp;has a $119 stock price target that suggests 38% upside. Analyst Lloyd Byrne the oil and natural gas exploration company is well positioned to mitigate inflationary pressures expected next year given well costs that are expected to be flat to lower in 2022 because of reduced drilling days, the deployment of “super zipper fracs” and contracts negotiated at lower rates.</li> </ul> “Pricing power in commodity companies is difficult to achieve. Those that can hold margins by best controlling costs, though, are better positioned,” Byrne wrote. “EOG is better positioned than most by being proactive with input and service costs, while excelling in operations.”</p><p><blockquote><ul><li>EOG Resources Inc. 的目标股价为 119 美元，上涨空间为 38%。分析师劳埃德-伯恩（Lloyd Byrne）认为，由于钻井天数减少、部署 “超级拉链压裂 ”以及以较低的费率谈判的合同，预计 2022 年油井成本将持平甚至更低，因此这家石油和天然气勘探公司已做好充分准备，可以缓解明年预期的通胀压力。</li></ul>“大宗商品公司的定价权很难实现。不过，那些能够通过最好地控制成本来保持利润率的公司则处于更有利的地位，”伯恩写道。“与大多数公司相比，EOG 在投入和服务成本方面积极主动，同时在运营方面表现出色”。</blockquote></p><p> <ul>  <li>Extra Space Storage Inc.’s&nbsp;stock price target of $210 implies 24% upside. Analyst Michael Goldsmith said he believes strong underlying demand, in conjunction with decelerating supply growth, support rent growth.</li> </ul> “Strong demand for self storage and elevated occupancy rates, combined with its non-discretionary nature increased pricing power of the operators,” Goldsmith wrote. “Operators are flexing their pricing power to new customers, as well as existing customer rent increases every 9-12 months.”</p><p><blockquote><ul><li>Extra Space Storage Inc. 210 美元的目标股价意味着 24% 的上涨空间。分析师迈克尔·戈德史密斯表示，他认为强劲的潜在需求加上供应增长放缓，将支撑租金增长。</li></ul>“戈德史密斯写道：”对自助仓储的强劲需求和较高的入住率，再加上其非自由支配性质，增加了运营商的定价权。“运营商正在向新客户以及现有客户每 9-12 个月上涨一次租金”。</blockquote></p><p> <ul>  <li>Generac Holdings Inc.&nbsp;has a price target of $500, which implies 23% upside. Analyst Jon Windham believes the power generation equipment maker’s competitive edge lies in its customer acquisition platform, which should enable it to take market share from incumbents SolarEdge Technologies Inc.&nbsp;and Enphase Energy Inc..</li> </ul> “Dominant market share (~80%) and strong demand for home standby power have insulated already high residential product margins,” Windham wrote.</p><p><blockquote><ul><li>Generac Holdings Inc. 的目标价为 500 美元，这意味着 23% 的上涨空间。分析师乔恩-温德姆（Jon Windham）认为，这家发电设备制造商的竞争优势在于其客户获取平台，这将使其能够从现有的 SolarEdge Technologies Inc. 和 Enphase Energy Inc. 手中夺取市场份额。</li></ul>“温德姆写道：”占据主导地位的市场份额（约 80%）和对家庭备用电源的强劲需求使本已很高的住宅产品利润率隔绝开来。</blockquote></p><p> <ul>  <li>Nike Inc.’s&nbsp;price target of $185 implies 24% upside. Analyst Jay Sole said a UBS survey and pricing data reveal that the Nike brand currently is No. 1 in mindshare globally and the sports apparel and accessories company has significant room to reduce promotions.</li> </ul> “We believe the market doesn’t fully appreciate how Nike’s investments in product innovation, supply chain and e-commerce are working in concert to drive unit growth and [average selling price] increases,” Sole wrote.</p><p><blockquote><ul><li>耐克公司 185 美元的目标价意味着 24% 的上涨空间。分析师 Jay Sole 表示，瑞银的调查和定价数据显示，耐克品牌目前在全球心智份额中排名第一，这家运动服装和配饰公司还有很大的减少促销的空间。</li></ul>“索尔写道：”我们认为，市场并没有充分认识到耐克在产品创新、供应链和电子商务方面的投资是如何协同推动销量增长和[平均售价]上涨的。</blockquote></p><p> <ul>  <li>Salesforce.com Inc.&nbsp;has a stock price target of $330 that implies 20% upside potential. Analyst Karl Keirstead said the customer relationship management software company appears to be moving well beyond the previous era of limited operating margin expansion, and committing to boosting annual operating margins.</li> </ul> “Importantly, the drivers behind the improved margin outlook strike us as sustainable, with topline outperformance, a permanent shift towards WFH [work from home] and Zoom-based customer interactions, and renewed expense discipline internally…the three biggest drivers,” Keirstead wrote.</p><p><blockquote><ul><li>Salesforce.com Inc. 的目标股价为 330 美元，这意味着 20% 的上涨潜力。分析师 Karl Keirstead 表示，这家客户关系管理软件公司似乎已经远远超越了之前营业利润率扩张有限的时代，并致力于提高年度营业利润率。</li></ul>“Keirstead 写道：”重要的是，利润率前景改善背后的驱动因素在我们看来是可持续的，包括营收优异、向 WFH（在家工作）和基于 Zoom 的客户互动的永久转变，以及内部更新的费用纪律.这三大驱动因素。</blockquote></p><p> <ul>  <li>Teleflex Inc.’s price target of $480 implies 28% upside. Analyst Matthew Taylor said the medical technology products company makes a number of inexpensive products that fly under the radar, given them the opportunity to increase prices.</li> </ul> Taylor said he believes margins can go “significantly higher” over the long term, given the company’s leverage to both necessary and elective procedures, which should return quickly in a post-pandemic world.</p><p><blockquote><ul><li>Teleflex Inc. 480 美元的目标价意味着 28% 的上涨空间。分析师马修·泰勒 (Matthew Taylor) 表示，这家医疗技术产品公司生产了许多低调的廉价产品，因为它们有机会提高价格。</li></ul>泰勒说，他相信从长远来看，利润率可以 “大幅提高”，因为公司可以利用必要程序和选择性程序，而这些程序在后大流行病时代应该会很快恢复。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/here-are-10-high-conviction-stocks-of-companies-with-strong-pricing-power-and-at-least-20-upside-potential-to-ubs-targets-11633547178?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EXR":"Extra Space Storage Inc","NUS":"如新集团","DHR":"丹纳赫","AAPL":"苹果","CHTR":"特许通讯","SEDG":"SolarEdge Technologies, Inc.","DLTR":"美元树公司","GNRC":"Generac控股","KO":"可口可乐","NKE":"耐克","AEE":"阿曼瑞恩","AAP":"Advance Auto Parts Inc","USB":"美国合众银行","CRM":"赛富时","ENPH":"Enphase Energy","EOG":"依欧格资源","FDX":"联邦快递","CME":"芝加哥商品交易所","SBAC":"SBA通信"},"source_url":"https://www.marketwatch.com/story/here-are-10-high-conviction-stocks-of-companies-with-strong-pricing-power-and-at-least-20-upside-potential-to-ubs-targets-11633547178?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2173948607","content_text":"UBS expects pricing power to be even more important as shipping, raw materials and wage costs surge\nGetty Images\nInflation and supply issues are among the buzziest words on Wall Street as the third-quarter earnings reporting season approaches, with investors waiting to see which companies were the best at managing surging cost pressures and shipping disruptions.\nUBS strategists believe one of the best ways to deal with these headwinds is for a company to raise prices, but not all companies can do so by enough to make a real difference without losing customers.\nA number of companies in different sectors have already cut forward guidance, given rising costs and supply-chain disruptions, such as FedEx Corp.,Nu Skin Enterprises Inc. and Dollar Tree Inc..\nThird-quarter earnings season kicks off in earnest next week, with aggregate earnings per share of the S&P 500 companies expected to show year-over-year growth in earnings per share of about 27% and in sales of about 15%.\n“Pricing power should be an even more important theme for relative returns with surging shipping costs, rising raw materials, supply chain issues and accelerating wage growth,” UBS strategists wrote in a note to clients this week.\nSo the strategists, led by Keith Parker, asked UBS analysts across 33 industries to identify companies with the strongest relative pricing power. The analysts were also asked to pick out companies that scored in the top third of their respective sectors based on UBS Equity Strategy’s composite score for pricing power, margin momentum and input cost exposure; have “buy” ratings; and have stocks with at least 10% upside potential to their respective price targets.\nHere are 10 “high conviction, strong pricing power stocks” on UBS’s list that have at least 20% upside to the analysts’ stock price targets, in alphabetical order:\n\nAdvance Auto Parts Inc.,with a price target of $255, which implies an upside of about 21% to prices in afternoon trading Wednesday. Analyst Michael Lasser said he believes the auto parts company’s (AAP) aftermarket fundamentals are in a strong position, and that a gradual increase in mobility and a return to working in offices should drive further recovery in vehicle miles traveled.\n\n“The auto parts sector traditionally has strong pricing power, with an ability to pass along price increases to customers,” Lasser wrote. “Plus, AAP also have the largest exposure to the commercial segment of the market, which is viewed even more favorably.”\n\nApple Inc.,which has a price target of $175 that implies 24% upside. Analyst David Vogt said the combination of its technological capability, supported by its retention metrics from UBS surveys that indicate high customer satisfaction for Apple products, suggests the PC and smartphone giant’s brand equity should drive adoption in the battery-electric-vehicle (BEV) market.\n\n“End-market demand has been improving year-over-year, leading to elevated ‘wait times’ despite increased product procurement/production,” Vogt wrote. Regarding the BEV market, Vogt said that while Apple isn’t a first mover, “its significant resources should enable the company to be a ‘fast follower,'” similar to when it entered the smartphone market in 2007.\n\nCME Group Inc.,with a price target of $245 implying 23% upside. Analyst Alex Kramm said the derivatives trading platform benefits from global expansion, innovation, adoption of options and pricing. And he believes regulation could provide a tailwind to growth.\n\n“As primarily a U.S. futures business, CME enjoys the highest barriers of entry in the space,” Kramm wrote.\n\nDanaher Corp. has a price target of $365, which implies 22% upside. Analyst John Sourbeer believes the medical products and services company (DHR) is “very well positioned” within the life sciences tool and services sector, as COVID testing should hold up much better than peers and the vaccine and therapeutic opportunity appears durable.\n\n“DHR sales engine is able to proactively identify areas of potential pricing pressure and [successfully] navigate customers to high-value product,” Sourbeer wrote.\n\nEOG Resources Inc. has a $119 stock price target that suggests 38% upside. Analyst Lloyd Byrne the oil and natural gas exploration company is well positioned to mitigate inflationary pressures expected next year given well costs that are expected to be flat to lower in 2022 because of reduced drilling days, the deployment of “super zipper fracs” and contracts negotiated at lower rates.\n\n“Pricing power in commodity companies is difficult to achieve. Those that can hold margins by best controlling costs, though, are better positioned,” Byrne wrote. “EOG is better positioned than most by being proactive with input and service costs, while excelling in operations.”\n\nExtra Space Storage Inc.’s stock price target of $210 implies 24% upside. Analyst Michael Goldsmith said he believes strong underlying demand, in conjunction with decelerating supply growth, support rent growth.\n\n“Strong demand for self storage and elevated occupancy rates, combined with its non-discretionary nature increased pricing power of the operators,” Goldsmith wrote. “Operators are flexing their pricing power to new customers, as well as existing customer rent increases every 9-12 months.”\n\nGenerac Holdings Inc. has a price target of $500, which implies 23% upside. Analyst Jon Windham believes the power generation equipment maker’s competitive edge lies in its customer acquisition platform, which should enable it to take market share from incumbents SolarEdge Technologies Inc. and Enphase Energy Inc..\n\n“Dominant market share (~80%) and strong demand for home standby power have insulated already high residential product margins,” Windham wrote.\n\nNike Inc.’s price target of $185 implies 24% upside. Analyst Jay Sole said a UBS survey and pricing data reveal that the Nike brand currently is No. 1 in mindshare globally and the sports apparel and accessories company has significant room to reduce promotions.\n\n“We believe the market doesn’t fully appreciate how Nike’s investments in product innovation, supply chain and e-commerce are working in concert to drive unit growth and [average selling price] increases,” Sole wrote.\n\nSalesforce.com Inc. has a stock price target of $330 that implies 20% upside potential. Analyst Karl Keirstead said the customer relationship management software company appears to be moving well beyond the previous era of limited operating margin expansion, and committing to boosting annual operating margins.\n\n“Importantly, the drivers behind the improved margin outlook strike us as sustainable, with topline outperformance, a permanent shift towards WFH [work from home] and Zoom-based customer interactions, and renewed expense discipline internally…the three biggest drivers,” Keirstead wrote.\n\nTeleflex Inc.’s price target of $480 implies 28% upside. Analyst Matthew Taylor said the medical technology products company makes a number of inexpensive products that fly under the radar, given them the opportunity to increase prices.\n\nTaylor said he believes margins can go “significantly higher” over the long term, given the company’s leverage to both necessary and elective procedures, which should return quickly in a post-pandemic world.","news_type":1,"symbols_score_info":{"USB":0.9,"NKE":0.9,"EXR":0.9,"ENPH":0.9,"FDX":0.9,"NUS":0.9,"EOG":0.9,"SBAC":0.9,"CRM":0.9,"SEDG":0.9,"DLTR":0.9,"AAP":0.9,"GNRC":0.9,"DHR":0.9,"AEE":0.9,"KO":0.9,"CHTR":0.9,"AAPL":0.9,"CME":0.9}},"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690512587,"gmtCreate":1639690257346,"gmtModify":1639690285914,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/690512587","repostId":"2191453039","repostType":4,"isVote":1,"tweetType":1,"viewCount":3564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877008410,"gmtCreate":1637833947278,"gmtModify":1637833947494,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877008410","repostId":"2185354679","repostType":4,"isVote":1,"tweetType":1,"viewCount":1129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":830818990,"gmtCreate":1629043045210,"gmtModify":1631893050481,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830818990","repostId":"1127633167","repostType":4,"repost":{"id":"1127633167","kind":"news","pubTimestamp":1628997765,"share":"https://www.laohunote.com/m/news/1127633167?lang=zh_CN&edition=full","pubTime":"2021-08-15 11:22","market":"us","language":"en","title":"These 10 Standout Stocks Could Be the Next Amazon<blockquote>这 10 只杰出股票可能成为下一个亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127633167","media":"Barrons","summary":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors loo","content":"<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资中最流行的流行语之一是 “复利者 ”。寻找下一个亚马逊、Costco Wholesale、Nike 或 Visa 的成长型投资者寻求确定能够在未来几年实现收入和盈利两位数复合增长的公司（最好是两者兼而有之）。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股票价格应该与收入和利润保持一致，使投资者能够在5到10年的持有期内产生高回报。最终目标是找到难以捉摸的 “10 bagger”--回报率是你购买价格 10 倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的笔记和投资专业人士的客户信中充满了复合器的参考资料。许多下一代价值经理，在<i>巴伦</i>五月份的封面故事，正在寻求此类股票，而不是廉价股票的传统价值。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高价。真正的大赢家很少。根据 Durable Capital Partners 的数据，在 10 年的漫长系列中，只有大约 35 家公司的股价每年复合上涨 20% 或更多，导致至少增长了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意坚持使用大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦</i>试图确定较小的候选人。我们与投资经理进行了交谈，列出了一份包含 10 只股票的兼收并蓄的名单，其中大多数市值低于 100 亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利 以下是成长型投资者认为能够多年来持续实现收入或利润高增长的 10 只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年市盈率</th><th>2021年价格/销售额</th><th>2022年市盈率</th><th>2022年价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>阿梅迪西斯/阿梅德</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>阿米里斯/AMRS</td><td>13.64</td><td>121</td><td>纳米</td><td>10.4</td><td>纳米</td><td>9.7</td><td>纳</td><td>4.1</td><td>合成生物学领先公司</td></tr><tr><td>博思艾伦汉密尔顿控股 / BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B亨特运输服务 / JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>擅长多式联运</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>纳</td><td>6.3</td><td>度假分时度假领域的顶级公司</td></tr><tr><td>SiteOne景观供应/场地</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>大型园林绿化用品供应商</td></tr><tr><td>外科凝视/凝视</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/固定</td><td>44.38</td><td>-24</td><td>纳米</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动订阅服装公司</td></tr><tr><td>Trex / Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>合成木地板的顶级制造商</td></tr><tr><td>Upwork / UPWK</td><td>44.31</td><td>28</td><td>纳米</td><td>11.4</td><td>556.8</td><td>9.2</td><td>纳</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH的估计是针对截至2022年3月和3月23日的财年。SFIX 的估计适用于截至 2022 年 7 月和 2023 年 7 月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的每年每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys (AMED) 是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>“哥伦比亚小盘股成长基金经理丹-科尔预测说：”该行业将进行大规模整合。“医疗保健正在向家庭转移”。</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys 股价在过去十年中上涨了十倍以上。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，削减了 2021 年财务指引，股价约为 185 美元，下跌了近 30%。2021 年盈利预期目前为每股 6.13 美元，低于近 7 美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍然有能力每年实现 10% 的每股收益增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris（AMRS）是合成生物学领域的领导者。It 粉丝表示，它的机会是以环保的方式取代目前由石化产品、动物和植物制成的一系列产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>使用基因改造的酵母和甘蔗，Amyris生产角鲨烷等物质，角鲨烷是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；以及通常来源于植物的无热量甜味剂。该股交易价格约为 13 美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦</i>七月份对该公司的评价很高。在消费品牌的推动下，Amyris 预计到 2025 年销售额将达到 20 亿美元，高于今年的 4 亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>“拥有 Amyris 股票的 Pinnacle Associates 公司的投资组合经理兰迪-巴伦（Randy Baron）说：”世界需要清洁化学，而 Amyris 正是创造清洁化学的关键。他认为到 2022 年底，它们的价格可能会达到 75 美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦汉密尔顿控股公司（BAH）是国防部和其他机构的重要顾问。美国政府在最近一个财政年度占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务，与政府建立了牢固的联系。其股票交易价格约为 81 美元，收益率为 1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>“T. Rowe Price New Horizons 基金经理乔希-斯宾塞（Josh Spencer）说：”它已经建立了一种强大的、类似合作伙伴关系的文化，并有着长期的稳定增长记录。他认为博思艾伦有能力实现 9% 至 10% 的年收入增长，每年盈利增长 15% 至 16%，与其历史表现一致。由于担心军费开支受到更多限制，该股较 100 美元的峰值下跌了 20%。斯宾塞将此次回调视为买入机会，该股估值不到市盈率的 20 倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B亨特运输服务公司（JBHT）是多式联运货运领域的领导者，多式联运货运涉及卡车在铁路线上的节能运输。它是最成功的卡车运输公司之一。过去 20 年里，其股价上涨了 30 倍，最近达到 173 美元。“Durable Capital Partners 首席投资官、《巴伦周刊》圆桌会议成员亨利-埃伦博根（Henry Ellenbogen）说：”它拥有令人难以置信的特许经营权。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B他指出，亨特与伯灵顿北圣达菲铁路公司（Burlington Northern Santa Fe railroad）的合作关系使其在多式联运货运领域占据了强大的地位。J.B亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还涉足数字货运经纪业务——将卡车司机与航运客户进行匹配。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen 表示，考虑到 2022 年盈利增长前景，该股 2022 年盈利预期的 22 倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有 70 万业主，是一种有弹性的商业模式，拥有可观的费用收入，并且比同行更容易接触到夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>“Baron Focused Growth fund 的经理大卫-巴伦（David Baron）说：”它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。他补充说，万豪度假公司的股价最近约为 145 美元，该公司应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>巴伦认为，根据 2022 年的预测，这些股票的自由现金流收益率为 11%，价格便宜。他表示，该股自 2018 年以来几乎没有变化，未来几年可能会为股东带来 20% 的年回报。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply（SITE）是美国最大的园林绿化产品供应商，鉴于该公司在高度分散的行业中仅占 13% 的市场份额，因此具有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>“哥伦比亚大学的科尔说：”它正在有机增长，并有很多收购机会。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股估值约为 197 美元，估值丰富，是 2022 年预计每股收益 4.54 美元的 43 倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar Surgical（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于视力问题在全球范围内的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，该镜头已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>“Baillie Gifford 全球经理道格-布罗迪（Doug Brodie）说：”它可以创造大量的销量。“它还处于起步阶段，基本上没有竞争。</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼晶状体可在不到一小时的时间内植入，而且不需要摘除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar 股价最近为 138 美元，估值很高，是 2022 年预计销售额的 20 多倍，是 2022 年预计收益的 140 倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix（SFIX）开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“Stitch Fix 持有者 Marathon Partners Equity Management 的首席投资官 Mario Cibelli 说：”这可能是未来的 Nordstrom。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题”。Stitch Fix利用6,000名私人造型师和大量数据，试图识别订户的口味，以产生高满意度，并限制定期发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者担心潜在的流失和公司的最终盈利能力，该公司的股价约为 44 美元，比年初的水平下跌了 60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli 预计收入每年将增长 20% 以上，在当前美国和英国市场之外还有机会，并且在两到三年内将成为一项潜在的非常有利可图的业务。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex（TREX）是高端木质甲板替代品的顶级生产商，该甲板由95%的回收材料制成，是一种环保的住宅。该股股价为 105 美元，是 2022 年预期市盈率的 43 倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T. Rowe Price 的 Spencer 认为 Trex 物有所值，因为他认为 Trex 可以实现 15% 至 20% 的可持续年收入增长。预计 2022 年盈利将增长约 20%，并在随后几年以类似的速度增长。“他说：”如果把时钟拨快三年，看起来就不会那么贵了。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork（UPWK）是一个面向自由职业者的在线市场，受到了 Baillie Gifford 的 Brodie 的青睐，他说它能提高企业对自由职业者的接受度。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>最近股价在 44 美元左右，并不便宜。Upwork 的估值为 57 亿美元，是今年近 5 亿美元预计销售额的 10 倍多。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于销售快速增长带来丰厚收益。预计今年销售额将增长 30% 以上，2022 年将增长 25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“布罗迪说：”中小型企业更容易接受自由职业者，但大型企业的人力资源部门却对自由职业者嗤之以鼻。Upwork旨在通过审查其自由职业者和提供数千套技能来改变这种看法。“他说：”Upwork 可以成为越来越多企业级合作伙伴值得信赖的合作伙伴。</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>These 10 Standout Stocks Could Be the Next Amazon<blockquote>这 10 只杰出股票可能成为下一个亚马逊</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThese 10 Standout Stocks Could Be the Next Amazon<blockquote>这 10 只杰出股票可能成为下一个亚马逊</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-15 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资中最流行的流行语之一是 “复利者 ”。寻找下一个亚马逊、Costco Wholesale、Nike 或 Visa 的成长型投资者寻求确定能够在未来几年实现收入和盈利两位数复合增长的公司（最好是两者兼而有之）。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股票价格应该与收入和利润保持一致，使投资者能够在5到10年的持有期内产生高回报。最终目标是找到难以捉摸的 “10 bagger”--回报率是你购买价格 10 倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的笔记和投资专业人士的客户信中充满了复合器的参考资料。许多下一代价值经理，在<i>巴伦</i>五月份的封面故事，正在寻求此类股票，而不是廉价股票的传统价值。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高价。真正的大赢家很少。根据 Durable Capital Partners 的数据，在 10 年的漫长系列中，只有大约 35 家公司的股价每年复合上涨 20% 或更多，导致至少增长了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意坚持使用大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦</i>试图确定较小的候选人。我们与投资经理进行了交谈，列出了一份包含 10 只股票的兼收并蓄的名单，其中大多数市值低于 100 亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利 以下是成长型投资者认为能够多年来持续实现收入或利润高增长的 10 只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年市盈率</th><th>2021年价格/销售额</th><th>2022年市盈率</th><th>2022年价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>阿梅迪西斯/阿梅德</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>阿米里斯/AMRS</td><td>13.64</td><td>121</td><td>纳米</td><td>10.4</td><td>纳米</td><td>9.7</td><td>纳</td><td>4.1</td><td>合成生物学领先公司</td></tr><tr><td>博思艾伦汉密尔顿控股 / BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B亨特运输服务 / JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>擅长多式联运</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>纳</td><td>6.3</td><td>度假分时度假领域的顶级公司</td></tr><tr><td>SiteOne景观供应/场地</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>大型园林绿化用品供应商</td></tr><tr><td>外科凝视/凝视</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/固定</td><td>44.38</td><td>-24</td><td>纳米</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动订阅服装公司</td></tr><tr><td>Trex / Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>合成木地板的顶级制造商</td></tr><tr><td>Upwork / UPWK</td><td>44.31</td><td>28</td><td>纳米</td><td>11.4</td><td>556.8</td><td>9.2</td><td>纳</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH的估计是针对截至2022年3月和3月23日的财年。SFIX 的估计适用于截至 2022 年 7 月和 2023 年 7 月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的每年每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys (AMED) 是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>“哥伦比亚小盘股成长基金经理丹-科尔预测说：”该行业将进行大规模整合。“医疗保健正在向家庭转移”。</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys 股价在过去十年中上涨了十倍以上。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，削减了 2021 年财务指引，股价约为 185 美元，下跌了近 30%。2021 年盈利预期目前为每股 6.13 美元，低于近 7 美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍然有能力每年实现 10% 的每股收益增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris（AMRS）是合成生物学领域的领导者。It 粉丝表示，它的机会是以环保的方式取代目前由石化产品、动物和植物制成的一系列产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>使用基因改造的酵母和甘蔗，Amyris生产角鲨烷等物质，角鲨烷是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；以及通常来源于植物的无热量甜味剂。该股交易价格约为 13 美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦</i>七月份对该公司的评价很高。在消费品牌的推动下，Amyris 预计到 2025 年销售额将达到 20 亿美元，高于今年的 4 亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>“拥有 Amyris 股票的 Pinnacle Associates 公司的投资组合经理兰迪-巴伦（Randy Baron）说：”世界需要清洁化学，而 Amyris 正是创造清洁化学的关键。他认为到 2022 年底，它们的价格可能会达到 75 美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦汉密尔顿控股公司（BAH）是国防部和其他机构的重要顾问。美国政府在最近一个财政年度占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务，与政府建立了牢固的联系。其股票交易价格约为 81 美元，收益率为 1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>“T. Rowe Price New Horizons 基金经理乔希-斯宾塞（Josh Spencer）说：”它已经建立了一种强大的、类似合作伙伴关系的文化，并有着长期的稳定增长记录。他认为博思艾伦有能力实现 9% 至 10% 的年收入增长，每年盈利增长 15% 至 16%，与其历史表现一致。由于担心军费开支受到更多限制，该股较 100 美元的峰值下跌了 20%。斯宾塞将此次回调视为买入机会，该股估值不到市盈率的 20 倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B亨特运输服务公司（JBHT）是多式联运货运领域的领导者，多式联运货运涉及卡车在铁路线上的节能运输。它是最成功的卡车运输公司之一。过去 20 年里，其股价上涨了 30 倍，最近达到 173 美元。“Durable Capital Partners 首席投资官、《巴伦周刊》圆桌会议成员亨利-埃伦博根（Henry Ellenbogen）说：”它拥有令人难以置信的特许经营权。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B他指出，亨特与伯灵顿北圣达菲铁路公司（Burlington Northern Santa Fe railroad）的合作关系使其在多式联运货运领域占据了强大的地位。J.B亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还涉足数字货运经纪业务——将卡车司机与航运客户进行匹配。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen 表示，考虑到 2022 年盈利增长前景，该股 2022 年盈利预期的 22 倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有 70 万业主，是一种有弹性的商业模式，拥有可观的费用收入，并且比同行更容易接触到夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>“Baron Focused Growth fund 的经理大卫-巴伦（David Baron）说：”它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。他补充说，万豪度假公司的股价最近约为 145 美元，该公司应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>巴伦认为，根据 2022 年的预测，这些股票的自由现金流收益率为 11%，价格便宜。他表示，该股自 2018 年以来几乎没有变化，未来几年可能会为股东带来 20% 的年回报。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply（SITE）是美国最大的园林绿化产品供应商，鉴于该公司在高度分散的行业中仅占 13% 的市场份额，因此具有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>“哥伦比亚大学的科尔说：”它正在有机增长，并有很多收购机会。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股估值约为 197 美元，估值丰富，是 2022 年预计每股收益 4.54 美元的 43 倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar Surgical（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于视力问题在全球范围内的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，该镜头已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>“Baillie Gifford 全球经理道格-布罗迪（Doug Brodie）说：”它可以创造大量的销量。“它还处于起步阶段，基本上没有竞争。</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼晶状体可在不到一小时的时间内植入，而且不需要摘除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar 股价最近为 138 美元，估值很高，是 2022 年预计销售额的 20 多倍，是 2022 年预计收益的 140 倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix（SFIX）开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“Stitch Fix 持有者 Marathon Partners Equity Management 的首席投资官 Mario Cibelli 说：”这可能是未来的 Nordstrom。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题”。Stitch Fix利用6,000名私人造型师和大量数据，试图识别订户的口味，以产生高满意度，并限制定期发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者担心潜在的流失和公司的最终盈利能力，该公司的股价约为 44 美元，比年初的水平下跌了 60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli 预计收入每年将增长 20% 以上，在当前美国和英国市场之外还有机会，并且在两到三年内将成为一项潜在的非常有利可图的业务。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex（TREX）是高端木质甲板替代品的顶级生产商，该甲板由95%的回收材料制成，是一种环保的住宅。该股股价为 105 美元，是 2022 年预期市盈率的 43 倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T. Rowe Price 的 Spencer 认为 Trex 物有所值，因为他认为 Trex 可以实现 15% 至 20% 的可持续年收入增长。预计 2022 年盈利将增长约 20%，并在随后几年以类似的速度增长。“他说：”如果把时钟拨快三年，看起来就不会那么贵了。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork（UPWK）是一个面向自由职业者的在线市场，受到了 Baillie Gifford 的 Brodie 的青睐，他说它能提高企业对自由职业者的接受度。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>最近股价在 44 美元左右，并不便宜。Upwork 的估值为 57 亿美元，是今年近 5 亿美元预计销售额的 10 倍多。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于销售快速增长带来丰厚收益。预计今年销售额将增长 30% 以上，2022 年将增长 25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“布罗迪说：”中小型企业更容易接受自由职业者，但大型企业的人力资源部门却对自由职业者嗤之以鼻。Upwork旨在通过审查其自由职业者和提供数千套技能来改变这种看法。“他说：”Upwork 可以成为越来越多企业级合作伙伴值得信赖的合作伙伴。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2\">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":{"VAC":"万豪度假环球","SFIX":"Stitch Fix Inc.","TREX":"Trex Co Inc","AMED":"阿米斯医疗","BAH":"博思艾伦咨询公司","SITE":"SiteOne Landscape Supply, Inc.","UPWK":"Upwork Inc.","STAA":"STAAR Surgical Company","AMRS":"阿米瑞斯","JBHT":"JB Hunt运输服务"},"source_url":"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127633167","content_text":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.\nThe idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock that returns 10 times what you paid for it.\nWall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified in a Barron’s cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.\nTheir search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.\nMany investors are happy to stick with large, well-known compounders, such as Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and Eli Lilly(LLY).\nBarron’s sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:\nStrong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.\n\n\n\nCompany / Ticker\nRecent Price\nYTD Change\n2021E P/E\n2021E Price/Sales\n2022E P/E\n2022E Price/Sales\nLT Growth Rate*\nMarket Value (bil)\nComment\n\n\n\n\nAmedysis / AMED\n$185.15\n-37%\n30.2\n2.7\n27.7\n2.4\n10.5%\n$6.3\nLeader in home health care\n\n\nAmyris / AMRS\n13.64\n121\nNM\n10.4\nNM\n9.7\nNA\n4.1\nLeading company in synthetic biology\n\n\nBooz Allen Hamilton Holding / BAH\n81.73\n-6\n19.4\n1.3\n17.7\n1.2\n8.6\n11.0\nDefense-department consultant\n\n\nJ.B. Hunt Transport Services / JBHT\n172.76\n26\n25.8\n1.5\n22.2\n1.4\n18.4\n18.2\nStrong in intermodal freight\n\n\nMarriott Vacations Worldwide / VAC\n147.15\n7\n40.9\n1.6\n15.7\n1.4\nNA\n6.3\nTop company in vacation timeshares\n\n\nSiteOne Landscape Supply / SITE\n197.10\n24\n45.7\n2.6\n43.5\n2.5\n19.3\n8.8\nBig supplier of landscaping supplies\n\n\nStaar Surgical / STAA\n138.19\n74\n192.3\n28.6\n140.8\n22.5\n30.0\n6.6\nMaker of implantable lens for myopia\n\n\nStitch Fix / SFIX\n44.38\n-24\nNM\n1.9\n1890.3\n1.7\n30.0\n4.8\nData-driven subscription clothing firm\n\n\nTrex / TREX\n105.94\n27\n51.9\n10.5\n43.6\n9.3\n18.8\n12.2\nTop maker of synthetic wood decking\n\n\nUpwork / UPWK\n44.31\n28\nNM\n11.4\n556.8\n9.2\nNA\n5.7\nOnline clearinghouse for free-lancers\n\n\n\nE=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.\nSource: FactSet\nAmedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.\n“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”\nAmedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.\nAmyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.\nUsing genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.\nBarron’s wrote favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.\n“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.\nBooz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.\n“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.\nJ.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the Barron’s Roundtable.\nJ.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.\nEllenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.\nMarriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.\n“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.\nThe shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.\nSiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.\n\n“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.\nThe stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.\nStaar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.\n“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”\nLenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.\nAt a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.\nStitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.\n“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.\nIts shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.\nYet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.\nTrex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.\nT. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.\nUpwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.\nThe shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.\nThe investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.\n“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.","news_type":1,"symbols_score_info":{"STAA":0.9,"BAH":0.9,"JBHT":0.9,"AMRS":0.9,"TREX":0.9,"VAC":0.9,"AMED":0.9,"SITE":0.9,"SFIX":0.9,"UPWK":0.9}},"isVote":1,"tweetType":1,"viewCount":347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":878290311,"gmtCreate":1637194555267,"gmtModify":1637194555388,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/878290311","repostId":"2184547718","repostType":4,"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879618993,"gmtCreate":1636715609117,"gmtModify":1636715609255,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/879618993","repostId":"1135201074","repostType":4,"repost":{"id":"1135201074","kind":"news","pubTimestamp":1636715109,"share":"https://www.laohunote.com/m/news/1135201074?lang=zh_CN&edition=full","pubTime":"2021-11-12 19:05","market":"hk","language":"en","title":"CVC Capital Weighs Joining Management Buyout of Razer<blockquote>CVC Capital 考虑加入管理层收购 Razer</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135201074","media":"Bloomberg","summary":"(Bloomberg) -- CVC Capital Partners is among the investors considering joining the management of Raz","content":"<p><div> (Bloomberg) -- CVC Capital Partners is among the investors considering joining the management of Razer Inc. in a potential deal to buy the gaming peripherals maker and take it private, according to ...</p><p><blockquote><div>（彭博社）-据CVC Capital Partners是考虑加入Razer Inc.管理层的投资者之一，可能会收购这家游戏外设制造商并将其私有化……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/cvc-capital-weighs-joining-management-094310646.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/cvc-capital-weighs-joining-management-094310646.html\">网页连接</a></blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCVC Capital Weighs Joining Management Buyout of Razer<blockquote>CVC Capital 考虑加入管理层收购 Razer</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-12 19:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> (Bloomberg) -- CVC Capital Partners is among the investors considering joining the management of Razer Inc. in a potential deal to buy the gaming peripherals maker and take it private, according to ...</p><p><blockquote><div>（彭博社）-据CVC Capital Partners是考虑加入Razer Inc.管理层的投资者之一，可能会收购这家游戏外设制造商并将其私有化……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/cvc-capital-weighs-joining-management-094310646.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/cvc-capital-weighs-joining-management-094310646.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/cvc-capital-weighs-joining-management-094310646.html\">Bloomberg</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":{},"source_url":"https://finance.yahoo.com/news/cvc-capital-weighs-joining-management-094310646.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135201074","content_text":"(Bloomberg) -- CVC Capital Partners is among the investors considering joining the management of Razer Inc. in a potential deal to buy the gaming peripherals maker and take it private, according to people familiar with the matter.\nThe buyout firm is working with financial advisers and is weighing backing a possible privatization bid for Razer led by co-founder and Chief Executive Officer Min-Liang Tan, the people said, asking not to be identified as the information is private. The group is evaluating a possible relisting of the company in the U.S. once the privatization is complete, one of the people said.\nTan and board member Kaling Lim are in talks with financial investors about a transaction involving the Singaporean company which may or may not lead to a general offer for its shares, the company said in a filing to the Hong Kong Stock Exchange on Oct. 29.\nDeliberations are ongoing and the group could decide not to proceed with any transaction, the people said. Tan and representatives for CVC and Razer declined to comment.\nShares in the company surged nearly 14% on Friday to HK$2.54, giving it a market value of HK$22.2 billion ($2.9 billion). The share price is still below the HK$3.88 set in its initial public offering in 2017.\nThe company, which makes gaming keyboards, mice and other accessories, has struggled in efforts to expand into financial services. It shuttered its e-wallet Razer Pay in August after failing to make the list of firms granted licenses from the Singapore government last year to launch digital banks.\nTan controls a 34% stake in Razer, while Lim has 23%, according to the exchange filing. Tan told CNBC in August the company was holding “internal discussions” on whether to go public in the U.S.\nRazer recorded its first annual profit since 2014 last year, as the coronavirus pandemic drove demand for gaming. The company reported net income of $34 million in the first half of 2021, compared with a loss of $17.3 million a year earlier.\nCVC completed its takeover of Japanese street wear label A Bathing Ape from I.T. Ltd. in June after privatizing the Hong Kong-based company with founder Sham Kar Wai last year, and restructuring the business.","news_type":1,"symbols_score_info":{"01337":0.9}},"isVote":1,"tweetType":1,"viewCount":644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860440909,"gmtCreate":1632203262301,"gmtModify":1632802082211,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/860440909","repostId":"2169681424","repostType":4,"isVote":1,"tweetType":1,"viewCount":483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887009418,"gmtCreate":1631938710134,"gmtModify":1632805186127,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887009418","repostId":"2168716185","repostType":4,"isVote":1,"tweetType":1,"viewCount":576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818159568,"gmtCreate":1630387357054,"gmtModify":1704959534822,"author":{"id":"3576117016717305","authorId":"3576117016717305","name":"Sushi__","avatar":"https://static.tigerbbs.com/a0cf978c30326a9a36749f913b33ab2e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576117016717305","authorIdStr":"3576117016717305"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/818159568","repostId":"2163833181","repostType":4,"isVote":1,"tweetType":1,"viewCount":465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}