Ellora的个人主页 - 老虎社区

Ellora

Ellora

暂无个人介绍

IP属地：未知

310关注

2粉丝

0主题

0勋章

2021-08-31

Hmm

抱歉，原内容已删除

2021-08-31

[呆住]

抱歉，原内容已删除

2021-08-30

🥰

@话题虎:拜登3.5万亿投资法案通过，利好哪些版块？

2021-08-18

Great

抱歉，原内容已删除

2021-08-18

[财迷]

Wish Stock Holds Support, Looks Set To Bounce Higher<blockquote>Wish股票保持支撑，看起来将反弹走高</blockquote>

2021-08-04

[鬼脸]

AMD gained over 5% and reached record high<blockquote>AMD涨超5%创历史新高</blockquote>

2021-08-04

[得意]

抱歉，原内容已删除

2021-08-03

[得意]

抱歉，原内容已删除

2021-08-03

[流泪]

Is Snowflake Stock A Buy? Software Maker Sets Path To $10 Billion In Revenue By 2028<blockquote>雪花股票值得买入吗？软件制造商计划到2028年收入达到100亿美元</blockquote>

2021-08-01

[害羞]

抱歉，原内容已删除

2021-08-01

😉

抱歉，原内容已删除

2021-07-31

[得意]

You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>

2021-07-29

[呆住]

抱歉，原内容已删除

2021-07-29

[得意]

抱歉，原内容已删除

2021-07-28

[愤怒]

抱歉，原内容已删除

2021-07-27

[害羞]

抱歉，原内容已删除

2021-07-27

[得意]

抱歉，原内容已删除

2021-07-26

[财迷]

Amazon’s Cryptocurrency Plan Could Be a Game Changer<blockquote>亚马逊的加密货币计划可能会改变游戏规则</blockquote>

2021-07-26

[鬼脸]

Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>

2021-07-24

[财迷]

Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3576910253324626","uuid":"3576910253324626","gmtCreate":1613816540960,"gmtModify":1613817965282,"name":"Ellora","pinyin":"ellora","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":2,"headSize":310,"tweetSize":151,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"228c86a078844d74991fff2b7ab2428d-2","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资总监虎","description":"证券账户累计交易金额达到30万美元","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.56%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.07.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.01.22","exceedPercentage":"80.71%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":811478143,"gmtCreate":1630340516582,"gmtModify":1704958837679,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"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/811478143","repostId":"1182034389","repostType":4,"isVote":1,"tweetType":1,"viewCount":3165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811478323,"gmtCreate":1630340484962,"gmtModify":1704958837506,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811478323","repostId":"1170785593","repostType":4,"isVote":1,"tweetType":1,"viewCount":2443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":813745169,"gmtCreate":1630256616651,"gmtModify":1704957499572,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"🥰","listText":"🥰","text":"🥰","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813745169","repostId":"837121562","repostType":1,"repost":{"id":837121562,"gmtCreate":1629866337652,"gmtModify":1744960728475,"author":{"id":"3502767768442965","authorId":"3502767768442965","name":"话题虎","avatar":"https://static.tigerbbs.com/d418c2def5dc1d094b03270b450f71ce","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3502767768442965","idStr":"3502767768442965"},"themes":[],"title":"拜登3.5万亿投资法案通过，利好哪些版块？","htmlText":"昨日，美国正式通过了拜登的3.5万亿美元投资法案，涉及医疗、教育、气候等方面，主要包括： 带薪探亲假与病假、儿童保育补贴、儿童税收抵免的延期、3到4岁儿童学前班、2年免费社区大学、以及为数百万移民提供绿卡； 扩大此前在新冠救援计划《平价医疗法案》中的补贴，包括扩大医保福利以涵盖牙科、眼科、儿科等项目，允许通过医保谈判以降低处方药的成本价 对清洁能源投资的税收抵免、设立清洁能源标准，旨在2030年将电力部门碳排放量减少80%，整个经济的谈判放量减少50%；对污染者征收进口税 有分析人士认为： 结合不久前通过的基建法案（详见： <a href=\"https://laohu8.com/TW/892677965\" target=\"_blank\">拜登基建法案通过：千亿资金砸向基础设施！</a>），美国经济会进一步复苏，相反的对黄金造成承压。 两则超万亿的投资法案通过后，会加大对民众的补贴，刺激民众消费；同时，加大政府在基建、清洁能源领域的投资， 会对建材、钢铁、新能源汽车、光伏等领域构成重大利好！ 两则法案均通过后，拜登兴奋的表示： 最关键的是，我们距离真正投资美国人民、为经济长期增长和加强美国在全球的竞争力，又迈进了一步。我的目标是建立一个中低阶层繁荣的经济，而非上层独美。 …… 最后，大家聊一聊： 你认为拜登的经济法案通过后，能否使美国经济复苏，使美股再次迈向辉煌？ 我们应该注重哪方面的投资？ 精彩留言用户可获得888社区积分噢！ <a href=\"https://laohu8.com/S/X\">$美国钢铁(X)$</a> <a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a> <a href=\"https://laohu8.com/S/FSLR\">$第一太阳能(FSLR)$</a>","listText":"昨日，美国正式通过了拜登的3.5万亿美元投资法案，涉及医疗、教育、气候等方面，主要包括： 带薪探亲假与病假、儿童保育补贴、儿童税收抵免的延期、3到4岁儿童学前班、2年免费社区大学、以及为数百万移民提供绿卡； 扩大此前在新冠救援计划《平价医疗法案》中的补贴，包括扩大医保福利以涵盖牙科、眼科、儿科等项目，允许通过医保谈判以降低处方药的成本价 对清洁能源投资的税收抵免、设立清洁能源标准，旨在2030年将电力部门碳排放量减少80%，整个经济的谈判放量减少50%；对污染者征收进口税 有分析人士认为： 结合不久前通过的基建法案（详见： <a href=\"https://laohu8.com/TW/892677965\" target=\"_blank\">拜登基建法案通过：千亿资金砸向基础设施！</a>），美国经济会进一步复苏，相反的对黄金造成承压。 两则超万亿的投资法案通过后，会加大对民众的补贴，刺激民众消费；同时，加大政府在基建、清洁能源领域的投资， 会对建材、钢铁、新能源汽车、光伏等领域构成重大利好！ 两则法案均通过后，拜登兴奋的表示： 最关键的是，我们距离真正投资美国人民、为经济长期增长和加强美国在全球的竞争力，又迈进了一步。我的目标是建立一个中低阶层繁荣的经济，而非上层独美。 …… 最后，大家聊一聊： 你认为拜登的经济法案通过后，能否使美国经济复苏，使美股再次迈向辉煌？ 我们应该注重哪方面的投资？ 精彩留言用户可获得888社区积分噢！ <a href=\"https://laohu8.com/S/X\">$美国钢铁(X)$</a> <a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a> <a href=\"https://laohu8.com/S/FSLR\">$第一太阳能(FSLR)$</a>","text":"昨日，美国正式通过了拜登的3.5万亿美元投资法案，涉及医疗、教育、气候等方面，主要包括： 带薪探亲假与病假、儿童保育补贴、儿童税收抵免的延期、3到4岁儿童学前班、2年免费社区大学、以及为数百万移民提供绿卡； 扩大此前在新冠救援计划《平价医疗法案》中的补贴，包括扩大医保福利以涵盖牙科、眼科、儿科等项目，允许通过医保谈判以降低处方药的成本价 对清洁能源投资的税收抵免、设立清洁能源标准，旨在2030年将电力部门碳排放量减少80%，整个经济的谈判放量减少50%；对污染者征收进口税 有分析人士认为： 结合不久前通过的基建法案（详见： 拜登基建法案通过：千亿资金砸向基础设施！），美国经济会进一步复苏，相反的对黄金造成承压。 两则超万亿的投资法案通过后，会加大对民众的补贴，刺激民众消费；同时，加大政府在基建、清洁能源领域的投资， 会对建材、钢铁、新能源汽车、光伏等领域构成重大利好！ 两则法案均通过后，拜登兴奋的表示： 最关键的是，我们距离真正投资美国人民、为经济长期增长和加强美国在全球的竞争力，又迈进了一步。我的目标是建立一个中低阶层繁荣的经济，而非上层独美。 …… 最后，大家聊一聊： 你认为拜登的经济法案通过后，能否使美国经济复苏，使美股再次迈向辉煌？ 我们应该注重哪方面的投资？ 精彩留言用户可获得888社区积分噢！ $美国钢铁(X)$ $特斯拉(TSLA)$ $第一太阳能(FSLR)$","images":[{"img":"https://static.tigerbbs.com/6872af141d81c01dba21d3c93ec5d096","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837121562","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"subType":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833842115,"gmtCreate":1629221504737,"gmtModify":1633686451533,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833842115","repostId":"2160202236","repostType":4,"isVote":1,"tweetType":1,"viewCount":1655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833842314,"gmtCreate":1629221481938,"gmtModify":1633686451654,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833842314","repostId":"1198224425","repostType":4,"repost":{"id":"1198224425","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1629213077,"share":"https://www.laohu8.com/m/news/1198224425?lang=zh_CN&edition=full","pubTime":"2021-08-17 23:11","market":"us","language":"en","title":"Wish Stock Holds Support, Looks Set To Bounce Higher<blockquote>Wish股票保持支撑，看起来将反弹走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198224425","media":"Benzinga","summary":"ContextLogic Inc. Inc was the third most mentioned stock in the r/WallStreetBets community on Monday","content":"<p><b><a href=\"https://laohu8.com/S/WISH\">ContextLogic Inc.</a></b> <b>Inc</b>&nbsp;was the third most&nbsp;mentioned&nbsp;stock in the r/WallStreetBets community on Monday night followed by&nbsp;<b><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> </b><b>Holdings, Inc</b>.</p><p><blockquote><b><a href=\"https://laohu8.com/S/WISH\">上下文逻辑公司。</a></b><b>Inc</b>是周一晚上r/WallStreetBets社区中提及次数第三多的股票，其次是<b><a href=\"https://laohu8.com/S/AMC\">AMC院线</a></b><b>控股公司</b>.</blockquote></p><p> The stock is popular among retail traders due to its underlying&nbsp;statistics:</p><p><blockquote>该股票因其基本统计数据而受到散户交易者的欢迎：</blockquote></p><p> <ul>  <li><b>Float</b>: ContextLogic has a relatively small float of 362.37 shares.</li>  <li><b>Ownership</b>: The stock has a bizarre ownership level with 93.66% of its float tied up in the hands of insiders and institutions. Institutions own 89.24% of its shares and 4.42% are held by insiders.</li>  <li><b>Short Interest</b>: As of July 30, 29.12 million shares, meaning 19.02% of ContextLogic’s float are held short. This number has increased substantially from the 20.98 million shares that were held short in June.</li> </ul> <b>The number of shares held short could have increased further after the e-commerce company gapped down about 25% after reporting a massive earning loss on Aug. 12.</b>&nbsp;The stock then&nbsp;bounced at a support&nbsp;level created in the pre-market on Aug. 13, but on Monday ContextLogic received a number of analyst downgrades and traded back down toward the level.</p><p><blockquote><ul><li><b>浮动</b>：ContextLogic的流通股相对较小，为362.37股。</li><li><b>所有权</b>：该股的持股水平很奇怪，93.66%的流通量掌握在内部人士和机构手中。机构持有其89.24%的股份，内部人士持有4.42%的股份。</li><li><b>空头利息</b>：截至7月30日，ContextLogic流通股为2912万股，即19.02%的流通股为空头。这一数字较6月份空头持有的2098万股大幅增加。</li></ul><b>这家电子商务公司在8月12日报告大幅盈利亏损后下跌约25%，空头股票数量可能会进一步增加。</b>随后，该股在8月13日盘前创建的支撑位反弹，但周一ContextLogic收到了多位分析师的评级下调，并回落至该水平。</blockquote></p><p> <b>The ContextLogic Chart:</b>&nbsp;ContextLogic has a newly created support level at $6.71. On Monday the stock traded down to test the level as support and it held. On Tuesday it tested the level again as support and bounced upwards from it.</p><p><blockquote><b>上下文逻辑图表：</b>ContextLogic新创建的支撑位为6.71美元。周一，该股下跌以测试支撑位并保持不变。周二，它再次测试该水平作为支撑，并从该水平向上反弹。</blockquote></p><p> <b>ContextLogic has a huge gap above between about $7.87 and $9.32. Gaps on charts fill about 90% of the time so it's likely the stock will trade up to fill the gap in the future.</b></p><p><blockquote><b>ContextLogic上方约7.87美元至9.32美元之间存在巨大差距。图表上的缺口大约90%的时间都会被填补，因此该股未来很可能会上涨以填补缺口。</b></blockquote></p><p> ContextLogic is trading below both the eight-day and 21-day exponential moving averages (EMAs) with the eight-day EMA trending below the 21-day, both of which are bearish indicators. The stock is also trading below the 50-day simple moving average which indicates longer-term sentiment is currently bearish.</p><p><blockquote>ContextLogic的交易价格均低于8日和21日指数移动平均线(EMA)，其中8日EMA趋势低于21日，这两个指标都是看跌指标。该股的交易价格也低于50日简单移动平均线，这表明目前长期情绪看跌。</blockquote></p><p> The relative strength index (RSI) on the stock is has been measuring in at about 28% since ContextLogic gapped down Aug. 13. When an RSI measures below 30% the stock is considered to be in oversold territory which is a buy signal for technical traders. It's likely ContextLogic’s RSI will correct back up above 30% in the near future.</p><p><blockquote>自ContextLogic 8月13日跳空下跌以来，该股的相对强弱指数(RSI)一直在28%左右。当RSI低于30%时，股票被认为处于超卖区域，这对技术交易者来说是买入信号。ContextLogic的RSI很可能会在不久的将来回升至30%以上。</blockquote></p><p> <ul>  <li>Bulls want to see big bullish volume come in and drive ContextLogic back up toward a resistance level at $7.52. If it can regain the level as support the stock could move up higher toward the $10 level.</li>  <li>Bears want to see big bearish volume come in and drop ContextLogic’s stock down below support at $6.71. If ContextLogic loses the level as support it there is no further support below in the form of price history. $6 would be a lower psychological support level.</li> </ul> <img src=\"https://static.tigerbbs.com/7eadc82dbb6dc37e43c3702d625d8f21\" tg-width=\"1366\" tg-height=\"768\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>多头希望看到大量看涨成交量进入，并推动ContextLogic回升至7.52美元的阻力位。如果它能够重新获得该水平作为支撑，该股可能会上涨至10美元水平。</li><li>空头希望看到大量看跌成交量进入，并将ContextLogic的股价跌破6.71美元的支撑位。如果ContextLogic失去了作为支撑的水平，则不会以价格历史的形式出现进一步的支撑。6美元将是较低的心理支撑位。</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>Wish Stock Holds Support, Looks Set To Bounce Higher<blockquote>Wish股票保持支撑，看起来将反弹走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWish Stock Holds Support, Looks Set To Bounce Higher<blockquote>Wish股票保持支撑，看起来将反弹走高</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 </p>\n<p class=\"h-time smaller\">2021-08-17 23:11</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/WISH\">ContextLogic Inc.</a></b> <b>Inc</b>&nbsp;was the third most&nbsp;mentioned&nbsp;stock in the r/WallStreetBets community on Monday night followed by&nbsp;<b><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> </b><b>Holdings, Inc</b>.</p><p><blockquote><b><a href=\"https://laohu8.com/S/WISH\">上下文逻辑公司。</a></b><b>Inc</b>是周一晚上r/WallStreetBets社区中提及次数第三多的股票，其次是<b><a href=\"https://laohu8.com/S/AMC\">AMC院线</a></b><b>控股公司</b>.</blockquote></p><p> The stock is popular among retail traders due to its underlying&nbsp;statistics:</p><p><blockquote>该股票因其基本统计数据而受到散户交易者的欢迎：</blockquote></p><p> <ul>  <li><b>Float</b>: ContextLogic has a relatively small float of 362.37 shares.</li>  <li><b>Ownership</b>: The stock has a bizarre ownership level with 93.66% of its float tied up in the hands of insiders and institutions. Institutions own 89.24% of its shares and 4.42% are held by insiders.</li>  <li><b>Short Interest</b>: As of July 30, 29.12 million shares, meaning 19.02% of ContextLogic’s float are held short. This number has increased substantially from the 20.98 million shares that were held short in June.</li> </ul> <b>The number of shares held short could have increased further after the e-commerce company gapped down about 25% after reporting a massive earning loss on Aug. 12.</b>&nbsp;The stock then&nbsp;bounced at a support&nbsp;level created in the pre-market on Aug. 13, but on Monday ContextLogic received a number of analyst downgrades and traded back down toward the level.</p><p><blockquote><ul><li><b>浮动</b>：ContextLogic的流通股相对较小，为362.37股。</li><li><b>所有权</b>：该股的持股水平很奇怪，93.66%的流通量掌握在内部人士和机构手中。机构持有其89.24%的股份，内部人士持有4.42%的股份。</li><li><b>空头利息</b>：截至7月30日，ContextLogic流通股为2912万股，即19.02%的流通股为空头。这一数字较6月份空头持有的2098万股大幅增加。</li></ul><b>这家电子商务公司在8月12日报告大幅盈利亏损后下跌约25%，空头股票数量可能会进一步增加。</b>随后，该股在8月13日盘前创建的支撑位反弹，但周一ContextLogic收到了多位分析师的评级下调，并回落至该水平。</blockquote></p><p> <b>The ContextLogic Chart:</b>&nbsp;ContextLogic has a newly created support level at $6.71. On Monday the stock traded down to test the level as support and it held. On Tuesday it tested the level again as support and bounced upwards from it.</p><p><blockquote><b>上下文逻辑图表：</b>ContextLogic新创建的支撑位为6.71美元。周一，该股下跌以测试支撑位并保持不变。周二，它再次测试该水平作为支撑，并从该水平向上反弹。</blockquote></p><p> <b>ContextLogic has a huge gap above between about $7.87 and $9.32. Gaps on charts fill about 90% of the time so it's likely the stock will trade up to fill the gap in the future.</b></p><p><blockquote><b>ContextLogic上方约7.87美元至9.32美元之间存在巨大差距。图表上的缺口大约90%的时间都会被填补，因此该股未来很可能会上涨以填补缺口。</b></blockquote></p><p> ContextLogic is trading below both the eight-day and 21-day exponential moving averages (EMAs) with the eight-day EMA trending below the 21-day, both of which are bearish indicators. The stock is also trading below the 50-day simple moving average which indicates longer-term sentiment is currently bearish.</p><p><blockquote>ContextLogic的交易价格均低于8日和21日指数移动平均线(EMA)，其中8日EMA趋势低于21日，这两个指标都是看跌指标。该股的交易价格也低于50日简单移动平均线，这表明目前长期情绪看跌。</blockquote></p><p> The relative strength index (RSI) on the stock is has been measuring in at about 28% since ContextLogic gapped down Aug. 13. When an RSI measures below 30% the stock is considered to be in oversold territory which is a buy signal for technical traders. It's likely ContextLogic’s RSI will correct back up above 30% in the near future.</p><p><blockquote>自ContextLogic 8月13日跳空下跌以来，该股的相对强弱指数(RSI)一直在28%左右。当RSI低于30%时，股票被认为处于超卖区域，这对技术交易者来说是买入信号。ContextLogic的RSI很可能会在不久的将来回升至30%以上。</blockquote></p><p> <ul>  <li>Bulls want to see big bullish volume come in and drive ContextLogic back up toward a resistance level at $7.52. If it can regain the level as support the stock could move up higher toward the $10 level.</li>  <li>Bears want to see big bearish volume come in and drop ContextLogic’s stock down below support at $6.71. If ContextLogic loses the level as support it there is no further support below in the form of price history. $6 would be a lower psychological support level.</li> </ul> <img src=\"https://static.tigerbbs.com/7eadc82dbb6dc37e43c3702d625d8f21\" tg-width=\"1366\" tg-height=\"768\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>多头希望看到大量看涨成交量进入，并推动ContextLogic回升至7.52美元的阻力位。如果它能够重新获得该水平作为支撑，该股可能会上涨至10美元水平。</li><li>空头希望看到大量看跌成交量进入，并将ContextLogic的股价跌破6.71美元的支撑位。如果ContextLogic失去了作为支撑的水平，则不会以价格历史的形式出现进一步的支撑。6美元将是较低的心理支撑位。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198224425","content_text":"ContextLogic Inc. Inc was the third most mentioned stock in the r/WallStreetBets community on Monday night followed by AMC Entertainment Holdings, Inc.\nThe stock is popular among retail traders due to its underlying statistics:\n\nFloat: ContextLogic has a relatively small float of 362.37 shares.\nOwnership: The stock has a bizarre ownership level with 93.66% of its float tied up in the hands of insiders and institutions. Institutions own 89.24% of its shares and 4.42% are held by insiders.\nShort Interest: As of July 30, 29.12 million shares, meaning 19.02% of ContextLogic’s float are held short. This number has increased substantially from the 20.98 million shares that were held short in June.\n\nThe number of shares held short could have increased further after the e-commerce company gapped down about 25% after reporting a massive earning loss on Aug. 12. The stock then bounced at a support level created in the pre-market on Aug. 13, but on Monday ContextLogic received a number of analyst downgrades and traded back down toward the level.\nThe ContextLogic Chart: ContextLogic has a newly created support level at $6.71. On Monday the stock traded down to test the level as support and it held. On Tuesday it tested the level again as support and bounced upwards from it.\nContextLogic has a huge gap above between about $7.87 and $9.32. Gaps on charts fill about 90% of the time so it's likely the stock will trade up to fill the gap in the future.\nContextLogic is trading below both the eight-day and 21-day exponential moving averages (EMAs) with the eight-day EMA trending below the 21-day, both of which are bearish indicators. The stock is also trading below the 50-day simple moving average which indicates longer-term sentiment is currently bearish.\nThe relative strength index (RSI) on the stock is has been measuring in at about 28% since ContextLogic gapped down Aug. 13. When an RSI measures below 30% the stock is considered to be in oversold territory which is a buy signal for technical traders. It's likely ContextLogic’s RSI will correct back up above 30% in the near future.\n\nBulls want to see big bullish volume come in and drive ContextLogic back up toward a resistance level at $7.52. If it can regain the level as support the stock could move up higher toward the $10 level.\nBears want to see big bearish volume come in and drop ContextLogic’s stock down below support at $6.71. If ContextLogic loses the level as support it there is no further support below in the form of price history. $6 would be a lower psychological support level.","news_type":1,"symbols_score_info":{"WISH":0.9}},"isVote":1,"tweetType":1,"viewCount":3261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":890122382,"gmtCreate":1628087713346,"gmtModify":1633753702782,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[鬼脸]&nbsp;","listText":"[鬼脸]&nbsp;","text":"[鬼脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890122382","repostId":"1108635314","repostType":4,"repost":{"id":"1108635314","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":1628084737,"share":"https://www.laohu8.com/m/news/1108635314?lang=zh_CN&edition=full","pubTime":"2021-08-04 21:45","market":"us","language":"en","title":"AMD gained over 5% and reached record high<blockquote>AMD涨超5%创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108635314","media":"Tiger Newspress","summary":"(August 4) AMD gained over 5% and reached record high.","content":"<p>(August 4)&nbsp;<a href=\"https://laohu8.com/S/AMD\">AMD</a> gained over 5% and reached record high.</p><p><blockquote>（8月4日）<a href=\"https://laohu8.com/S/AMD\">AMD</a>涨幅超过5%，创历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b23aa43d6e0816bc9aeaa95fc08fcd6\" tg-width=\"837\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></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>AMD gained over 5% and reached record high<blockquote>AMD涨超5%创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD gained over 5% and reached record high<blockquote>AMD涨超5%创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-04 21:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 4)&nbsp;<a href=\"https://laohu8.com/S/AMD\">AMD</a> gained over 5% and reached record high.</p><p><blockquote>（8月4日）<a href=\"https://laohu8.com/S/AMD\">AMD</a>涨幅超过5%，创历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b23aa43d6e0816bc9aeaa95fc08fcd6\" tg-width=\"837\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108635314","content_text":"(August 4) AMD gained over 5% and reached record high.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":890123933,"gmtCreate":1628087590722,"gmtModify":1633753705642,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890123933","repostId":"2156105844","repostType":4,"isVote":1,"tweetType":1,"viewCount":3336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":807103439,"gmtCreate":1628003473421,"gmtModify":1633754457708,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807103439","repostId":"1188700614","repostType":4,"isVote":1,"tweetType":1,"viewCount":3160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804381339,"gmtCreate":1627923208421,"gmtModify":1633755213728,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[流泪]&nbsp;","listText":"[流泪]&nbsp;","text":"[流泪]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804381339","repostId":"1131839624","repostType":4,"repost":{"id":"1131839624","kind":"news","pubTimestamp":1627917885,"share":"https://www.laohu8.com/m/news/1131839624?lang=zh_CN&edition=full","pubTime":"2021-08-02 23:24","market":"us","language":"en","title":"Is Snowflake Stock A Buy? Software Maker Sets Path To $10 Billion In Revenue By 2028<blockquote>雪花股票值得买入吗？软件制造商计划到2028年收入达到100亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131839624","media":"investors","summary":"Think of Snowflake stock as a proxy on the torrid growth of cloud computing giantsAmazon.com(AMZN),M","content":"<p>Think of <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> stock as a proxy on the torrid growth of cloud computing giants<b><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a></b>(AMZN),<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a></b>(MSFT) and<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a></b>'s (GOOGL) Google.</p><p><blockquote>想到<a href=\"https://laohu8.com/S/SNOW\">雪花</a>股票作为云计算巨头快速增长的代表<b><a href=\"https://laohu8.com/S/AMZN\">亚马逊</a></b>（亚马逊），<b><a href=\"https://laohu8.com/S/MSFT\">微软</a></b>（MSFT）和<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a></b>（GOOGL）谷歌。</blockquote></p><p> Many companies are turning to cloud computing services as part of \"digital transformation\" projects that aim to gain business insights from crunching massive volumes of data. The cloud computing titans offer their own data analytics and management tools.</p><p><blockquote>许多公司正在转向云计算服务，作为“数字化转型”项目的一部分，旨在从处理海量数据中获得商业洞察力。云计算巨头提供自己的数据分析和管理工具。</blockquote></p><p> In a \"coopetition\" model, thecloud giantsgive their customers a green light to buy<b>Snowflake</b>'s (SNOW) software. The reason is Snowflake's tools are better at some key tasks, such as letting companies compile, view, analyze and share massive amounts of data in an easy way.</p><p><blockquote>在“合作竞争”模式中，云巨头为客户的购买开绿灯<b>雪花</b>的（雪）软件。原因是Snowflake的工具在一些关键任务上更好，例如让公司以简单的方式编译、查看、分析和共享大量数据。</blockquote></p><p> Nearly two-fifths of Fortune 500 companies use Snowflake's software in the cloud as they move away from on-premise data warehousing products from<b><a href=\"https://laohu8.com/S/TDC\">Teradata</a></b>(TDC),<b><a href=\"https://laohu8.com/S/ORCL\">Oracle</a></b>(ORCL) and<b><a href=\"https://laohu8.com/S/IBM\">IBM</a></b>(IBM).&nbsp;One Snowflake customer is pharma giant<b><a href=\"https://laohu8.com/S/PFE\">Pfizer</a></b>(PFE). Pfizer uses Snowflake tools to forecast product sales and to gain insights into thedistribution of the Covid-19 vaccine.</p><p><blockquote>近五分之二的财富500强公司在云中使用Snowflake的软件，因为它们正在从<b><a href=\"https://laohu8.com/S/TDC\">Teradata</a></b>（贸发局），<b><a href=\"https://laohu8.com/S/ORCL\">神谕</a></b>（ORCL）及<b><a href=\"https://laohu8.com/S/IBM\">IBM</a></b>（IBM）。Snowflake的一个客户是制药巨头<b><a href=\"https://laohu8.com/S/PFE\">辉瑞</a></b>（PFE）。辉瑞使用雪花工具来预测产品销售并深入了解Covid-19疫苗的分布情况。</blockquote></p><p> Stellar customer growth enabled SNOW stock to pull off the largest initial public offering ever by a software company in September 2020. The IPO raised $3.4 billion.</p><p><blockquote>出色的客户增长使SNOW stock在2020年9月完成了软件公司有史以来最大的首次公开募股。此次IPO筹集了34亿美元。</blockquote></p><p> But is Snowflake a buy right now? After a tough start to 2021, software growth stocks have rebounded. The iShares Expanded Tech-Software Sector ETF rose 3.4% in July and 8.7% in June.</p><p><blockquote>但雪花现在值得买入吗？在经历了2021年的艰难开局后，软件成长股出现反弹。iShares Expanded Tech-Software Sector ETF 7月份上涨3.4%，6月份上涨8.7%。</blockquote></p><p> <b>Snowflake Stock: Roadmap to $10 Billion In Revenue</b></p><p><blockquote><b>Snowflake股票：收入达到100亿美元的路线图</b></blockquote></p><p> Snowflake stock hit an all-time high of 429 in early December. But SNOW stock swooned in late 2020 amid analyst concerns over its lofty valuation.</p><p><blockquote>Snowflake股价在12月初创下429点的历史新高。但由于分析师对其高估值的担忧，SNOW股价在2020年底暴跌。</blockquote></p><p> At a June 10 analyst day, Snowflake laid out a path to $10 billion in product revenue by fiscal 2029, which coincides with calendar 2028. The $10 billion revenue target would result in a compound annual growth rate of 44%.</p><p><blockquote>在6月10日的分析师日上，Snowflake制定了到2029财年（与2028年日历一致）产品收入达到100亿美元的道路。100亿美元的收入目标将带来44%的复合年增长率。</blockquote></p><p> The company said it expects to increase the number of customers with over $1 million in product revenue. Snowflake also guided to long-term operating margin of 10%-plus, lower than some analysts expected.</p><p><blockquote>该公司表示，预计产品收入将超过100万美元，从而增加客户数量。Snowflake还预计长期营业利润率为10%以上，低于一些分析师的预期。</blockquote></p><p> <b>Possible Threat From Amazon</b></p><p><blockquote><b>可能来自亚马逊的威胁</b></blockquote></p><p> Snowflake in July announced support for digital advertising standard Unified ID 2.0. Advertising is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of Snowflake's largest verticals with customers representing a large percentage of players in the space, noted a RBC Capital report. The move comes as Googlephases out internet cookies for targeted advertising.</p><p><blockquote>雪花在7月份宣布支持数字广告标准Unified ID 2.0。广告是<a href=\"https://laohu8.com/S/AONE.U\">一</a>加拿大皇家银行资本(RBC Capital)的一份报告指出，Snowflake是最大的垂直行业之一，其客户占该领域参与者的很大比例。此举正值谷歌逐步淘汰用于定向广告的互联网cookies之际。</blockquote></p><p> Whether Amazon Web Services ratchets up competition remains a concern for SNOW stock. Plus, competition with privately held Databricks is heating up. A February funding roundvalued Databricks at $28 billion.</p><p><blockquote>亚马逊网络服务是否会加剧竞争仍然是SNOW股票的一个担忧。此外，与私营Databricks的竞争正在升温。2月份的一轮融资对Databricks的估值为280亿美元。</blockquote></p><p> Databricks, which usesartificial intelligence, is expected to launch its own IPO.</p><p><blockquote>使用人工智能的Databricks预计将推出自己的IPO。</blockquote></p><p> Snowflake stock bulls point to its seasoned management team as a strength no matter what unfolds.</p><p><blockquote>雪花股票的多头指出，无论发生什么，其经验丰富的管理团队都是一个优势。</blockquote></p><p> <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> former Oracle engineers — Benoit Dageville and Thierry Cruanes — along with Marcin Zukowski, former chief executive of startup Vectorwise, started Snowflake in 2012. The company holds patents in database architecture, data warehouses and other areas.</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>前甲骨文工程师Benoit Dageville和Thierry Cruanes与初创公司Vectorwise前首席执行官Marcin Zukowski于2012年创办了Snowflake。公司在数据库架构、数据仓库等领域拥有专利。</blockquote></p><p> <b>SNOW Stock: <a href=\"https://laohu8.com/S/NOW\">ServiceNow</a> Veterans Lead Company</b></p><p><blockquote><b>雪库存：<a href=\"https://laohu8.com/S/NOW\">服务现在</a>退伍军人领导公司</b></blockquote></p><p> Snowflake brought inFrank Slootman as chief executive&nbsp;in May 2019. Slootman had stepped down as CEO of ServiceNow in early 2017. Former ServiceNow Chief Financial Officer Mike Scarpelli in 2019 also joined Snowflake in the same CFO position.</p><p><blockquote>Snowflake于2019年5月任命inFrank Slootman为首席执行官。Slootman已于2017年初辞去ServiceNow首席执行官一职。前ServiceNow首席财务官Mike Scarpelli也于2019年加入Snowflake，担任相同的首席财务官职位。</blockquote></p><p> Unlike legacy, on-premise data management systems, Snowflake's platform was built from the ground up for cloud computing. It provides 100% of its software over the internet.</p><p><blockquote>与传统的内部数据管理系统不同，Snowflake的平台是为云计算从头开始构建的。它通过互联网提供100%的软件。</blockquote></p><p> Snowflake customers can share data with their partners across multiple online storage systems using the company's data warehouse. Snowflake also enables easily searchable data to be shared among applications.</p><p><blockquote>Snowflake客户可以使用公司的数据仓库在多个在线存储系统中与合作伙伴共享数据。Snowflake还支持在应用程序之间共享易于搜索的数据。</blockquote></p><p> Snowflake's data analytics tools became available on Amazon Web Services in 2015, Microsoft's Azure in 2018 and on Google's cloud platform in 2020.</p><p><blockquote>Snowflake的数据分析工具于2015年在Amazon Web Services上可用，2018年在微软的Azure上可用，2020年在谷歌的云平台上可用。</blockquote></p><p> In June, Snowflake partnered with<b>C3.ai</b>(AI). The two companies will cooperate in offering artificial intelligence tools to companies.</p><p><blockquote>6月，雪花与<b>C3.人工智能</b>（人工智能）。两家公司将合作向企业提供人工智能工具。</blockquote></p><p> <b>Amazon Web Services A 'Frenemy'</b></p><p><blockquote><b>亚马逊网络服务是“友敌”</b></blockquote></p><p> \"While Snowflake is multi-cloud, it derives some 85% of its revenues from data analytics jobs deployed on Amazon Web Services, which is also Snowflake's biggest rival with AWS Redshift,\" UBS analyst Karl Keirstead said in a recent note to clients.</p><p><blockquote>瑞银分析师Karl Keirstead在最近给客户的一份报告中表示：“虽然Snowflake是多云的，但它约85%的收入来自亚马逊网络服务上部署的数据分析工作，亚马逊网络服务也是Snowflake与AWS Redshift的最大竞争对手。”</blockquote></p><p></p><p> \"This 'frenemy' relationship is critical to Snowflake's success,\" Keirstead went on to say. \"AWS benefits far more from Snowflake spending on compute and storage infrastructure resources than they lose in the form of foregone AWS Redshift revenues. Snowflake represents a dream customer and partner for AWS and Microsoft Azure.\"</p><p><blockquote>“这种‘友敌’关系对于Snowflake的成功至关重要，”Keirstead继续说道。“AWS从Snowflake在计算和存储基础设施资源上的支出中获得的好处远远超过它们因放弃AWS红移收入而损失的损失。Snowflake代表了AWS和微软Azure的梦想客户和合作伙伴。”</blockquote></p><p> Snowflake has focused on six core markets, including financial services, health care and life sciences, retail and consumer packaged goods, advertising media and entertainment, technology, and the government sector.</p><p><blockquote>Snowflake专注于六个核心市场，包括金融服务、医疗保健和生命科学、零售和消费品、广告媒体和娱乐、技术和政府部门。</blockquote></p><p> When Snowflake went public in September it used a dual-class share structure that gave its CEO and insiderssuper-voting rights. However, Snowflake eliminated the dual-class structure in March.</p><p><blockquote>当Snowflake于9月份上市时，它采用了双层股权结构，赋予其首席执行官和内部人士超级投票权。然而，Snowflake在三月份取消了双层结构。</blockquote></p><p> Snowflake had been based in San Mateo, Calif. Amid the shift to remote work spurred by the coronavirus emergency, Snowflake in May said it no longer has a corporate headquarters. It designated Bozeman, Mont., as its principal executive office. Slootman and Scarpelli are based in Bozeman.</p><p><blockquote>雪花公司的总部设在加利福尼亚州的圣马特奥。在冠状病毒紧急情况促使人们转向远程工作的过程中，Snowflake在5月份表示，它不再设有公司总部。它指定了蒙大拿州的波兹曼。，作为其主要执行办公室。斯洛特曼和斯卡佩利的总部设在波兹曼。</blockquote></p><p> <b>Snowflake Stock Fundamental Analysis</b></p><p><blockquote><b>雪花股票基本面分析</b></blockquote></p><p> Software stocks typically trade as a multiple of forward-looking revenue growth. Software-as-a-service, or SaaS, companies, such as<b><a href=\"https://laohu8.com/S/CRM\">Salesforce.com</a></b>(CRM), typically provide the highest revenue growth. Salesforce is a key marketing partner of SNOW stock.</p><p><blockquote>软件股的交易价格通常是前瞻性收入增长的倍数。软件即服务或SaaS公司，例如<b><a href=\"https://laohu8.com/S/CRM\">Salesforce.com</a></b>（CRM），通常提供最高的收入增长。Salesforce是SNOW stock的主要营销合作伙伴。</blockquote></p><p> Snowflake also partners with consulting firms such as Deloitte and information technology firms such as privately held Informatica.</p><p><blockquote>Snowflake还与德勤等咨询公司和私营Informatica等信息技术公司合作。</blockquote></p><p> Snowflake is not an SaaS company, however. Instead, it uses a consumption-based business model based on how much data its customers crunch and store.</p><p><blockquote>然而，Snowflake并不是一家SaaS公司。相反，它使用基于消费的商业模式，基于客户处理和存储的数据量。</blockquote></p><p> Snowflake's revenue growth stands out. <a href=\"https://laohu8.com/S/FBNC\">First</a>-quartersales jumped 110%to $228.9 million. But there's less transparency and predictability than with subscription-based, recurring-revenue SaaS business models, analysts say.</p><p><blockquote>Snowflake的收入增长尤为突出。<a href=\"https://laohu8.com/S/FBNC\">第一</a>-季度销售额增长110%至2.289亿美元。但分析师表示，与基于订阅、经常性收入的SaaS商业模式相比，透明度和可预测性较低。</blockquote></p><p> \"SNOW has a consumption model, whereby customers contract for a certain amount of compute and storage capacity,\" <a href=\"https://laohu8.com/S/MFG\">Mizuho</a> Securities analyst Gregg Moskowitz said in a note. \"The company only records revenue, however, as that capacity is used, so there can be a lag of several months or more before revenue recognition begins.\"</p><p><blockquote>“SNOW有一个消费模式，客户签订一定数量的计算和存储容量的合同，”<a href=\"https://laohu8.com/S/MFG\">瑞穗</a>证券分析师Gregg Moskowitz在一份报告中表示。“然而，公司仅在产能被使用时记录收入，因此在开始确认收入之前可能会有几个月或更长时间的滞后。”</blockquote></p><p> Snowflake is nearing an annual revenue run-rate of $1 billion. That's a big milestone for software growth companies. But SNOW stock is unprofitable on the two most common accounting standards.</p><p><blockquote>Snowflake的年收入接近10亿美元。对于软件成长型公司来说，这是一个重要的里程碑。但根据两种最常见的会计准则，SNOW股票是无利可图的。</blockquote></p><p> Many software companies are unprofitable using GAAP earnings, or generally accepted accounting principles, which includes stock-based compensation. But they're profitable on a non-GAAP or \"adjusted\" earnings basis.</p><p><blockquote>许多软件公司使用GAAP收益或公认会计原则（包括基于股票的薪酬）是无利可图的。但在非公认会计准则或“调整后”收益的基础上，它们是盈利的。</blockquote></p><p> <b>SNOW Stock Operates In The Red</b></p><p><blockquote><b>SNOW股票出现亏损</b></blockquote></p><p> In the first quarter, Snowflake reported a GAAP operating loss of $205.6 million and a GAAP per-share loss of 70 cents. Snowflake stock subsequently fell. It recorded an adjusted operating loss of $35.8 million.</p><p><blockquote>第一季度，Snowflake公布的GAAP运营亏损为2.056亿美元，GAAP每股亏损为70美分。雪花股票随后下跌。调整后营业亏损为3580万美元。</blockquote></p><p> Snowflake doesn't break out adjusted earnings. Analysts estimate it lost 11 cents on an adjusted basis in the first quarter.</p><p><blockquote>Snowflake没有公布调整后收益。分析师估计，第一季度调整后该公司亏损11美分。</blockquote></p><p> Snowflake operates in the red amid sizable investments, analysts say. For fiscal 2022, for example, Snowflake has told analysts it plans to hire 1,200 net new employees, which would represent 48% growth in head count.</p><p><blockquote>分析师表示，由于巨额投资，Snowflake的运营处于亏损状态。例如，Snowflake告诉分析师，2022财年计划净雇用1,200名新员工，这意味着员工人数将增长48%。</blockquote></p><p> Still, investments are paying off in revenue growth. Snowflake had 4,532 customers as of April 30, up 67% from the year-earlier period. That includes 187 of the Fortune 500. In the April quarter, Snowflake added a record 27 customers with more than $1 million per year in product revenue, giving it 104 such customers overall.</p><p><blockquote>尽管如此，投资还是在收入增长方面获得了回报。截至4月30日，Snowflake拥有4,532名客户，同比增长67%。其中包括财富500强中的187家。在4月份的季度，Snowflake增加了创纪录的27个客户，每年产品收入超过100万美元，使其总共拥有104个此类客户。</blockquote></p><p> <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> analyst Kash Rangan is bullish on Snowflake's potential to dominate in cloud-based data analytics and management.</p><p><blockquote><a href=\"https://laohu8.com/S/GS\">高盛</a>分析师Kash Rangan看好Snowflake在基于云的数据分析和管理领域占据主导地位的潜力。</blockquote></p><p> \"We believe Snowflake will continue to replace incumbent warehousing solutions owing to their scalable and elastic cloud native data platform while also capitalizing on net new workloads and use cases as digital transformation drives greater digitization within the enterprise, and business intelligence and analytics remains a top priority for spending,\" he said in a note.</p><p><blockquote>“我们相信，由于其可扩展和弹性的云原生数据平台，Snowflake将继续取代现有的仓储解决方案，同时随着数字化转型推动企业内部更大程度的数字化，并且商业智能和分析仍然是重中之重支出，”他在一份报告中表示。</blockquote></p><p> <b>SNOW Stock Technical Analysis</b></p><p><blockquote><b>SNOW股票技术分析</b></blockquote></p><p> Snowflake stock went public on Sept. 16 at 120 a share. At the time, software growth stocks were hot as investors sought recurring revenue amid the coronavirus emergency.</p><p><blockquote>Snowflake股票于9月16日以每股120美元的价格上市。当时，由于投资者在冠状病毒紧急情况下寻求经常性收入，软件成长股炙手可热。</blockquote></p><p> SNOW stock popped as high as 319 on the first day of trading and closed 111.6% above the IPO price at 253.93. Shares pulled back as analysts debated Snowflake's valuation.</p><p><blockquote>SNOW股价在交易首日飙升至319点，收盘价较IPO价格253.93点高出111.6%。由于分析师对Snowflake的估值存在争议，股价回落。</blockquote></p><p> Snowflake stock forged acup-with-handle baseover the next two months. The new base created an entry point of 301. SNOW stock blew past the buy point, hitting an all-time high of 429 on Dec. 8.</p><p><blockquote>在接下来的两个月里，雪花股票锻造了带手柄的针尖底座。新基地创造了一个301的切入点。SNOW股价突破买入点，于12月8日触及429点的历史新高。</blockquote></p><p></p><p> Snowflake stock swooned in late 2020 amid questions over its valuation even as the IBD Computer-Software <a href=\"https://laohu8.com/S/EBTC\">Enterprise</a> group stayed resilient. The Computer-Software <a href=\"https://laohu8.com/S/EFSC\">Enterprise</a> group did not break down until mid-February amid a market rotation to value.</p><p><blockquote>尽管IBD计算机软件公司的估值受到质疑，Snowflake股价在2020年底暴跌<a href=\"https://laohu8.com/S/EBTC\">企业</a>集团保持弹性。计算机软件<a href=\"https://laohu8.com/S/EFSC\">企业</a>直到2月中旬，由于市场向价值轮动，该集团才崩溃。</blockquote></p><p> Snowflake stock hit a low of 184.71 on May 13.</p><p><blockquote>Snowflake股价于5月13日触及184.71的低点。</blockquote></p><p> Canaccord Genuity analyst David Hynes said in a note that one question for investors is whether SNOW stock will trade in concert with software growth stocks. Software growth stocks have sold off onworries over inflation and rising interest rates.</p><p><blockquote>Canaccord Genuity分析师David Hynes在一份报告中表示，投资者面临的一个问题是SNOW股票是否会与软件成长型股票一致交易。由于对通胀和利率上升的担忧，软件成长型股票遭到抛售。</blockquote></p><p> <b>Is Snowflake Stock A Buy Right Now?</b></p><p><blockquote><b>雪花股票现在值得买入吗？</b></blockquote></p><p> Snowflake stock still trades at a substantial premium as a multiple of forward-looking revenue growth. SNOW stock holds anIBD Composite Ratingof 37 out of a best possible 99, according toIBD Stock Checkup.</p><p><blockquote>作为前瞻性收入增长的倍数，雪花股票的交易价格仍然存在大幅溢价。根据IBD股票检查，SNOW股票的IBD综合评级为37分（满分99分）。</blockquote></p><p> IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.</p><p><blockquote>IBD的综合评级将五个独立的专有评级合并为一个易于使用的评级。最佳成长型股票的综合评级为90或更高。</blockquote></p><p> One plus is that Snowflake stock owns an Accumulation/Distribution Rating of B, according toIBD MarketSmithanalysis. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading.</p><p><blockquote>根据IBD MarketSmithAnalysis的数据，一个优点是Snowflake股票的积累/分配评级为B。该评级分析股票在过去13周交易中的价格和交易量变化。</blockquote></p><p> The rating, on an A+ to E scale, measures institutional buying and selling in a stock. A+ signifies heavy institutional buying; E means heavy selling. Think of the C grade as neutral.</p><p><blockquote>该评级为A+至E级，衡量机构对股票的买卖情况。A+表示机构大量买入；E表示大量抛售。把C级想象成中性。</blockquote></p><p> SNOW stock has yet toform a basewith a proper entry point. Snowflake stock has clawed above its 50-day moving average. If it holds above the 50-day line that could kick-start the right side of a deep base.</p><p><blockquote>积雪还没有形成一个合适的切入点。Snowflake股价已突破50日移动平均线。如果它保持在50日线上方，可能会启动深基右侧。</blockquote></p><p> As of Aug. 2, Snowflake stock is not a buy.</p><p><blockquote>截至8月2日，Snowflake股票不值得买入。</blockquote></p><p></p>","source":"lsy1610449120050","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Snowflake Stock A Buy? Software Maker Sets Path To $10 Billion In Revenue By 2028<blockquote>雪花股票值得买入吗？软件制造商计划到2028年收入达到100亿美元</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\">\nIs Snowflake Stock A Buy? Software Maker Sets Path To $10 Billion In Revenue By 2028<blockquote>雪花股票值得买入吗？软件制造商计划到2028年收入达到100亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investors</strong><span class=\"h-time small\">2021-08-02 23:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Think of <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> stock as a proxy on the torrid growth of cloud computing giants<b><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a></b>(AMZN),<b><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a></b>(MSFT) and<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a></b>'s (GOOGL) Google.</p><p><blockquote>想到<a href=\"https://laohu8.com/S/SNOW\">雪花</a>股票作为云计算巨头快速增长的代表<b><a href=\"https://laohu8.com/S/AMZN\">亚马逊</a></b>（亚马逊），<b><a href=\"https://laohu8.com/S/MSFT\">微软</a></b>（MSFT）和<b><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a></b>（GOOGL）谷歌。</blockquote></p><p> Many companies are turning to cloud computing services as part of \"digital transformation\" projects that aim to gain business insights from crunching massive volumes of data. The cloud computing titans offer their own data analytics and management tools.</p><p><blockquote>许多公司正在转向云计算服务，作为“数字化转型”项目的一部分，旨在从处理海量数据中获得商业洞察力。云计算巨头提供自己的数据分析和管理工具。</blockquote></p><p> In a \"coopetition\" model, thecloud giantsgive their customers a green light to buy<b>Snowflake</b>'s (SNOW) software. The reason is Snowflake's tools are better at some key tasks, such as letting companies compile, view, analyze and share massive amounts of data in an easy way.</p><p><blockquote>在“合作竞争”模式中，云巨头为客户的购买开绿灯<b>雪花</b>的（雪）软件。原因是Snowflake的工具在一些关键任务上更好，例如让公司以简单的方式编译、查看、分析和共享大量数据。</blockquote></p><p> Nearly two-fifths of Fortune 500 companies use Snowflake's software in the cloud as they move away from on-premise data warehousing products from<b><a href=\"https://laohu8.com/S/TDC\">Teradata</a></b>(TDC),<b><a href=\"https://laohu8.com/S/ORCL\">Oracle</a></b>(ORCL) and<b><a href=\"https://laohu8.com/S/IBM\">IBM</a></b>(IBM).&nbsp;One Snowflake customer is pharma giant<b><a href=\"https://laohu8.com/S/PFE\">Pfizer</a></b>(PFE). Pfizer uses Snowflake tools to forecast product sales and to gain insights into thedistribution of the Covid-19 vaccine.</p><p><blockquote>近五分之二的财富500强公司在云中使用Snowflake的软件，因为它们正在从<b><a href=\"https://laohu8.com/S/TDC\">Teradata</a></b>（贸发局），<b><a href=\"https://laohu8.com/S/ORCL\">神谕</a></b>（ORCL）及<b><a href=\"https://laohu8.com/S/IBM\">IBM</a></b>（IBM）。Snowflake的一个客户是制药巨头<b><a href=\"https://laohu8.com/S/PFE\">辉瑞</a></b>（PFE）。辉瑞使用雪花工具来预测产品销售并深入了解Covid-19疫苗的分布情况。</blockquote></p><p> Stellar customer growth enabled SNOW stock to pull off the largest initial public offering ever by a software company in September 2020. The IPO raised $3.4 billion.</p><p><blockquote>出色的客户增长使SNOW stock在2020年9月完成了软件公司有史以来最大的首次公开募股。此次IPO筹集了34亿美元。</blockquote></p><p> But is Snowflake a buy right now? After a tough start to 2021, software growth stocks have rebounded. The iShares Expanded Tech-Software Sector ETF rose 3.4% in July and 8.7% in June.</p><p><blockquote>但雪花现在值得买入吗？在经历了2021年的艰难开局后，软件成长股出现反弹。iShares Expanded Tech-Software Sector ETF 7月份上涨3.4%，6月份上涨8.7%。</blockquote></p><p> <b>Snowflake Stock: Roadmap to $10 Billion In Revenue</b></p><p><blockquote><b>Snowflake股票：收入达到100亿美元的路线图</b></blockquote></p><p> Snowflake stock hit an all-time high of 429 in early December. But SNOW stock swooned in late 2020 amid analyst concerns over its lofty valuation.</p><p><blockquote>Snowflake股价在12月初创下429点的历史新高。但由于分析师对其高估值的担忧，SNOW股价在2020年底暴跌。</blockquote></p><p> At a June 10 analyst day, Snowflake laid out a path to $10 billion in product revenue by fiscal 2029, which coincides with calendar 2028. The $10 billion revenue target would result in a compound annual growth rate of 44%.</p><p><blockquote>在6月10日的分析师日上，Snowflake制定了到2029财年（与2028年日历一致）产品收入达到100亿美元的道路。100亿美元的收入目标将带来44%的复合年增长率。</blockquote></p><p> The company said it expects to increase the number of customers with over $1 million in product revenue. Snowflake also guided to long-term operating margin of 10%-plus, lower than some analysts expected.</p><p><blockquote>该公司表示，预计产品收入将超过100万美元，从而增加客户数量。Snowflake还预计长期营业利润率为10%以上，低于一些分析师的预期。</blockquote></p><p> <b>Possible Threat From Amazon</b></p><p><blockquote><b>可能来自亚马逊的威胁</b></blockquote></p><p> Snowflake in July announced support for digital advertising standard Unified ID 2.0. Advertising is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of Snowflake's largest verticals with customers representing a large percentage of players in the space, noted a RBC Capital report. The move comes as Googlephases out internet cookies for targeted advertising.</p><p><blockquote>雪花在7月份宣布支持数字广告标准Unified ID 2.0。广告是<a href=\"https://laohu8.com/S/AONE.U\">一</a>加拿大皇家银行资本(RBC Capital)的一份报告指出，Snowflake是最大的垂直行业之一，其客户占该领域参与者的很大比例。此举正值谷歌逐步淘汰用于定向广告的互联网cookies之际。</blockquote></p><p> Whether Amazon Web Services ratchets up competition remains a concern for SNOW stock. Plus, competition with privately held Databricks is heating up. A February funding roundvalued Databricks at $28 billion.</p><p><blockquote>亚马逊网络服务是否会加剧竞争仍然是SNOW股票的一个担忧。此外，与私营Databricks的竞争正在升温。2月份的一轮融资对Databricks的估值为280亿美元。</blockquote></p><p> Databricks, which usesartificial intelligence, is expected to launch its own IPO.</p><p><blockquote>使用人工智能的Databricks预计将推出自己的IPO。</blockquote></p><p> Snowflake stock bulls point to its seasoned management team as a strength no matter what unfolds.</p><p><blockquote>雪花股票的多头指出，无论发生什么，其经验丰富的管理团队都是一个优势。</blockquote></p><p> <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> former Oracle engineers — Benoit Dageville and Thierry Cruanes — along with Marcin Zukowski, former chief executive of startup Vectorwise, started Snowflake in 2012. The company holds patents in database architecture, data warehouses and other areas.</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>前甲骨文工程师Benoit Dageville和Thierry Cruanes与初创公司Vectorwise前首席执行官Marcin Zukowski于2012年创办了Snowflake。公司在数据库架构、数据仓库等领域拥有专利。</blockquote></p><p> <b>SNOW Stock: <a href=\"https://laohu8.com/S/NOW\">ServiceNow</a> Veterans Lead Company</b></p><p><blockquote><b>雪库存：<a href=\"https://laohu8.com/S/NOW\">服务现在</a>退伍军人领导公司</b></blockquote></p><p> Snowflake brought inFrank Slootman as chief executive&nbsp;in May 2019. Slootman had stepped down as CEO of ServiceNow in early 2017. Former ServiceNow Chief Financial Officer Mike Scarpelli in 2019 also joined Snowflake in the same CFO position.</p><p><blockquote>Snowflake于2019年5月任命inFrank Slootman为首席执行官。Slootman已于2017年初辞去ServiceNow首席执行官一职。前ServiceNow首席财务官Mike Scarpelli也于2019年加入Snowflake，担任相同的首席财务官职位。</blockquote></p><p> Unlike legacy, on-premise data management systems, Snowflake's platform was built from the ground up for cloud computing. It provides 100% of its software over the internet.</p><p><blockquote>与传统的内部数据管理系统不同，Snowflake的平台是为云计算从头开始构建的。它通过互联网提供100%的软件。</blockquote></p><p> Snowflake customers can share data with their partners across multiple online storage systems using the company's data warehouse. Snowflake also enables easily searchable data to be shared among applications.</p><p><blockquote>Snowflake客户可以使用公司的数据仓库在多个在线存储系统中与合作伙伴共享数据。Snowflake还支持在应用程序之间共享易于搜索的数据。</blockquote></p><p> Snowflake's data analytics tools became available on Amazon Web Services in 2015, Microsoft's Azure in 2018 and on Google's cloud platform in 2020.</p><p><blockquote>Snowflake的数据分析工具于2015年在Amazon Web Services上可用，2018年在微软的Azure上可用，2020年在谷歌的云平台上可用。</blockquote></p><p> In June, Snowflake partnered with<b>C3.ai</b>(AI). The two companies will cooperate in offering artificial intelligence tools to companies.</p><p><blockquote>6月，雪花与<b>C3.人工智能</b>（人工智能）。两家公司将合作向企业提供人工智能工具。</blockquote></p><p> <b>Amazon Web Services A 'Frenemy'</b></p><p><blockquote><b>亚马逊网络服务是“友敌”</b></blockquote></p><p> \"While Snowflake is multi-cloud, it derives some 85% of its revenues from data analytics jobs deployed on Amazon Web Services, which is also Snowflake's biggest rival with AWS Redshift,\" UBS analyst Karl Keirstead said in a recent note to clients.</p><p><blockquote>瑞银分析师Karl Keirstead在最近给客户的一份报告中表示：“虽然Snowflake是多云的，但它约85%的收入来自亚马逊网络服务上部署的数据分析工作，亚马逊网络服务也是Snowflake与AWS Redshift的最大竞争对手。”</blockquote></p><p></p><p> \"This 'frenemy' relationship is critical to Snowflake's success,\" Keirstead went on to say. \"AWS benefits far more from Snowflake spending on compute and storage infrastructure resources than they lose in the form of foregone AWS Redshift revenues. Snowflake represents a dream customer and partner for AWS and Microsoft Azure.\"</p><p><blockquote>“这种‘友敌’关系对于Snowflake的成功至关重要，”Keirstead继续说道。“AWS从Snowflake在计算和存储基础设施资源上的支出中获得的好处远远超过它们因放弃AWS红移收入而损失的损失。Snowflake代表了AWS和微软Azure的梦想客户和合作伙伴。”</blockquote></p><p> Snowflake has focused on six core markets, including financial services, health care and life sciences, retail and consumer packaged goods, advertising media and entertainment, technology, and the government sector.</p><p><blockquote>Snowflake专注于六个核心市场，包括金融服务、医疗保健和生命科学、零售和消费品、广告媒体和娱乐、技术和政府部门。</blockquote></p><p> When Snowflake went public in September it used a dual-class share structure that gave its CEO and insiderssuper-voting rights. However, Snowflake eliminated the dual-class structure in March.</p><p><blockquote>当Snowflake于9月份上市时，它采用了双层股权结构，赋予其首席执行官和内部人士超级投票权。然而，Snowflake在三月份取消了双层结构。</blockquote></p><p> Snowflake had been based in San Mateo, Calif. Amid the shift to remote work spurred by the coronavirus emergency, Snowflake in May said it no longer has a corporate headquarters. It designated Bozeman, Mont., as its principal executive office. Slootman and Scarpelli are based in Bozeman.</p><p><blockquote>雪花公司的总部设在加利福尼亚州的圣马特奥。在冠状病毒紧急情况促使人们转向远程工作的过程中，Snowflake在5月份表示，它不再设有公司总部。它指定了蒙大拿州的波兹曼。，作为其主要执行办公室。斯洛特曼和斯卡佩利的总部设在波兹曼。</blockquote></p><p> <b>Snowflake Stock Fundamental Analysis</b></p><p><blockquote><b>雪花股票基本面分析</b></blockquote></p><p> Software stocks typically trade as a multiple of forward-looking revenue growth. Software-as-a-service, or SaaS, companies, such as<b><a href=\"https://laohu8.com/S/CRM\">Salesforce.com</a></b>(CRM), typically provide the highest revenue growth. Salesforce is a key marketing partner of SNOW stock.</p><p><blockquote>软件股的交易价格通常是前瞻性收入增长的倍数。软件即服务或SaaS公司，例如<b><a href=\"https://laohu8.com/S/CRM\">Salesforce.com</a></b>（CRM），通常提供最高的收入增长。Salesforce是SNOW stock的主要营销合作伙伴。</blockquote></p><p> Snowflake also partners with consulting firms such as Deloitte and information technology firms such as privately held Informatica.</p><p><blockquote>Snowflake还与德勤等咨询公司和私营Informatica等信息技术公司合作。</blockquote></p><p> Snowflake is not an SaaS company, however. Instead, it uses a consumption-based business model based on how much data its customers crunch and store.</p><p><blockquote>然而，Snowflake并不是一家SaaS公司。相反，它使用基于消费的商业模式，基于客户处理和存储的数据量。</blockquote></p><p> Snowflake's revenue growth stands out. <a href=\"https://laohu8.com/S/FBNC\">First</a>-quartersales jumped 110%to $228.9 million. But there's less transparency and predictability than with subscription-based, recurring-revenue SaaS business models, analysts say.</p><p><blockquote>Snowflake的收入增长尤为突出。<a href=\"https://laohu8.com/S/FBNC\">第一</a>-季度销售额增长110%至2.289亿美元。但分析师表示，与基于订阅、经常性收入的SaaS商业模式相比，透明度和可预测性较低。</blockquote></p><p> \"SNOW has a consumption model, whereby customers contract for a certain amount of compute and storage capacity,\" <a href=\"https://laohu8.com/S/MFG\">Mizuho</a> Securities analyst Gregg Moskowitz said in a note. \"The company only records revenue, however, as that capacity is used, so there can be a lag of several months or more before revenue recognition begins.\"</p><p><blockquote>“SNOW有一个消费模式，客户签订一定数量的计算和存储容量的合同，”<a href=\"https://laohu8.com/S/MFG\">瑞穗</a>证券分析师Gregg Moskowitz在一份报告中表示。“然而，公司仅在产能被使用时记录收入，因此在开始确认收入之前可能会有几个月或更长时间的滞后。”</blockquote></p><p> Snowflake is nearing an annual revenue run-rate of $1 billion. That's a big milestone for software growth companies. But SNOW stock is unprofitable on the two most common accounting standards.</p><p><blockquote>Snowflake的年收入接近10亿美元。对于软件成长型公司来说，这是一个重要的里程碑。但根据两种最常见的会计准则，SNOW股票是无利可图的。</blockquote></p><p> Many software companies are unprofitable using GAAP earnings, or generally accepted accounting principles, which includes stock-based compensation. But they're profitable on a non-GAAP or \"adjusted\" earnings basis.</p><p><blockquote>许多软件公司使用GAAP收益或公认会计原则（包括基于股票的薪酬）是无利可图的。但在非公认会计准则或“调整后”收益的基础上，它们是盈利的。</blockquote></p><p> <b>SNOW Stock Operates In The Red</b></p><p><blockquote><b>SNOW股票出现亏损</b></blockquote></p><p> In the first quarter, Snowflake reported a GAAP operating loss of $205.6 million and a GAAP per-share loss of 70 cents. Snowflake stock subsequently fell. It recorded an adjusted operating loss of $35.8 million.</p><p><blockquote>第一季度，Snowflake公布的GAAP运营亏损为2.056亿美元，GAAP每股亏损为70美分。雪花股票随后下跌。调整后营业亏损为3580万美元。</blockquote></p><p> Snowflake doesn't break out adjusted earnings. Analysts estimate it lost 11 cents on an adjusted basis in the first quarter.</p><p><blockquote>Snowflake没有公布调整后收益。分析师估计，第一季度调整后该公司亏损11美分。</blockquote></p><p> Snowflake operates in the red amid sizable investments, analysts say. For fiscal 2022, for example, Snowflake has told analysts it plans to hire 1,200 net new employees, which would represent 48% growth in head count.</p><p><blockquote>分析师表示，由于巨额投资，Snowflake的运营处于亏损状态。例如，Snowflake告诉分析师，2022财年计划净雇用1,200名新员工，这意味着员工人数将增长48%。</blockquote></p><p> Still, investments are paying off in revenue growth. Snowflake had 4,532 customers as of April 30, up 67% from the year-earlier period. That includes 187 of the Fortune 500. In the April quarter, Snowflake added a record 27 customers with more than $1 million per year in product revenue, giving it 104 such customers overall.</p><p><blockquote>尽管如此，投资还是在收入增长方面获得了回报。截至4月30日，Snowflake拥有4,532名客户，同比增长67%。其中包括财富500强中的187家。在4月份的季度，Snowflake增加了创纪录的27个客户，每年产品收入超过100万美元，使其总共拥有104个此类客户。</blockquote></p><p> <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> analyst Kash Rangan is bullish on Snowflake's potential to dominate in cloud-based data analytics and management.</p><p><blockquote><a href=\"https://laohu8.com/S/GS\">高盛</a>分析师Kash Rangan看好Snowflake在基于云的数据分析和管理领域占据主导地位的潜力。</blockquote></p><p> \"We believe Snowflake will continue to replace incumbent warehousing solutions owing to their scalable and elastic cloud native data platform while also capitalizing on net new workloads and use cases as digital transformation drives greater digitization within the enterprise, and business intelligence and analytics remains a top priority for spending,\" he said in a note.</p><p><blockquote>“我们相信，由于其可扩展和弹性的云原生数据平台，Snowflake将继续取代现有的仓储解决方案，同时随着数字化转型推动企业内部更大程度的数字化，并且商业智能和分析仍然是重中之重支出，”他在一份报告中表示。</blockquote></p><p> <b>SNOW Stock Technical Analysis</b></p><p><blockquote><b>SNOW股票技术分析</b></blockquote></p><p> Snowflake stock went public on Sept. 16 at 120 a share. At the time, software growth stocks were hot as investors sought recurring revenue amid the coronavirus emergency.</p><p><blockquote>Snowflake股票于9月16日以每股120美元的价格上市。当时，由于投资者在冠状病毒紧急情况下寻求经常性收入，软件成长股炙手可热。</blockquote></p><p> SNOW stock popped as high as 319 on the first day of trading and closed 111.6% above the IPO price at 253.93. Shares pulled back as analysts debated Snowflake's valuation.</p><p><blockquote>SNOW股价在交易首日飙升至319点，收盘价较IPO价格253.93点高出111.6%。由于分析师对Snowflake的估值存在争议，股价回落。</blockquote></p><p> Snowflake stock forged acup-with-handle baseover the next two months. The new base created an entry point of 301. SNOW stock blew past the buy point, hitting an all-time high of 429 on Dec. 8.</p><p><blockquote>在接下来的两个月里，雪花股票锻造了带手柄的针尖底座。新基地创造了一个301的切入点。SNOW股价突破买入点，于12月8日触及429点的历史新高。</blockquote></p><p></p><p> Snowflake stock swooned in late 2020 amid questions over its valuation even as the IBD Computer-Software <a href=\"https://laohu8.com/S/EBTC\">Enterprise</a> group stayed resilient. The Computer-Software <a href=\"https://laohu8.com/S/EFSC\">Enterprise</a> group did not break down until mid-February amid a market rotation to value.</p><p><blockquote>尽管IBD计算机软件公司的估值受到质疑，Snowflake股价在2020年底暴跌<a href=\"https://laohu8.com/S/EBTC\">企业</a>集团保持弹性。计算机软件<a href=\"https://laohu8.com/S/EFSC\">企业</a>直到2月中旬，由于市场向价值轮动，该集团才崩溃。</blockquote></p><p> Snowflake stock hit a low of 184.71 on May 13.</p><p><blockquote>Snowflake股价于5月13日触及184.71的低点。</blockquote></p><p> Canaccord Genuity analyst David Hynes said in a note that one question for investors is whether SNOW stock will trade in concert with software growth stocks. Software growth stocks have sold off onworries over inflation and rising interest rates.</p><p><blockquote>Canaccord Genuity分析师David Hynes在一份报告中表示，投资者面临的一个问题是SNOW股票是否会与软件成长型股票一致交易。由于对通胀和利率上升的担忧，软件成长型股票遭到抛售。</blockquote></p><p> <b>Is Snowflake Stock A Buy Right Now?</b></p><p><blockquote><b>雪花股票现在值得买入吗？</b></blockquote></p><p> Snowflake stock still trades at a substantial premium as a multiple of forward-looking revenue growth. SNOW stock holds anIBD Composite Ratingof 37 out of a best possible 99, according toIBD Stock Checkup.</p><p><blockquote>作为前瞻性收入增长的倍数，雪花股票的交易价格仍然存在大幅溢价。根据IBD股票检查，SNOW股票的IBD综合评级为37分（满分99分）。</blockquote></p><p> IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.</p><p><blockquote>IBD的综合评级将五个独立的专有评级合并为一个易于使用的评级。最佳成长型股票的综合评级为90或更高。</blockquote></p><p> One plus is that Snowflake stock owns an Accumulation/Distribution Rating of B, according toIBD MarketSmithanalysis. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading.</p><p><blockquote>根据IBD MarketSmithAnalysis的数据，一个优点是Snowflake股票的积累/分配评级为B。该评级分析股票在过去13周交易中的价格和交易量变化。</blockquote></p><p> The rating, on an A+ to E scale, measures institutional buying and selling in a stock. A+ signifies heavy institutional buying; E means heavy selling. Think of the C grade as neutral.</p><p><blockquote>该评级为A+至E级，衡量机构对股票的买卖情况。A+表示机构大量买入；E表示大量抛售。把C级想象成中性。</blockquote></p><p> SNOW stock has yet toform a basewith a proper entry point. Snowflake stock has clawed above its 50-day moving average. If it holds above the 50-day line that could kick-start the right side of a deep base.</p><p><blockquote>积雪还没有形成一个合适的切入点。Snowflake股价已突破50日移动平均线。如果它保持在50日线上方，可能会启动深基右侧。</blockquote></p><p> As of Aug. 2, Snowflake stock is not a buy.</p><p><blockquote>截至8月2日，Snowflake股票不值得买入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/news/technology/snowflake-snow-stock-buy-now/?src=A00220\">investors</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":{"SNOW":"Snowflake"},"source_url":"https://www.investors.com/news/technology/snowflake-snow-stock-buy-now/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131839624","content_text":"Think of Snowflake stock as a proxy on the torrid growth of cloud computing giantsAmazon.com(AMZN),Microsoft(MSFT) andAlphabet's (GOOGL) Google.\nMany companies are turning to cloud computing services as part of \"digital transformation\" projects that aim to gain business insights from crunching massive volumes of data. The cloud computing titans offer their own data analytics and management tools.\nIn a \"coopetition\" model, thecloud giantsgive their customers a green light to buySnowflake's (SNOW) software. The reason is Snowflake's tools are better at some key tasks, such as letting companies compile, view, analyze and share massive amounts of data in an easy way.\nNearly two-fifths of Fortune 500 companies use Snowflake's software in the cloud as they move away from on-premise data warehousing products fromTeradata(TDC),Oracle(ORCL) andIBM(IBM). One Snowflake customer is pharma giantPfizer(PFE). Pfizer uses Snowflake tools to forecast product sales and to gain insights into thedistribution of the Covid-19 vaccine.\nStellar customer growth enabled SNOW stock to pull off the largest initial public offering ever by a software company in September 2020. The IPO raised $3.4 billion.\nBut is Snowflake a buy right now? After a tough start to 2021, software growth stocks have rebounded. The iShares Expanded Tech-Software Sector ETF rose 3.4% in July and 8.7% in June.\nSnowflake Stock: Roadmap to $10 Billion In Revenue\nSnowflake stock hit an all-time high of 429 in early December. But SNOW stock swooned in late 2020 amid analyst concerns over its lofty valuation.\nAt a June 10 analyst day, Snowflake laid out a path to $10 billion in product revenue by fiscal 2029, which coincides with calendar 2028. The $10 billion revenue target would result in a compound annual growth rate of 44%.\nThe company said it expects to increase the number of customers with over $1 million in product revenue. Snowflake also guided to long-term operating margin of 10%-plus, lower than some analysts expected.\nPossible Threat From Amazon\nSnowflake in July announced support for digital advertising standard Unified ID 2.0. Advertising is one of Snowflake's largest verticals with customers representing a large percentage of players in the space, noted a RBC Capital report. The move comes as Googlephases out internet cookies for targeted advertising.\nWhether Amazon Web Services ratchets up competition remains a concern for SNOW stock. Plus, competition with privately held Databricks is heating up. A February funding roundvalued Databricks at $28 billion.\nDatabricks, which usesartificial intelligence, is expected to launch its own IPO.\nSnowflake stock bulls point to its seasoned management team as a strength no matter what unfolds.\nTwo former Oracle engineers — Benoit Dageville and Thierry Cruanes — along with Marcin Zukowski, former chief executive of startup Vectorwise, started Snowflake in 2012. The company holds patents in database architecture, data warehouses and other areas.\nSNOW Stock: ServiceNow Veterans Lead Company\nSnowflake brought inFrank Slootman as chief executive in May 2019. Slootman had stepped down as CEO of ServiceNow in early 2017. Former ServiceNow Chief Financial Officer Mike Scarpelli in 2019 also joined Snowflake in the same CFO position.\nUnlike legacy, on-premise data management systems, Snowflake's platform was built from the ground up for cloud computing. It provides 100% of its software over the internet.\nSnowflake customers can share data with their partners across multiple online storage systems using the company's data warehouse. Snowflake also enables easily searchable data to be shared among applications.\nSnowflake's data analytics tools became available on Amazon Web Services in 2015, Microsoft's Azure in 2018 and on Google's cloud platform in 2020.\nIn June, Snowflake partnered withC3.ai(AI). The two companies will cooperate in offering artificial intelligence tools to companies.\nAmazon Web Services A 'Frenemy'\n\"While Snowflake is multi-cloud, it derives some 85% of its revenues from data analytics jobs deployed on Amazon Web Services, which is also Snowflake's biggest rival with AWS Redshift,\" UBS analyst Karl Keirstead said in a recent note to clients.\n\"This 'frenemy' relationship is critical to Snowflake's success,\" Keirstead went on to say. \"AWS benefits far more from Snowflake spending on compute and storage infrastructure resources than they lose in the form of foregone AWS Redshift revenues. Snowflake represents a dream customer and partner for AWS and Microsoft Azure.\"\nSnowflake has focused on six core markets, including financial services, health care and life sciences, retail and consumer packaged goods, advertising media and entertainment, technology, and the government sector.\nWhen Snowflake went public in September it used a dual-class share structure that gave its CEO and insiderssuper-voting rights. However, Snowflake eliminated the dual-class structure in March.\nSnowflake had been based in San Mateo, Calif. Amid the shift to remote work spurred by the coronavirus emergency, Snowflake in May said it no longer has a corporate headquarters. It designated Bozeman, Mont., as its principal executive office. Slootman and Scarpelli are based in Bozeman.\nSnowflake Stock Fundamental Analysis\nSoftware stocks typically trade as a multiple of forward-looking revenue growth. Software-as-a-service, or SaaS, companies, such asSalesforce.com(CRM), typically provide the highest revenue growth. Salesforce is a key marketing partner of SNOW stock.\nSnowflake also partners with consulting firms such as Deloitte and information technology firms such as privately held Informatica.\nSnowflake is not an SaaS company, however. Instead, it uses a consumption-based business model based on how much data its customers crunch and store.\nSnowflake's revenue growth stands out. First-quartersales jumped 110%to $228.9 million. But there's less transparency and predictability than with subscription-based, recurring-revenue SaaS business models, analysts say.\n\"SNOW has a consumption model, whereby customers contract for a certain amount of compute and storage capacity,\" Mizuho Securities analyst Gregg Moskowitz said in a note. \"The company only records revenue, however, as that capacity is used, so there can be a lag of several months or more before revenue recognition begins.\"\nSnowflake is nearing an annual revenue run-rate of $1 billion. That's a big milestone for software growth companies. But SNOW stock is unprofitable on the two most common accounting standards.\nMany software companies are unprofitable using GAAP earnings, or generally accepted accounting principles, which includes stock-based compensation. But they're profitable on a non-GAAP or \"adjusted\" earnings basis.\nSNOW Stock Operates In The Red\nIn the first quarter, Snowflake reported a GAAP operating loss of $205.6 million and a GAAP per-share loss of 70 cents. Snowflake stock subsequently fell. It recorded an adjusted operating loss of $35.8 million.\nSnowflake doesn't break out adjusted earnings. Analysts estimate it lost 11 cents on an adjusted basis in the first quarter.\nSnowflake operates in the red amid sizable investments, analysts say. For fiscal 2022, for example, Snowflake has told analysts it plans to hire 1,200 net new employees, which would represent 48% growth in head count.\nStill, investments are paying off in revenue growth. Snowflake had 4,532 customers as of April 30, up 67% from the year-earlier period. That includes 187 of the Fortune 500. In the April quarter, Snowflake added a record 27 customers with more than $1 million per year in product revenue, giving it 104 such customers overall.\nGoldman Sachs analyst Kash Rangan is bullish on Snowflake's potential to dominate in cloud-based data analytics and management.\n\"We believe Snowflake will continue to replace incumbent warehousing solutions owing to their scalable and elastic cloud native data platform while also capitalizing on net new workloads and use cases as digital transformation drives greater digitization within the enterprise, and business intelligence and analytics remains a top priority for spending,\" he said in a note.\nSNOW Stock Technical Analysis\nSnowflake stock went public on Sept. 16 at 120 a share. At the time, software growth stocks were hot as investors sought recurring revenue amid the coronavirus emergency.\nSNOW stock popped as high as 319 on the first day of trading and closed 111.6% above the IPO price at 253.93. Shares pulled back as analysts debated Snowflake's valuation.\nSnowflake stock forged acup-with-handle baseover the next two months. The new base created an entry point of 301. SNOW stock blew past the buy point, hitting an all-time high of 429 on Dec. 8.\nSnowflake stock swooned in late 2020 amid questions over its valuation even as the IBD Computer-Software Enterprise group stayed resilient. The Computer-Software Enterprise group did not break down until mid-February amid a market rotation to value.\nSnowflake stock hit a low of 184.71 on May 13.\nCanaccord Genuity analyst David Hynes said in a note that one question for investors is whether SNOW stock will trade in concert with software growth stocks. Software growth stocks have sold off onworries over inflation and rising interest rates.\nIs Snowflake Stock A Buy Right Now?\nSnowflake stock still trades at a substantial premium as a multiple of forward-looking revenue growth. SNOW stock holds anIBD Composite Ratingof 37 out of a best possible 99, according toIBD Stock Checkup.\nIBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.\nOne plus is that Snowflake stock owns an Accumulation/Distribution Rating of B, according toIBD MarketSmithanalysis. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading.\nThe rating, on an A+ to E scale, measures institutional buying and selling in a stock. A+ signifies heavy institutional buying; E means heavy selling. Think of the C grade as neutral.\nSNOW stock has yet toform a basewith a proper entry point. Snowflake stock has clawed above its 50-day moving average. If it holds above the 50-day line that could kick-start the right side of a deep base.\nAs of Aug. 2, Snowflake stock is not a buy.","news_type":1,"symbols_score_info":{"SNOW":0.9}},"isVote":1,"tweetType":1,"viewCount":3689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":805088238,"gmtCreate":1627823266124,"gmtModify":1633756122391,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[害羞]&nbsp;","listText":"[害羞]&nbsp;","text":"[害羞]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805088238","repostId":"1147877145","repostType":4,"isVote":1,"tweetType":1,"viewCount":2157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802769263,"gmtCreate":1627809001452,"gmtModify":1633756197248,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"😉","listText":"😉","text":"😉","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802769263","repostId":"1135608442","repostType":4,"isVote":1,"tweetType":1,"viewCount":517,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802198280,"gmtCreate":1627728477840,"gmtModify":1633756768768,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802198280","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohu8.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键经验教训。</b>投资是一场艰苦的游戏。这就是为什么如此多的共同基金落后于其指数。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你找到一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>专注于美国世纪的动态增长基金符合这一要求。据晨星公司称，这只价值28亿美元的基金在过去三年和五年的年化收益比罗素1000增长指数高出6个百分点以上。五年来，它的年化表现比高增长类别高出8.6个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由Prabha Ram共同管理，我最近采访了他。拉姆在印度长大，来到美国缅因大学担任助教，并在那里获得了计算机科学硕士学位。她后来在宾夕法尼亚大学沃顿商学院获得了MBA学位。Ram和其他三位投资组合经理自2016年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的示例。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1.拥有能在大市场“落地扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司仍然在纸上做大部分业务。Bill.comBill想要改变这一点。该公司由首席执行官RenéLacerte创立，他在20世纪90年代末创办了在线薪资公司PayCycle，该公司被Intuit收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com帮助小公司实现应付账款和应收账款的数字化。但这仅仅是个开始。一旦进入公司内部，Bill.com就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com“登陆并扩展”客户，但它也利用他们的商业伙伴来创建潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“每个供应商都是网络成员，即使它不是Bill.com客户，”Ram说。这个网络大约有250万成员。Bill.com还从其合作伙伴那里获得了潜在客户，包括美国银行BAC、摩根大通JP和美国运通XP。第一季度销售额增长45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们往往表现出色。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2.寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>Ram的投资组合中包含明显的创新者，包括TeslaTSLA、Amazon.comAMZN和AlphabetGOOGL，这是她的前三名。让我们超越技术，看看啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在20世纪80年代，波士顿啤酒创始人吉姆·科赫(Jim Koch)从塞缪尔·亚当斯(Samuel Adams)开始推出成功的“精酿”啤酒，开始从啤酒巨头安海斯-布希(Anheuser-Busch InbevBUD)和喜力海尼(Heinekenheiny)手中夺取份额。科赫帮助发明了精酿啤酒类别，基本上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味生产更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在2015年至2017年期间因啤酒销量整体持平而陷入停滞。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们被这家公司吸引是因为它的创新历史，”拉姆在谈到她的基金2016年第二季度的早期头寸时说道。“由于啤酒市场趋于平缓，该股表现不佳，但他们推出了真正的硬苏打水。真正的苏打水比我们预期的更成功。它创造了一个新的类别。”</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒对创新的热情帮助拉姆的基金得以保留。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去表现出创新能力的人领导的公司。创新型管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们押注他们会再次成功。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。由于众多竞争对手进入烈性苹果酒领域，波士顿啤酒股价7月23日下跌20%。由于该公司提高了广告成本以对抗竞争，销售额增长了33%，但净利润下降了1.6%。由于预计销售增长放缓，该公司大幅下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但还不要排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>波士顿啤酒的科赫表示：“我们最近宣布计划与Beam Suntory合作开发新的创新饮料，计划于2022年初推出。”Beam Suntory销售Jim Beam威士忌和其他品牌的烈酒。“我们相信，随着饮酒者偏好的变化，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3.寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不真正关心当地的瑜伽教练是否可以接受信用卡付款。SquareSQ认为这是一个机会。于是在2009年推出了卡支付设备业务。从那时起，它通过接纳更大的客户并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而实现了增长。第一季度基于交易的收入增长了27%，订阅和服务收入飙升了88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一家公司创造商业利基的一个很好的例子。但它也是一家“土地和扩张”的公司，因为它通过向客户提供新服务来发展。这两种品质都有助于公司保持拉姆喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4.买入快速成长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一种方法是识别开发将改变整个行业的产品的公司。Ram认为Alnylam PharmaceuticalsALNY的情况就是如此。它正在开发基于RNA干扰（RNAi）技术的新疗法。在体内，信使RNA（mRNA）根据来自RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种获得批准的基于RNAi的药物，用于治疗罕见的遗传性疾病。该公司还有十几种其他疗法处于临床研究中，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“这是一个全新的治疗领域，”拉姆说。“它是一个可以治疗多种疾病的产品平台。”</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>上述所有名字都是拉姆基金中的大量头寸，这告诉我拉姆和她的团队认为他们有更大的上涨空间。不过，如果您购买其中任何一款，请记住您必须在多年的时间范围内购买。拉姆的基金就是这么做的。它的年投资组合周转率较低，为27%。有长远的眼光很重要，因为看涨期权股市或股票的短期走势非常困难，你需要给公司发展的时间。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键经验教训。</b>投资是一场艰苦的游戏。这就是为什么如此多的共同基金落后于其指数。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你找到一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>专注于美国世纪的动态增长基金符合这一要求。据晨星公司称，这只价值28亿美元的基金在过去三年和五年的年化收益比罗素1000增长指数高出6个百分点以上。五年来，它的年化表现比高增长类别高出8.6个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由Prabha Ram共同管理，我最近采访了他。拉姆在印度长大，来到美国缅因大学担任助教，并在那里获得了计算机科学硕士学位。她后来在宾夕法尼亚大学沃顿商学院获得了MBA学位。Ram和其他三位投资组合经理自2016年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的示例。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1.拥有能在大市场“落地扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司仍然在纸上做大部分业务。Bill.comBill想要改变这一点。该公司由首席执行官RenéLacerte创立，他在20世纪90年代末创办了在线薪资公司PayCycle，该公司被Intuit收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com帮助小公司实现应付账款和应收账款的数字化。但这仅仅是个开始。一旦进入公司内部，Bill.com就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com“登陆并扩展”客户，但它也利用他们的商业伙伴来创建潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“每个供应商都是网络成员，即使它不是Bill.com客户，”Ram说。这个网络大约有250万成员。Bill.com还从其合作伙伴那里获得了潜在客户，包括美国银行BAC、摩根大通JP和美国运通XP。第一季度销售额增长45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们往往表现出色。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2.寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>Ram的投资组合中包含明显的创新者，包括TeslaTSLA、Amazon.comAMZN和AlphabetGOOGL，这是她的前三名。让我们超越技术，看看啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在20世纪80年代，波士顿啤酒创始人吉姆·科赫(Jim Koch)从塞缪尔·亚当斯(Samuel Adams)开始推出成功的“精酿”啤酒，开始从啤酒巨头安海斯-布希(Anheuser-Busch InbevBUD)和喜力海尼(Heinekenheiny)手中夺取份额。科赫帮助发明了精酿啤酒类别，基本上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味生产更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在2015年至2017年期间因啤酒销量整体持平而陷入停滞。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们被这家公司吸引是因为它的创新历史，”拉姆在谈到她的基金2016年第二季度的早期头寸时说道。“由于啤酒市场趋于平缓，该股表现不佳，但他们推出了真正的硬苏打水。真正的苏打水比我们预期的更成功。它创造了一个新的类别。”</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒对创新的热情帮助拉姆的基金得以保留。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去表现出创新能力的人领导的公司。创新型管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们押注他们会再次成功。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。由于众多竞争对手进入烈性苹果酒领域，波士顿啤酒股价7月23日下跌20%。由于该公司提高了广告成本以对抗竞争，销售额增长了33%，但净利润下降了1.6%。由于预计销售增长放缓，该公司大幅下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但还不要排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>波士顿啤酒的科赫表示：“我们最近宣布计划与Beam Suntory合作开发新的创新饮料，计划于2022年初推出。”Beam Suntory销售Jim Beam威士忌和其他品牌的烈酒。“我们相信，随着饮酒者偏好的变化，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3.寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不真正关心当地的瑜伽教练是否可以接受信用卡付款。SquareSQ认为这是一个机会。于是在2009年推出了卡支付设备业务。从那时起，它通过接纳更大的客户并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而实现了增长。第一季度基于交易的收入增长了27%，订阅和服务收入飙升了88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一家公司创造商业利基的一个很好的例子。但它也是一家“土地和扩张”的公司，因为它通过向客户提供新服务来发展。这两种品质都有助于公司保持拉姆喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4.买入快速成长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一种方法是识别开发将改变整个行业的产品的公司。Ram认为Alnylam PharmaceuticalsALNY的情况就是如此。它正在开发基于RNA干扰（RNAi）技术的新疗法。在体内，信使RNA（mRNA）根据来自RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种获得批准的基于RNAi的药物，用于治疗罕见的遗传性疾病。该公司还有十几种其他疗法处于临床研究中，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“这是一个全新的治疗领域，”拉姆说。“它是一个可以治疗多种疾病的产品平台。”</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>上述所有名字都是拉姆基金中的大量头寸，这告诉我拉姆和她的团队认为他们有更大的上涨空间。不过，如果您购买其中任何一款，请记住您必须在多年的时间范围内购买。拉姆的基金就是这么做的。它的年投资组合周转率较低，为27%。有长远的眼光很重要，因为看涨期权股市或股票的短期走势非常困难，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":808323634,"gmtCreate":1627558926028,"gmtModify":1633763823689,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808323634","repostId":"1113118733","repostType":4,"isVote":1,"tweetType":1,"viewCount":1590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":808329256,"gmtCreate":1627558860775,"gmtModify":1633763824406,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808329256","repostId":"2155903802","repostType":4,"isVote":1,"tweetType":1,"viewCount":1280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":801351390,"gmtCreate":1627484074010,"gmtModify":1633764540942,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[愤怒]&nbsp;","listText":"[愤怒]&nbsp;","text":"[愤怒]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801351390","repostId":"2154924212","repostType":4,"isVote":1,"tweetType":1,"viewCount":1196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":809728960,"gmtCreate":1627393828150,"gmtModify":1633765433096,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[害羞]&nbsp;","listText":"[害羞]&nbsp;","text":"[害羞]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809728960","repostId":"1128428316","repostType":4,"isVote":1,"tweetType":1,"viewCount":1052,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":809721919,"gmtCreate":1627393805331,"gmtModify":1633765433677,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809721919","repostId":"1119360295","repostType":4,"isVote":1,"tweetType":1,"viewCount":1268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":800579503,"gmtCreate":1627310052002,"gmtModify":1633766250617,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800579503","repostId":"1144558005","repostType":4,"repost":{"id":"1144558005","kind":"news","pubTimestamp":1627304910,"share":"https://www.laohu8.com/m/news/1144558005?lang=zh_CN&edition=full","pubTime":"2021-07-26 21:08","market":"fut","language":"en","title":"Amazon’s Cryptocurrency Plan Could Be a Game Changer<blockquote>亚马逊的加密货币计划可能会改变游戏规则</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144558005","media":"Barrons","summary":"Bitcoin and other cryptocurrencies have fallen on hard times recently, but the sector may have found","content":"<p>Bitcoin and other cryptocurrencies have fallen on hard times recently, but the sector may have found its hero in the form of Amazon.</p><p><blockquote>比特币和其他加密货币最近陷入困境，但该行业可能已经找到了亚马逊的英雄。</blockquote></p><p> The company’s job vacancy advertising for a “digital currency and blockchain product lead” has sparked rampant speculation over what the tech giant might have planned. The new position will be part of the team responsible for how Amazon’s customers pay on its platforms.</p><p><blockquote>该公司“数字货币和区块链产品负责人”的职位空缺广告引发了人们对这家科技巨头可能计划的广泛猜测。新职位将成为负责亚马逊客户如何在其平台上支付的团队的一员。</blockquote></p><p> The possibility of Amazon accepting cryptocurrency payments—by the end of the year,according to some reports—saw Bitcoin surge to six-week highs just below $40,000. There’s even the suggestion the internet behemoth could be developing its own coin and may also accept alternatives such as Ethereum.</p><p><blockquote>根据一些报道，亚马逊接受加密货币支付的可能性——到今年年底——导致比特币飙升至略低于4万美元的六周高点。甚至有迹象表明，这家互联网巨头可能正在开发自己的代币，也可能接受以太币等替代品。</blockquote></p><p> Cryptocurrencies face a fight over their role in society, their use, and ultimately their value. Acceptance by a company as big as Amazon will only help their case. It’s a bold move from Amazon, and how the company deals with the famed volatility of cryptocurrencies will be fascinating to see.</p><p><blockquote>加密货币面临着一场关于其在社会中的角色、用途以及最终价值的斗争。被亚马逊这样大的公司接受只会有助于他们的案子。这是亚马逊的一个大胆举措，该公司如何应对著名的加密货币波动性将令人着迷。</blockquote></p><p> Investors may not need to wait long for answers. Amazon&nbsp;reports earnings on Thursday&nbsp;and executives will surely face a volley of questions on the matter.</p><p><blockquote>投资者可能不需要等待太久就能得到答案。亚马逊将于周四公布财报，高管们肯定会就此问题面临一系列问题。</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>Amazon’s Cryptocurrency Plan Could Be a Game Changer<blockquote>亚马逊的加密货币计划可能会改变游戏规则</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\">\nAmazon’s Cryptocurrency Plan Could Be a Game Changer<blockquote>亚马逊的加密货币计划可能会改变游戏规则</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-26 21:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bitcoin and other cryptocurrencies have fallen on hard times recently, but the sector may have found its hero in the form of Amazon.</p><p><blockquote>比特币和其他加密货币最近陷入困境，但该行业可能已经找到了亚马逊的英雄。</blockquote></p><p> The company’s job vacancy advertising for a “digital currency and blockchain product lead” has sparked rampant speculation over what the tech giant might have planned. The new position will be part of the team responsible for how Amazon’s customers pay on its platforms.</p><p><blockquote>该公司“数字货币和区块链产品负责人”的职位空缺广告引发了人们对这家科技巨头可能计划的广泛猜测。新职位将成为负责亚马逊客户如何在其平台上支付的团队的一员。</blockquote></p><p> The possibility of Amazon accepting cryptocurrency payments—by the end of the year,according to some reports—saw Bitcoin surge to six-week highs just below $40,000. There’s even the suggestion the internet behemoth could be developing its own coin and may also accept alternatives such as Ethereum.</p><p><blockquote>根据一些报道，亚马逊接受加密货币支付的可能性——到今年年底——导致比特币飙升至略低于4万美元的六周高点。甚至有迹象表明，这家互联网巨头可能正在开发自己的代币，也可能接受以太币等替代品。</blockquote></p><p> Cryptocurrencies face a fight over their role in society, their use, and ultimately their value. Acceptance by a company as big as Amazon will only help their case. It’s a bold move from Amazon, and how the company deals with the famed volatility of cryptocurrencies will be fascinating to see.</p><p><blockquote>加密货币面临着一场关于其在社会中的角色、用途以及最终价值的斗争。被亚马逊这样大的公司接受只会有助于他们的案子。这是亚马逊的一个大胆举措，该公司如何应对著名的加密货币波动性将令人着迷。</blockquote></p><p> Investors may not need to wait long for answers. Amazon&nbsp;reports earnings on Thursday&nbsp;and executives will surely face a volley of questions on the matter.</p><p><blockquote>投资者可能不需要等待太久就能得到答案。亚马逊将于周四公布财报，高管们肯定会就此问题面临一系列问题。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/things-to-know-today-51627294089?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":{"AMZN":"亚马逊","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.barrons.com/articles/things-to-know-today-51627294089?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144558005","content_text":"Bitcoin and other cryptocurrencies have fallen on hard times recently, but the sector may have found its hero in the form of Amazon.\nThe company’s job vacancy advertising for a “digital currency and blockchain product lead” has sparked rampant speculation over what the tech giant might have planned. The new position will be part of the team responsible for how Amazon’s customers pay on its platforms.\nThe possibility of Amazon accepting cryptocurrency payments—by the end of the year,according to some reports—saw Bitcoin surge to six-week highs just below $40,000. There’s even the suggestion the internet behemoth could be developing its own coin and may also accept alternatives such as Ethereum.\nCryptocurrencies face a fight over their role in society, their use, and ultimately their value. Acceptance by a company as big as Amazon will only help their case. It’s a bold move from Amazon, and how the company deals with the famed volatility of cryptocurrencies will be fascinating to see.\nInvestors may not need to wait long for answers. Amazon reports earnings on Thursday and executives will surely face a volley of questions on the matter.","news_type":1,"symbols_score_info":{"BTCmain":0.9,"XBTmain":0.9,"MBTmain":0.9,"AMZN":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":177509381,"gmtCreate":1627231747443,"gmtModify":1633767012629,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[鬼脸]&nbsp;","listText":"[鬼脸]&nbsp;","text":"[鬼脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177509381","repostId":"1176552691","repostType":4,"repost":{"id":"1176552691","kind":"news","pubTimestamp":1627183789,"share":"https://www.laohu8.com/m/news/1176552691?lang=zh_CN&edition=full","pubTime":"2021-07-25 11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</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>Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</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>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">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":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":174768034,"gmtCreate":1627141114628,"gmtModify":1633767680905,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/174768034","repostId":"1112927800","repostType":4,"repost":{"id":"1112927800","kind":"news","pubTimestamp":1627089375,"share":"https://www.laohu8.com/m/news/1112927800?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:16","market":"us","language":"en","title":"Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112927800","media":"seekingalpha","summary":"Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</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>Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-24 09:16</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>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks\">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":{"TSLA":"特斯拉","NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112927800","content_text":"Summary\n\nLet's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.\nNIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.\nNIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.\n\nipopba/iStock via Getty Images\nArticle Thesis\nNIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.\nNIO And TSLA Stock Prices\nBoth companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.\nData by YCharts\nTaking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.\nIs NIO Similar To Tesla?\nThe answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:\nBusiness Model\nBoth companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.\nBoth companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.\nSize, growth, and valuation\nThe two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.\nTesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:\nData by YCharts\nTesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.\nThe same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).\nLooking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.\nCan NIO Be Worth As Much As Tesla?\nThe answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly overpriced today, I personally believe that as well (Note that some will argue that shares are underpriced, which is also among the possibilities, although I do not hold that belief personally).\nWhen we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.\nIt should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.\nIs NIO A Good Stock To Buy Or Sell Now?\nWhen considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.\nOne could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":364962405,"gmtCreate":1614797789107,"gmtModify":1703481320862,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"Plz comment on my comment","listText":"Plz comment on my comment","text":"Plz comment on my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/364962405","repostId":"1160849202","repostType":4,"repost":{"id":"1160849202","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614785336,"share":"https://www.laohu8.com/m/news/1160849202?lang=zh_CN&edition=full","pubTime":"2021-03-03 23:28","market":"us","language":"en","title":"U.S. stocks slip as economic data disappoints and bond yields spike<blockquote>由于经济数据令人失望和债券收益率飙升，美国股市下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160849202","media":"老虎资讯综合","summary":"(March 3) U.S. stocks slip Wednesday, as a jobs report showed weaker-than-expected recovery from the","content":"","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stocks slip as economic data disappoints and bond yields spike<blockquote>由于经济数据令人失望和债券收益率飙升，美国股市下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stocks slip as economic data disappoints and bond yields spike<blockquote>由于经济数据令人失望和债券收益率飙升，美国股市下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-03 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160849202","content_text":"(March 3) U.S. stocks slip Wednesday, as a jobs report showed weaker-than-expected recovery from the COVID-19 pandemic as the vaccine rollout accelerates.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360943889,"gmtCreate":1613817656341,"gmtModify":1634552111431,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/360943889","repostId":"1131795735","repostType":4,"isVote":1,"tweetType":1,"viewCount":445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349347719,"gmtCreate":1617555737731,"gmtModify":1634520547818,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/349347719","repostId":"1100293629","repostType":4,"isVote":1,"tweetType":1,"viewCount":407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802198280,"gmtCreate":1627728477840,"gmtModify":1633756768768,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802198280","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohu8.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键经验教训。</b>投资是一场艰苦的游戏。这就是为什么如此多的共同基金落后于其指数。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你找到一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>专注于美国世纪的动态增长基金符合这一要求。据晨星公司称，这只价值28亿美元的基金在过去三年和五年的年化收益比罗素1000增长指数高出6个百分点以上。五年来，它的年化表现比高增长类别高出8.6个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由Prabha Ram共同管理，我最近采访了他。拉姆在印度长大，来到美国缅因大学担任助教，并在那里获得了计算机科学硕士学位。她后来在宾夕法尼亚大学沃顿商学院获得了MBA学位。Ram和其他三位投资组合经理自2016年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的示例。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1.拥有能在大市场“落地扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司仍然在纸上做大部分业务。Bill.comBill想要改变这一点。该公司由首席执行官RenéLacerte创立，他在20世纪90年代末创办了在线薪资公司PayCycle，该公司被Intuit收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com帮助小公司实现应付账款和应收账款的数字化。但这仅仅是个开始。一旦进入公司内部，Bill.com就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com“登陆并扩展”客户，但它也利用他们的商业伙伴来创建潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“每个供应商都是网络成员，即使它不是Bill.com客户，”Ram说。这个网络大约有250万成员。Bill.com还从其合作伙伴那里获得了潜在客户，包括美国银行BAC、摩根大通JP和美国运通XP。第一季度销售额增长45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们往往表现出色。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2.寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>Ram的投资组合中包含明显的创新者，包括TeslaTSLA、Amazon.comAMZN和AlphabetGOOGL，这是她的前三名。让我们超越技术，看看啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在20世纪80年代，波士顿啤酒创始人吉姆·科赫(Jim Koch)从塞缪尔·亚当斯(Samuel Adams)开始推出成功的“精酿”啤酒，开始从啤酒巨头安海斯-布希(Anheuser-Busch InbevBUD)和喜力海尼(Heinekenheiny)手中夺取份额。科赫帮助发明了精酿啤酒类别，基本上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味生产更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在2015年至2017年期间因啤酒销量整体持平而陷入停滞。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们被这家公司吸引是因为它的创新历史，”拉姆在谈到她的基金2016年第二季度的早期头寸时说道。“由于啤酒市场趋于平缓，该股表现不佳，但他们推出了真正的硬苏打水。真正的苏打水比我们预期的更成功。它创造了一个新的类别。”</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒对创新的热情帮助拉姆的基金得以保留。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去表现出创新能力的人领导的公司。创新型管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们押注他们会再次成功。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。由于众多竞争对手进入烈性苹果酒领域，波士顿啤酒股价7月23日下跌20%。由于该公司提高了广告成本以对抗竞争，销售额增长了33%，但净利润下降了1.6%。由于预计销售增长放缓，该公司大幅下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但还不要排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>波士顿啤酒的科赫表示：“我们最近宣布计划与Beam Suntory合作开发新的创新饮料，计划于2022年初推出。”Beam Suntory销售Jim Beam威士忌和其他品牌的烈酒。“我们相信，随着饮酒者偏好的变化，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3.寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不真正关心当地的瑜伽教练是否可以接受信用卡付款。SquareSQ认为这是一个机会。于是在2009年推出了卡支付设备业务。从那时起，它通过接纳更大的客户并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而实现了增长。第一季度基于交易的收入增长了27%，订阅和服务收入飙升了88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一家公司创造商业利基的一个很好的例子。但它也是一家“土地和扩张”的公司，因为它通过向客户提供新服务来发展。这两种品质都有助于公司保持拉姆喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4.买入快速成长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一种方法是识别开发将改变整个行业的产品的公司。Ram认为Alnylam PharmaceuticalsALNY的情况就是如此。它正在开发基于RNA干扰（RNAi）技术的新疗法。在体内，信使RNA（mRNA）根据来自RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种获得批准的基于RNAi的药物，用于治疗罕见的遗传性疾病。该公司还有十几种其他疗法处于临床研究中，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“这是一个全新的治疗领域，”拉姆说。“它是一个可以治疗多种疾病的产品平台。”</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>上述所有名字都是拉姆基金中的大量头寸，这告诉我拉姆和她的团队认为他们有更大的上涨空间。不过，如果您购买其中任何一款，请记住您必须在多年的时间范围内购买。拉姆的基金就是这么做的。它的年投资组合周转率较低，为27%。有长远的眼光很重要，因为看涨期权股市或股票的短期走势非常困难，你需要给公司发展的时间。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键经验教训。</b>投资是一场艰苦的游戏。这就是为什么如此多的共同基金落后于其指数。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你找到一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>专注于美国世纪的动态增长基金符合这一要求。据晨星公司称，这只价值28亿美元的基金在过去三年和五年的年化收益比罗素1000增长指数高出6个百分点以上。五年来，它的年化表现比高增长类别高出8.6个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由Prabha Ram共同管理，我最近采访了他。拉姆在印度长大，来到美国缅因大学担任助教，并在那里获得了计算机科学硕士学位。她后来在宾夕法尼亚大学沃顿商学院获得了MBA学位。Ram和其他三位投资组合经理自2016年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的示例。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1.拥有能在大市场“落地扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司仍然在纸上做大部分业务。Bill.comBill想要改变这一点。该公司由首席执行官RenéLacerte创立，他在20世纪90年代末创办了在线薪资公司PayCycle，该公司被Intuit收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com帮助小公司实现应付账款和应收账款的数字化。但这仅仅是个开始。一旦进入公司内部，Bill.com就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com“登陆并扩展”客户，但它也利用他们的商业伙伴来创建潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“每个供应商都是网络成员，即使它不是Bill.com客户，”Ram说。这个网络大约有250万成员。Bill.com还从其合作伙伴那里获得了潜在客户，包括美国银行BAC、摩根大通JP和美国运通XP。第一季度销售额增长45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们往往表现出色。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2.寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>Ram的投资组合中包含明显的创新者，包括TeslaTSLA、Amazon.comAMZN和AlphabetGOOGL，这是她的前三名。让我们超越技术，看看啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在20世纪80年代，波士顿啤酒创始人吉姆·科赫(Jim Koch)从塞缪尔·亚当斯(Samuel Adams)开始推出成功的“精酿”啤酒，开始从啤酒巨头安海斯-布希(Anheuser-Busch InbevBUD)和喜力海尼(Heinekenheiny)手中夺取份额。科赫帮助发明了精酿啤酒类别，基本上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味生产更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在2015年至2017年期间因啤酒销量整体持平而陷入停滞。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们被这家公司吸引是因为它的创新历史，”拉姆在谈到她的基金2016年第二季度的早期头寸时说道。“由于啤酒市场趋于平缓，该股表现不佳，但他们推出了真正的硬苏打水。真正的苏打水比我们预期的更成功。它创造了一个新的类别。”</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒对创新的热情帮助拉姆的基金得以保留。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去表现出创新能力的人领导的公司。创新型管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们押注他们会再次成功。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。由于众多竞争对手进入烈性苹果酒领域，波士顿啤酒股价7月23日下跌20%。由于该公司提高了广告成本以对抗竞争，销售额增长了33%，但净利润下降了1.6%。由于预计销售增长放缓，该公司大幅下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但还不要排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>波士顿啤酒的科赫表示：“我们最近宣布计划与Beam Suntory合作开发新的创新饮料，计划于2022年初推出。”Beam Suntory销售Jim Beam威士忌和其他品牌的烈酒。“我们相信，随着饮酒者偏好的变化，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3.寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不真正关心当地的瑜伽教练是否可以接受信用卡付款。SquareSQ认为这是一个机会。于是在2009年推出了卡支付设备业务。从那时起，它通过接纳更大的客户并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而实现了增长。第一季度基于交易的收入增长了27%，订阅和服务收入飙升了88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一家公司创造商业利基的一个很好的例子。但它也是一家“土地和扩张”的公司，因为它通过向客户提供新服务来发展。这两种品质都有助于公司保持拉姆喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4.买入快速成长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一种方法是识别开发将改变整个行业的产品的公司。Ram认为Alnylam PharmaceuticalsALNY的情况就是如此。它正在开发基于RNA干扰（RNAi）技术的新疗法。在体内，信使RNA（mRNA）根据来自RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种获得批准的基于RNAi的药物，用于治疗罕见的遗传性疾病。该公司还有十几种其他疗法处于临床研究中，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“这是一个全新的治疗领域，”拉姆说。“它是一个可以治疗多种疾病的产品平台。”</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>上述所有名字都是拉姆基金中的大量头寸，这告诉我拉姆和她的团队认为他们有更大的上涨空间。不过，如果您购买其中任何一款，请记住您必须在多年的时间范围内购买。拉姆的基金就是这么做的。它的年投资组合周转率较低，为27%。有长远的眼光很重要，因为看涨期权股市或股票的短期走势非常困难，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":118421905,"gmtCreate":1622756779107,"gmtModify":1634098436182,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/118421905","repostId":"2140247164","repostType":4,"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":373204402,"gmtCreate":1618846336006,"gmtModify":1634290406936,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[可爱]&nbsp;","listText":"[可爱]&nbsp;","text":"[可爱]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/373204402","repostId":"1129471770","repostType":4,"repost":{"id":"1129471770","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1618793935,"share":"https://www.laohu8.com/m/news/1129471770?lang=zh_CN&edition=full","pubTime":"2021-04-19 08:58","market":"us","language":"en","title":"IPO Preview: UiPath Inc, KnowBe4, Zymergen, Latham Holdings Highlight Busy Week Of Offerings<blockquote>IPO预览：UiPath Inc、KnowBe4、Zymergen、Latham Holdings重点介绍繁忙的一周发行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129471770","media":"Benzinga","summary":"This week’s offerings don’t have quite the same high profile as last week's highly anticipated IPO o","content":"<p>This week’s offerings don’t have quite the same high profile as last week's highly anticipated IPO of<b>Coinbase Global</b>COIN 5.96%. Nevertheless, there are several excitingIPOsthat investors should consider this week, including UiPath and Latham Holdings.</p><p><blockquote>本周的发行不像上周备受期待的IPO那样引人注目<b>比特币基地全球</b>硬币5.96%。尽管如此，投资者本周应该考虑几个令人兴奋的IPO，包括UiPath和Latham Holdings。</blockquote></p><p>Here is a look at the expected IPO pricings for the week of April 19.</p><p><blockquote>以下是4月19日当周的预期IPO定价。</blockquote></p><p><b>DoubleVerify Holdings:</b>&nbsp;Digital media measurement and analytics company<b>DoubleVerify Holdings</b>&nbsp;NYSE:&nbsp;DV&nbsp;plansto sell 13.3 million shares at a price point of $24 to $27.</p><p><blockquote><b>DoubleVerify控股：</b>数字媒体测量和分析公司<b>双验证控股</b>纽约证券交易所股票代码：DV计划以24至27美元的价格出售1,330万股股票。</blockquote></p><p>The company makes security software for digital advertising and claims to have over 1,000 advertisers and publishers as partners, and more than 45 customers that each account for $1 million in annual revenue for DoubleVerify.</p><p><blockquote>该公司为数字广告生产安全软件，并声称有超过1,000家广告商和出版商作为合作伙伴，以及超过45家客户，每个客户为DoubleVerify贡献了100万美元的年收入。</blockquote></p><p>The company had revenue of $244 million in fiscal 2020, a year-over-year increase of 34%.</p><p><blockquote>该公司2020财年营收2.44亿美元，同比增长34%。</blockquote></p><p><b>NeuroPace:</b>&nbsp;Commercial-stage medical device company<b>NeuroPace</b>&nbsp;NASDAQ:&nbsp;NPCE&nbsp;says it&nbsp;hasthe first and only commercially-available, brain-responsive system to help fight seizures.</p><p><blockquote><b>神经空间：</b>商业化阶段医疗器械公司<b>神经空间</b>纳斯达克：NPCE表示，它拥有第一个也是唯一一个商用的大脑响应系统来帮助对抗癫痫发作。</blockquote></p><p>The company’s target market is customers who have drug-resistant epilepsy. Over 3,000 patients were&nbsp;served by the company through 2020. Neuropace had revenue of $10 million in fiscal 2020 and is guiding for fiscal 2021 revenue of between $11.1 million and $11.3 million.</p><p><blockquote>该公司的目标市场是患有耐药性癫痫的客户。截至2020年，该公司为超过3,000名患者提供了服务。Neuropace 2020财年的收入为1000万美元，预计2021财年的收入在1110万美元至1130万美元之间。</blockquote></p><p>Over $28 billion is spent annually on epilepsy care in the United States. The company plans to sell 5.3 million shares at a price point of $15 to $17.</p><p><blockquote>在美国，每年用于癫痫护理的费用超过280亿美元。该公司计划以15至17美元的价格出售530万股股票。</blockquote></p><p><b>UiPath:</b>Thebiggest IPOof the week is set to be automation company<b>UiPath Inc</b>NYSEPATH, with aplannedoffering of 21.3 million shares at a price point of $43 to $50.</p><p><blockquote><b>UiPath：</b>本周最大的IPO将是自动化公司<b>UiPath公司</b>NYSEPATH计划以43至50美元的价格发行2130万股。</blockquote></p><p>The company “makes software robots so people don’t have to be robots.” The company had annual recurring revenue of $580 million in the fiscal year ended January 31, 2021, for a growth rate of 65%.&nbsp;UiPath says it has over 7,900 customers, with over 1,000 of them paying $100,000 or more annually to the company.</p><p><blockquote>该公司“制造软件机器人，这样人们就不必成为机器人。”截至2021年1月31日的财年，该公司的年度经常性收入为5.8亿美元，增长率为65%。UiPath表示，它拥有超过7,900名客户，其中超过1,000名客户每年向该公司支付10万美元或更多。</blockquote></p><p>The company is targeting a market opportunity of $65 billion and believes its open architecture and end-to-end platform set it apart from competitors.</p><p><blockquote>该公司的目标是650亿美元的市场机会，并相信其开放式架构和端到端平台使其从竞争对手中脱颖而出。</blockquote></p><p><b>SkyWater Technology:</b>Pure-play technology foundry<b>SkyWater Technology</b>&nbsp;NASDAQ:&nbsp;SKYT&nbsp;offerssemiconductor development and manufacturing services, targeting&nbsp;customers in markets like advanced computing, aerospace, defense, automotive and IoT.</p><p><blockquote><b>SkyWater技术：</b>纯技术代工厂<b>天水科技</b>纳斯达克：SKYT提供半导体开发和制造服务，目标客户包括先进计算、航空航天、国防、汽车和物联网等市场。</blockquote></p><p>The company has 35 customers in its advanced technology services including L3Harris and<b>Microsoft Corporation</b>MSFT 0.48%. SkyWater was divested from Cypress Semiconductor in 2017. The company had revenue of $140.4 million in 2020.</p><p><blockquote>该公司的先进技术服务拥有35家客户，包括L3Harris和<b>微软公司</b>MSFT 0.48%。SkyWater于2017年从赛普拉斯半导体剥离。该公司2020年收入为1.404亿美元。</blockquote></p><p>SkyWater plans to sell 5.8 million shares at a price point of $12 to $14.</p><p><blockquote>SkyWater计划以12至14美元的价格出售580万股股票。</blockquote></p><p><b>KnowBe4:</b>Security platform<b>KnowBe4 Inc</b>&nbsp;NASDAQ:&nbsp;KNBE&nbsp;isseekingto sell 11.8 million shares at a price point of $16 to $18.</p><p><blockquote><b>已知4：</b>安全平台<b>KnowBe4公司</b>纳斯达克：KNBE正在寻求以16至18美元的价格出售1180万股股票。</blockquote></p><p>The company serves over 37,000 customers globally in markets worth $15 billion. The company had 45% revenue growth and $198 million in annual recurring revenue last year. It plans to rapidly grow its international operations, which made up 11.9% of revenue in fiscal 2020.</p><p><blockquote>该公司为全球超过37,000名客户提供服务，市场价值150亿美元。该公司去年的收入增长了45%，年度经常性收入为1.98亿美元。该公司计划快速发展其国际业务，该业务占2020财年收入的11.9%。</blockquote></p><p><b>Zymergen: \"</b>Biofacturing\" company<b>Zymergen</b>&nbsp;NASDAQ:&nbsp;ZY&nbsp;plansto sell 13.6 million shares at a price of $28 to $31.</p><p><blockquote><b>Zymergen：“</b>生物制造”公司<b>酶根</b>纳斯达克：ZY计划以28至31美元的价格出售1360万股股票。</blockquote></p><p>The company is working on bio-based products including films that could be used in rollable mobile tablet devices.</p><p><blockquote>该公司正在开发生物基产品，包括可用于可卷曲移动平板设备的薄膜。</blockquote></p><p>The company’s first product, Hyaline, was launched in December 2020, and an additional 10 products are in development. The biofacturing market is worth $1.2 trillion. according to the company.</p><p><blockquote>公司首款产品Hyaline于2020年12月上市，另有10款产品正在开发中。生物制造市场价值1.2万亿美元。据该公司称。</blockquote></p><p><b>Agiliti:</b>Healthcare service provider&nbsp;<b>Agiliti Inc</b>NYSEAGTIsays it&nbsp;hasa customer base of over 7,0000 networks and that&nbsp;90% of U.S. acute and alternate care facilities are within a 100-mile radius of an Agiliti service center. The company is seeking to sell 26.3 million shares at a price point of $18 to $20.</p><p><blockquote><b>敏捷性：</b>医疗服务提供者<b>敏捷公司</b>NYSEAGTI表示，它拥有超过7,000 0个网络的客户群，90%的美国急症和替代护理机构都在Agiliti服务中心100英里半径范围内。该公司寻求以18至20美元的价格出售2630万股股票。</blockquote></p><p><b>Latham Group:</b>A designer, manufacturer and marketer of in-ground residential pools in North America, Australia and New Zealandplansto go public this week.</p><p><blockquote><b>瑞生集团：</b>北美、澳大利亚和新西兰地下住宅泳池的设计者、制造商和营销商计划本周上市。</blockquote></p><p><b>Latham Group</b>&nbsp;NASDAQ:&nbsp;SWIM&nbsp;plans to sell 20 million shares at a price point of $19 to $21.</p><p><blockquote><b>莱瑟姆集团</b>纳斯达克：SWIM计划以19美元至21美元的价格出售2000万股股票。</blockquote></p><p>The company sells fiberglass products that are more durable and use less chemicals, according to the company. Latham sold 8,700 fiberglass pools in 2020 and reported its 11th consecutive year of net sales growth.</p><p><blockquote>据该公司称，该公司销售的玻璃纤维产品更耐用，使用的化学品更少。Latham在2020年销售了8,700个玻璃纤维泳池，并报告了连续11年净销售额增长。</blockquote></p><p>The company had revenue of $408 million in fiscal 2020, and&nbsp;59% of it came from in-ground pool sales.</p><p><blockquote>该公司2020财年的收入为4.08亿美元，其中59%来自地下泳池销售。</blockquote></p><p>In 2018, the company shifted from a business-to-business model to business-to-consumer, making it&nbsp;the only pool company with a direct relationship to the homeowner, according to the company.</p><p><blockquote>据该公司称，2018年，该公司从企业对企业模式转向企业对消费者模式，使其成为唯一一家与房主有直接关系的泳池公司。</blockquote></p><p></p><p>Fiberglass pools are still a small market in North America compared to international markets, Latham says. The company claims to have a No. 1 market-share position in all the categories it competes in for the North American market.</p><p><blockquote>莱瑟姆说，与国际市场相比，玻璃纤维泳池在北美仍然是一个小市场。该公司声称在北美市场竞争的所有类别中拥有第一的市场份额。</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>IPO Preview: UiPath Inc, KnowBe4, Zymergen, Latham Holdings Highlight Busy Week Of Offerings<blockquote>IPO预览：UiPath Inc、KnowBe4、Zymergen、Latham Holdings重点介绍繁忙的一周发行</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\">\nIPO Preview: UiPath Inc, KnowBe4, Zymergen, Latham Holdings Highlight Busy Week Of Offerings<blockquote>IPO预览：UiPath Inc、KnowBe4、Zymergen、Latham Holdings重点介绍繁忙的一周发行</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 </p>\n<p class=\"h-time smaller\">2021-04-19 08:58</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>This week’s offerings don’t have quite the same high profile as last week's highly anticipated IPO of<b>Coinbase Global</b>COIN 5.96%. Nevertheless, there are several excitingIPOsthat investors should consider this week, including UiPath and Latham Holdings.</p><p><blockquote>本周的发行不像上周备受期待的IPO那样引人注目<b>比特币基地全球</b>硬币5.96%。尽管如此，投资者本周应该考虑几个令人兴奋的IPO，包括UiPath和Latham Holdings。</blockquote></p><p>Here is a look at the expected IPO pricings for the week of April 19.</p><p><blockquote>以下是4月19日当周的预期IPO定价。</blockquote></p><p><b>DoubleVerify Holdings:</b>&nbsp;Digital media measurement and analytics company<b>DoubleVerify Holdings</b>&nbsp;NYSE:&nbsp;DV&nbsp;plansto sell 13.3 million shares at a price point of $24 to $27.</p><p><blockquote><b>DoubleVerify控股：</b>数字媒体测量和分析公司<b>双验证控股</b>纽约证券交易所股票代码：DV计划以24至27美元的价格出售1,330万股股票。</blockquote></p><p>The company makes security software for digital advertising and claims to have over 1,000 advertisers and publishers as partners, and more than 45 customers that each account for $1 million in annual revenue for DoubleVerify.</p><p><blockquote>该公司为数字广告生产安全软件，并声称有超过1,000家广告商和出版商作为合作伙伴，以及超过45家客户，每个客户为DoubleVerify贡献了100万美元的年收入。</blockquote></p><p>The company had revenue of $244 million in fiscal 2020, a year-over-year increase of 34%.</p><p><blockquote>该公司2020财年营收2.44亿美元，同比增长34%。</blockquote></p><p><b>NeuroPace:</b>&nbsp;Commercial-stage medical device company<b>NeuroPace</b>&nbsp;NASDAQ:&nbsp;NPCE&nbsp;says it&nbsp;hasthe first and only commercially-available, brain-responsive system to help fight seizures.</p><p><blockquote><b>神经空间：</b>商业化阶段医疗器械公司<b>神经空间</b>纳斯达克：NPCE表示，它拥有第一个也是唯一一个商用的大脑响应系统来帮助对抗癫痫发作。</blockquote></p><p>The company’s target market is customers who have drug-resistant epilepsy. Over 3,000 patients were&nbsp;served by the company through 2020. Neuropace had revenue of $10 million in fiscal 2020 and is guiding for fiscal 2021 revenue of between $11.1 million and $11.3 million.</p><p><blockquote>该公司的目标市场是患有耐药性癫痫的客户。截至2020年，该公司为超过3,000名患者提供了服务。Neuropace 2020财年的收入为1000万美元，预计2021财年的收入在1110万美元至1130万美元之间。</blockquote></p><p>Over $28 billion is spent annually on epilepsy care in the United States. The company plans to sell 5.3 million shares at a price point of $15 to $17.</p><p><blockquote>在美国，每年用于癫痫护理的费用超过280亿美元。该公司计划以15至17美元的价格出售530万股股票。</blockquote></p><p><b>UiPath:</b>Thebiggest IPOof the week is set to be automation company<b>UiPath Inc</b>NYSEPATH, with aplannedoffering of 21.3 million shares at a price point of $43 to $50.</p><p><blockquote><b>UiPath：</b>本周最大的IPO将是自动化公司<b>UiPath公司</b>NYSEPATH计划以43至50美元的价格发行2130万股。</blockquote></p><p>The company “makes software robots so people don’t have to be robots.” The company had annual recurring revenue of $580 million in the fiscal year ended January 31, 2021, for a growth rate of 65%.&nbsp;UiPath says it has over 7,900 customers, with over 1,000 of them paying $100,000 or more annually to the company.</p><p><blockquote>该公司“制造软件机器人，这样人们就不必成为机器人。”截至2021年1月31日的财年，该公司的年度经常性收入为5.8亿美元，增长率为65%。UiPath表示，它拥有超过7,900名客户，其中超过1,000名客户每年向该公司支付10万美元或更多。</blockquote></p><p>The company is targeting a market opportunity of $65 billion and believes its open architecture and end-to-end platform set it apart from competitors.</p><p><blockquote>该公司的目标是650亿美元的市场机会，并相信其开放式架构和端到端平台使其从竞争对手中脱颖而出。</blockquote></p><p><b>SkyWater Technology:</b>Pure-play technology foundry<b>SkyWater Technology</b>&nbsp;NASDAQ:&nbsp;SKYT&nbsp;offerssemiconductor development and manufacturing services, targeting&nbsp;customers in markets like advanced computing, aerospace, defense, automotive and IoT.</p><p><blockquote><b>SkyWater技术：</b>纯技术代工厂<b>天水科技</b>纳斯达克：SKYT提供半导体开发和制造服务，目标客户包括先进计算、航空航天、国防、汽车和物联网等市场。</blockquote></p><p>The company has 35 customers in its advanced technology services including L3Harris and<b>Microsoft Corporation</b>MSFT 0.48%. SkyWater was divested from Cypress Semiconductor in 2017. The company had revenue of $140.4 million in 2020.</p><p><blockquote>该公司的先进技术服务拥有35家客户，包括L3Harris和<b>微软公司</b>MSFT 0.48%。SkyWater于2017年从赛普拉斯半导体剥离。该公司2020年收入为1.404亿美元。</blockquote></p><p>SkyWater plans to sell 5.8 million shares at a price point of $12 to $14.</p><p><blockquote>SkyWater计划以12至14美元的价格出售580万股股票。</blockquote></p><p><b>KnowBe4:</b>Security platform<b>KnowBe4 Inc</b>&nbsp;NASDAQ:&nbsp;KNBE&nbsp;isseekingto sell 11.8 million shares at a price point of $16 to $18.</p><p><blockquote><b>已知4：</b>安全平台<b>KnowBe4公司</b>纳斯达克：KNBE正在寻求以16至18美元的价格出售1180万股股票。</blockquote></p><p>The company serves over 37,000 customers globally in markets worth $15 billion. The company had 45% revenue growth and $198 million in annual recurring revenue last year. It plans to rapidly grow its international operations, which made up 11.9% of revenue in fiscal 2020.</p><p><blockquote>该公司为全球超过37,000名客户提供服务，市场价值150亿美元。该公司去年的收入增长了45%，年度经常性收入为1.98亿美元。该公司计划快速发展其国际业务，该业务占2020财年收入的11.9%。</blockquote></p><p><b>Zymergen: \"</b>Biofacturing\" company<b>Zymergen</b>&nbsp;NASDAQ:&nbsp;ZY&nbsp;plansto sell 13.6 million shares at a price of $28 to $31.</p><p><blockquote><b>Zymergen：“</b>生物制造”公司<b>酶根</b>纳斯达克：ZY计划以28至31美元的价格出售1360万股股票。</blockquote></p><p>The company is working on bio-based products including films that could be used in rollable mobile tablet devices.</p><p><blockquote>该公司正在开发生物基产品，包括可用于可卷曲移动平板设备的薄膜。</blockquote></p><p>The company’s first product, Hyaline, was launched in December 2020, and an additional 10 products are in development. The biofacturing market is worth $1.2 trillion. according to the company.</p><p><blockquote>公司首款产品Hyaline于2020年12月上市，另有10款产品正在开发中。生物制造市场价值1.2万亿美元。据该公司称。</blockquote></p><p><b>Agiliti:</b>Healthcare service provider&nbsp;<b>Agiliti Inc</b>NYSEAGTIsays it&nbsp;hasa customer base of over 7,0000 networks and that&nbsp;90% of U.S. acute and alternate care facilities are within a 100-mile radius of an Agiliti service center. The company is seeking to sell 26.3 million shares at a price point of $18 to $20.</p><p><blockquote><b>敏捷性：</b>医疗服务提供者<b>敏捷公司</b>NYSEAGTI表示，它拥有超过7,000 0个网络的客户群，90%的美国急症和替代护理机构都在Agiliti服务中心100英里半径范围内。该公司寻求以18至20美元的价格出售2630万股股票。</blockquote></p><p><b>Latham Group:</b>A designer, manufacturer and marketer of in-ground residential pools in North America, Australia and New Zealandplansto go public this week.</p><p><blockquote><b>瑞生集团：</b>北美、澳大利亚和新西兰地下住宅泳池的设计者、制造商和营销商计划本周上市。</blockquote></p><p><b>Latham Group</b>&nbsp;NASDAQ:&nbsp;SWIM&nbsp;plans to sell 20 million shares at a price point of $19 to $21.</p><p><blockquote><b>莱瑟姆集团</b>纳斯达克：SWIM计划以19美元至21美元的价格出售2000万股股票。</blockquote></p><p>The company sells fiberglass products that are more durable and use less chemicals, according to the company. Latham sold 8,700 fiberglass pools in 2020 and reported its 11th consecutive year of net sales growth.</p><p><blockquote>据该公司称，该公司销售的玻璃纤维产品更耐用，使用的化学品更少。Latham在2020年销售了8,700个玻璃纤维泳池，并报告了连续11年净销售额增长。</blockquote></p><p>The company had revenue of $408 million in fiscal 2020, and&nbsp;59% of it came from in-ground pool sales.</p><p><blockquote>该公司2020财年的收入为4.08亿美元，其中59%来自地下泳池销售。</blockquote></p><p>In 2018, the company shifted from a business-to-business model to business-to-consumer, making it&nbsp;the only pool company with a direct relationship to the homeowner, according to the company.</p><p><blockquote>据该公司称，2018年，该公司从企业对企业模式转向企业对消费者模式，使其成为唯一一家与房主有直接关系的泳池公司。</blockquote></p><p></p><p>Fiberglass pools are still a small market in North America compared to international markets, Latham says. The company claims to have a No. 1 market-share position in all the categories it competes in for the North American market.</p><p><blockquote>莱瑟姆说，与国际市场相比，玻璃纤维泳池在北美仍然是一个小市场。该公司声称在北美市场竞争的所有类别中拥有第一的市场份额。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AGTI":"Agiliti, Inc.","KNBE":"KnowBe4, Inc.","DV":"DoubleVerify Holdings, Inc.","SKYT":"SkyWater Technology, Inc.","SWIM":"Latham Group, Inc.","NPCE":"NeuroPace Inc.","PATH":"UiPath"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129471770","content_text":"This week’s offerings don’t have quite the same high profile as last week's highly anticipated IPO ofCoinbase GlobalCOIN 5.96%. Nevertheless, there are several excitingIPOsthat investors should consider this week, including UiPath and Latham Holdings.Here is a look at the expected IPO pricings for the week of April 19.DoubleVerify Holdings: Digital media measurement and analytics companyDoubleVerify Holdings NYSE: DV plansto sell 13.3 million shares at a price point of $24 to $27.The company makes security software for digital advertising and claims to have over 1,000 advertisers and publishers as partners, and more than 45 customers that each account for $1 million in annual revenue for DoubleVerify.The company had revenue of $244 million in fiscal 2020, a year-over-year increase of 34%.NeuroPace: Commercial-stage medical device companyNeuroPace NASDAQ: NPCE says it hasthe first and only commercially-available, brain-responsive system to help fight seizures.The company’s target market is customers who have drug-resistant epilepsy. Over 3,000 patients were served by the company through 2020. Neuropace had revenue of $10 million in fiscal 2020 and is guiding for fiscal 2021 revenue of between $11.1 million and $11.3 million.Over $28 billion is spent annually on epilepsy care in the United States. The company plans to sell 5.3 million shares at a price point of $15 to $17.UiPath:Thebiggest IPOof the week is set to be automation companyUiPath IncNYSEPATH, with aplannedoffering of 21.3 million shares at a price point of $43 to $50.The company “makes software robots so people don’t have to be robots.” The company had annual recurring revenue of $580 million in the fiscal year ended January 31, 2021, for a growth rate of 65%. UiPath says it has over 7,900 customers, with over 1,000 of them paying $100,000 or more annually to the company.The company is targeting a market opportunity of $65 billion and believes its open architecture and end-to-end platform set it apart from competitors.SkyWater Technology:Pure-play technology foundrySkyWater Technology NASDAQ: SKYT offerssemiconductor development and manufacturing services, targeting customers in markets like advanced computing, aerospace, defense, automotive and IoT.The company has 35 customers in its advanced technology services including L3Harris andMicrosoft CorporationMSFT 0.48%. SkyWater was divested from Cypress Semiconductor in 2017. The company had revenue of $140.4 million in 2020.SkyWater plans to sell 5.8 million shares at a price point of $12 to $14.KnowBe4:Security platformKnowBe4 Inc NASDAQ: KNBE isseekingto sell 11.8 million shares at a price point of $16 to $18.The company serves over 37,000 customers globally in markets worth $15 billion. The company had 45% revenue growth and $198 million in annual recurring revenue last year. It plans to rapidly grow its international operations, which made up 11.9% of revenue in fiscal 2020.Zymergen: \"Biofacturing\" companyZymergen NASDAQ: ZY plansto sell 13.6 million shares at a price of $28 to $31.The company is working on bio-based products including films that could be used in rollable mobile tablet devices.The company’s first product, Hyaline, was launched in December 2020, and an additional 10 products are in development. The biofacturing market is worth $1.2 trillion. according to the company.Agiliti:Healthcare service provider Agiliti IncNYSEAGTIsays it hasa customer base of over 7,0000 networks and that 90% of U.S. acute and alternate care facilities are within a 100-mile radius of an Agiliti service center. The company is seeking to sell 26.3 million shares at a price point of $18 to $20.Latham Group:A designer, manufacturer and marketer of in-ground residential pools in North America, Australia and New Zealandplansto go public this week.Latham Group NASDAQ: SWIM plans to sell 20 million shares at a price point of $19 to $21.The company sells fiberglass products that are more durable and use less chemicals, according to the company. Latham sold 8,700 fiberglass pools in 2020 and reported its 11th consecutive year of net sales growth.The company had revenue of $408 million in fiscal 2020, and 59% of it came from in-ground pool sales.In 2018, the company shifted from a business-to-business model to business-to-consumer, making it the only pool company with a direct relationship to the homeowner, according to the company.Fiberglass pools are still a small market in North America compared to international markets, Latham says. The company claims to have a No. 1 market-share position in all the categories it competes in for the North American market.","news_type":1,"symbols_score_info":{"SWIM":0.9,"DV":0.9,"NPCE":0.9,"AGTI":0.9,"SKYT":0.9,"ZY":0.9,"PATH":0.9,"KNBE":0.9}},"isVote":1,"tweetType":1,"viewCount":499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":155679632,"gmtCreate":1625427625026,"gmtModify":1633940834363,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155679632","repostId":"1124717185","repostType":4,"repost":{"id":"1124717185","kind":"news","pubTimestamp":1625371001,"share":"https://www.laohu8.com/m/news/1124717185?lang=zh_CN&edition=full","pubTime":"2021-07-04 11:56","market":"us","language":"en","title":"Here's How The Laws Of Supply And Demand Lead To Major Moves For Growth Stocks<blockquote>以下是供求规律如何导致成长型股票的重大走势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124717185","media":"investors","summary":"The laws of supply and demand seem simple on their face, but understanding the subtle nuances is key","content":"<p>The laws of supply and demand seem simple on their face, but understanding the subtle nuances is key for stock investors who want to take advantage of major price moves.</p><p><blockquote>供求规律表面上看起来很简单，但对于想要利用重大价格波动的股票投资者来说，理解其中的细微差别是关键。</blockquote></p><p> Supply and demand is one of the bedrock principles of business and economics. A simple recent example is how the price of lumber skyrocketed amid Covid-related shortages.</p><p><blockquote>供求是商业和经济学的基本原则之一。最近的一个简单例子是，在与Covid相关的短缺中，木材价格如何飙升。</blockquote></p><p> In the stock market, the companies seen as the best positioned by big money will see their share price driven higher as demand ramps up. When this happens, supply will also be constricted, as holders will be more reluctant to sell their shares. Thus, supply and demand is the S in IBD'sCAN SLIM investing method, and the subject of the fourth in an Investor's Corner series.</p><p><blockquote>在股市上，随着需求的增加，被大资金视为最佳定位的公司的股价将被推高。当这种情况发生时，供应也将受到限制，因为持有者将更不愿意出售他们的股票。因此，供给和需求是IBD的Can Slim投资方法中的S，也是投资者角系列第四篇的主题。</blockquote></p><p> Legendary IBD founder William O'Neil, writing in his classic tome, \"How to Make Money in Stocks,\" said supply and demand is \"more important than the opinions of all the analysts on Wall Street, no matter what schools they attended, what degrees they earned, or how high their IQs.\"</p><p><blockquote>IBD传奇创始人威廉·奥尼尔(William O'Neil)在他的经典著作《如何在股票中赚钱》中写道，供求关系“比华尔街所有分析师的意见更重要，无论他们上过什么学校，他们获得了什么学位，或者他们的智商有多高。”</blockquote></p><p> Float Size Matters</p><p><blockquote>浮子大小很重要</blockquote></p><p> A key point to bear in mind is whether the stock you are eying has a large or a small float: the number of shares available for trading. Getting locked into a stock with a small supply of shares means you can be taken on wild rides, both on the upside and the downside.</p><p><blockquote>要记住的关键点是您关注的股票的流通量是大还是小：可供交易的股票数量。锁定一只股票供应量较少的股票意味着你可能会陷入疯狂，无论是上涨还是下跌。</blockquote></p><p> On the other hand, investing in a big-cap name with a massive amount of shares outstanding means it is much more difficult for that stock to make big moves. On the plus side, this can also be less stressful on one's stomach.</p><p><blockquote>另一方面，投资拥有大量流通股的大盘股意味着该股票更难做出大动作。从好的方面来说，这也可以减轻胃部的压力。</blockquote></p><p> The ideal is to find a happy medium — a stock that boasts strong earnings growth, and one that is still expanding by offering new products and services. Also look for one that is attracting the attention of institutional investors. Nevertheless, stocks of companies with any size of capitalization can be bought byCAN SLIM investors.</p><p><blockquote>理想的情况是找到一个快乐的媒介——一只拥有强劲盈利增长的股票，并且仍在通过提供新产品和服务进行扩张的股票。还要寻找一个吸引机构投资者注意的。尽管如此，任何资本规模的公司的股票都可以被苗条的投资者购买。</blockquote></p><p> Other encouraging signs to look for are companies that are buying back their stock, which reduces the supply of shares in the market.</p><p><blockquote>其他值得关注的令人鼓舞的迹象是公司正在回购股票，这减少了市场上的股票供应。</blockquote></p><p> How do you measure demand?</p><p><blockquote>你如何衡量需求？</blockquote></p><p> As is often the case when researching a stock, charts are key. Look at the average daily trading volume. Days where the number of shares traded is much higher, or lower, than normal are a key indicator.</p><p><blockquote>正如研究股票时经常出现的情况一样，图表是关键。看日均交易量。股票交易数量远高于或低于正常水平的天数是一个关键指标。</blockquote></p><p> When a share price spikes in big trading volume, this is a clear sign of institutional demand. It is a key indicator that mutual fund managers and other big money buyers, who account for most trading in the stock market, are snapping up a stock. This sort of accumulation is the main driver for big price moves.</p><p><blockquote>当股价在交易量大的情况下飙升时，这是机构需求的明显迹象。这是一个关键指标，表明占股市大部分交易的共同基金经理和其他大额买家正在抢购股票。这种积累是价格大幅波动的主要驱动力。</blockquote></p><p> Piggybacking on such action is a proven way for the intelligent investor to succeed. But make sure to carefully study price charts to find stocks that arebreaking out of proper basesor rebounding from key chart levels. When a stock tops abuy point, ideally volume will be at least 40% above average.</p><p><blockquote>对于聪明的投资者来说，利用这种行动是一种行之有效的成功方式。但请务必仔细研究价格图表，以找到突破适当基础或从关键图表水平反弹的股票。当股票达到买入点时，理想情况下成交量将比平均水平高出至少40%。</blockquote></p><p> The IBD Stock Checkup is another key tool. Under the supply and demand section, you'll find pass or fail ratings for all key related criteria.</p><p><blockquote>IBD股票检查是另一个关键工具。在供应和需求部分，您可以找到所有关键相关标准的通过或失败评级。</blockquote></p><p> That includes information on a stock's market capitalization and itsAccumulation/Distribution Rating, which gauges institutional buying and selling over the previous 13 weeks. Also, the percentage change in funds owning a stock and the number of quarters of increasing fund ownership. Look for stocks flashing green lights in all of these areas.</p><p><blockquote>这包括有关股票市值及其累积/分配评级的信息，该评级衡量过去13周的机构买卖情况。此外，拥有股票的基金的百分比变化以及基金所有权增加的季度数。寻找在所有这些领域亮起绿灯的股票。</blockquote></p><p></p>","source":"lsy1610449120050","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's How The Laws Of Supply And Demand Lead To Major Moves For Growth Stocks<blockquote>以下是供求规律如何导致成长型股票的重大走势</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's How The Laws Of Supply And Demand Lead To Major Moves For Growth Stocks<blockquote>以下是供求规律如何导致成长型股票的重大走势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investors</strong><span class=\"h-time small\">2021-07-04 11:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The laws of supply and demand seem simple on their face, but understanding the subtle nuances is key for stock investors who want to take advantage of major price moves.</p><p><blockquote>供求规律表面上看起来很简单，但对于想要利用重大价格波动的股票投资者来说，理解其中的细微差别是关键。</blockquote></p><p> Supply and demand is one of the bedrock principles of business and economics. A simple recent example is how the price of lumber skyrocketed amid Covid-related shortages.</p><p><blockquote>供求是商业和经济学的基本原则之一。最近的一个简单例子是，在与Covid相关的短缺中，木材价格如何飙升。</blockquote></p><p> In the stock market, the companies seen as the best positioned by big money will see their share price driven higher as demand ramps up. When this happens, supply will also be constricted, as holders will be more reluctant to sell their shares. Thus, supply and demand is the S in IBD'sCAN SLIM investing method, and the subject of the fourth in an Investor's Corner series.</p><p><blockquote>在股市上，随着需求的增加，被大资金视为最佳定位的公司的股价将被推高。当这种情况发生时，供应也将受到限制，因为持有者将更不愿意出售他们的股票。因此，供给和需求是IBD的Can Slim投资方法中的S，也是投资者角系列第四篇的主题。</blockquote></p><p> Legendary IBD founder William O'Neil, writing in his classic tome, \"How to Make Money in Stocks,\" said supply and demand is \"more important than the opinions of all the analysts on Wall Street, no matter what schools they attended, what degrees they earned, or how high their IQs.\"</p><p><blockquote>IBD传奇创始人威廉·奥尼尔(William O'Neil)在他的经典著作《如何在股票中赚钱》中写道，供求关系“比华尔街所有分析师的意见更重要，无论他们上过什么学校，他们获得了什么学位，或者他们的智商有多高。”</blockquote></p><p> Float Size Matters</p><p><blockquote>浮子大小很重要</blockquote></p><p> A key point to bear in mind is whether the stock you are eying has a large or a small float: the number of shares available for trading. Getting locked into a stock with a small supply of shares means you can be taken on wild rides, both on the upside and the downside.</p><p><blockquote>要记住的关键点是您关注的股票的流通量是大还是小：可供交易的股票数量。锁定一只股票供应量较少的股票意味着你可能会陷入疯狂，无论是上涨还是下跌。</blockquote></p><p> On the other hand, investing in a big-cap name with a massive amount of shares outstanding means it is much more difficult for that stock to make big moves. On the plus side, this can also be less stressful on one's stomach.</p><p><blockquote>另一方面，投资拥有大量流通股的大盘股意味着该股票更难做出大动作。从好的方面来说，这也可以减轻胃部的压力。</blockquote></p><p> The ideal is to find a happy medium — a stock that boasts strong earnings growth, and one that is still expanding by offering new products and services. Also look for one that is attracting the attention of institutional investors. Nevertheless, stocks of companies with any size of capitalization can be bought byCAN SLIM investors.</p><p><blockquote>理想的情况是找到一个快乐的媒介——一只拥有强劲盈利增长的股票，并且仍在通过提供新产品和服务进行扩张的股票。还要寻找一个吸引机构投资者注意的。尽管如此，任何资本规模的公司的股票都可以被苗条的投资者购买。</blockquote></p><p> Other encouraging signs to look for are companies that are buying back their stock, which reduces the supply of shares in the market.</p><p><blockquote>其他值得关注的令人鼓舞的迹象是公司正在回购股票，这减少了市场上的股票供应。</blockquote></p><p> How do you measure demand?</p><p><blockquote>你如何衡量需求？</blockquote></p><p> As is often the case when researching a stock, charts are key. Look at the average daily trading volume. Days where the number of shares traded is much higher, or lower, than normal are a key indicator.</p><p><blockquote>正如研究股票时经常出现的情况一样，图表是关键。看日均交易量。股票交易数量远高于或低于正常水平的天数是一个关键指标。</blockquote></p><p> When a share price spikes in big trading volume, this is a clear sign of institutional demand. It is a key indicator that mutual fund managers and other big money buyers, who account for most trading in the stock market, are snapping up a stock. This sort of accumulation is the main driver for big price moves.</p><p><blockquote>当股价在交易量大的情况下飙升时，这是机构需求的明显迹象。这是一个关键指标，表明占股市大部分交易的共同基金经理和其他大额买家正在抢购股票。这种积累是价格大幅波动的主要驱动力。</blockquote></p><p> Piggybacking on such action is a proven way for the intelligent investor to succeed. But make sure to carefully study price charts to find stocks that arebreaking out of proper basesor rebounding from key chart levels. When a stock tops abuy point, ideally volume will be at least 40% above average.</p><p><blockquote>对于聪明的投资者来说，利用这种行动是一种行之有效的成功方式。但请务必仔细研究价格图表，以找到突破适当基础或从关键图表水平反弹的股票。当股票达到买入点时，理想情况下成交量将比平均水平高出至少40%。</blockquote></p><p> The IBD Stock Checkup is another key tool. Under the supply and demand section, you'll find pass or fail ratings for all key related criteria.</p><p><blockquote>IBD股票检查是另一个关键工具。在供应和需求部分，您可以找到所有关键相关标准的通过或失败评级。</blockquote></p><p> That includes information on a stock's market capitalization and itsAccumulation/Distribution Rating, which gauges institutional buying and selling over the previous 13 weeks. Also, the percentage change in funds owning a stock and the number of quarters of increasing fund ownership. Look for stocks flashing green lights in all of these areas.</p><p><blockquote>这包括有关股票市值及其累积/分配评级的信息，该评级衡量过去13周的机构买卖情况。此外，拥有股票的基金的百分比变化以及基金所有权增加的季度数。寻找在所有这些领域亮起绿灯的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/how-to-invest/investors-corner/heres-how-the-laws-of-supply-and-demand-lead-to-major-moves-for-growth-stocks/?src=A00220\">investors</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://www.investors.com/how-to-invest/investors-corner/heres-how-the-laws-of-supply-and-demand-lead-to-major-moves-for-growth-stocks/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124717185","content_text":"The laws of supply and demand seem simple on their face, but understanding the subtle nuances is key for stock investors who want to take advantage of major price moves.\nSupply and demand is one of the bedrock principles of business and economics. A simple recent example is how the price of lumber skyrocketed amid Covid-related shortages.\nIn the stock market, the companies seen as the best positioned by big money will see their share price driven higher as demand ramps up. When this happens, supply will also be constricted, as holders will be more reluctant to sell their shares. Thus, supply and demand is the S in IBD'sCAN SLIM investing method, and the subject of the fourth in an Investor's Corner series.\nLegendary IBD founder William O'Neil, writing in his classic tome, \"How to Make Money in Stocks,\" said supply and demand is \"more important than the opinions of all the analysts on Wall Street, no matter what schools they attended, what degrees they earned, or how high their IQs.\"\nFloat Size Matters\nA key point to bear in mind is whether the stock you are eying has a large or a small float: the number of shares available for trading. Getting locked into a stock with a small supply of shares means you can be taken on wild rides, both on the upside and the downside.\nOn the other hand, investing in a big-cap name with a massive amount of shares outstanding means it is much more difficult for that stock to make big moves. On the plus side, this can also be less stressful on one's stomach.\nThe ideal is to find a happy medium — a stock that boasts strong earnings growth, and one that is still expanding by offering new products and services. Also look for one that is attracting the attention of institutional investors. Nevertheless, stocks of companies with any size of capitalization can be bought byCAN SLIM investors.\nOther encouraging signs to look for are companies that are buying back their stock, which reduces the supply of shares in the market.\nHow do you measure demand?\nAs is often the case when researching a stock, charts are key. Look at the average daily trading volume. Days where the number of shares traded is much higher, or lower, than normal are a key indicator.\nWhen a share price spikes in big trading volume, this is a clear sign of institutional demand. It is a key indicator that mutual fund managers and other big money buyers, who account for most trading in the stock market, are snapping up a stock. This sort of accumulation is the main driver for big price moves.\nPiggybacking on such action is a proven way for the intelligent investor to succeed. But make sure to carefully study price charts to find stocks that arebreaking out of proper basesor rebounding from key chart levels. When a stock tops abuy point, ideally volume will be at least 40% above average.\nThe IBD Stock Checkup is another key tool. Under the supply and demand section, you'll find pass or fail ratings for all key related criteria.\nThat includes information on a stock's market capitalization and itsAccumulation/Distribution Rating, which gauges institutional buying and selling over the previous 13 weeks. Also, the percentage change in funds owning a stock and the number of quarters of increasing fund ownership. Look for stocks flashing green lights in all of these areas.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811478143,"gmtCreate":1630340516582,"gmtModify":1704958837679,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"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/811478143","repostId":"1182034389","repostType":4,"isVote":1,"tweetType":1,"viewCount":3165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811478323,"gmtCreate":1630340484962,"gmtModify":1704958837506,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811478323","repostId":"1170785593","repostType":4,"isVote":1,"tweetType":1,"viewCount":2443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":805088238,"gmtCreate":1627823266124,"gmtModify":1633756122391,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[害羞]&nbsp;","listText":"[害羞]&nbsp;","text":"[害羞]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805088238","repostId":"1147877145","repostType":4,"isVote":1,"tweetType":1,"viewCount":2157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":801351390,"gmtCreate":1627484074010,"gmtModify":1633764540942,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[愤怒]&nbsp;","listText":"[愤怒]&nbsp;","text":"[愤怒]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801351390","repostId":"2154924212","repostType":4,"isVote":1,"tweetType":1,"viewCount":1196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":155679274,"gmtCreate":1625427644698,"gmtModify":1633940834240,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[真香]&nbsp;","listText":"[真香]&nbsp;","text":"[真香]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155679274","repostId":"1130764181","repostType":4,"isVote":1,"tweetType":1,"viewCount":590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":150801345,"gmtCreate":1624891432987,"gmtModify":1633947385155,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150801345","repostId":"2146839359","repostType":4,"isVote":1,"tweetType":1,"viewCount":699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":189610523,"gmtCreate":1623255193362,"gmtModify":1634035254302,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/189610523","repostId":"1135487602","repostType":4,"repost":{"id":"1135487602","kind":"news","pubTimestamp":1623254102,"share":"https://www.laohu8.com/m/news/1135487602?lang=zh_CN&edition=full","pubTime":"2021-06-09 23:55","market":"us","language":"en","title":"With Fed's Reverse Repo Hitting Half A Trillion, Wall Street Scrambles To Figure Out What Comes Next<blockquote>随着美联储逆回购规模达到5000亿美元，华尔街争先恐后地弄清楚接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135487602","media":"zerohedge","summary":"With usage of the Fed's overnight reverse repo facility again hitting a new record high on Tuesday, ","content":"<p>With usage of the Fed's overnight reverse repo facility again hitting a new record high on Tuesday, rising to an all-time high of $497.4 billion...</p><p><blockquote>随着美联储隔夜逆回购工具的使用量周二再次创下历史新高，升至4974亿美元的历史新高……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9b9d2bb6af82c6f76849da52e9583a94\" tg-width=\"500\" tg-height=\"259\"></p><p><blockquote></blockquote></p><p> ... rates traders are trying to decide if the Fed will tweak the rate on either the IOER (Interest on Excess Reserves) or the Reverse Repo Facility, collectively the Fed's \"administered rates\" in order to ease the liquidity congestion that has parked half a trillion dollars at the Fed where it is sitting inert, doing nothing.</p><p><blockquote>...利率交易员正试图决定美联储是否会调整IOER（超额准备金利息）或逆回购工具（统称为美联储的“管理利率”）的利率，以缓解流动性拥堵，美联储无所作为，无所作为。</blockquote></p><p> One strategist who believes there is a \"small chance\" the Fed will adjust its IOER/RRP rate is Deutsche Bank's Steven Zeng, who also cited concern about the quarter-end balance sheet squeeze, which is less than the futures market is currently pricing.</p><p><blockquote>德意志银行的Steven Zeng是一位认为美联储调整IOER/RRP利率的“可能性很小”的策略师，他还提到了对季末资产负债表紧缩的担忧，这低于期货市场目前的定价。</blockquote></p><p> As a reminder, the Fed’s ongoing $120BN in monthly QE and Treasury’s continued drawdown of its cash balance, create permanent reserves that are sitting on bank balance sheets.</p><p><blockquote>需要提醒的是，美联储每月持续1200亿美元的量化宽松政策以及财政部持续缩减现金余额，创造了银行资产负债表上的永久储备。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8e284a2218c963fffabe80f6e92118f5\" tg-width=\"500\" tg-height=\"342\"></p><p><blockquote></blockquote></p><p> At the same time, demand for deposits adds to the bloat and forces banks to supply these liabilities and hold lower-yielding assets.</p><p><blockquote>与此同时，对存款的需求加剧了通货膨胀，迫使银行提供这些负债并持有收益率较低的资产。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/08c9dd332a2a6bf7d3ef51328649fc99\" tg-width=\"500\" tg-height=\"346\"></p><p><blockquote></blockquote></p><p> This puts downward pressure on banks’ supplementary leverage ratios,<b>so now institutions must either raise capital or reduce loans</b>. In this context, the Fed’s RRP acts as a “release valve” for deposits to leave banks’ balance sheets via inflows into money funds, which are then deposited at the facility.</p><p><blockquote>这给银行的补充杠杆率带来了下行压力，<b>所以现在机构要么筹集资金，要么减少贷款</b>在这种情况下，美联储的RRP充当了存款通过流入货币基金离开银行资产负债表的“释放阀”，然后存入该设施。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/141d0979a36d1c83edb097f1181ee6eb\" tg-width=\"500\" tg-height=\"345\"></p><p><blockquote></blockquote></p><p> According to Zeng, and as we have explained previously, the main merit of raising the RRP rate is to make money funds a “more attractive option to bank deposits,” which can allow institutions to push out more deposits and better manage their balance-sheet size until a “more permanent change to bank capital rules is made.”</p><p><blockquote>曾表示，正如我们之前解释的那样，提高建议零售价的主要优点是使货币基金成为“比银行存款更具吸引力的选择”，这可以让机构推出更多存款并更好地管理其资产负债表规模，直到“银行资本规则发生更永久的变化”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db701c691b65734c79e446994ff9334f\" tg-width=\"500\" tg-height=\"349\"></p><p><blockquote></blockquote></p><p> Currently, money-market yields are low and their margins are squeezed,<b>so a boost to the RRP rate would make money funds a “more attractive option than bank deposits,” allowing more cash to leave the banking sector.</b>Separately, JPMorgan writes that most money-market funds have not reached their counterparty limits at the Federal Reserve’s overnight reverse repurchase agreement facility so they may not have to adjust their thresholds at the moment.</p><p><blockquote>目前，货币市场收益率较低，利润率受到挤压，<b>因此，提高RRP利率将使货币基金成为“比银行存款更具吸引力的选择”，从而让更多现金离开银行业。</b>另外，摩根大通写道，大多数货币市场基金尚未达到美联储隔夜逆回购协议工具的交易对手限额，因此目前可能不必调整门槛。</blockquote></p><p> Of course, one can't have an increase in one rate without the other, since in the fed funds market, lenders who have access to the RRP will demand higher rates, but borrowers may respond with reduced demand leading to a “more erratic fed funds rate.” This means an increase in the RRP rate<b>“needs to be accompanied by an equal or larger increase to the IOER.”</b></p><p><blockquote>当然，一种利率不可能在没有另一种利率的情况下提高，因为在联邦基金市场中，有权获得建议零售价的贷方会要求更高的利率，但借款人可能会减少需求，导致“联邦基金利率更加不稳定”。这意味着RRP率的提高<b>“需要伴随着与IOER相等或更大的增长。”</b></blockquote></p><p> Zeng conveniently summarizes the costs and benefits of an administered rate tweak in the table below:</p><p><blockquote>曾在下表中方便地总结了管理费率调整的成本和收益：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f7986a90f98f09803f58aab1f142833b\" tg-width=\"500\" tg-height=\"350\">On the other end of the spectrum are Jefferies economists Thomas Simons and Aneta Markowska who pointed to recent rise in yields at Treasury bill auctions in anticipation of potential Federal Reserve adjustments to its adminstered rates, but according to the duo, \"the rise could compel the central bank to stay put.\" (earlier this week, the Treasury sold 3-month bills at 0.025% and 6-month bills at 0.04%, which were both the highest stopout yields since April 19).</p><p><blockquote>另一方面，杰富瑞(Jefferies)经济学家托马斯·西蒙斯(Thomas Simons)和阿内塔·马科夫斯卡(Aneta Markowska)指出，由于预期美联储可能会调整其管理利率，近期国库券拍卖收益率上升，但两人表示，“这种上升可能会迫使央行按兵不动。”（本周早些时候，财政部以0.025%的利率出售3个月期票据，以0.04%的利率出售6个月期票据，这两个利率都是自4月19日以来的最高止损收益率）。</blockquote></p><p> Simons and Markowska explain the reflexive paradox as follows: \"concerns about an IOER hike are preventing yields from falling any further, despite the huge amount of cash looking for a home in the front-end.\" As a result, \"<b>perversely, this concern may actually prevent an IOER hike, should yields continue to hover at these levels.”</b></p><p><blockquote>Simons和Markowska对这种反射性悖论的解释如下：“尽管有大量现金在前端寻找归宿，但对IOER上涨的担忧正在阻止收益率进一步下跌。”结果，“<b>反常的是，如果收益率继续徘徊在这些水平，这种担忧实际上可能会阻止IOER的上涨。”</b></blockquote></p><p> Another paradox: the two conclude that \"it is hard to see the Fed judging that there is ‘undue pressure’ on the front-end even\" even as the Fed reverse repo is expected to rise above $500 billion today.</p><p><blockquote>另一个悖论是：两人得出的结论是，“即使美联储逆回购预计今天将升至5000亿美元以上，也很难看到美联储判断前端存在‘过度压力’”。</blockquote></p><p> So what does the market think? Well, according to Curvature's repo guru Scott Skyrm, as of this moment the market does not appear to be expecting an IOER hike by the Fed next week, meaning that consensus expected Powell &amp; Co. to do nothing to ease the record liquidity parked at the Fed.</p><p><blockquote>那么市场怎么看呢？Curvature的回购专家Scott Skyrm表示，目前市场似乎并不预计美联储下周会加息，这意味着人们普遍预计鲍威尔公司不会采取任何措施来缓解美联储创纪录的流动性。</blockquote></p><p></p><p> As the Curvature strategist wrote in a Tuesday note, \"the market is pricing two things from the Fed. First, it's pricing the first tightening in 2023 - according to the fed funds futures contracts [graph upper right]. Too far out to even guess the month! Second, the market is pricing the GC/fed funds spread to gradually narrow over the next year. Whereas GC is averaging between 5 and 6 basis points below fed funds now, it's expected to trade flat to fed funds within a year.\"</p><p><blockquote>正如这位Curvature策略师在周二的一份报告中所写的那样，“市场正在为美联储的两件事定价。首先，它正在为2023年的首次紧缩定价——根据联邦基金期货合约[右上图]。太远了，甚至无法猜测月份！其次，市场正在定价GC/联邦基金利差在明年逐渐缩小。尽管GC目前平均比联邦基金低5至6个基点，但预计一年内将与联邦基金持平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42c7e46d0816b34f2291c95dcffee4c9\" tg-width=\"500\" tg-height=\"337\">As Skyrm concludes, \"there are only two possible Fed \"technical adjustments\" that can raise Repo rates: QE tapering and an RRP rate increase.<b>An increase in the IOER would raise both fed funds and Repo GC, so we could say the market is NOT pricing an IOER increase.</b>\"</p><p><blockquote>正如Skyrm总结的那样，“只有两种可能的美联储“技术调整”可以提高回购利率：QE缩减和RRP利率上调。<b>IOER的增加将提高联邦基金和回购GC，因此我们可以说市场没有定价IOER的增加。</b>\"</blockquote></p><p> One final reason why the Fed is almost guaranteed to do nothing to administered rates and allow the liquidity glut to keep rising is that as the Fed's new whisperer at the WSJ, Michael Darby wrote yesterday \"Fed Is Fine With Reverse Repos Nearing Half a Trillion\" in which he wrote:</p><p><blockquote>美联储几乎肯定不会对管理利率采取任何措施并允许流动性过剩继续上升的最后一个原因是，正如美联储在《华尔街日报》的新耳语者迈克尔·达比(Michael Darby)昨天写道，“美联储对接近5000亿美元的逆回购没有意见”他在其中写道：</blockquote></p><p>   Many market participants have looked at the reverse repo activity with some unease. Financial firms have been willing to take the zero percent the Fed offers them through the facility in large part because there are few other short-term investments available, and in some cases, these private market investments actually cost money to invest in. That makes the Fed’s zero percent repo rate attractive on a relative basis.“The system is working exactly as designed,” New York Fed President John Williams said in a video interview on Yahoo Finance last Thursday. The reverse repo facility, he added, is “working really well and the fact that funds are flowing between the banking system and our overnight reverse repos, this is kind of how we would expect that to happen” given the level of money coursing through short-term markets.The growing use of the reverse repo facility follows Lorie Logan, who manages the Fed’s massive $7.9 trillion holdings of cash and securities, having said recently that the central bank would rely on it more and expand the number of firms that could access it. The timing of that shift lined up with the wall of cash that started flowing to the Fed.What is happening at the reverse repo facility doesn’t have much of a broader economic impact. Meanwhile, central bankers have become confident enough in the general health of financial markets to debate pulling back on their $120 billion a month in bond buying stimulus.  But as confident as the NY Fed's career academic head, Williams, is, some<i><b>expert</b></i>market participants are anxious. “That amount of cash flowing into the Fed is not healthy for the repo market,” said the abovementioned Scott Skyrm; He thinks the Fed needs to scale back its bond purchases, which he deemed the “most obvious and most effective way to bring cash back into the market” and out of the Fed’s balance sheet.</p><p><blockquote>许多市场参与者对逆回购活动有些不安。金融公司愿意接受美联储通过该机制向他们提供的零利率，很大程度上是因为几乎没有其他短期投资，而且在某些情况下，这些私人市场投资实际上需要花钱投资。这使得美联储的零回购利率相对具有吸引力。纽约联储主席约翰·威廉姆斯上周四在接受雅虎财经视频采访时表示：“该系统完全按照设计运行。”他补充说，逆回购工具“运作良好，资金在银行系统和我们的隔夜逆回购之间流动的事实，考虑到短期资金流动的水平，这就是我们预期会发生的情况”-术语市场。管理美联储7.9万亿美元现金和证券的萝莉·佩斯特·洛根(Lorie Logan)最近表示，美联储将更多地依赖该工具，并扩大可以使用该工具的公司数量，此后反向回购工具的使用越来越多。这一转变的时机与开始流向美联储的现金墙一致。反向回购工具发生的事情不会产生太大的更广泛的经济影响。与此同时，各国央行行长对金融市场的总体健康状况已经变得足够有信心，可以就撤回每月1200亿美元的债券购买刺激措施进行辩论。但尽管纽约联储职业学术负责人威廉姆斯充满信心，但一些人<i><b>专家</b></i>市场人士心急如焚。“流入美联储的现金数量对回购市场来说并不健康，”上述Scott Skyrm表示；他认为美联储需要缩减债券购买规模，他认为这是“将现金带回市场和退出美联储资产负债表的最明显和最有效的方式”。</blockquote></p><p> Alas, it now appears that won't happen. And so, with the Fed facility set to keep rising, the question is will we hit $1 trillion in inert liquidity at the Fed before the Fed does agree that someone is wrong, or will an amount of cash greater than the market cap of bitcoin and ethereum remain frozen inside some Fed server...</p><p><blockquote>唉，现在看来这不会发生了。因此，随着美联储的工具将继续上升，问题是，在美联储同意有人错了之前，我们会在美联储达到1万亿美元的惰性流动性，还是会有比比特币市值更大的现金和以太币仍被冻结在美联储的一些服务器中...</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>With Fed's Reverse Repo Hitting Half A Trillion, Wall Street Scrambles To Figure Out What Comes Next<blockquote>随着美联储逆回购规模达到5000亿美元，华尔街争先恐后地弄清楚接下来会发生什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith Fed's Reverse Repo Hitting Half A Trillion, Wall Street Scrambles To Figure Out What Comes Next<blockquote>随着美联储逆回购规模达到5000亿美元，华尔街争先恐后地弄清楚接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-09 23:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With usage of the Fed's overnight reverse repo facility again hitting a new record high on Tuesday, rising to an all-time high of $497.4 billion...</p><p><blockquote>随着美联储隔夜逆回购工具的使用量周二再次创下历史新高，升至4974亿美元的历史新高……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9b9d2bb6af82c6f76849da52e9583a94\" tg-width=\"500\" tg-height=\"259\"></p><p><blockquote></blockquote></p><p> ... rates traders are trying to decide if the Fed will tweak the rate on either the IOER (Interest on Excess Reserves) or the Reverse Repo Facility, collectively the Fed's \"administered rates\" in order to ease the liquidity congestion that has parked half a trillion dollars at the Fed where it is sitting inert, doing nothing.</p><p><blockquote>...利率交易员正试图决定美联储是否会调整IOER（超额准备金利息）或逆回购工具（统称为美联储的“管理利率”）的利率，以缓解流动性拥堵，美联储无所作为，无所作为。</blockquote></p><p> One strategist who believes there is a \"small chance\" the Fed will adjust its IOER/RRP rate is Deutsche Bank's Steven Zeng, who also cited concern about the quarter-end balance sheet squeeze, which is less than the futures market is currently pricing.</p><p><blockquote>德意志银行的Steven Zeng是一位认为美联储调整IOER/RRP利率的“可能性很小”的策略师，他还提到了对季末资产负债表紧缩的担忧，这低于期货市场目前的定价。</blockquote></p><p> As a reminder, the Fed’s ongoing $120BN in monthly QE and Treasury’s continued drawdown of its cash balance, create permanent reserves that are sitting on bank balance sheets.</p><p><blockquote>需要提醒的是，美联储每月持续1200亿美元的量化宽松政策以及财政部持续缩减现金余额，创造了银行资产负债表上的永久储备。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8e284a2218c963fffabe80f6e92118f5\" tg-width=\"500\" tg-height=\"342\"></p><p><blockquote></blockquote></p><p> At the same time, demand for deposits adds to the bloat and forces banks to supply these liabilities and hold lower-yielding assets.</p><p><blockquote>与此同时，对存款的需求加剧了通货膨胀，迫使银行提供这些负债并持有收益率较低的资产。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/08c9dd332a2a6bf7d3ef51328649fc99\" tg-width=\"500\" tg-height=\"346\"></p><p><blockquote></blockquote></p><p> This puts downward pressure on banks’ supplementary leverage ratios,<b>so now institutions must either raise capital or reduce loans</b>. In this context, the Fed’s RRP acts as a “release valve” for deposits to leave banks’ balance sheets via inflows into money funds, which are then deposited at the facility.</p><p><blockquote>这给银行的补充杠杆率带来了下行压力，<b>所以现在机构要么筹集资金，要么减少贷款</b>在这种情况下，美联储的RRP充当了存款通过流入货币基金离开银行资产负债表的“释放阀”，然后存入该设施。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/141d0979a36d1c83edb097f1181ee6eb\" tg-width=\"500\" tg-height=\"345\"></p><p><blockquote></blockquote></p><p> According to Zeng, and as we have explained previously, the main merit of raising the RRP rate is to make money funds a “more attractive option to bank deposits,” which can allow institutions to push out more deposits and better manage their balance-sheet size until a “more permanent change to bank capital rules is made.”</p><p><blockquote>曾表示，正如我们之前解释的那样，提高建议零售价的主要优点是使货币基金成为“比银行存款更具吸引力的选择”，这可以让机构推出更多存款并更好地管理其资产负债表规模，直到“银行资本规则发生更永久的变化”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db701c691b65734c79e446994ff9334f\" tg-width=\"500\" tg-height=\"349\"></p><p><blockquote></blockquote></p><p> Currently, money-market yields are low and their margins are squeezed,<b>so a boost to the RRP rate would make money funds a “more attractive option than bank deposits,” allowing more cash to leave the banking sector.</b>Separately, JPMorgan writes that most money-market funds have not reached their counterparty limits at the Federal Reserve’s overnight reverse repurchase agreement facility so they may not have to adjust their thresholds at the moment.</p><p><blockquote>目前，货币市场收益率较低，利润率受到挤压，<b>因此，提高RRP利率将使货币基金成为“比银行存款更具吸引力的选择”，从而让更多现金离开银行业。</b>另外，摩根大通写道，大多数货币市场基金尚未达到美联储隔夜逆回购协议工具的交易对手限额，因此目前可能不必调整门槛。</blockquote></p><p> Of course, one can't have an increase in one rate without the other, since in the fed funds market, lenders who have access to the RRP will demand higher rates, but borrowers may respond with reduced demand leading to a “more erratic fed funds rate.” This means an increase in the RRP rate<b>“needs to be accompanied by an equal or larger increase to the IOER.”</b></p><p><blockquote>当然，一种利率不可能在没有另一种利率的情况下提高，因为在联邦基金市场中，有权获得建议零售价的贷方会要求更高的利率，但借款人可能会减少需求，导致“联邦基金利率更加不稳定”。这意味着RRP率的提高<b>“需要伴随着与IOER相等或更大的增长。”</b></blockquote></p><p> Zeng conveniently summarizes the costs and benefits of an administered rate tweak in the table below:</p><p><blockquote>曾在下表中方便地总结了管理费率调整的成本和收益：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f7986a90f98f09803f58aab1f142833b\" tg-width=\"500\" tg-height=\"350\">On the other end of the spectrum are Jefferies economists Thomas Simons and Aneta Markowska who pointed to recent rise in yields at Treasury bill auctions in anticipation of potential Federal Reserve adjustments to its adminstered rates, but according to the duo, \"the rise could compel the central bank to stay put.\" (earlier this week, the Treasury sold 3-month bills at 0.025% and 6-month bills at 0.04%, which were both the highest stopout yields since April 19).</p><p><blockquote>另一方面，杰富瑞(Jefferies)经济学家托马斯·西蒙斯(Thomas Simons)和阿内塔·马科夫斯卡(Aneta Markowska)指出，由于预期美联储可能会调整其管理利率，近期国库券拍卖收益率上升，但两人表示，“这种上升可能会迫使央行按兵不动。”（本周早些时候，财政部以0.025%的利率出售3个月期票据，以0.04%的利率出售6个月期票据，这两个利率都是自4月19日以来的最高止损收益率）。</blockquote></p><p> Simons and Markowska explain the reflexive paradox as follows: \"concerns about an IOER hike are preventing yields from falling any further, despite the huge amount of cash looking for a home in the front-end.\" As a result, \"<b>perversely, this concern may actually prevent an IOER hike, should yields continue to hover at these levels.”</b></p><p><blockquote>Simons和Markowska对这种反射性悖论的解释如下：“尽管有大量现金在前端寻找归宿，但对IOER上涨的担忧正在阻止收益率进一步下跌。”结果，“<b>反常的是，如果收益率继续徘徊在这些水平，这种担忧实际上可能会阻止IOER的上涨。”</b></blockquote></p><p> Another paradox: the two conclude that \"it is hard to see the Fed judging that there is ‘undue pressure’ on the front-end even\" even as the Fed reverse repo is expected to rise above $500 billion today.</p><p><blockquote>另一个悖论是：两人得出的结论是，“即使美联储逆回购预计今天将升至5000亿美元以上，也很难看到美联储判断前端存在‘过度压力’”。</blockquote></p><p> So what does the market think? Well, according to Curvature's repo guru Scott Skyrm, as of this moment the market does not appear to be expecting an IOER hike by the Fed next week, meaning that consensus expected Powell &amp; Co. to do nothing to ease the record liquidity parked at the Fed.</p><p><blockquote>那么市场怎么看呢？Curvature的回购专家Scott Skyrm表示，目前市场似乎并不预计美联储下周会加息，这意味着人们普遍预计鲍威尔公司不会采取任何措施来缓解美联储创纪录的流动性。</blockquote></p><p></p><p> As the Curvature strategist wrote in a Tuesday note, \"the market is pricing two things from the Fed. First, it's pricing the first tightening in 2023 - according to the fed funds futures contracts [graph upper right]. Too far out to even guess the month! Second, the market is pricing the GC/fed funds spread to gradually narrow over the next year. Whereas GC is averaging between 5 and 6 basis points below fed funds now, it's expected to trade flat to fed funds within a year.\"</p><p><blockquote>正如这位Curvature策略师在周二的一份报告中所写的那样，“市场正在为美联储的两件事定价。首先，它正在为2023年的首次紧缩定价——根据联邦基金期货合约[右上图]。太远了，甚至无法猜测月份！其次，市场正在定价GC/联邦基金利差在明年逐渐缩小。尽管GC目前平均比联邦基金低5至6个基点，但预计一年内将与联邦基金持平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42c7e46d0816b34f2291c95dcffee4c9\" tg-width=\"500\" tg-height=\"337\">As Skyrm concludes, \"there are only two possible Fed \"technical adjustments\" that can raise Repo rates: QE tapering and an RRP rate increase.<b>An increase in the IOER would raise both fed funds and Repo GC, so we could say the market is NOT pricing an IOER increase.</b>\"</p><p><blockquote>正如Skyrm总结的那样，“只有两种可能的美联储“技术调整”可以提高回购利率：QE缩减和RRP利率上调。<b>IOER的增加将提高联邦基金和回购GC，因此我们可以说市场没有定价IOER的增加。</b>\"</blockquote></p><p> One final reason why the Fed is almost guaranteed to do nothing to administered rates and allow the liquidity glut to keep rising is that as the Fed's new whisperer at the WSJ, Michael Darby wrote yesterday \"Fed Is Fine With Reverse Repos Nearing Half a Trillion\" in which he wrote:</p><p><blockquote>美联储几乎肯定不会对管理利率采取任何措施并允许流动性过剩继续上升的最后一个原因是，正如美联储在《华尔街日报》的新耳语者迈克尔·达比(Michael Darby)昨天写道，“美联储对接近5000亿美元的逆回购没有意见”他在其中写道：</blockquote></p><p>   Many market participants have looked at the reverse repo activity with some unease. Financial firms have been willing to take the zero percent the Fed offers them through the facility in large part because there are few other short-term investments available, and in some cases, these private market investments actually cost money to invest in. That makes the Fed’s zero percent repo rate attractive on a relative basis.“The system is working exactly as designed,” New York Fed President John Williams said in a video interview on Yahoo Finance last Thursday. The reverse repo facility, he added, is “working really well and the fact that funds are flowing between the banking system and our overnight reverse repos, this is kind of how we would expect that to happen” given the level of money coursing through short-term markets.The growing use of the reverse repo facility follows Lorie Logan, who manages the Fed’s massive $7.9 trillion holdings of cash and securities, having said recently that the central bank would rely on it more and expand the number of firms that could access it. The timing of that shift lined up with the wall of cash that started flowing to the Fed.What is happening at the reverse repo facility doesn’t have much of a broader economic impact. Meanwhile, central bankers have become confident enough in the general health of financial markets to debate pulling back on their $120 billion a month in bond buying stimulus.  But as confident as the NY Fed's career academic head, Williams, is, some<i><b>expert</b></i>market participants are anxious. “That amount of cash flowing into the Fed is not healthy for the repo market,” said the abovementioned Scott Skyrm; He thinks the Fed needs to scale back its bond purchases, which he deemed the “most obvious and most effective way to bring cash back into the market” and out of the Fed’s balance sheet.</p><p><blockquote>许多市场参与者对逆回购活动有些不安。金融公司愿意接受美联储通过该机制向他们提供的零利率，很大程度上是因为几乎没有其他短期投资，而且在某些情况下，这些私人市场投资实际上需要花钱投资。这使得美联储的零回购利率相对具有吸引力。纽约联储主席约翰·威廉姆斯上周四在接受雅虎财经视频采访时表示：“该系统完全按照设计运行。”他补充说，逆回购工具“运作良好，资金在银行系统和我们的隔夜逆回购之间流动的事实，考虑到短期资金流动的水平，这就是我们预期会发生的情况”-术语市场。管理美联储7.9万亿美元现金和证券的萝莉·佩斯特·洛根(Lorie Logan)最近表示，美联储将更多地依赖该工具，并扩大可以使用该工具的公司数量，此后反向回购工具的使用越来越多。这一转变的时机与开始流向美联储的现金墙一致。反向回购工具发生的事情不会产生太大的更广泛的经济影响。与此同时，各国央行行长对金融市场的总体健康状况已经变得足够有信心，可以就撤回每月1200亿美元的债券购买刺激措施进行辩论。但尽管纽约联储职业学术负责人威廉姆斯充满信心，但一些人<i><b>专家</b></i>市场人士心急如焚。“流入美联储的现金数量对回购市场来说并不健康，”上述Scott Skyrm表示；他认为美联储需要缩减债券购买规模，他认为这是“将现金带回市场和退出美联储资产负债表的最明显和最有效的方式”。</blockquote></p><p> Alas, it now appears that won't happen. And so, with the Fed facility set to keep rising, the question is will we hit $1 trillion in inert liquidity at the Fed before the Fed does agree that someone is wrong, or will an amount of cash greater than the market cap of bitcoin and ethereum remain frozen inside some Fed server...</p><p><blockquote>唉，现在看来这不会发生了。因此，随着美联储的工具将继续上升，问题是，在美联储同意有人错了之前，我们会在美联储达到1万亿美元的惰性流动性，还是会有比比特币市值更大的现金和以太币仍被冻结在美联储的一些服务器中...</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/feds-reverse-repo-hitting-half-trillion-wall-street-scrambles-figure-out-what-comes-next?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</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","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/feds-reverse-repo-hitting-half-trillion-wall-street-scrambles-figure-out-what-comes-next?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135487602","content_text":"With usage of the Fed's overnight reverse repo facility again hitting a new record high on Tuesday, rising to an all-time high of $497.4 billion...\n\n... rates traders are trying to decide if the Fed will tweak the rate on either the IOER (Interest on Excess Reserves) or the Reverse Repo Facility, collectively the Fed's \"administered rates\" in order to ease the liquidity congestion that has parked half a trillion dollars at the Fed where it is sitting inert, doing nothing.\nOne strategist who believes there is a \"small chance\" the Fed will adjust its IOER/RRP rate is Deutsche Bank's Steven Zeng, who also cited concern about the quarter-end balance sheet squeeze, which is less than the futures market is currently pricing.\nAs a reminder, the Fed’s ongoing $120BN in monthly QE and Treasury’s continued drawdown of its cash balance, create permanent reserves that are sitting on bank balance sheets.\n\nAt the same time, demand for deposits adds to the bloat and forces banks to supply these liabilities and hold lower-yielding assets.\n\nThis puts downward pressure on banks’ supplementary leverage ratios,so now institutions must either raise capital or reduce loans. In this context, the Fed’s RRP acts as a “release valve” for deposits to leave banks’ balance sheets via inflows into money funds, which are then deposited at the facility.\n\nAccording to Zeng, and as we have explained previously, the main merit of raising the RRP rate is to make money funds a “more attractive option to bank deposits,” which can allow institutions to push out more deposits and better manage their balance-sheet size until a “more permanent change to bank capital rules is made.”\n\nCurrently, money-market yields are low and their margins are squeezed,so a boost to the RRP rate would make money funds a “more attractive option than bank deposits,” allowing more cash to leave the banking sector.Separately, JPMorgan writes that most money-market funds have not reached their counterparty limits at the Federal Reserve’s overnight reverse repurchase agreement facility so they may not have to adjust their thresholds at the moment.\nOf course, one can't have an increase in one rate without the other, since in the fed funds market, lenders who have access to the RRP will demand higher rates, but borrowers may respond with reduced demand leading to a “more erratic fed funds rate.” This means an increase in the RRP rate“needs to be accompanied by an equal or larger increase to the IOER.”\nZeng conveniently summarizes the costs and benefits of an administered rate tweak in the table below:\nOn the other end of the spectrum are Jefferies economists Thomas Simons and Aneta Markowska who pointed to recent rise in yields at Treasury bill auctions in anticipation of potential Federal Reserve adjustments to its adminstered rates, but according to the duo, \"the rise could compel the central bank to stay put.\" (earlier this week, the Treasury sold 3-month bills at 0.025% and 6-month bills at 0.04%, which were both the highest stopout yields since April 19).\nSimons and Markowska explain the reflexive paradox as follows: \"concerns about an IOER hike are preventing yields from falling any further, despite the huge amount of cash looking for a home in the front-end.\" As a result, \"perversely, this concern may actually prevent an IOER hike, should yields continue to hover at these levels.”\nAnother paradox: the two conclude that \"it is hard to see the Fed judging that there is ‘undue pressure’ on the front-end even\" even as the Fed reverse repo is expected to rise above $500 billion today.\nSo what does the market think? Well, according to Curvature's repo guru Scott Skyrm, as of this moment the market does not appear to be expecting an IOER hike by the Fed next week, meaning that consensus expected Powell & Co. to do nothing to ease the record liquidity parked at the Fed.\nAs the Curvature strategist wrote in a Tuesday note, \"the market is pricing two things from the Fed. First, it's pricing the first tightening in 2023 - according to the fed funds futures contracts [graph upper right]. Too far out to even guess the month! Second, the market is pricing the GC/fed funds spread to gradually narrow over the next year. Whereas GC is averaging between 5 and 6 basis points below fed funds now, it's expected to trade flat to fed funds within a year.\"\nAs Skyrm concludes, \"there are only two possible Fed \"technical adjustments\" that can raise Repo rates: QE tapering and an RRP rate increase.An increase in the IOER would raise both fed funds and Repo GC, so we could say the market is NOT pricing an IOER increase.\"\nOne final reason why the Fed is almost guaranteed to do nothing to administered rates and allow the liquidity glut to keep rising is that as the Fed's new whisperer at the WSJ, Michael Darby wrote yesterday \"Fed Is Fine With Reverse Repos Nearing Half a Trillion\" in which he wrote:\n\n Many market participants have looked at the reverse repo activity with some unease. Financial firms have been willing to take the zero percent the Fed offers them through the facility in large part because there are few other short-term investments available, and in some cases, these private market investments actually cost money to invest in. That makes the Fed’s zero percent repo rate attractive on a relative basis.“The system is working exactly as designed,” New York Fed President John Williams said in a video interview on Yahoo Finance last Thursday. The reverse repo facility, he added, is “working really well and the fact that funds are flowing between the banking system and our overnight reverse repos, this is kind of how we would expect that to happen” given the level of money coursing through short-term markets.The growing use of the reverse repo facility follows Lorie Logan, who manages the Fed’s massive $7.9 trillion holdings of cash and securities, having said recently that the central bank would rely on it more and expand the number of firms that could access it. The timing of that shift lined up with the wall of cash that started flowing to the Fed.What is happening at the reverse repo facility doesn’t have much of a broader economic impact. Meanwhile, central bankers have become confident enough in the general health of financial markets to debate pulling back on their $120 billion a month in bond buying stimulus.\n\nBut as confident as the NY Fed's career academic head, Williams, is, someexpertmarket participants are anxious. “That amount of cash flowing into the Fed is not healthy for the repo market,” said the abovementioned Scott Skyrm; He thinks the Fed needs to scale back its bond purchases, which he deemed the “most obvious and most effective way to bring cash back into the market” and out of the Fed’s balance sheet.\nAlas, it now appears that won't happen. And so, with the Fed facility set to keep rising, the question is will we hit $1 trillion in inert liquidity at the Fed before the Fed does agree that someone is wrong, or will an amount of cash greater than the market cap of bitcoin and ethereum remain frozen inside some Fed server...","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":135813844,"gmtCreate":1622157040988,"gmtModify":1634183423468,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/135813844","repostId":"1119259925","repostType":4,"isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":133447418,"gmtCreate":1621794448334,"gmtModify":1634186566723,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/133447418","repostId":"1111747453","repostType":4,"repost":{"id":"1111747453","kind":"news","pubTimestamp":1621609858,"share":"https://www.laohu8.com/m/news/1111747453?lang=zh_CN&edition=full","pubTime":"2021-05-21 23:10","market":"us","language":"en","title":"Tesla’s New Plaid Model Is Ready. That Should Help the Stock.<blockquote>特斯拉的新格子模型准备好了。这应该会对股票有所帮助。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111747453","media":"Barrons","summary":"Tesla’s updated Model S sedan is ready.CEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.Tesla stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the Dow","content":"<p>Tesla’s updated Model S sedan is ready.</p><p><blockquote>特斯拉更新的Model S轿车已准备就绪。</blockquote></p><p> CEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.</p><p><blockquote>首席执行官埃隆·马斯克(Elon Musk)周四在推特上表示，他的公司将于6月3日举办Model S电动汽车格子模型的交付活动。这是看好特斯拉股票的投资者一直在等待的一个里程碑，但这并不是最重要的一个。</blockquote></p><p> Beginning deliveries should help the stock—-a little.</p><p><blockquote>开始交付应该会对库存有所帮助——有点帮助。</blockquote></p><p> Tesla(ticker: TSLA) stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the&nbsp;Dow Jones Industrial Average.The&nbsp;S&amp;P 500&nbsp;was up 0.5%.</p><p><blockquote>特斯拉（股票代码：TSLA）股价周四在大盘上涨中上涨4.1%，但这一涨幅仍导致股价本周下跌。特斯拉股价在周五交易中又上涨了0.8%，略好于道琼斯工业平均指数0.7%的涨幅。标准普尔500指数上涨0.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b73c480440da121bd6da538ca389d0ef\" tg-width=\"834\" tg-height=\"414\"></p><p><blockquote></blockquote></p><p> The Plaid is billed by Tesla as the fastest production car ever, going zero to 60 in under 2 seconds. A&nbsp;Bugatti Chiron, which costs about $2.3 million and is equipped with a 16-cylinder, four-turbocharger engine, can go zero to 60 in about 2.3 seconds.</p><p><blockquote>Plaid被特斯拉宣传为有史以来最快的量产车，从零加速到60英里只需不到2秒。布加迪Chiron售价约230万美元，配备16缸四涡轮增压发动机，可在约2.3秒内从零加速到60英里。</blockquote></p><p> Electric motors have better torque at zero revolutions a minute, giving drivers an incredible jolt from their initial acceleration.</p><p><blockquote>电动机在每分钟零转时具有更好的扭矩，让驾驶员在初始加速时感到难以置信的震动。</blockquote></p><p> The&nbsp;Plaid edition&nbsp;of the Model S won’t cost anywhere near as much as a Chiron, but it will still run buyers $120,000 or more. Prices like that mean the car won’t sell in the high volumes seen from the Tesla Model 3 or Model Y. Those cars can be had for what a nicely equipped sedan from&nbsp;BMW&nbsp;(BMW.Germany) or evenToyota Motor&nbsp;(TM) or&nbsp;Honda&nbsp;(HMC) can cost.</p><p><blockquote>格子版Model S的价格远不及Chiron，但买家仍需花费12万美元或更多。这样的价格意味着该车的销量不会像特斯拉Model 3或Model Y那样高。这些汽车的价格相当于宝马(BMW.Germany)或丰田汽车(TM)或本田(HMC)装备精良的轿车的价格。</blockquote></p><p> Still, the launch highlights Tesla’s ability to update its designs. The first Model S went into production almost a decade ago. Its performance shows Tesla is improving on its technologies for battery management and electric motors.</p><p><blockquote>尽管如此，此次发布凸显了特斯拉更新设计的能力。第一辆Model S大约十年前投入生产。其表现表明特斯拉正在改进其电池管理和电动机技术。</blockquote></p><p> All that is important for perceptions about Tesla, but there are bigger things on investors’ minds. Tesla is building new capacity in Austin, Texas, andBerlin. Investors want to see both plants on line by the end of the year, giving Tesla the output capacity needed to increase sales.</p><p><blockquote>所有这些对于人们对特斯拉的看法都很重要，但投资者还有更重要的事情要考虑。特斯拉正在奥斯丁、德克萨斯和柏林建设新产能。投资者希望看到这两家工厂在今年年底前上线，为特斯拉提供增加销售额所需的产能。</blockquote></p><p> Investors also want updates about the company’s autonomous driving programs. Musk has boasted the company is close to&nbsp;achieving fully autonomous cars&nbsp;with newer versions of its self-driving software. The new versions probably won’t mean drivers can actually leave the driver seat, but better driver-assistance functions are a competitive advantage for auto makers.</p><p><blockquote>投资者还希望了解该公司自动驾驶项目的最新情况。马斯克夸口说，该公司即将通过更新版本的自动驾驶软件实现全自动驾驶汽车。新版本可能并不意味着驾驶员实际上可以离开驾驶座，但更好的驾驶辅助功能是汽车制造商的竞争优势。</blockquote></p><p> The next version of the Tesla software is due to roll out in coming weeks.</p><p><blockquote>特斯拉软件的下一个版本将在未来几周内推出。</blockquote></p><p> Capacity and autonomous driving have the potential to lift the stock in coming years. The Model S Plaid can help it in coming quarters.</p><p><blockquote>产能和自动驾驶有可能在未来几年提振该股。Model S Plaid可以在未来几个季度为其提供帮助。</blockquote></p><p> Tesla stock is in need of a lift. Shares are down about 35% from their 52-week high of more than $900, reached in January.</p><p><blockquote>特斯拉股票需要提振。股价较1月份触及的超过900美元的52周高点下跌了约35%。</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>Tesla’s New Plaid Model Is Ready. That Should Help the Stock.<blockquote>特斯拉的新格子模型准备好了。这应该会对股票有所帮助。</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\">\nTesla’s New Plaid Model Is Ready. That Should Help the Stock.<blockquote>特斯拉的新格子模型准备好了。这应该会对股票有所帮助。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-21 23:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla’s updated Model S sedan is ready.</p><p><blockquote>特斯拉更新的Model S轿车已准备就绪。</blockquote></p><p> CEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.</p><p><blockquote>首席执行官埃隆·马斯克(Elon Musk)周四在推特上表示，他的公司将于6月3日举办Model S电动汽车格子模型的交付活动。这是看好特斯拉股票的投资者一直在等待的一个里程碑，但这并不是最重要的一个。</blockquote></p><p> Beginning deliveries should help the stock—-a little.</p><p><blockquote>开始交付应该会对库存有所帮助——有点帮助。</blockquote></p><p> Tesla(ticker: TSLA) stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the&nbsp;Dow Jones Industrial Average.The&nbsp;S&amp;P 500&nbsp;was up 0.5%.</p><p><blockquote>特斯拉（股票代码：TSLA）股价周四在大盘上涨中上涨4.1%，但这一涨幅仍导致股价本周下跌。特斯拉股价在周五交易中又上涨了0.8%，略好于道琼斯工业平均指数0.7%的涨幅。标准普尔500指数上涨0.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b73c480440da121bd6da538ca389d0ef\" tg-width=\"834\" tg-height=\"414\"></p><p><blockquote></blockquote></p><p> The Plaid is billed by Tesla as the fastest production car ever, going zero to 60 in under 2 seconds. A&nbsp;Bugatti Chiron, which costs about $2.3 million and is equipped with a 16-cylinder, four-turbocharger engine, can go zero to 60 in about 2.3 seconds.</p><p><blockquote>Plaid被特斯拉宣传为有史以来最快的量产车，从零加速到60英里只需不到2秒。布加迪Chiron售价约230万美元，配备16缸四涡轮增压发动机，可在约2.3秒内从零加速到60英里。</blockquote></p><p> Electric motors have better torque at zero revolutions a minute, giving drivers an incredible jolt from their initial acceleration.</p><p><blockquote>电动机在每分钟零转时具有更好的扭矩，让驾驶员在初始加速时感到难以置信的震动。</blockquote></p><p> The&nbsp;Plaid edition&nbsp;of the Model S won’t cost anywhere near as much as a Chiron, but it will still run buyers $120,000 or more. Prices like that mean the car won’t sell in the high volumes seen from the Tesla Model 3 or Model Y. Those cars can be had for what a nicely equipped sedan from&nbsp;BMW&nbsp;(BMW.Germany) or evenToyota Motor&nbsp;(TM) or&nbsp;Honda&nbsp;(HMC) can cost.</p><p><blockquote>格子版Model S的价格远不及Chiron，但买家仍需花费12万美元或更多。这样的价格意味着该车的销量不会像特斯拉Model 3或Model Y那样高。这些汽车的价格相当于宝马(BMW.Germany)或丰田汽车(TM)或本田(HMC)装备精良的轿车的价格。</blockquote></p><p> Still, the launch highlights Tesla’s ability to update its designs. The first Model S went into production almost a decade ago. Its performance shows Tesla is improving on its technologies for battery management and electric motors.</p><p><blockquote>尽管如此，此次发布凸显了特斯拉更新设计的能力。第一辆Model S大约十年前投入生产。其表现表明特斯拉正在改进其电池管理和电动机技术。</blockquote></p><p> All that is important for perceptions about Tesla, but there are bigger things on investors’ minds. Tesla is building new capacity in Austin, Texas, andBerlin. Investors want to see both plants on line by the end of the year, giving Tesla the output capacity needed to increase sales.</p><p><blockquote>所有这些对于人们对特斯拉的看法都很重要，但投资者还有更重要的事情要考虑。特斯拉正在奥斯丁、德克萨斯和柏林建设新产能。投资者希望看到这两家工厂在今年年底前上线，为特斯拉提供增加销售额所需的产能。</blockquote></p><p> Investors also want updates about the company’s autonomous driving programs. Musk has boasted the company is close to&nbsp;achieving fully autonomous cars&nbsp;with newer versions of its self-driving software. The new versions probably won’t mean drivers can actually leave the driver seat, but better driver-assistance functions are a competitive advantage for auto makers.</p><p><blockquote>投资者还希望了解该公司自动驾驶项目的最新情况。马斯克夸口说，该公司即将通过更新版本的自动驾驶软件实现全自动驾驶汽车。新版本可能并不意味着驾驶员实际上可以离开驾驶座，但更好的驾驶辅助功能是汽车制造商的竞争优势。</blockquote></p><p> The next version of the Tesla software is due to roll out in coming weeks.</p><p><blockquote>特斯拉软件的下一个版本将在未来几周内推出。</blockquote></p><p> Capacity and autonomous driving have the potential to lift the stock in coming years. The Model S Plaid can help it in coming quarters.</p><p><blockquote>产能和自动驾驶有可能在未来几年提振该股。Model S Plaid可以在未来几个季度为其提供帮助。</blockquote></p><p> Tesla stock is in need of a lift. Shares are down about 35% from their 52-week high of more than $900, reached in January.</p><p><blockquote>特斯拉股票需要提振。股价较1月份触及的超过900美元的52周高点下跌了约35%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-model-s-new-plaid-model-ready-51621608150?mod=hp_LATEST\">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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-model-s-new-plaid-model-ready-51621608150?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111747453","content_text":"Tesla’s updated Model S sedan is ready.\nCEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.\nBeginning deliveries should help the stock—-a little.\nTesla(ticker: TSLA) stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the Dow Jones Industrial Average.The S&P 500 was up 0.5%.\n\nThe Plaid is billed by Tesla as the fastest production car ever, going zero to 60 in under 2 seconds. A Bugatti Chiron, which costs about $2.3 million and is equipped with a 16-cylinder, four-turbocharger engine, can go zero to 60 in about 2.3 seconds.\nElectric motors have better torque at zero revolutions a minute, giving drivers an incredible jolt from their initial acceleration.\nThe Plaid edition of the Model S won’t cost anywhere near as much as a Chiron, but it will still run buyers $120,000 or more. Prices like that mean the car won’t sell in the high volumes seen from the Tesla Model 3 or Model Y. Those cars can be had for what a nicely equipped sedan from BMW (BMW.Germany) or evenToyota Motor (TM) or Honda (HMC) can cost.\nStill, the launch highlights Tesla’s ability to update its designs. The first Model S went into production almost a decade ago. Its performance shows Tesla is improving on its technologies for battery management and electric motors.\nAll that is important for perceptions about Tesla, but there are bigger things on investors’ minds. Tesla is building new capacity in Austin, Texas, andBerlin. Investors want to see both plants on line by the end of the year, giving Tesla the output capacity needed to increase sales.\nInvestors also want updates about the company’s autonomous driving programs. Musk has boasted the company is close to achieving fully autonomous cars with newer versions of its self-driving software. The new versions probably won’t mean drivers can actually leave the driver seat, but better driver-assistance functions are a competitive advantage for auto makers.\nThe next version of the Tesla software is due to roll out in coming weeks.\nCapacity and autonomous driving have the potential to lift the stock in coming years. The Model S Plaid can help it in coming quarters.\nTesla stock is in need of a lift. Shares are down about 35% from their 52-week high of more than $900, reached in January.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":345427335,"gmtCreate":1618333793227,"gmtModify":1634293637950,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"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/345427335","repostId":"1182935377","repostType":4,"repost":{"id":"1182935377","kind":"news","pubTimestamp":1618329478,"share":"https://www.laohu8.com/m/news/1182935377?lang=zh_CN&edition=full","pubTime":"2021-04-13 23:57","market":"us","language":"en","title":"KKR Sparks Bidding War For Toshiba Amid \"Civil War\" Among Tech Giant's Board Members<blockquote>科技巨头董事会成员之间的“内战”中，KKR引发了对东芝的竞购战</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182935377","media":"zerohedge","summary":"A week after Toshiba ADRs soared 22%following a Nikkei report that private equity giant CVC Capital ","content":"<p>A week after Toshiba ADRs soared 22%following a Nikkei report that private equity giant CVC Capital Partners has offered to acquire Toshiba through a tender offer that is expected to be worth more than $20 billion,The Financial Timesreports that that CVC<b>rival KKR is planning to outbid</b>as \"civil war\" broke out among<b>board members of the Japanese conglomerate, reportedly preparing to launch a coup to oust the chief executive</b>.</p><p><blockquote>日经新闻报道称，私募股权巨头CVC Capital Partners已提出通过要约收购东芝，预计价值超过200亿美元，东芝ADR飙升22%一周后，《金融时报》报道称，CVC<b>竞争对手KKR计划出价高于</b>随着“内战”的爆发<b>据报道，这家日本企业集团的董事会成员正准备发动政变罢免首席执行官</b>.</blockquote></p><p> At least two of Toshiba’s biggest shareholders have called upon the Toshiba board to seriously consider any bids from private equity-led consortiums, which would be likely to include a significant Japanese presence to satisfy regulatory sensitivity over a company deeply involved in the nuclear and defence industries.</p><p><blockquote>东芝至少有两名最大股东呼吁东芝董事会认真考虑私募股权主导的财团的任何出价，其中可能包括大量日本人的参与，以满足监管机构对一家深耕核能和国防工业的公司的敏感性。</blockquote></p><p> The headline pushed Toshiba ADRs up another 10%...</p><p><blockquote>这一头条新闻推动东芝ADR又上涨了10%……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4781476f0d7f95f98fbe979f05cf283f\" tg-width=\"500\" tg-height=\"270\">A Toshiba board meeting on Wednesday is expected to<b>debate a proposal from one of its members that Nobuaki Kurumatani resign immediately</b>as head of a company that he has led since it emerged from financial crisis in 2018</p><p><blockquote>东芝周三的董事会预计将<b>辩论其中一名成员提出的要求Nobuaki Kurumatani立即辞职的提案</b>作为他自2018年摆脱金融危机以来一直领导的公司的负责人</blockquote></p><p> The FT reportsthat people close to the company, whose largest investors include some of the region’s biggest activist funds, said that<b>Toshiba’s senior management had been thrown into “civil war” by the emergence of a preliminary buyout approach last week from the European private equity group CVC</b>- a company for which Kurumatani previously worked as head of Japan’s operations.</p><p><blockquote>据英国《金融时报》报道，接近该公司的人士表示，该公司最大的投资者包括该地区一些最大的激进基金<b>上周，欧洲私募股权集团CVC提出了初步收购方案，东芝的高级管理层陷入了“内战”</b>——Kurumatani曾在一家公司担任日本业务负责人。</blockquote></p><p> This would be<b>Japan's largest ever LBO.</b></p><p><blockquote>这将是<b>日本有史以来最大的杠杆收购。</b></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>KKR Sparks Bidding War For Toshiba Amid \"Civil War\" Among Tech Giant's Board Members<blockquote>科技巨头董事会成员之间的“内战”中，KKR引发了对东芝的竞购战</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\">\nKKR Sparks Bidding War For Toshiba Amid \"Civil War\" Among Tech Giant's Board Members<blockquote>科技巨头董事会成员之间的“内战”中，KKR引发了对东芝的竞购战</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-13 23:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A week after Toshiba ADRs soared 22%following a Nikkei report that private equity giant CVC Capital Partners has offered to acquire Toshiba through a tender offer that is expected to be worth more than $20 billion,The Financial Timesreports that that CVC<b>rival KKR is planning to outbid</b>as \"civil war\" broke out among<b>board members of the Japanese conglomerate, reportedly preparing to launch a coup to oust the chief executive</b>.</p><p><blockquote>日经新闻报道称，私募股权巨头CVC Capital Partners已提出通过要约收购东芝，预计价值超过200亿美元，东芝ADR飙升22%一周后，《金融时报》报道称，CVC<b>竞争对手KKR计划出价高于</b>随着“内战”的爆发<b>据报道，这家日本企业集团的董事会成员正准备发动政变罢免首席执行官</b>.</blockquote></p><p> At least two of Toshiba’s biggest shareholders have called upon the Toshiba board to seriously consider any bids from private equity-led consortiums, which would be likely to include a significant Japanese presence to satisfy regulatory sensitivity over a company deeply involved in the nuclear and defence industries.</p><p><blockquote>东芝至少有两名最大股东呼吁东芝董事会认真考虑私募股权主导的财团的任何出价，其中可能包括大量日本人的参与，以满足监管机构对一家深耕核能和国防工业的公司的敏感性。</blockquote></p><p> The headline pushed Toshiba ADRs up another 10%...</p><p><blockquote>这一头条新闻推动东芝ADR又上涨了10%……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4781476f0d7f95f98fbe979f05cf283f\" tg-width=\"500\" tg-height=\"270\">A Toshiba board meeting on Wednesday is expected to<b>debate a proposal from one of its members that Nobuaki Kurumatani resign immediately</b>as head of a company that he has led since it emerged from financial crisis in 2018</p><p><blockquote>东芝周三的董事会预计将<b>辩论其中一名成员提出的要求Nobuaki Kurumatani立即辞职的提案</b>作为他自2018年摆脱金融危机以来一直领导的公司的负责人</blockquote></p><p> The FT reportsthat people close to the company, whose largest investors include some of the region’s biggest activist funds, said that<b>Toshiba’s senior management had been thrown into “civil war” by the emergence of a preliminary buyout approach last week from the European private equity group CVC</b>- a company for which Kurumatani previously worked as head of Japan’s operations.</p><p><blockquote>据英国《金融时报》报道，接近该公司的人士表示，该公司最大的投资者包括该地区一些最大的激进基金<b>上周，欧洲私募股权集团CVC提出了初步收购方案，东芝的高级管理层陷入了“内战”</b>——Kurumatani曾在一家公司担任日本业务负责人。</blockquote></p><p> This would be<b>Japan's largest ever LBO.</b></p><p><blockquote>这将是<b>日本有史以来最大的杠杆收购。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/kkr-sparks-bidding-war-toshiba-amid-civil-war-among-tech-giants-board-members\">zerohedge</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://www.zerohedge.com/markets/kkr-sparks-bidding-war-toshiba-amid-civil-war-among-tech-giants-board-members","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182935377","content_text":"A week after Toshiba ADRs soared 22%following a Nikkei report that private equity giant CVC Capital Partners has offered to acquire Toshiba through a tender offer that is expected to be worth more than $20 billion,The Financial Timesreports that that CVCrival KKR is planning to outbidas \"civil war\" broke out amongboard members of the Japanese conglomerate, reportedly preparing to launch a coup to oust the chief executive.\nAt least two of Toshiba’s biggest shareholders have called upon the Toshiba board to seriously consider any bids from private equity-led consortiums, which would be likely to include a significant Japanese presence to satisfy regulatory sensitivity over a company deeply involved in the nuclear and defence industries.\nThe headline pushed Toshiba ADRs up another 10%...\nA Toshiba board meeting on Wednesday is expected todebate a proposal from one of its members that Nobuaki Kurumatani resign immediatelyas head of a company that he has led since it emerged from financial crisis in 2018\nThe FT reportsthat people close to the company, whose largest investors include some of the region’s biggest activist funds, said thatToshiba’s senior management had been thrown into “civil war” by the emergence of a preliminary buyout approach last week from the European private equity group CVC- a company for which Kurumatani previously worked as head of Japan’s operations.\nThis would beJapan's largest ever LBO.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145005553,"gmtCreate":1626181463172,"gmtModify":1633929351669,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"Geeat","listText":"Geeat","text":"Geeat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/145005553","repostId":"1173040703","repostType":4,"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142405477,"gmtCreate":1626165370299,"gmtModify":1633929477747,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142405477","repostId":"1130335907","repostType":4,"repost":{"id":"1130335907","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":1626163326,"share":"https://www.laohu8.com/m/news/1130335907?lang=zh_CN&edition=full","pubTime":"2021-07-13 16:02","market":"us","language":"en","title":"Virgin Galactic shares tumbles 8% in premarket trading.<blockquote>维珍银河股价在盘前交易中下跌8%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130335907","media":"Tiger Newspress","summary":"Virgin Galactic shares tumbles 8% in premarket trading.\nVirgin Galactic was down 17.3% in last tradi","content":"<p>Virgin Galactic&nbsp;shares&nbsp;tumbles 8% in premarket&nbsp;trading.</p><p><blockquote>维珍银河股价在盘前交易中下跌8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4a7a5c3e225116f91093402969958fe9\" tg-width=\"1275\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Virgin Galactic&nbsp;was&nbsp;down 17.3%&nbsp;in&nbsp;last&nbsp;trading&nbsp;day.</p><p><blockquote>维珍银河上个交易日下跌17.3%。</blockquote></p><p> Wall Street analysts viewed the flight as a positive for the stock, but it didn’t appear to be enough to change the minds of some of Virgin Galactic’s skeptics.</p><p><blockquote>华尔街分析师认为这次飞行对该股有利，但这似乎不足以改变维珍银河一些怀疑论者的想法。</blockquote></p><p> After the flight returned to earth, Virgin Galactic announced that it would hold a sweepstakes for two tickets for upcoming voyages but did not open ticket sales.</p><p><blockquote>航班返回地球后，维珍银河宣布将为即将到来的航次举办两张机票抽奖活动，但没有开放售票。</blockquote></p><p> Canaccord Genuity’s Ken Herbert, which has a buy rating on the stock, said that was a sour note for the day.</p><p><blockquote>Canaccord Genuity的肯·赫伯特(Ken Herbert)对该股给予买入评级，他表示，这是当天的一个糟糕消息。</blockquote></p><p> “While Branson did accompany his return to Earth with an extensive press conference and marketing blitz featuring a musical performance by R&amp;B star Khalid and a pinning of astronaut wings by Canadian astronaut Chris Hadfield, his teased ‘major announcement’ was somewhat disappointing,” the note said.</p><p><blockquote>“虽然布兰森在返回地球时确实举行了广泛的新闻发布会和营销闪电战，其中包括R&amp;B明星哈立德的音乐表演和加拿大宇航员克里斯·哈德菲尔德的宇航员翅膀，但他被戏弄的‘重大声明’有些令人失望，”说明说。</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>Virgin Galactic shares tumbles 8% in premarket trading.<blockquote>维珍银河股价在盘前交易中下跌8%。</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\">\nVirgin Galactic shares tumbles 8% in premarket trading.<blockquote>维珍银河股价在盘前交易中下跌8%。</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\">2021-07-13 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Virgin Galactic&nbsp;shares&nbsp;tumbles 8% in premarket&nbsp;trading.</p><p><blockquote>维珍银河股价在盘前交易中下跌8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4a7a5c3e225116f91093402969958fe9\" tg-width=\"1275\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Virgin Galactic&nbsp;was&nbsp;down 17.3%&nbsp;in&nbsp;last&nbsp;trading&nbsp;day.</p><p><blockquote>维珍银河上个交易日下跌17.3%。</blockquote></p><p> Wall Street analysts viewed the flight as a positive for the stock, but it didn’t appear to be enough to change the minds of some of Virgin Galactic’s skeptics.</p><p><blockquote>华尔街分析师认为这次飞行对该股有利，但这似乎不足以改变维珍银河一些怀疑论者的想法。</blockquote></p><p> After the flight returned to earth, Virgin Galactic announced that it would hold a sweepstakes for two tickets for upcoming voyages but did not open ticket sales.</p><p><blockquote>航班返回地球后，维珍银河宣布将为即将到来的航次举办两张机票抽奖活动，但没有开放售票。</blockquote></p><p> Canaccord Genuity’s Ken Herbert, which has a buy rating on the stock, said that was a sour note for the day.</p><p><blockquote>Canaccord Genuity的肯·赫伯特(Ken Herbert)对该股给予买入评级，他表示，这是当天的一个糟糕消息。</blockquote></p><p> “While Branson did accompany his return to Earth with an extensive press conference and marketing blitz featuring a musical performance by R&amp;B star Khalid and a pinning of astronaut wings by Canadian astronaut Chris Hadfield, his teased ‘major announcement’ was somewhat disappointing,” the note said.</p><p><blockquote>“虽然布兰森在返回地球时确实举行了广泛的新闻发布会和营销闪电战，其中包括R&amp;B明星哈立德的音乐表演和加拿大宇航员克里斯·哈德菲尔德的宇航员翅膀，但他被戏弄的‘重大声明’有些令人失望，”说明说。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130335907","content_text":"Virgin Galactic shares tumbles 8% in premarket trading.\nVirgin Galactic was down 17.3% in last trading day.\nWall Street analysts viewed the flight as a positive for the stock, but it didn’t appear to be enough to change the minds of some of Virgin Galactic’s skeptics.\nAfter the flight returned to earth, Virgin Galactic announced that it would hold a sweepstakes for two tickets for upcoming voyages but did not open ticket sales.\nCanaccord Genuity’s Ken Herbert, which has a buy rating on the stock, said that was a sour note for the day.\n“While Branson did accompany his return to Earth with an extensive press conference and marketing blitz featuring a musical performance by R&B star Khalid and a pinning of astronaut wings by Canadian astronaut Chris Hadfield, his teased ‘major announcement’ was somewhat disappointing,” the note said.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":1093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":115268419,"gmtCreate":1623012189131,"gmtModify":1634096318704,"author":{"id":"3576910253324626","authorId":"3576910253324626","name":"Ellora","avatar":"https://static.tigerbbs.com/8efc8e79a51bc935fef2992697f4f459","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576910253324626","idStr":"3576910253324626"},"themes":[],"htmlText":"[流泪]&nbsp;","listText":"[流泪]&nbsp;","text":"[流泪]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115268419","repostId":"1156802172","repostType":4,"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}