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2021-08-13

Buy and hold!

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2021-08-15

Comment

Where Will Plug Power Be In 10 Years?<blockquote>10年后的普拉格能源会在哪里？</blockquote>

2021-08-22

Ok

Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>

2021-09-05

Ok

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2021-08-23

Comment

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2021-08-20

Amazon!

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2021-08-18

Very volatile

Crypto is '95% fraud, hype, noise and confusion,' says Fed's Neel Kashkari<blockquote>美联储尼尔·卡什卡里(Neel Kashkari)表示，加密货币“95%是欺诈、炒作、噪音和混乱”</blockquote>

2021-08-16

Comment

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

2021-09-07

Ok

Why 2021 Is the Kind of Year to Banish the September Stock Blues<blockquote>为什么2021年是消除9月股市忧郁的一年</blockquote>

2021-08-27

Ok

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But that may not necessarily be the case in a year like","content":"<p>Stocks famously perform poorly in September. But that may not necessarily be the case in a year like 2021.</p><p><blockquote>众所周知，9月份股市表现不佳。但在2021年这样的年份，情况可能不一定如此。</blockquote></p><p> Since 1928, the average September return for the S&amp;P 500 has been a 0.99% loss. That makes the month far worse than May, which ranks second in investor gloom with an average loss of 0.11%. But there’s a caveat here. History also finds that Septembers that follow strong gains earlier in the year tended to have positive returns. When the S&amp;P 500 rose by more than 13% over the first six months, the median September gain since 1928 rang in at 1.4%, according to Fundstrat.</p><p><blockquote>自1928年以来，标普500 9月份的平均回报率为0.99%。这使得本月比5月份要糟糕得多，5月份在投资者悲观情绪中排名第二，平均跌幅为0.11%。但这里有一个警告。历史还发现，今年早些时候强劲上涨后的9月份往往会有正回报。根据Fundstrat的数据，当标普500在前六个月上涨超过13%时，自1928年以来9月份的涨幅中位数为1.4%。</blockquote></p><p> Over that 93-year span, the S&amp;P fell in 54% of the Septembers. But when markets rose from January through June, 63% of the Septembers saw positive gains. Through June of this year, the S&amp;P 500 rallied 14%.</p><p><blockquote>在这93年的时间里，标准普尔指数在9月份下跌了54%。但当市场从1月到6月上涨时，63%的9月份出现了正收益。截至今年6月，标普500上涨了14%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc9b7962b08fe42d27d182d586cf20e4\" tg-width=\"778\" tg-height=\"440\" referrerpolicy=\"no-referrer\">A similar trend applies to the year. Strategists atWells Fargo recently lifted their target for the S&amp;P 500 to a level that reflects more than 6% upside from current prices. Using data back to 1990, they say that in years in which the S&amp;P sees double-digit percentage gains for the first eight months, it rises another 8% to finish the year.</p><p><blockquote>类似的趋势也适用于这一年。富国银行的策略师最近将标普500的目标上调至较当前价格上涨6%以上的水平。他们利用1990年的数据表示，在标普指数前八个月出现两位数百分比涨幅的年份，年底又会上涨8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/23718a745d8c03556be0411afdf1af64\" tg-width=\"792\" tg-height=\"438\" referrerpolicy=\"no-referrer\">The S&amp;P 500 closed on Thursday at 4523, ending August with a year-to-date gain of 20.4%. But be aware of one thing: The ride could be bumpy. The S&amp;P 500 hasn’t had a pullback of more than 5% this year. With risks on the horizon—the Delta variant, inflation, high valuations, even a corporate-tax increase—stocks could easily correct. “Markets are ‘overbought’ and due for a pullback,” writes Fundstrat research head Tom Lee. Perhaps, but don’t be surprised if this market bucks the September blues.</p><p><blockquote>标普500周四收于4523点，以今年迄今20.4%的涨幅结束8月份。但请注意一件事：旅程可能会很颠簸。标普500今年的回调幅度从未超过5%。随着德尔塔变异毒株、通货膨胀、高估值，甚至公司税增加等风险的出现，股市很容易调整。Fundstrat研究主管汤姆·李(Tom Lee)写道：“市场‘超买’，即将回调。”也许吧，但如果这个市场逆着九月的忧郁，也不要感到惊讶。</blockquote></p><p> <b>This&nbsp;Week&nbsp;</b></p><p><blockquote><b>本周</b></blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>星期一9/6</b></blockquote></p><p> <b>Stock and fixed-income</b> markets are closed in observance of Labor Day.</p><p><blockquote><b>股票和固定收益</b>市场因劳动节而关闭。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey’s General Stores和Coupa Software公布收益。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三9/8</b></blockquote></p><p> Copart, GameStop,&nbsp;and Lululemon Athletica&nbsp;release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>ADI公司召开电话会议，讨论其资本配置计划并更新2021财年展望。该公司最近完成了对Maxim Integrated Products的210亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International,&nbsp;and ResMed&nbsp;hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际和ResMed举办虚拟投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote><b>劳工局</b>统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，有1010万个职位空缺，连续第四个月创下纪录。</blockquote></p><p> <b>The Federal Reserve</b> reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote><b>美联储</b>报告7月份消费者信贷数据。6月份未偿消费者债务总额增加377亿美元，达到创纪录的4.32万亿美元。第二季度，消费信贷经季节调整后的年率增长8.8%，反映了被压抑的需求。</blockquote></p><p> <b>The Federal Reserve</b> releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote><b>美联储</b>今年八次发布褐皮书中的第六次。该报告总结了12个美联储地区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四9/9</b></blockquote></p><p> Home Depot&nbsp;hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝召开电话会议讨论其ESG战略，由公司首席可持续发展官Ron Jarvis主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna举办第五届年度研发日，讨论公司在研疫苗。首席执行官Stéphane Bancel将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由首席执行官Rainer Blair主持。</blockquote></p><p> International Paper,&nbsp;Synchrony Financial,&nbsp;and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、同步金融和威利斯韬睿惠悦举办投资者日。</blockquote></p><p> <b>The European Central</b>&nbsp;Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote><b>欧洲中部</b>银行宣布其货币政策决定。预计欧洲央行将维持关键利率在负0.5%不变。</blockquote></p><p> <b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote><b>劳工部</b>报告截至9月4日当周首次申请失业救济人数。8月份，平均每周申请失业救济人数为35.5万人，为疫情爆发以来的最低水平。这也将是联邦强化失业救济金额外发放300美元的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>星期五9/10</b></blockquote></p><p> <b>The BLS reports</b>the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote><b>劳工统计局报告</b>8月份生产者价格指数。经济学家预测核心生产者价格指数（不包括波动较大的食品和能源价格）月度上涨0.6%，核心生产者价格指数将上涨0.5%。7月份两者均上涨1%。</blockquote></p><p> Kroger&nbsp;holds a conference calls to discuss earnings.&nbsp;Albemarle and Bio-Techne host their 2021 investor days.</p><p><blockquote>克罗格评级召开会议讨论收益。Albemarle和Bio-Techne举办2021年投资者日。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why 2021 Is the Kind of Year to Banish the September Stock Blues<blockquote>为什么2021年是消除9月股市忧郁的一年</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\">\nWhy 2021 Is the Kind of Year to Banish the September Stock Blues<blockquote>为什么2021年是消除9月股市忧郁的一年</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-06 15:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks famously perform poorly in September. But that may not necessarily be the case in a year like 2021.</p><p><blockquote>众所周知，9月份股市表现不佳。但在2021年这样的年份，情况可能不一定如此。</blockquote></p><p> Since 1928, the average September return for the S&amp;P 500 has been a 0.99% loss. That makes the month far worse than May, which ranks second in investor gloom with an average loss of 0.11%. But there’s a caveat here. History also finds that Septembers that follow strong gains earlier in the year tended to have positive returns. When the S&amp;P 500 rose by more than 13% over the first six months, the median September gain since 1928 rang in at 1.4%, according to Fundstrat.</p><p><blockquote>自1928年以来，标普500 9月份的平均回报率为0.99%。这使得本月比5月份要糟糕得多，5月份在投资者悲观情绪中排名第二，平均跌幅为0.11%。但这里有一个警告。历史还发现，今年早些时候强劲上涨后的9月份往往会有正回报。根据Fundstrat的数据，当标普500在前六个月上涨超过13%时，自1928年以来9月份的涨幅中位数为1.4%。</blockquote></p><p> Over that 93-year span, the S&amp;P fell in 54% of the Septembers. But when markets rose from January through June, 63% of the Septembers saw positive gains. Through June of this year, the S&amp;P 500 rallied 14%.</p><p><blockquote>在这93年的时间里，标准普尔指数在9月份下跌了54%。但当市场从1月到6月上涨时，63%的9月份出现了正收益。截至今年6月，标普500上涨了14%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc9b7962b08fe42d27d182d586cf20e4\" tg-width=\"778\" tg-height=\"440\" referrerpolicy=\"no-referrer\">A similar trend applies to the year. Strategists atWells Fargo recently lifted their target for the S&amp;P 500 to a level that reflects more than 6% upside from current prices. Using data back to 1990, they say that in years in which the S&amp;P sees double-digit percentage gains for the first eight months, it rises another 8% to finish the year.</p><p><blockquote>类似的趋势也适用于这一年。富国银行的策略师最近将标普500的目标上调至较当前价格上涨6%以上的水平。他们利用1990年的数据表示，在标普指数前八个月出现两位数百分比涨幅的年份，年底又会上涨8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/23718a745d8c03556be0411afdf1af64\" tg-width=\"792\" tg-height=\"438\" referrerpolicy=\"no-referrer\">The S&amp;P 500 closed on Thursday at 4523, ending August with a year-to-date gain of 20.4%. But be aware of one thing: The ride could be bumpy. The S&amp;P 500 hasn’t had a pullback of more than 5% this year. With risks on the horizon—the Delta variant, inflation, high valuations, even a corporate-tax increase—stocks could easily correct. “Markets are ‘overbought’ and due for a pullback,” writes Fundstrat research head Tom Lee. Perhaps, but don’t be surprised if this market bucks the September blues.</p><p><blockquote>标普500周四收于4523点，以今年迄今20.4%的涨幅结束8月份。但请注意一件事：旅程可能会很颠簸。标普500今年的回调幅度从未超过5%。随着德尔塔变异毒株、通货膨胀、高估值，甚至公司税增加等风险的出现，股市很容易调整。Fundstrat研究主管汤姆·李(Tom Lee)写道：“市场‘超买’，即将回调。”也许吧，但如果这个市场逆着九月的忧郁，也不要感到惊讶。</blockquote></p><p> <b>This&nbsp;Week&nbsp;</b></p><p><blockquote><b>本周</b></blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>星期一9/6</b></blockquote></p><p> <b>Stock and fixed-income</b> markets are closed in observance of Labor Day.</p><p><blockquote><b>股票和固定收益</b>市场因劳动节而关闭。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey’s General Stores和Coupa Software公布收益。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三9/8</b></blockquote></p><p> Copart, GameStop,&nbsp;and Lululemon Athletica&nbsp;release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>ADI公司召开电话会议，讨论其资本配置计划并更新2021财年展望。该公司最近完成了对Maxim Integrated Products的210亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International,&nbsp;and ResMed&nbsp;hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际和ResMed举办虚拟投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote><b>劳工局</b>统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，有1010万个职位空缺，连续第四个月创下纪录。</blockquote></p><p> <b>The Federal Reserve</b> reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote><b>美联储</b>报告7月份消费者信贷数据。6月份未偿消费者债务总额增加377亿美元，达到创纪录的4.32万亿美元。第二季度，消费信贷经季节调整后的年率增长8.8%，反映了被压抑的需求。</blockquote></p><p> <b>The Federal Reserve</b> releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote><b>美联储</b>今年八次发布褐皮书中的第六次。该报告总结了12个美联储地区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四9/9</b></blockquote></p><p> Home Depot&nbsp;hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝召开电话会议讨论其ESG战略，由公司首席可持续发展官Ron Jarvis主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna举办第五届年度研发日，讨论公司在研疫苗。首席执行官Stéphane Bancel将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由首席执行官Rainer Blair主持。</blockquote></p><p> International Paper,&nbsp;Synchrony Financial,&nbsp;and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、同步金融和威利斯韬睿惠悦举办投资者日。</blockquote></p><p> <b>The European Central</b>&nbsp;Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote><b>欧洲中部</b>银行宣布其货币政策决定。预计欧洲央行将维持关键利率在负0.5%不变。</blockquote></p><p> <b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote><b>劳工部</b>报告截至9月4日当周首次申请失业救济人数。8月份，平均每周申请失业救济人数为35.5万人，为疫情爆发以来的最低水平。这也将是联邦强化失业救济金额外发放300美元的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>星期五9/10</b></blockquote></p><p> <b>The BLS reports</b>the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote><b>劳工统计局报告</b>8月份生产者价格指数。经济学家预测核心生产者价格指数（不包括波动较大的食品和能源价格）月度上涨0.6%，核心生产者价格指数将上涨0.5%。7月份两者均上涨1%。</blockquote></p><p> Kroger&nbsp;holds a conference calls to discuss earnings.&nbsp;Albemarle and Bio-Techne host their 2021 investor days.</p><p><blockquote>克罗格评级召开会议讨论收益。Albemarle和Bio-Techne举办2021年投资者日。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/september-stock-market-outlook-51630703979?mod=markets\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/articles/september-stock-market-outlook-51630703979?mod=markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158349328","content_text":"Stocks famously perform poorly in September. But that may not necessarily be the case in a year like 2021.\nSince 1928, the average September return for the S&P 500 has been a 0.99% loss. That makes the month far worse than May, which ranks second in investor gloom with an average loss of 0.11%. But there’s a caveat here. History also finds that Septembers that follow strong gains earlier in the year tended to have positive returns. When the S&P 500 rose by more than 13% over the first six months, the median September gain since 1928 rang in at 1.4%, according to Fundstrat.\nOver that 93-year span, the S&P fell in 54% of the Septembers. But when markets rose from January through June, 63% of the Septembers saw positive gains. Through June of this year, the S&P 500 rallied 14%.\nA similar trend applies to the year. Strategists atWells Fargo recently lifted their target for the S&P 500 to a level that reflects more than 6% upside from current prices. Using data back to 1990, they say that in years in which the S&P sees double-digit percentage gains for the first eight months, it rises another 8% to finish the year.\nThe S&P 500 closed on Thursday at 4523, ending August with a year-to-date gain of 20.4%. But be aware of one thing: The ride could be bumpy. The S&P 500 hasn’t had a pullback of more than 5% this year. With risks on the horizon—the Delta variant, inflation, high valuations, even a corporate-tax increase—stocks could easily correct. “Markets are ‘overbought’ and due for a pullback,” writes Fundstrat research head Tom Lee. Perhaps, but don’t be surprised if this market bucks the September blues.\nThis Week \nMonday 9/6\nStock and fixed-income markets are closed in observance of Labor Day.\nTuesday 9/7\nCasey’s General Stores and Coupa Software announce earnings.\nWednesday 9/8\nCopart, GameStop, and Lululemon Athletica release quarterly results.\nAnalog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.\nGlobal Payments, Johnson Controls International, and ResMed hold virtual investor days.\nThe Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.\nThe Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.\nThe Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.\nThursday 9/9\nHome Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.\nModerna hosts its fifth annual R&D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.\nDanaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.\nInternational Paper, Synchrony Financial, and Willis Towers Watson hold investor days.\nThe European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.\nThe Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.\nFriday 9/10\nThe BLS reportsthe producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.\nKroger holds a conference calls to discuss earnings. Albemarle and Bio-Techne host their 2021 investor days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1956,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814154950,"gmtCreate":1630800408470,"gmtModify":1632905889767,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814154950","repostId":"1189766406","repostType":4,"isVote":1,"tweetType":1,"viewCount":3718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810761700,"gmtCreate":1630017140600,"gmtModify":1704954517380,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Earnings soon!","listText":"Earnings soon!","text":"Earnings soon!","images":[{"img":"https://static.tigerbbs.com/5d73eef56ed1a7326e186da18e6f404a","width":"1125","height":"3800"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810761700","isVote":1,"tweetType":1,"viewCount":3071,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":810763354,"gmtCreate":1630016909578,"gmtModify":1704954515115,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810763354","repostId":"1158216410","repostType":4,"isVote":1,"tweetType":1,"viewCount":3216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837754394,"gmtCreate":1629931318819,"gmtModify":1633681466811,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837754394","repostId":"1114237972","repostType":4,"repost":{"id":"1114237972","kind":"news","pubTimestamp":1629903902,"share":"https://www.laohu8.com/m/news/1114237972?lang=zh_CN&edition=full","pubTime":"2021-08-25 23:05","market":"us","language":"en","title":"HP, Apple top U.S. PC shipments according to new report<blockquote>根据新报告，惠普和苹果在美国个人电脑出货量排名第一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114237972","media":"Seeking Alpha","summary":"Personal computer shipments in the United States remained on the rise during the second quarter of the year as a market driven by Covid-19 related sales is seen as likely to continue for the foreseeable future.That's the opinion of tech research firm Canalys, which on Wednesday released its latest statistics on U.S. PC sales. According to Canalys, domestic PC shipments reached 36.8 million units between April and June, a 17% rise from the same period a year ago. Canalys analyst Brian Lynch said ","content":"<p>Personal computer shipments in the United States remained on the rise during the second quarter of the year as a market driven by Covid-19 related sales is seen as likely to continue for the foreseeable future.</p><p><blockquote>美国的个人电脑出货量在今年第二季度保持增长，因为在可预见的未来，由新冠肺炎相关销售推动的市场可能会持续下去。</blockquote></p><p> That's the opinion of tech research firm Canalys, which on Wednesday released its latest statistics on U.S. PC sales.&nbsp;According to Canalys, domestic PC shipments reached 36.8 million units&nbsp;between April and June, a 17% rise from the same period a year ago. Canalys analyst Brian Lynch said that the data suggest there is \"a significant refresh opportunity\" exists for the leading PC manufacturers.</p><p><blockquote>这是科技研究公司Canalys的观点，该公司周三发布了美国个人电脑销售的最新统计数据。根据Canalys的数据，4月至6月，美国个人电脑出货量达到3680万台，比去年同期增长17%。Canalys分析师布莱恩·林奇(Brian Lynch)表示，数据表明领先的个人电脑制造商存在“重大的更新机会”。</blockquote></p><p> \"The commercial and education segments have exploded, triggering tremendous refresh potential,\" Lynch said. \"The U.S. economy has bounced back well from its pandemic woes and small businesses are recovering, which will lead to a wave of purchasing from the segment.\"</p><p><blockquote>“商业和教育领域呈爆炸式增长，引发了巨大的更新潜力，”林奇说。“美国经济已从大流行困境中恢复良好，小企业正在复苏，这将导致该领域的采购浪潮。”</blockquote></p><p> Notebook PC shipments led the sector's gains, rising 27% from a year ago, while desktop shipments rose by 23% over last year's second quarter. Canalys said tablet shipments were virtually stagnant, rising just 1% from a year ago.</p><p><blockquote>笔记本电脑出货量领涨该行业，同比增长27%，台式机出货量较去年第二季度增长23%。Canalys表示，平板电脑出货量几乎停滞不前，仅比一年前增长1%。</blockquote></p><p> <a href=\"https://laohu8.com/S/HPQ\">HP Inc</a> (NYSE:HPQ)took the top spot in the U.S., with 8.07 million shipments, and a 20.2% increase over the second quarter of 2020. <a href=\"https://laohu8.com/S/AAPL\">Apple</a> (NASDAQ:AAPL), however, fell from its No. 1 position a year ago, as its 7.6 million Mac shipments dipped by almost 3% from a year ago.</p><p><blockquote><a href=\"https://laohu8.com/S/HPQ\">惠普公司</a>（纽约证券交易所代码：HPQ）以807万的出货量位居美国榜首，比2020年第二季度增长20.2%。<a href=\"https://laohu8.com/S/AAPL\">苹果</a>然而，（纳斯达克股票代码：AAPL）从一年前的第一位跌落，其760万台Mac出货量比一年前下降了近3%。</blockquote></p><p> <a href=\"https://laohu8.com/S/DELL\">Dell Technologies Inc.</a> (NYSE:DELL)came in third place, as its shipments grew by 10.5%, to 5.7 million shipments, while Lenovo took fourth place with 4.75 million shipments, a 25.2% gain over last-year's second quarter. Samsung rounded out the top five PC companies, as its 3.04 million shipments surged by more than 51% from a year ago.</p><p><blockquote><a href=\"https://laohu8.com/S/DELL\">戴尔技术公司。</a>（纽约证券交易所代码：戴尔）排名第三，出货量增长10.5%，达到570万部，而联想排名第四，出货量为475万部，比去年第二季度增长25.2%。三星跻身前五名个人电脑公司之列，其出货量为304万台，同比增长超过51%。</blockquote></p><p> Canalys' U.S. data came a day after IDC said it believes worldwide PC sales to grow this year,&nbsp;but at a slower rate than previously expected.</p><p><blockquote>Canalys公布美国数据的前一天，IDC表示相信今年全球个人电脑销量将增长，但增速低于此前预期。</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>HP, Apple top U.S. PC shipments according to new report<blockquote>根据新报告，惠普和苹果在美国个人电脑出货量排名第一</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHP, Apple top U.S. PC shipments according to new report<blockquote>根据新报告，惠普和苹果在美国个人电脑出货量排名第一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-25 23:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Personal computer shipments in the United States remained on the rise during the second quarter of the year as a market driven by Covid-19 related sales is seen as likely to continue for the foreseeable future.</p><p><blockquote>美国的个人电脑出货量在今年第二季度保持增长，因为在可预见的未来，由新冠肺炎相关销售推动的市场可能会持续下去。</blockquote></p><p> That's the opinion of tech research firm Canalys, which on Wednesday released its latest statistics on U.S. PC sales.&nbsp;According to Canalys, domestic PC shipments reached 36.8 million units&nbsp;between April and June, a 17% rise from the same period a year ago. Canalys analyst Brian Lynch said that the data suggest there is \"a significant refresh opportunity\" exists for the leading PC manufacturers.</p><p><blockquote>这是科技研究公司Canalys的观点，该公司周三发布了美国个人电脑销售的最新统计数据。根据Canalys的数据，4月至6月，美国个人电脑出货量达到3680万台，比去年同期增长17%。Canalys分析师布莱恩·林奇(Brian Lynch)表示，数据表明领先的个人电脑制造商存在“重大的更新机会”。</blockquote></p><p> \"The commercial and education segments have exploded, triggering tremendous refresh potential,\" Lynch said. \"The U.S. economy has bounced back well from its pandemic woes and small businesses are recovering, which will lead to a wave of purchasing from the segment.\"</p><p><blockquote>“商业和教育领域呈爆炸式增长，引发了巨大的更新潜力，”林奇说。“美国经济已从大流行困境中恢复良好，小企业正在复苏，这将导致该领域的采购浪潮。”</blockquote></p><p> Notebook PC shipments led the sector's gains, rising 27% from a year ago, while desktop shipments rose by 23% over last year's second quarter. Canalys said tablet shipments were virtually stagnant, rising just 1% from a year ago.</p><p><blockquote>笔记本电脑出货量领涨该行业，同比增长27%，台式机出货量较去年第二季度增长23%。Canalys表示，平板电脑出货量几乎停滞不前，仅比一年前增长1%。</blockquote></p><p> <a href=\"https://laohu8.com/S/HPQ\">HP Inc</a> (NYSE:HPQ)took the top spot in the U.S., with 8.07 million shipments, and a 20.2% increase over the second quarter of 2020. <a href=\"https://laohu8.com/S/AAPL\">Apple</a> (NASDAQ:AAPL), however, fell from its No. 1 position a year ago, as its 7.6 million Mac shipments dipped by almost 3% from a year ago.</p><p><blockquote><a href=\"https://laohu8.com/S/HPQ\">惠普公司</a>（纽约证券交易所代码：HPQ）以807万的出货量位居美国榜首，比2020年第二季度增长20.2%。<a href=\"https://laohu8.com/S/AAPL\">苹果</a>然而，（纳斯达克股票代码：AAPL）从一年前的第一位跌落，其760万台Mac出货量比一年前下降了近3%。</blockquote></p><p> <a href=\"https://laohu8.com/S/DELL\">Dell Technologies Inc.</a> (NYSE:DELL)came in third place, as its shipments grew by 10.5%, to 5.7 million shipments, while Lenovo took fourth place with 4.75 million shipments, a 25.2% gain over last-year's second quarter. Samsung rounded out the top five PC companies, as its 3.04 million shipments surged by more than 51% from a year ago.</p><p><blockquote><a href=\"https://laohu8.com/S/DELL\">戴尔技术公司。</a>（纽约证券交易所代码：戴尔）排名第三，出货量增长10.5%，达到570万部，而联想排名第四，出货量为475万部，比去年第二季度增长25.2%。三星跻身前五名个人电脑公司之列，其出货量为304万台，同比增长超过51%。</blockquote></p><p> Canalys' U.S. data came a day after IDC said it believes worldwide PC sales to grow this year,&nbsp;but at a slower rate than previously expected.</p><p><blockquote>Canalys公布美国数据的前一天，IDC表示相信今年全球个人电脑销量将增长，但增速低于此前预期。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3734052-hp-apple-top-us-pc-shipments-according-to-new-report\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","DELL":"戴尔","HPQ":"惠普"},"source_url":"https://seekingalpha.com/news/3734052-hp-apple-top-us-pc-shipments-according-to-new-report","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114237972","content_text":"Personal computer shipments in the United States remained on the rise during the second quarter of the year as a market driven by Covid-19 related sales is seen as likely to continue for the foreseeable future.\nThat's the opinion of tech research firm Canalys, which on Wednesday released its latest statistics on U.S. PC sales. According to Canalys, domestic PC shipments reached 36.8 million units between April and June, a 17% rise from the same period a year ago. Canalys analyst Brian Lynch said that the data suggest there is \"a significant refresh opportunity\" exists for the leading PC manufacturers.\n\"The commercial and education segments have exploded, triggering tremendous refresh potential,\" Lynch said. \"The U.S. economy has bounced back well from its pandemic woes and small businesses are recovering, which will lead to a wave of purchasing from the segment.\"\nNotebook PC shipments led the sector's gains, rising 27% from a year ago, while desktop shipments rose by 23% over last year's second quarter. Canalys said tablet shipments were virtually stagnant, rising just 1% from a year ago.\nHP Inc (NYSE:HPQ)took the top spot in the U.S., with 8.07 million shipments, and a 20.2% increase over the second quarter of 2020. Apple (NASDAQ:AAPL), however, fell from its No. 1 position a year ago, as its 7.6 million Mac shipments dipped by almost 3% from a year ago.\nDell Technologies Inc. (NYSE:DELL)came in third place, as its shipments grew by 10.5%, to 5.7 million shipments, while Lenovo took fourth place with 4.75 million shipments, a 25.2% gain over last-year's second quarter. Samsung rounded out the top five PC companies, as its 3.04 million shipments surged by more than 51% from a year ago.\nCanalys' U.S. data came a day after IDC said it believes worldwide PC sales to grow this year, but at a slower rate than previously expected.","news_type":1,"symbols_score_info":{"HPQ":0.9,"AAPL":0.9,"DELL":0.9}},"isVote":1,"tweetType":1,"viewCount":3279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832436534,"gmtCreate":1629674395428,"gmtModify":1633683489530,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832436534","repostId":"1128033677","repostType":4,"isVote":1,"tweetType":1,"viewCount":2253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832431699,"gmtCreate":1629674321311,"gmtModify":1633683491818,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832431699","repostId":"2161743804","repostType":4,"isVote":1,"tweetType":1,"viewCount":1865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832433536,"gmtCreate":1629674301025,"gmtModify":1633683492626,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832433536","repostId":"1133515985","repostType":4,"isVote":1,"tweetType":1,"viewCount":3371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832439790,"gmtCreate":1629674288910,"gmtModify":1633683493420,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832439790","repostId":"1133515985","repostType":4,"isVote":1,"tweetType":1,"viewCount":4114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832314190,"gmtCreate":1629591099510,"gmtModify":1633683963491,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832314190","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票数年而不是租用数天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</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>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票数年而不是租用数天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GOOG":"谷歌","ON":"安森美半导体","SOXX":"iShares费城交易所半导体ETF","TSM":"台积电","SSNLF":"三星电子","NVDA":"英伟达","CDNS":"铿腾电子","SNPS":"新思科技","GOOGL":"谷歌A","QCOM":"高通","AMZN":"亚马逊","ASML":"阿斯麦"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"AMZN":0.9,"SSNLF":0.9,"ON":0.9,"NVDA":0.9,"GOOG":0.9,"ASML":0.9,"CDNS":0.9,"GOOGL":0.9,"SNPS":0.9,"SOXX":0.9,"TSM":0.9,"QCOM":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838580395,"gmtCreate":1629419076017,"gmtModify":1633685020906,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Amazon!","listText":"Amazon!","text":"Amazon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/838580395","repostId":"2160670097","repostType":4,"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838019274,"gmtCreate":1629357642198,"gmtModify":1633685439812,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838019274","repostId":"1152703663","repostType":4,"isVote":1,"tweetType":1,"viewCount":923,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833216140,"gmtCreate":1629244884080,"gmtModify":1633686329661,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Yes! Solid fundamentals!","listText":"Yes! Solid fundamentals!","text":"Yes! Solid fundamentals!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833216140","repostId":"1149540693","repostType":4,"repost":{"id":"1149540693","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":1629212926,"share":"https://www.laohu8.com/m/news/1149540693?lang=zh_CN&edition=full","pubTime":"2021-08-17 23:08","market":"us","language":"en","title":"Is Walmart Going To Move Even Higher?<blockquote>沃尔玛会走得更高吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149540693","media":"Benzinga","summary":"After consolidating over the past week, there's a good chance that shares of Wal-Mart Inc. are setti","content":"<p>After consolidating over the past week, there's a good chance that shares of<b>&nbsp;<a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a> </b><b>Inc.</b>&nbsp;are setting up to resume their uptrend. Resistance has become support and that’s typically bullish for a stock. It happens because of the&nbsp;seller's remorse.</p><p><blockquote>经过过去一周的盘整后，股价很有可能<b> <a href=\"https://laohu8.com/S/WMT\">沃尔玛</a></b><b>公司。</b>正在准备恢复上升趋势。阻力已成为支撑，这通常对股票有利。这是因为卖家的悔恨。</blockquote></p><p> Before today's open, Walmart reported second-quarter sales growth of 2.4% year-on-year, to $141 billion, beating the analyst consensus of $136.88 billion.</p><p><blockquote>今天开盘前，沃尔玛公布第二季度销售额同比增长2.4%，达到1410亿美元，超过分析师预期的1368.8亿美元。</blockquote></p><p> In January, Walmart crashed into a wall of sellers around the $149 level. They put an end to the rally and drove the stock lower. Many of these sellers thought they made a good decision.</p><p><blockquote>今年1月，沃尔玛在149美元左右遭遇卖家围墙。他们结束了涨势并压低了股价。这些卖家中的许多人认为他们做出了一个好的决定。</blockquote></p><p> But on Aug. 11, shares broke through this level and traded higher. Now many of these investors think they made a mistake. A number of them decide to buy their shares back, but they will only do so if they can get them for the same price they sold at.</p><p><blockquote>但8月11日，股价突破这一水平并走高。现在，许多投资者认为他们犯了一个错误。他们中的许多人决定回购股票，但只有在能够以与出售时相同的价格回购股票的情况下，他们才会这样做。</blockquote></p><p> These remorseful sellers place their buy orders at $149. If there are enough of them, it will create support. This has happened here and it could set the stage for another move higher.</p><p><blockquote>这些懊悔的卖家以149美元的价格下了买入订单。如果有足够多的人，就会创造支持。这种情况已经发生在这里，它可能为另一次更高的走势奠定基础。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f97d03b3df493632f317757d028885b1\" tg-width=\"1607\" tg-height=\"814\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>Is Walmart Going To Move Even Higher?<blockquote>沃尔玛会走得更高吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Walmart Going To Move Even Higher?<blockquote>沃尔玛会走得更高吗？</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 23:08</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>After consolidating over the past week, there's a good chance that shares of<b>&nbsp;<a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a> </b><b>Inc.</b>&nbsp;are setting up to resume their uptrend. Resistance has become support and that’s typically bullish for a stock. It happens because of the&nbsp;seller's remorse.</p><p><blockquote>经过过去一周的盘整后，股价很有可能<b> <a href=\"https://laohu8.com/S/WMT\">沃尔玛</a></b><b>公司。</b>正在准备恢复上升趋势。阻力已成为支撑，这通常对股票有利。这是因为卖家的悔恨。</blockquote></p><p> Before today's open, Walmart reported second-quarter sales growth of 2.4% year-on-year, to $141 billion, beating the analyst consensus of $136.88 billion.</p><p><blockquote>今天开盘前，沃尔玛公布第二季度销售额同比增长2.4%，达到1410亿美元，超过分析师预期的1368.8亿美元。</blockquote></p><p> In January, Walmart crashed into a wall of sellers around the $149 level. They put an end to the rally and drove the stock lower. Many of these sellers thought they made a good decision.</p><p><blockquote>今年1月，沃尔玛在149美元左右遭遇卖家围墙。他们结束了涨势并压低了股价。这些卖家中的许多人认为他们做出了一个好的决定。</blockquote></p><p> But on Aug. 11, shares broke through this level and traded higher. Now many of these investors think they made a mistake. A number of them decide to buy their shares back, but they will only do so if they can get them for the same price they sold at.</p><p><blockquote>但8月11日，股价突破这一水平并走高。现在，许多投资者认为他们犯了一个错误。他们中的许多人决定回购股票，但只有在能够以与出售时相同的价格回购股票的情况下，他们才会这样做。</blockquote></p><p> These remorseful sellers place their buy orders at $149. If there are enough of them, it will create support. This has happened here and it could set the stage for another move higher.</p><p><blockquote>这些懊悔的卖家以149美元的价格下了买入订单。如果有足够多的人，就会创造支持。这种情况已经发生在这里，它可能为另一次更高的走势奠定基础。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f97d03b3df493632f317757d028885b1\" tg-width=\"1607\" tg-height=\"814\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149540693","content_text":"After consolidating over the past week, there's a good chance that shares of Wal-Mart Inc. are setting up to resume their uptrend. Resistance has become support and that’s typically bullish for a stock. It happens because of the seller's remorse.\nBefore today's open, Walmart reported second-quarter sales growth of 2.4% year-on-year, to $141 billion, beating the analyst consensus of $136.88 billion.\nIn January, Walmart crashed into a wall of sellers around the $149 level. They put an end to the rally and drove the stock lower. Many of these sellers thought they made a good decision.\nBut on Aug. 11, shares broke through this level and traded higher. Now many of these investors think they made a mistake. A number of them decide to buy their shares back, but they will only do so if they can get them for the same price they sold at.\nThese remorseful sellers place their buy orders at $149. If there are enough of them, it will create support. This has happened here and it could set the stage for another move higher.","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":637,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833213411,"gmtCreate":1629244757633,"gmtModify":1633686331813,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Very volatile","listText":"Very volatile","text":"Very volatile","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833213411","repostId":"2160978315","repostType":4,"repost":{"id":"2160978315","kind":"highlight","pubTimestamp":1629243603,"share":"https://www.laohu8.com/m/news/2160978315?lang=zh_CN&edition=full","pubTime":"2021-08-18 07:40","market":"fut","language":"en","title":"Crypto is '95% fraud, hype, noise and confusion,' says Fed's Neel Kashkari<blockquote>美联储尼尔·卡什卡里(Neel Kashkari)表示，加密货币“95%是欺诈、炒作、噪音和混乱”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2160978315","media":"MarketWatch","summary":"Minneapolis Federal Reserve President Neel Kashkari on Tuesday had some harsh words for the nascent ","content":"<p>Minneapolis Federal Reserve President Neel Kashkari on Tuesday had some harsh words for the nascent crypto asset market.</p><p><blockquote>明尼阿波利斯美联储主席尼尔·卡什卡利周二对新生的加密资产市场发表了一些严厉的言论。</blockquote></p><p> The central banker said he doesn't see any use case for bitcoin , the world's No. 1 crypto, and referred to the broader digital-asset sector as one that is largely tied to fraud and hype.</p><p><blockquote>这位央行行长表示，他认为世界第一大加密货币比特币没有任何用例，并将更广泛的数字资产行业称为主要与欺诈和炒作有关的行业。</blockquote></p><p> \"Cryptocurrency is 95% fraud, hype, noise and confusion,\" Kashkari said, speaking at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Mont.</p><p><blockquote>“加密货币95%是欺诈、炒作、噪音和混乱，”卡什卡利在蒙大拿州Big Sky举行的太平洋西北经济区年度峰会上发表讲话时表示。</blockquote></p><p> Bitcoin prices were at $44,993, down 2.4% on CoinDesk on Tuesday. Meanwhile, Ether on the Ethereum blockchain was changing hands at $3,069, off 3%, while meme coin dogecoin was trading at around 30 cents, down 5.1%.</p><p><blockquote>周二CoinDesk上的比特币价格为44,993美元，下跌2.4%。与此同时，以太币区块链上的以太币易手价格为3,069美元，下跌3%，而模因币狗狗币的交易价格约为30美分，下跌5.1%。</blockquote></p><p> Crypto has gained traction among institutional investors in 2021 but is still viewed as a speculative and highly risky trade compared with traditional markets.</p><p><blockquote>2021年，加密货币在机构投资者中获得了关注，但与传统市场相比，仍被视为投机性和高风险交易。</blockquote></p><p> Kashkari also offered some of his views on monetary policy plans, noting that he still sees a \"a lot of slack\" in the U.S. labor market, and suggesting that he might need a couple of more strong jobs reports before he is inclined to support a push to scale back the central bank's monthly purchases of $120 billion in Treasurys and mortgage-backed securities.</p><p><blockquote>卡什卡利还提出了他对货币政策计划的一些看法，指出他仍然认为美国劳动力市场“非常疲软”，并表示他可能需要几份更强劲的就业报告才能倾向于支持削减央行每月购买1200亿美元国债和抵押贷款支持证券的规模。</blockquote></p><p> The Minneapolis Fed president's comments come amid growing talk about the timing of pulling back the Fed's COVID-era accommodations and eventually raising interest rates as the economy attempts a recovery from the pandemic.</p><p><blockquote>明尼阿波利斯联储主席发表此番言论之际，人们越来越多地谈论随着经济试图从疫情复苏，美联储何时撤回新冠疫情时期的宽松政策，并最终加息。</blockquote></p><p> On Tuesday , the Dow Jones Industrial Average and the S&amp;P 500 index snapped five-session win streaks, with some blaming the day's declines at least partly on growing concerns about a rollback of easy-money policies.</p><p><blockquote>周二，道琼斯工业平均指数和标普500指数结束了五个交易日的连涨，一些人将当天的下跌至少部分归咎于对宽松货币政策回滚的担忧日益加剧。</blockquote></p><p> For his part, Kashkari said that it would be reasonable to start reducing bond-buying by the end of 2021, if the job market cooperates.</p><p><blockquote>卡什卡利则表示，如果就业市场配合，到2021年底开始减少债券购买是合理的。</blockquote></p><p> In July, the U.S. created a robust 943,000 jobs , in what some viewed as a sign that the economic recovery was gaining some steam, despite the latest assault from the delta variant of COVID-19.</p><p><blockquote>7月份，美国创造了943,000个就业岗位，一些人认为这表明尽管受到COVID-19德尔塔变异毒株的最新攻击，但经济复苏正在获得一些动力。</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>Crypto is '95% fraud, hype, noise and confusion,' says Fed's Neel Kashkari<blockquote>美联储尼尔·卡什卡里(Neel Kashkari)表示，加密货币“95%是欺诈、炒作、噪音和混乱”</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\">\nCrypto is '95% fraud, hype, noise and confusion,' says Fed's Neel Kashkari<blockquote>美联储尼尔·卡什卡里(Neel Kashkari)表示，加密货币“95%是欺诈、炒作、噪音和混乱”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-18 07:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Minneapolis Federal Reserve President Neel Kashkari on Tuesday had some harsh words for the nascent crypto asset market.</p><p><blockquote>明尼阿波利斯美联储主席尼尔·卡什卡利周二对新生的加密资产市场发表了一些严厉的言论。</blockquote></p><p> The central banker said he doesn't see any use case for bitcoin , the world's No. 1 crypto, and referred to the broader digital-asset sector as one that is largely tied to fraud and hype.</p><p><blockquote>这位央行行长表示，他认为世界第一大加密货币比特币没有任何用例，并将更广泛的数字资产行业称为主要与欺诈和炒作有关的行业。</blockquote></p><p> \"Cryptocurrency is 95% fraud, hype, noise and confusion,\" Kashkari said, speaking at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Mont.</p><p><blockquote>“加密货币95%是欺诈、炒作、噪音和混乱，”卡什卡利在蒙大拿州Big Sky举行的太平洋西北经济区年度峰会上发表讲话时表示。</blockquote></p><p> Bitcoin prices were at $44,993, down 2.4% on CoinDesk on Tuesday. Meanwhile, Ether on the Ethereum blockchain was changing hands at $3,069, off 3%, while meme coin dogecoin was trading at around 30 cents, down 5.1%.</p><p><blockquote>周二CoinDesk上的比特币价格为44,993美元，下跌2.4%。与此同时，以太币区块链上的以太币易手价格为3,069美元，下跌3%，而模因币狗狗币的交易价格约为30美分，下跌5.1%。</blockquote></p><p> Crypto has gained traction among institutional investors in 2021 but is still viewed as a speculative and highly risky trade compared with traditional markets.</p><p><blockquote>2021年，加密货币在机构投资者中获得了关注，但与传统市场相比，仍被视为投机性和高风险交易。</blockquote></p><p> Kashkari also offered some of his views on monetary policy plans, noting that he still sees a \"a lot of slack\" in the U.S. labor market, and suggesting that he might need a couple of more strong jobs reports before he is inclined to support a push to scale back the central bank's monthly purchases of $120 billion in Treasurys and mortgage-backed securities.</p><p><blockquote>卡什卡利还提出了他对货币政策计划的一些看法，指出他仍然认为美国劳动力市场“非常疲软”，并表示他可能需要几份更强劲的就业报告才能倾向于支持削减央行每月购买1200亿美元国债和抵押贷款支持证券的规模。</blockquote></p><p> The Minneapolis Fed president's comments come amid growing talk about the timing of pulling back the Fed's COVID-era accommodations and eventually raising interest rates as the economy attempts a recovery from the pandemic.</p><p><blockquote>明尼阿波利斯联储主席发表此番言论之际，人们越来越多地谈论随着经济试图从疫情复苏，美联储何时撤回新冠疫情时期的宽松政策，并最终加息。</blockquote></p><p> On Tuesday , the Dow Jones Industrial Average and the S&amp;P 500 index snapped five-session win streaks, with some blaming the day's declines at least partly on growing concerns about a rollback of easy-money policies.</p><p><blockquote>周二，道琼斯工业平均指数和标普500指数结束了五个交易日的连涨，一些人将当天的下跌至少部分归咎于对宽松货币政策回滚的担忧日益加剧。</blockquote></p><p> For his part, Kashkari said that it would be reasonable to start reducing bond-buying by the end of 2021, if the job market cooperates.</p><p><blockquote>卡什卡利则表示，如果就业市场配合，到2021年底开始减少债券购买是合理的。</blockquote></p><p> In July, the U.S. created a robust 943,000 jobs , in what some viewed as a sign that the economic recovery was gaining some steam, despite the latest assault from the delta variant of COVID-19.</p><p><blockquote>7月份，美国创造了943,000个就业岗位，一些人认为这表明尽管受到COVID-19德尔塔变异毒株的最新攻击，但经济复苏正在获得一些动力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/crypto-is-95-fraud-hype-noise-and-confusion-says-feds-neel-kashkari-11629236416?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.marketwatch.com/story/crypto-is-95-fraud-hype-noise-and-confusion-says-feds-neel-kashkari-11629236416?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160978315","content_text":"Minneapolis Federal Reserve President Neel Kashkari on Tuesday had some harsh words for the nascent crypto asset market.\nThe central banker said he doesn't see any use case for bitcoin , the world's No. 1 crypto, and referred to the broader digital-asset sector as one that is largely tied to fraud and hype.\n\"Cryptocurrency is 95% fraud, hype, noise and confusion,\" Kashkari said, speaking at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Mont.\nBitcoin prices were at $44,993, down 2.4% on CoinDesk on Tuesday. Meanwhile, Ether on the Ethereum blockchain was changing hands at $3,069, off 3%, while meme coin dogecoin was trading at around 30 cents, down 5.1%.\nCrypto has gained traction among institutional investors in 2021 but is still viewed as a speculative and highly risky trade compared with traditional markets.\nKashkari also offered some of his views on monetary policy plans, noting that he still sees a \"a lot of slack\" in the U.S. labor market, and suggesting that he might need a couple of more strong jobs reports before he is inclined to support a push to scale back the central bank's monthly purchases of $120 billion in Treasurys and mortgage-backed securities.\nThe Minneapolis Fed president's comments come amid growing talk about the timing of pulling back the Fed's COVID-era accommodations and eventually raising interest rates as the economy attempts a recovery from the pandemic.\nOn Tuesday , the Dow Jones Industrial Average and the S&P 500 index snapped five-session win streaks, with some blaming the day's declines at least partly on growing concerns about a rollback of easy-money policies.\nFor his part, Kashkari said that it would be reasonable to start reducing bond-buying by the end of 2021, if the job market cooperates.\nIn July, the U.S. created a robust 943,000 jobs , in what some viewed as a sign that the economic recovery was gaining some steam, despite the latest assault from the delta variant of COVID-19.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"MBTmain":0.9,"GBTC":0.9,"BTCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830602589,"gmtCreate":1629068549341,"gmtModify":1633687745526,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830602589","repostId":"1127633167","repostType":4,"repost":{"id":"1127633167","kind":"news","pubTimestamp":1628997765,"share":"https://www.laohu8.com/m/news/1127633167?lang=zh_CN&edition=full","pubTime":"2021-08-15 11:22","market":"us","language":"en","title":"These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127633167","media":"Barrons","summary":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors loo","content":"<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估适用于截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThese 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-15 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估适用于截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMRS":"阿米瑞斯","AMED":"阿米斯医疗","VAC":"万豪度假环球","UPWK":"Upwork Inc.","SITE":"SiteOne Landscape Supply, Inc.","BAH":"博思艾伦咨询公司","JBHT":"JB Hunt运输服务","STAA":"STAAR Surgical Company","TREX":"Trex Co Inc","SFIX":"Stitch Fix Inc."},"source_url":"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127633167","content_text":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.\nThe idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock that returns 10 times what you paid for it.\nWall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified in a Barron’s cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.\nTheir search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.\nMany investors are happy to stick with large, well-known compounders, such as Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and Eli Lilly(LLY).\nBarron’s sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:\nStrong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.\n\n\n\nCompany / Ticker\nRecent Price\nYTD Change\n2021E P/E\n2021E Price/Sales\n2022E P/E\n2022E Price/Sales\nLT Growth Rate*\nMarket Value (bil)\nComment\n\n\n\n\nAmedysis / AMED\n$185.15\n-37%\n30.2\n2.7\n27.7\n2.4\n10.5%\n$6.3\nLeader in home health care\n\n\nAmyris / AMRS\n13.64\n121\nNM\n10.4\nNM\n9.7\nNA\n4.1\nLeading company in synthetic biology\n\n\nBooz Allen Hamilton Holding / BAH\n81.73\n-6\n19.4\n1.3\n17.7\n1.2\n8.6\n11.0\nDefense-department consultant\n\n\nJ.B. Hunt Transport Services / JBHT\n172.76\n26\n25.8\n1.5\n22.2\n1.4\n18.4\n18.2\nStrong in intermodal freight\n\n\nMarriott Vacations Worldwide / VAC\n147.15\n7\n40.9\n1.6\n15.7\n1.4\nNA\n6.3\nTop company in vacation timeshares\n\n\nSiteOne Landscape Supply / SITE\n197.10\n24\n45.7\n2.6\n43.5\n2.5\n19.3\n8.8\nBig supplier of landscaping supplies\n\n\nStaar Surgical / STAA\n138.19\n74\n192.3\n28.6\n140.8\n22.5\n30.0\n6.6\nMaker of implantable lens for myopia\n\n\nStitch Fix / SFIX\n44.38\n-24\nNM\n1.9\n1890.3\n1.7\n30.0\n4.8\nData-driven subscription clothing firm\n\n\nTrex / TREX\n105.94\n27\n51.9\n10.5\n43.6\n9.3\n18.8\n12.2\nTop maker of synthetic wood decking\n\n\nUpwork / UPWK\n44.31\n28\nNM\n11.4\n556.8\n9.2\nNA\n5.7\nOnline clearinghouse for free-lancers\n\n\n\nE=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.\nSource: FactSet\nAmedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.\n“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”\nAmedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.\nAmyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.\nUsing genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.\nBarron’s wrote favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.\n“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.\nBooz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.\n“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.\nJ.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the Barron’s Roundtable.\nJ.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.\nEllenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.\nMarriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.\n“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.\nThe shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.\nSiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.\n\n“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.\nThe stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.\nStaar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.\n“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”\nLenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.\nAt a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.\nStitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.\n“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.\nIts shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.\nYet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.\nTrex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.\nT. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.\nUpwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.\nThe shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.\nThe investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.\n“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.","news_type":1,"symbols_score_info":{"SFIX":0.9,"SITE":0.9,"UPWK":0.9,"AMED":0.9,"AMRS":0.9,"BAH":0.9,"VAC":0.9,"JBHT":0.9,"STAA":0.9,"TREX":0.9}},"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897758876,"gmtCreate":1628989344995,"gmtModify":1633688186233,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Palantir!!!&nbsp;","listText":"Palantir!!!&nbsp;","text":"Palantir!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897758876","repostId":"2159211727","repostType":4,"isVote":1,"tweetType":1,"viewCount":887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897727578,"gmtCreate":1628989049394,"gmtModify":1633688190180,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897727578","repostId":"1133270372","repostType":4,"repost":{"id":"1133270372","kind":"news","pubTimestamp":1628988501,"share":"https://www.laohu8.com/m/news/1133270372?lang=zh_CN&edition=full","pubTime":"2021-08-15 08:48","market":"us","language":"en","title":"Where Will Plug Power Be In 10 Years?<blockquote>10年后的普拉格能源会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133270372","media":"seekingalpha","summary":"Summary\n\nPlug Power is active in an attractive industry with huge growth tailwinds.\nIt serves low-ri","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Plug Power is active in an attractive industry with huge growth tailwinds.</li>  <li>It serves low-risk customers and has a strong position in its industry.</li>  <li>Shares are pricing in a lot of future growth, and investors should consider what actual per-share returns might look like before deploying money at current valuations.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fa1aea5535d99338f385c168062b218\" tg-width=\"1536\" tg-height=\"852\" referrerpolicy=\"no-referrer\"><span>Fokusiert/iStock via Getty Images</span></p><p><blockquote><ul><li>普拉格能源活跃在一个具有巨大增长动力的有吸引力的行业中。</li><li>它服务于低风险客户，在行业中拥有强大的地位。</li><li>股价反映了未来的大量增长，投资者在以当前估值配置资金之前应该考虑实际每股回报可能是什么样子。</li></ul><p class=\"t-img-caption\"><span>Fokusiert/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> Plug Power, Inc. (PLUG) is active in a high-growth industry, which translates into a strong long-term business growth outlook, as long as the company can capitalize on its goals and management executes well. The company is, however, not profitable yet, and the path to meaningful net profits holds some uncertainties still. Taking a longer-term view, we can expect that Plug Power will generate positive net profits despite the fact that shares are valuing the company at a relatively high current valuation. From a risk-reward standpoint, there may be better picks available, though, despite the fact that I believe that shares will trade materially higher in 2031.</p><p><blockquote>普拉格能源公司（PLUG）活跃于高增长行业，只要公司能够实现其目标并且管理层执行良好，这就意味着强劲的长期业务增长前景。然而，该公司尚未盈利，实现有意义的净利润的道路仍然存在一些不确定性。从更长远的角度来看，我们可以预计普拉格能源将产生正的净利润，尽管该公司目前的估值相对较高。不过，从风险回报的角度来看，可能有更好的选择，尽管我相信2031年股价将大幅走高。</blockquote></p><p> <b>Plug Power Stock Price</b></p><p><blockquote><b>普拉格能源股价</b></blockquote></p><p> Plug Power, Inc. has seen its share price move up and down violently over the last year:</p><p><blockquote>去年，普拉格能源公司的股价剧烈上下波动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d940297249151eddcccf6440d20ef031\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares trade 130% higher than 12 months ago, but at the same time, shares trade at just one-third of the all-time high today. In early 2021, shares exploded upwards at a time when other renewable/new energy and related stocks, including EV plays, benefited from massive investor enthusiasm. Since then, enthusiasm seems to have cooled, and shares have reverted back to the $20s. At current prices, Plug Power, Inc. is valued at $16 billion based on a diluted share count of a little less than 600 million. Analysts are pretty bullish on the stock right now, as the consensus price target of $41 implies an upside potential of around 50% from current prices throughout the next year. It should be noted, however, that the analyst consensus price target has been lowered in recent months, and may continue to be lowered going forward. Due to non-existent profits PLUG can't be valued on an earnings basis, but shares trade for around 30x this year's revenue, which is quite expensive.</p><p><blockquote>股价比12个月前上涨了130%，但与此同时，股价仅为今天历史高点的三分之一。2021年初，其他可再生能源/新能源及相关股票（包括电动汽车）受益于投资者的巨大热情，股价大幅上涨。此后，热情似乎有所降温，股价又回到了20多美元。按目前价格计算，普拉格能源公司的估值为160亿美元，稀释后的股票数量略低于6亿股。分析师目前非常看好该股，因为41美元的一致目标价意味着明年较当前价格有50%左右的上涨潜力。但值得注意的是，近几个月来分析师一致的目标价已被下调，并且未来可能会继续下调。由于不存在利润，PLUG无法以盈利为基础进行估值，但股价约为今年收入的30倍，这相当昂贵。</blockquote></p><p> <b>Plug Power Stock Prediction</b></p><p><blockquote><b>普拉格能源股票预测</b></blockquote></p><p> Plug Power, Inc. is active in an absolute growth industry, as hydrogen fuel cells will see huge demand growth in coming years as they allow for an environmentally friendly alternative to other fuels. Plug Power, as a turnkey provider in a market leadership position for this technology, is well-positioned to capitalize on this megatrend. Through a network of global partnerships, including with Brookfield Renewable Partners (BEP), Plug Power is working on growing the green hydrogen industryglobally:</p><p><blockquote>普拉格能源公司活跃在一个绝对增长的行业，因为氢燃料电池将在未来几年看到巨大的需求增长，因为它们允许作为其他燃料的环保替代品。普拉格能源作为该技术市场领先地位的交钥匙供应商，完全有能力利用这一大趋势。通过包括Brookfield Renewable Partners(BEP)在内的全球合作伙伴网络，普拉格能源正在致力于在全球范围内发展绿色氢产业：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/91a8e3b57882e429c9eace431bd1f541\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Plug Power presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：普拉格能源演示</span></p></blockquote></p><p> Plug Power's green hydrogen can be used for powering trucks, busses, and other vehicles, while the company is also providing environmentally friendly alternatives to diesel generators in the megawatt scale range that can be used by utilities, for example. The company is, on top of that, also working on other ventures that are not ready to be commercialized yet, such as powering aircraft with hydrogen. Plug Power will have at least 5 hydrogen plants running in the US in 2024, i.e. three years from now, with more projects being in the pipeline both in the US and in overseas markets such as Europe.</p><p><blockquote>普拉格能源的绿色氢可用于为卡车、公共汽车和其他车辆提供动力，同时该公司还为公用事业公司使用的兆瓦级柴油发电机提供环保替代品。除此之外，该公司还致力于其他尚未准备好商业化的项目，例如用氢气为飞机提供动力。到2024年，即三年后，普拉格能源将在美国至少有5座制氢工厂投入运营，美国和欧洲等海外市场还有更多项目正在酝酿中。</blockquote></p><p> 80% of Plug Power's customers are what the company calls blue chip customers, which includes companies such as Amazon (AMZN). These companies are oftentimes highly inclined to improve their CO2 footprint in order to receive better ESG ratings, and at the same time, these are low-risk customers as their strong balance sheets and cash flows mean that the risk of liquidity or solvency issues is negligible. Overall, Plug Power thus works with attractive counterparts, and their financial firepower means that Plug Power is not forced to sell its products at bargain prices, which is why the company has been able to generate relatively attractive product gross margins in the 30s in recent quarters.</p><p><blockquote>普拉格能源80%的客户是该公司的评级蓝筹客户，其中包括亚马逊（AMZN）等公司。这些公司通常非常倾向于改善其二氧化碳足迹，以获得更好的ESG评级，同时，这些公司是低风险客户，因为其强劲的资产负债表和现金流意味着流动性或偿付能力问题的风险可以忽略不计。总体而言，普拉格能源因此与有吸引力的同行合作，他们的财务火力意味着普拉格能源不会被迫以便宜的价格出售其产品，这就是为什么该公司最近几个季度能够产生相对有吸引力的产品毛利率在30年代。</blockquote></p><p></p><p> Due to the still relatively small scale of the company, Plug Power is not profitable on a net basis or operating basis, however. The company's operating expenses, relative to the revenues that Plug Power generates, are still too high for now. This should, however, change over time, as operating leverage and improving product margins should allow Plug Power to grow gross profits relative to operating expenses, which will result in improving profitability. Analysts are currently predicting positive net profits for fiscal 2024, or three years from now. It would, of course, be better if Plug Power had hit that point already, but for long-term oriented investors, two more years of negative profits will not be a disaster.</p><p><blockquote>然而，由于公司规模仍然相对较小，普拉格能源在净利润或运营基础上均未盈利。相对于普拉格能源产生的收入，该公司的运营费用目前仍然过高。然而，这种情况应该会随着时间的推移而改变，因为运营杠杆和产品利润率的提高应该会使普拉格能源的毛利润相对于运营费用增长，从而提高盈利能力。分析师目前预测2024财年（即三年后）净利润为正。当然，如果普拉格能源已经达到了这一点，那就更好了，但对于注重长期的投资者来说，再有两年的负利润并不是一场灾难。</blockquote></p><p> When investing in a company such as Plug Power, the very near term is not too relevant, but what matters more is the longer-term potential of the company to grow its revenue and profits. Through the combination of ESG tailwinds, massive market growth, and its market leadership position, Plug Power seems to be well-positioned to grow its revenue for many years to come:</p><p><blockquote>在投资普拉格能源这样的公司时，短期并不太重要，但更重要的是公司收入和利润增长的长期潜力。通过ESG顺风、大规模市场增长及其市场领导地位的结合，普拉格能源似乎处于有利地位，可以在未来许多年增加收入：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d6f0576ba51f219d85b18d90ccaf6f4\" tg-width=\"640\" tg-height=\"628\" width=\"100%\" height=\"auto\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Analysts are currently predicting that revenues will grow at 50%+ a year over the next three years, while growth is forecasted to remain almost 30% through at least 2030, which equates to a highly attractive long-term growth outlook. There are, of course, no guarantees that this will indeed happen, as some risks to the business model remain. The company is not profitable yet, thus funding of future growth projects could theoretically become a problem. On top of that, it is possible that other players with deep pockets will try to disrupt the market or gain market share. The risk of that is, I believe, due to Plug Power's leadership position, not very large. But should the market become more competitive, non-profitable Plug Power might run into problems if it were to run into market share fights that could pressure margins.</p><p><blockquote>分析师目前预测，未来三年收入将以每年50%以上的速度增长，而至少到2030年，增长率预计将保持近30%，这相当于极具吸引力的长期增长前景。当然，不能保证这种情况确实会发生，因为商业模式的一些风险仍然存在。该公司尚未盈利，因此未来增长项目的资金理论上可能会成为一个问题。最重要的是，其他财力雄厚的参与者可能会试图扰乱市场或获得市场份额。我相信，由于普拉格能源的领导地位，这种风险并不是很大。但如果市场竞争变得更加激烈，非盈利的普拉格能源如果遭遇市场份额争夺战，可能会给利润率带来压力，可能会遇到问题。</blockquote></p><p> Some execution risks do thus remain for sure, and investors shouldn't see the above growth projections as crystal-clear forecasts that are infallible. Instead, however, the above predictions showcase what a base-case scenario could look like, and actual results might be better or worse than that. Overall, it can be said that the longer-term outlook for Plug Power's business is excellent, as the company should be able to grow at an attractive pace for many years to come, as investors, companies, and consumers put more and more emphasis on a smaller carbon footprint. Obvious growth prospects for an industry do not, however, automatically translate into share price gains. Those that bought shares of Cisco (CSCO) at the highs during the dot.com bubble, for example, are still in the red today, 22 years later, despite the massive growth the business has experienced in that time frame. Valuations should be considered as well, and Plug Power is far from cheap today.</p><p><blockquote>因此，一些执行风险确实仍然存在，投资者不应将上述增长预测视为绝对可靠的清晰预测。然而，相反，上述预测展示了基本情况可能是什么样子，实际结果可能比这更好或更差。总体而言，可以说普拉格能源业务的长期前景非常好，因为随着投资者、公司和消费者越来越重视更小的碳足迹，该公司应该能够在未来许多年以有吸引力的速度增长。然而，一个行业明显的增长前景并不会自动转化为股价上涨。例如，那些在互联网泡沫期间高位购买思科(CSCO)股票的公司，尽管该业务在此期间经历了巨大增长，但22年后的今天仍然处于亏损状态。估值也应该考虑，普拉格能源今天的价格远非便宜。</blockquote></p><p> <b>Plug Power Stock Forecast For 2030</b></p><p><blockquote><b>2030年普拉格能源股票预测</b></blockquote></p><p> Today, Plug Power is trading for around 32x this year's expected revenue. If that was an earnings multiple, the stock still wouldn't be especially cheap, relative to how the average company is valued. At more than 30x sales, shares do seem very expensive. When we consider PLUG's growth outlook over the coming decade, that is relativized to some degree, but I believe that shares are still trading above fair value.</p><p><blockquote>如今，普拉格能源的股价约为今年预期收入的32倍。如果这是市盈率，相对于公司的平均估值，该股仍然不会特别便宜。以超过30倍的销售额计算，股价确实看起来非常昂贵。当我们考虑PLUG未来十年的增长前景时，这在某种程度上是相对的，但我相信股价仍高于公允价值。</blockquote></p><p> If the analyst consensus estimate for 2030's revenues is correct, at $10.5 billion, then shares are trading at around 1.5x 2030's revenue right now. Many industrial names are trading for 1x to 2x this year's revenue right now, which indicates how much future growth is priced into PLUG's stock already. One can, of course, argue that PLUG's growth outlook in 2030 is likely still better than that of the average company today, as it seems very much possible for PLUG to grow at a double-digit rate well beyond 2030. But still, shares upside for PLUG's shares is not too great over the coming decade, I believe.</p><p><blockquote>如果分析师对2030年收入的一致估计是正确的，为105亿美元，那么目前股价的交易价格约为2030年收入的1.5倍。许多工业公司目前的交易价格是今年收入的1至2倍，这表明PLUG的股票已经反映了未来的增长。当然，人们可以说，PLUG在2030年的增长前景可能仍好于当今的普通公司，因为PLUG很有可能在2030年之后以两位数的速度增长。但我相信，PLUG股价在未来十年的上涨空间不会太大。</blockquote></p><p></p><p> If PLUG were to trade at a still relatively steep 3.5x revenue in 2030, this gets us to a market cap estimate of around $37billion, or roughly 2.3x as much as today. PLUG's share count will, however, not stay unchanged over the next decade, which is why returns on a per-share basis will be lower than that. If we assume that the share count climbs by just 2% a year, 2030's share count will stand at a little above 700 million. At a $37 billion market capitalization, each individual stock would then trade at around $53, which would mean a return of ~100% from today. On an annual basis, this would equate to returns of 8%. 8% annual returns are far from bad, but many things have to go right for that to happen -- PLUG has to execute well, deliver on growth projects, and avoid massive share issuance. When we also consider that this estimate requires a still rather high 3.5x sales multiple in 2030, then those returns are not great enough to warrant a buy rating, I believe. It would be different of 8% returns could come from a very de-risked blue chip with very low uncertainties, but that is not the case here. For reference, if PLUG executes well and hits growth estimates, but its shares trade for 2.5x sales in 2030, then the share price, assuming 2% annual dilution, would be $37, which would equate to just 4% annual returns. PLUG's share count has risen by around 50% over the last year alone, and even though I don't expect similar dilution in coming years, it is at least possible for PLUG's share count to rise by significantly more than 2% a year, which would pressure returns further.</p><p><blockquote>如果PLUG在2030年的交易收入仍然相对较高的3.5倍，那么我们的市值估计约为370亿美元，大约是今天的2.3倍。然而，PLUG的股票数量在未来十年不会保持不变，这就是为什么每股回报率将低于这一数字。如果我们假设股票数量每年仅增长2%，那么2030年的股票数量将略高于7亿股。在370亿美元的市值下，每只股票的交易价格约为53美元，这意味着从今天起的回报率约为100%。按年计算，这相当于8%的回报率。8%的年回报率远非坏事，但要实现这一目标，许多事情必须顺利进行——PLUG必须执行良好，交付增长项目，并避免大规模股票发行。当我们还考虑到这一估计需要2030年仍然相当高的3.5倍销售倍数时，我相信这些回报还不足以保证买入评级。8%的回报可能来自风险非常低、不确定性非常低的蓝筹股，但这里的情况并非如此。作为参考，如果PLUG执行良好并达到增长预期，但其股价在2030年的交易价格为销售额的2.5倍，那么假设年稀释2%，股价将为37美元，这相当于年回报率仅为4%。仅去年一年，PLUG的股票数量就增加了约50%，尽管我预计未来几年不会出现类似的稀释，但PLUG的股票数量至少有可能每年大幅增加2%以上，这将进一步给回报带来压力。</blockquote></p><p> Overall, I do not believe that investors will lose money with PLUG over the next decade or more. But I also do not believe that investors will see very attractive returns in that time frame, despite the fact that Plug Power's underlying business growth outlook is highly attractive. Shares are pricing in a lot of future growth already, and I believe that returns in the sub-10% range can also be generated through lower-risk investments, with less volatile stocks.</p><p><blockquote>总体而言，我不认为投资者在未来十年或更长时间内会因PLUG而亏损。但我也不相信投资者会在这段时间内看到非常有吸引力的回报，尽管普拉格能源的基本业务增长前景非常有吸引力。股票已经反映了未来的大量增长，我相信通过风险较低、股票波动性较小的投资也可以产生低于10%的回报。</blockquote></p><p> <b>Conclusion: Where Could Plug Power Be In 10 Years?</b></p><p><blockquote><b>结论：10年后普拉格能源会在哪里？</b></blockquote></p><p> One can't know that today, but we can make educated guesses. According to may scenarios laid out above, PLUG could trade at $37-$55 in 2030, factoring in another year of growth, we could end up at $40-$60 in 2031, I believe -- if many things go right. In case there are major hiccups with growth projects, or if the share count rises more than expected, these estimates may be too high.</p><p><blockquote>今天人们无法知道这一点，但我们可以做出有根据的猜测。根据上面列出的5月份情景，PLUG在2030年的交易价格可能为37-55美元，考虑到又一年的增长，我相信，如果很多事情进展顺利，我们在2031年的交易价格可能会达到40-60美元。如果增长项目出现重大问题，或者股票数量增长超过预期，这些估计可能会过高。</blockquote></p><p> Overall, I believe that there is considerable long-term upside potential for PLUG's shares, but expected returns in the mid-to-high-single digits range are not gigantic, and the same returns can be generated through more mature, less volatile investments with fewer uncertainties and less execution risk. I thus do think that PLUG is not a buy right here, even though I like the company's growth prospects and its position in an attractive industry.</p><p><blockquote>总体而言，我认为PLUG的股票有相当大的长期上涨潜力，但中高个位数范围的预期回报并不巨大，通过更成熟、波动性更小的投资可以产生相同的回报，不确定性更少，执行风险更小。因此，我确实认为PLUG在这里不值得买入，尽管我喜欢该公司的增长前景及其在有吸引力的行业中的地位。</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>Where Will Plug Power Be In 10 Years?<blockquote>10年后的普拉格能源会在哪里？</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\">\nWhere Will Plug Power Be In 10 Years?<blockquote>10年后的普拉格能源会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 08:48</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>Plug Power is active in an attractive industry with huge growth tailwinds.</li>  <li>It serves low-risk customers and has a strong position in its industry.</li>  <li>Shares are pricing in a lot of future growth, and investors should consider what actual per-share returns might look like before deploying money at current valuations.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fa1aea5535d99338f385c168062b218\" tg-width=\"1536\" tg-height=\"852\" referrerpolicy=\"no-referrer\"><span>Fokusiert/iStock via Getty Images</span></p><p><blockquote><ul><li>普拉格能源活跃在一个具有巨大增长动力的有吸引力的行业中。</li><li>它服务于低风险客户，在行业中拥有强大的地位。</li><li>股价反映了未来的大量增长，投资者在以当前估值配置资金之前应该考虑实际每股回报可能是什么样子。</li></ul><p class=\"t-img-caption\"><span>Fokusiert/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> Plug Power, Inc. (PLUG) is active in a high-growth industry, which translates into a strong long-term business growth outlook, as long as the company can capitalize on its goals and management executes well. The company is, however, not profitable yet, and the path to meaningful net profits holds some uncertainties still. Taking a longer-term view, we can expect that Plug Power will generate positive net profits despite the fact that shares are valuing the company at a relatively high current valuation. From a risk-reward standpoint, there may be better picks available, though, despite the fact that I believe that shares will trade materially higher in 2031.</p><p><blockquote>普拉格能源公司（PLUG）活跃于高增长行业，只要公司能够实现其目标并且管理层执行良好，这就意味着强劲的长期业务增长前景。然而，该公司尚未盈利，实现有意义的净利润的道路仍然存在一些不确定性。从更长远的角度来看，我们可以预计普拉格能源将产生正的净利润，尽管该公司目前的估值相对较高。不过，从风险回报的角度来看，可能有更好的选择，尽管我相信2031年股价将大幅走高。</blockquote></p><p> <b>Plug Power Stock Price</b></p><p><blockquote><b>普拉格能源股价</b></blockquote></p><p> Plug Power, Inc. has seen its share price move up and down violently over the last year:</p><p><blockquote>去年，普拉格能源公司的股价剧烈上下波动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d940297249151eddcccf6440d20ef031\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares trade 130% higher than 12 months ago, but at the same time, shares trade at just one-third of the all-time high today. In early 2021, shares exploded upwards at a time when other renewable/new energy and related stocks, including EV plays, benefited from massive investor enthusiasm. Since then, enthusiasm seems to have cooled, and shares have reverted back to the $20s. At current prices, Plug Power, Inc. is valued at $16 billion based on a diluted share count of a little less than 600 million. Analysts are pretty bullish on the stock right now, as the consensus price target of $41 implies an upside potential of around 50% from current prices throughout the next year. It should be noted, however, that the analyst consensus price target has been lowered in recent months, and may continue to be lowered going forward. Due to non-existent profits PLUG can't be valued on an earnings basis, but shares trade for around 30x this year's revenue, which is quite expensive.</p><p><blockquote>股价比12个月前上涨了130%，但与此同时，股价仅为今天历史高点的三分之一。2021年初，其他可再生能源/新能源及相关股票（包括电动汽车）受益于投资者的巨大热情，股价大幅上涨。此后，热情似乎有所降温，股价又回到了20多美元。按目前价格计算，普拉格能源公司的估值为160亿美元，稀释后的股票数量略低于6亿股。分析师目前非常看好该股，因为41美元的一致目标价意味着明年较当前价格有50%左右的上涨潜力。但值得注意的是，近几个月来分析师一致的目标价已被下调，并且未来可能会继续下调。由于不存在利润，PLUG无法以盈利为基础进行估值，但股价约为今年收入的30倍，这相当昂贵。</blockquote></p><p> <b>Plug Power Stock Prediction</b></p><p><blockquote><b>普拉格能源股票预测</b></blockquote></p><p> Plug Power, Inc. is active in an absolute growth industry, as hydrogen fuel cells will see huge demand growth in coming years as they allow for an environmentally friendly alternative to other fuels. Plug Power, as a turnkey provider in a market leadership position for this technology, is well-positioned to capitalize on this megatrend. Through a network of global partnerships, including with Brookfield Renewable Partners (BEP), Plug Power is working on growing the green hydrogen industryglobally:</p><p><blockquote>普拉格能源公司活跃在一个绝对增长的行业，因为氢燃料电池将在未来几年看到巨大的需求增长，因为它们允许作为其他燃料的环保替代品。普拉格能源作为该技术市场领先地位的交钥匙供应商，完全有能力利用这一大趋势。通过包括Brookfield Renewable Partners(BEP)在内的全球合作伙伴网络，普拉格能源正在致力于在全球范围内发展绿色氢产业：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/91a8e3b57882e429c9eace431bd1f541\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Plug Power presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：普拉格能源演示</span></p></blockquote></p><p> Plug Power's green hydrogen can be used for powering trucks, busses, and other vehicles, while the company is also providing environmentally friendly alternatives to diesel generators in the megawatt scale range that can be used by utilities, for example. The company is, on top of that, also working on other ventures that are not ready to be commercialized yet, such as powering aircraft with hydrogen. Plug Power will have at least 5 hydrogen plants running in the US in 2024, i.e. three years from now, with more projects being in the pipeline both in the US and in overseas markets such as Europe.</p><p><blockquote>普拉格能源的绿色氢可用于为卡车、公共汽车和其他车辆提供动力，同时该公司还为公用事业公司使用的兆瓦级柴油发电机提供环保替代品。除此之外，该公司还致力于其他尚未准备好商业化的项目，例如用氢气为飞机提供动力。到2024年，即三年后，普拉格能源将在美国至少有5座制氢工厂投入运营，美国和欧洲等海外市场还有更多项目正在酝酿中。</blockquote></p><p> 80% of Plug Power's customers are what the company calls blue chip customers, which includes companies such as Amazon (AMZN). These companies are oftentimes highly inclined to improve their CO2 footprint in order to receive better ESG ratings, and at the same time, these are low-risk customers as their strong balance sheets and cash flows mean that the risk of liquidity or solvency issues is negligible. Overall, Plug Power thus works with attractive counterparts, and their financial firepower means that Plug Power is not forced to sell its products at bargain prices, which is why the company has been able to generate relatively attractive product gross margins in the 30s in recent quarters.</p><p><blockquote>普拉格能源80%的客户是该公司的评级蓝筹客户，其中包括亚马逊（AMZN）等公司。这些公司通常非常倾向于改善其二氧化碳足迹，以获得更好的ESG评级，同时，这些公司是低风险客户，因为其强劲的资产负债表和现金流意味着流动性或偿付能力问题的风险可以忽略不计。总体而言，普拉格能源因此与有吸引力的同行合作，他们的财务火力意味着普拉格能源不会被迫以便宜的价格出售其产品，这就是为什么该公司最近几个季度能够产生相对有吸引力的产品毛利率在30年代。</blockquote></p><p></p><p> Due to the still relatively small scale of the company, Plug Power is not profitable on a net basis or operating basis, however. The company's operating expenses, relative to the revenues that Plug Power generates, are still too high for now. This should, however, change over time, as operating leverage and improving product margins should allow Plug Power to grow gross profits relative to operating expenses, which will result in improving profitability. Analysts are currently predicting positive net profits for fiscal 2024, or three years from now. It would, of course, be better if Plug Power had hit that point already, but for long-term oriented investors, two more years of negative profits will not be a disaster.</p><p><blockquote>然而，由于公司规模仍然相对较小，普拉格能源在净利润或运营基础上均未盈利。相对于普拉格能源产生的收入，该公司的运营费用目前仍然过高。然而，这种情况应该会随着时间的推移而改变，因为运营杠杆和产品利润率的提高应该会使普拉格能源的毛利润相对于运营费用增长，从而提高盈利能力。分析师目前预测2024财年（即三年后）净利润为正。当然，如果普拉格能源已经达到了这一点，那就更好了，但对于注重长期的投资者来说，再有两年的负利润并不是一场灾难。</blockquote></p><p> When investing in a company such as Plug Power, the very near term is not too relevant, but what matters more is the longer-term potential of the company to grow its revenue and profits. Through the combination of ESG tailwinds, massive market growth, and its market leadership position, Plug Power seems to be well-positioned to grow its revenue for many years to come:</p><p><blockquote>在投资普拉格能源这样的公司时，短期并不太重要，但更重要的是公司收入和利润增长的长期潜力。通过ESG顺风、大规模市场增长及其市场领导地位的结合，普拉格能源似乎处于有利地位，可以在未来许多年增加收入：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d6f0576ba51f219d85b18d90ccaf6f4\" tg-width=\"640\" tg-height=\"628\" width=\"100%\" height=\"auto\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Analysts are currently predicting that revenues will grow at 50%+ a year over the next three years, while growth is forecasted to remain almost 30% through at least 2030, which equates to a highly attractive long-term growth outlook. There are, of course, no guarantees that this will indeed happen, as some risks to the business model remain. The company is not profitable yet, thus funding of future growth projects could theoretically become a problem. On top of that, it is possible that other players with deep pockets will try to disrupt the market or gain market share. The risk of that is, I believe, due to Plug Power's leadership position, not very large. But should the market become more competitive, non-profitable Plug Power might run into problems if it were to run into market share fights that could pressure margins.</p><p><blockquote>分析师目前预测，未来三年收入将以每年50%以上的速度增长，而至少到2030年，增长率预计将保持近30%，这相当于极具吸引力的长期增长前景。当然，不能保证这种情况确实会发生，因为商业模式的一些风险仍然存在。该公司尚未盈利，因此未来增长项目的资金理论上可能会成为一个问题。最重要的是，其他财力雄厚的参与者可能会试图扰乱市场或获得市场份额。我相信，由于普拉格能源的领导地位，这种风险并不是很大。但如果市场竞争变得更加激烈，非盈利的普拉格能源如果遭遇市场份额争夺战，可能会给利润率带来压力，可能会遇到问题。</blockquote></p><p> Some execution risks do thus remain for sure, and investors shouldn't see the above growth projections as crystal-clear forecasts that are infallible. Instead, however, the above predictions showcase what a base-case scenario could look like, and actual results might be better or worse than that. Overall, it can be said that the longer-term outlook for Plug Power's business is excellent, as the company should be able to grow at an attractive pace for many years to come, as investors, companies, and consumers put more and more emphasis on a smaller carbon footprint. Obvious growth prospects for an industry do not, however, automatically translate into share price gains. Those that bought shares of Cisco (CSCO) at the highs during the dot.com bubble, for example, are still in the red today, 22 years later, despite the massive growth the business has experienced in that time frame. Valuations should be considered as well, and Plug Power is far from cheap today.</p><p><blockquote>因此，一些执行风险确实仍然存在，投资者不应将上述增长预测视为绝对可靠的清晰预测。然而，相反，上述预测展示了基本情况可能是什么样子，实际结果可能比这更好或更差。总体而言，可以说普拉格能源业务的长期前景非常好，因为随着投资者、公司和消费者越来越重视更小的碳足迹，该公司应该能够在未来许多年以有吸引力的速度增长。然而，一个行业明显的增长前景并不会自动转化为股价上涨。例如，那些在互联网泡沫期间高位购买思科(CSCO)股票的公司，尽管该业务在此期间经历了巨大增长，但22年后的今天仍然处于亏损状态。估值也应该考虑，普拉格能源今天的价格远非便宜。</blockquote></p><p> <b>Plug Power Stock Forecast For 2030</b></p><p><blockquote><b>2030年普拉格能源股票预测</b></blockquote></p><p> Today, Plug Power is trading for around 32x this year's expected revenue. If that was an earnings multiple, the stock still wouldn't be especially cheap, relative to how the average company is valued. At more than 30x sales, shares do seem very expensive. When we consider PLUG's growth outlook over the coming decade, that is relativized to some degree, but I believe that shares are still trading above fair value.</p><p><blockquote>如今，普拉格能源的股价约为今年预期收入的32倍。如果这是市盈率，相对于公司的平均估值，该股仍然不会特别便宜。以超过30倍的销售额计算，股价确实看起来非常昂贵。当我们考虑PLUG未来十年的增长前景时，这在某种程度上是相对的，但我相信股价仍高于公允价值。</blockquote></p><p> If the analyst consensus estimate for 2030's revenues is correct, at $10.5 billion, then shares are trading at around 1.5x 2030's revenue right now. Many industrial names are trading for 1x to 2x this year's revenue right now, which indicates how much future growth is priced into PLUG's stock already. One can, of course, argue that PLUG's growth outlook in 2030 is likely still better than that of the average company today, as it seems very much possible for PLUG to grow at a double-digit rate well beyond 2030. But still, shares upside for PLUG's shares is not too great over the coming decade, I believe.</p><p><blockquote>如果分析师对2030年收入的一致估计是正确的，为105亿美元，那么目前股价的交易价格约为2030年收入的1.5倍。许多工业公司目前的交易价格是今年收入的1至2倍，这表明PLUG的股票已经反映了未来的增长。当然，人们可以说，PLUG在2030年的增长前景可能仍好于当今的普通公司，因为PLUG很有可能在2030年之后以两位数的速度增长。但我相信，PLUG股价在未来十年的上涨空间不会太大。</blockquote></p><p></p><p> If PLUG were to trade at a still relatively steep 3.5x revenue in 2030, this gets us to a market cap estimate of around $37billion, or roughly 2.3x as much as today. PLUG's share count will, however, not stay unchanged over the next decade, which is why returns on a per-share basis will be lower than that. If we assume that the share count climbs by just 2% a year, 2030's share count will stand at a little above 700 million. At a $37 billion market capitalization, each individual stock would then trade at around $53, which would mean a return of ~100% from today. On an annual basis, this would equate to returns of 8%. 8% annual returns are far from bad, but many things have to go right for that to happen -- PLUG has to execute well, deliver on growth projects, and avoid massive share issuance. When we also consider that this estimate requires a still rather high 3.5x sales multiple in 2030, then those returns are not great enough to warrant a buy rating, I believe. It would be different of 8% returns could come from a very de-risked blue chip with very low uncertainties, but that is not the case here. For reference, if PLUG executes well and hits growth estimates, but its shares trade for 2.5x sales in 2030, then the share price, assuming 2% annual dilution, would be $37, which would equate to just 4% annual returns. PLUG's share count has risen by around 50% over the last year alone, and even though I don't expect similar dilution in coming years, it is at least possible for PLUG's share count to rise by significantly more than 2% a year, which would pressure returns further.</p><p><blockquote>如果PLUG在2030年的交易收入仍然相对较高的3.5倍，那么我们的市值估计约为370亿美元，大约是今天的2.3倍。然而，PLUG的股票数量在未来十年不会保持不变，这就是为什么每股回报率将低于这一数字。如果我们假设股票数量每年仅增长2%，那么2030年的股票数量将略高于7亿股。在370亿美元的市值下，每只股票的交易价格约为53美元，这意味着从今天起的回报率约为100%。按年计算，这相当于8%的回报率。8%的年回报率远非坏事，但要实现这一目标，许多事情必须顺利进行——PLUG必须执行良好，交付增长项目，并避免大规模股票发行。当我们还考虑到这一估计需要2030年仍然相当高的3.5倍销售倍数时，我相信这些回报还不足以保证买入评级。8%的回报可能来自风险非常低、不确定性非常低的蓝筹股，但这里的情况并非如此。作为参考，如果PLUG执行良好并达到增长预期，但其股价在2030年的交易价格为销售额的2.5倍，那么假设年稀释2%，股价将为37美元，这相当于年回报率仅为4%。仅去年一年，PLUG的股票数量就增加了约50%，尽管我预计未来几年不会出现类似的稀释，但PLUG的股票数量至少有可能每年大幅增加2%以上，这将进一步给回报带来压力。</blockquote></p><p> Overall, I do not believe that investors will lose money with PLUG over the next decade or more. But I also do not believe that investors will see very attractive returns in that time frame, despite the fact that Plug Power's underlying business growth outlook is highly attractive. Shares are pricing in a lot of future growth already, and I believe that returns in the sub-10% range can also be generated through lower-risk investments, with less volatile stocks.</p><p><blockquote>总体而言，我不认为投资者在未来十年或更长时间内会因PLUG而亏损。但我也不相信投资者会在这段时间内看到非常有吸引力的回报，尽管普拉格能源的基本业务增长前景非常有吸引力。股票已经反映了未来的大量增长，我相信通过风险较低、股票波动性较小的投资也可以产生低于10%的回报。</blockquote></p><p> <b>Conclusion: Where Could Plug Power Be In 10 Years?</b></p><p><blockquote><b>结论：10年后普拉格能源会在哪里？</b></blockquote></p><p> One can't know that today, but we can make educated guesses. According to may scenarios laid out above, PLUG could trade at $37-$55 in 2030, factoring in another year of growth, we could end up at $40-$60 in 2031, I believe -- if many things go right. In case there are major hiccups with growth projects, or if the share count rises more than expected, these estimates may be too high.</p><p><blockquote>今天人们无法知道这一点，但我们可以做出有根据的猜测。根据上面列出的5月份情景，PLUG在2030年的交易价格可能为37-55美元，考虑到又一年的增长，我相信，如果很多事情进展顺利，我们在2031年的交易价格可能会达到40-60美元。如果增长项目出现重大问题，或者股票数量增长超过预期，这些估计可能会过高。</blockquote></p><p> Overall, I believe that there is considerable long-term upside potential for PLUG's shares, but expected returns in the mid-to-high-single digits range are not gigantic, and the same returns can be generated through more mature, less volatile investments with fewer uncertainties and less execution risk. I thus do think that PLUG is not a buy right here, even though I like the company's growth prospects and its position in an attractive industry.</p><p><blockquote>总体而言，我认为PLUG的股票有相当大的长期上涨潜力，但中高个位数范围的预期回报并不巨大，通过更成熟、波动性更小的投资可以产生相同的回报，不确定性更少，执行风险更小。因此，我确实认为PLUG在这里不值得买入，尽管我喜欢该公司的增长前景及其在有吸引力的行业中的地位。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449266-plug-power-stock-in-10-years\">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":{"PLUG":"普拉格能源"},"source_url":"https://seekingalpha.com/article/4449266-plug-power-stock-in-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133270372","content_text":"Summary\n\nPlug Power is active in an attractive industry with huge growth tailwinds.\nIt serves low-risk customers and has a strong position in its industry.\nShares are pricing in a lot of future growth, and investors should consider what actual per-share returns might look like before deploying money at current valuations.\n\nFokusiert/iStock via Getty Images\nArticle Thesis\nPlug Power, Inc. (PLUG) is active in a high-growth industry, which translates into a strong long-term business growth outlook, as long as the company can capitalize on its goals and management executes well. The company is, however, not profitable yet, and the path to meaningful net profits holds some uncertainties still. Taking a longer-term view, we can expect that Plug Power will generate positive net profits despite the fact that shares are valuing the company at a relatively high current valuation. From a risk-reward standpoint, there may be better picks available, though, despite the fact that I believe that shares will trade materially higher in 2031.\nPlug Power Stock Price\nPlug Power, Inc. has seen its share price move up and down violently over the last year:\nData by YCharts\nShares trade 130% higher than 12 months ago, but at the same time, shares trade at just one-third of the all-time high today. In early 2021, shares exploded upwards at a time when other renewable/new energy and related stocks, including EV plays, benefited from massive investor enthusiasm. Since then, enthusiasm seems to have cooled, and shares have reverted back to the $20s. At current prices, Plug Power, Inc. is valued at $16 billion based on a diluted share count of a little less than 600 million. Analysts are pretty bullish on the stock right now, as the consensus price target of $41 implies an upside potential of around 50% from current prices throughout the next year. It should be noted, however, that the analyst consensus price target has been lowered in recent months, and may continue to be lowered going forward. Due to non-existent profits PLUG can't be valued on an earnings basis, but shares trade for around 30x this year's revenue, which is quite expensive.\nPlug Power Stock Prediction\nPlug Power, Inc. is active in an absolute growth industry, as hydrogen fuel cells will see huge demand growth in coming years as they allow for an environmentally friendly alternative to other fuels. Plug Power, as a turnkey provider in a market leadership position for this technology, is well-positioned to capitalize on this megatrend. Through a network of global partnerships, including with Brookfield Renewable Partners (BEP), Plug Power is working on growing the green hydrogen industryglobally:\nSource: Plug Power presentation\nPlug Power's green hydrogen can be used for powering trucks, busses, and other vehicles, while the company is also providing environmentally friendly alternatives to diesel generators in the megawatt scale range that can be used by utilities, for example. The company is, on top of that, also working on other ventures that are not ready to be commercialized yet, such as powering aircraft with hydrogen. Plug Power will have at least 5 hydrogen plants running in the US in 2024, i.e. three years from now, with more projects being in the pipeline both in the US and in overseas markets such as Europe.\n80% of Plug Power's customers are what the company calls blue chip customers, which includes companies such as Amazon (AMZN). These companies are oftentimes highly inclined to improve their CO2 footprint in order to receive better ESG ratings, and at the same time, these are low-risk customers as their strong balance sheets and cash flows mean that the risk of liquidity or solvency issues is negligible. Overall, Plug Power thus works with attractive counterparts, and their financial firepower means that Plug Power is not forced to sell its products at bargain prices, which is why the company has been able to generate relatively attractive product gross margins in the 30s in recent quarters.\nDue to the still relatively small scale of the company, Plug Power is not profitable on a net basis or operating basis, however. The company's operating expenses, relative to the revenues that Plug Power generates, are still too high for now. This should, however, change over time, as operating leverage and improving product margins should allow Plug Power to grow gross profits relative to operating expenses, which will result in improving profitability. Analysts are currently predicting positive net profits for fiscal 2024, or three years from now. It would, of course, be better if Plug Power had hit that point already, but for long-term oriented investors, two more years of negative profits will not be a disaster.\nWhen investing in a company such as Plug Power, the very near term is not too relevant, but what matters more is the longer-term potential of the company to grow its revenue and profits. Through the combination of ESG tailwinds, massive market growth, and its market leadership position, Plug Power seems to be well-positioned to grow its revenue for many years to come:\nSource:Seeking Alpha\nAnalysts are currently predicting that revenues will grow at 50%+ a year over the next three years, while growth is forecasted to remain almost 30% through at least 2030, which equates to a highly attractive long-term growth outlook. There are, of course, no guarantees that this will indeed happen, as some risks to the business model remain. The company is not profitable yet, thus funding of future growth projects could theoretically become a problem. On top of that, it is possible that other players with deep pockets will try to disrupt the market or gain market share. The risk of that is, I believe, due to Plug Power's leadership position, not very large. But should the market become more competitive, non-profitable Plug Power might run into problems if it were to run into market share fights that could pressure margins.\nSome execution risks do thus remain for sure, and investors shouldn't see the above growth projections as crystal-clear forecasts that are infallible. Instead, however, the above predictions showcase what a base-case scenario could look like, and actual results might be better or worse than that. Overall, it can be said that the longer-term outlook for Plug Power's business is excellent, as the company should be able to grow at an attractive pace for many years to come, as investors, companies, and consumers put more and more emphasis on a smaller carbon footprint. Obvious growth prospects for an industry do not, however, automatically translate into share price gains. Those that bought shares of Cisco (CSCO) at the highs during the dot.com bubble, for example, are still in the red today, 22 years later, despite the massive growth the business has experienced in that time frame. Valuations should be considered as well, and Plug Power is far from cheap today.\nPlug Power Stock Forecast For 2030\nToday, Plug Power is trading for around 32x this year's expected revenue. If that was an earnings multiple, the stock still wouldn't be especially cheap, relative to how the average company is valued. At more than 30x sales, shares do seem very expensive. When we consider PLUG's growth outlook over the coming decade, that is relativized to some degree, but I believe that shares are still trading above fair value.\nIf the analyst consensus estimate for 2030's revenues is correct, at $10.5 billion, then shares are trading at around 1.5x 2030's revenue right now. Many industrial names are trading for 1x to 2x this year's revenue right now, which indicates how much future growth is priced into PLUG's stock already. One can, of course, argue that PLUG's growth outlook in 2030 is likely still better than that of the average company today, as it seems very much possible for PLUG to grow at a double-digit rate well beyond 2030. But still, shares upside for PLUG's shares is not too great over the coming decade, I believe.\nIf PLUG were to trade at a still relatively steep 3.5x revenue in 2030, this gets us to a market cap estimate of around $37billion, or roughly 2.3x as much as today. PLUG's share count will, however, not stay unchanged over the next decade, which is why returns on a per-share basis will be lower than that. If we assume that the share count climbs by just 2% a year, 2030's share count will stand at a little above 700 million. At a $37 billion market capitalization, each individual stock would then trade at around $53, which would mean a return of ~100% from today. On an annual basis, this would equate to returns of 8%. 8% annual returns are far from bad, but many things have to go right for that to happen -- PLUG has to execute well, deliver on growth projects, and avoid massive share issuance. When we also consider that this estimate requires a still rather high 3.5x sales multiple in 2030, then those returns are not great enough to warrant a buy rating, I believe. It would be different of 8% returns could come from a very de-risked blue chip with very low uncertainties, but that is not the case here. For reference, if PLUG executes well and hits growth estimates, but its shares trade for 2.5x sales in 2030, then the share price, assuming 2% annual dilution, would be $37, which would equate to just 4% annual returns. PLUG's share count has risen by around 50% over the last year alone, and even though I don't expect similar dilution in coming years, it is at least possible for PLUG's share count to rise by significantly more than 2% a year, which would pressure returns further.\nOverall, I do not believe that investors will lose money with PLUG over the next decade or more. But I also do not believe that investors will see very attractive returns in that time frame, despite the fact that Plug Power's underlying business growth outlook is highly attractive. Shares are pricing in a lot of future growth already, and I believe that returns in the sub-10% range can also be generated through lower-risk investments, with less volatile stocks.\nConclusion: Where Could Plug Power Be In 10 Years?\nOne can't know that today, but we can make educated guesses. According to may scenarios laid out above, PLUG could trade at $37-$55 in 2030, factoring in another year of growth, we could end up at $40-$60 in 2031, I believe -- if many things go right. In case there are major hiccups with growth projects, or if the share count rises more than expected, these estimates may be too high.\nOverall, I believe that there is considerable long-term upside potential for PLUG's shares, but expected returns in the mid-to-high-single digits range are not gigantic, and the same returns can be generated through more mature, less volatile investments with fewer uncertainties and less execution risk. I thus do think that PLUG is not a buy right here, even though I like the company's growth prospects and its position in an attractive industry.","news_type":1,"symbols_score_info":{"PLUG":0.9}},"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897375264,"gmtCreate":1628896613758,"gmtModify":1633688750215,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Too early to judge?","listText":"Too early to judge?","text":"Too early to judge?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897375264","repostId":"2159181002","repostType":4,"repost":{"id":"2159181002","kind":"highlight","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":1628867853,"share":"https://www.laohu8.com/m/news/2159181002?lang=zh_CN&edition=full","pubTime":"2021-08-13 23:17","market":"us","language":"en","title":"What's Going On With Airbnb's Stock Today?<blockquote>今天爱彼迎的股票怎么样了？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159181002","media":"Benzinga","summary":"Airbnb Inc (NASDAQ: ABNB) is trading lower Friday after the company reported better-than-expected second-quarter financial results, but warned that it expects COVID-19 variants to continue to affect overall travel behavior.","content":"<p><b>Airbnb Inc</b> (NASDAQ:ABNB) is trading lower Friday after the company reported better-than-expected second-quarter financial results, but warned that it expects COVID-19 variants to continue to affect overall travel behavior.</p><p><blockquote><b>爱彼迎公司</b>（纳斯达克：ABNB）周五股价走低，此前该公司公布了好于预期的第二季度财务业绩，但警告称，预计COVID-19变种将继续影响整体旅行行为。</blockquote></p><p> Airbnb reported a quarterly earnings loss of 11 cents per share, which beat the estimate for a loss of 48 cents per share. The company reported quarterly revenue of $1.33 billion, which beat the estimate of $1.23 billion.</p><p><blockquote>爱彼迎公布季度盈利每股亏损11美分，超出预期的每股亏损48美分。该公司公布季度营收为13.3亿美元，超出预期的12.3亿美元。</blockquote></p><p> Airbnb said it's&nbsp;well positioned for the continued travel recovery, however the company&nbsp;noted that it's anticipating&nbsp;COVID-19 variants&nbsp;to cause volatility in bookings.</p><p><blockquote>爱彼迎表示，该公司已为旅游业的持续复苏做好了充分准备，但该公司指出，预计COVID-19变种将导致预订量波动。</blockquote></p><p> \"In the near term, we anticipate that the impact of COVID-19 and the introduction and spread of new variants of the virus, including the Delta variant, will continue to affect overall travel behavior, including how often and when guests book and cancel,\" Airbnb said in a letter to shareholders.</p><p><blockquote>“在短期内，我们预计COVID-19的影响以及包括德尔塔变异毒株在内的病毒新变种的引入和传播将继续影响整体旅行行为，包括客人预订和取消的频率和时间，”爱彼迎在致股东的信中表示。</blockquote></p><p> <b>Analyst Assessment:&nbsp;</b>Needham analyst Bernie McTernan maintained&nbsp;Airbnb with a Buy rating and raised&nbsp;the price target from&nbsp;$194&nbsp;to&nbsp;$200.</p><p><blockquote><b>分析员评估：</b>Needham分析师Bernie McTernan维持爱彼迎买入评级，并将目标价从194美元上调至200美元。</blockquote></p><p> JMP Securities analyst Ronald Josey maintained&nbsp;Airbnb with an Outperform rating and lowered&nbsp;the price target from&nbsp;$190&nbsp;to&nbsp;$180.</p><p><blockquote>JMP证券分析师Ronald Josey维持爱彼迎跑赢大盘评级，并将目标价从190美元下调至180美元。</blockquote></p><p> Credit Suisse analyst Stephen Ju maintained&nbsp;Airbnb with a Neutral rating and raised&nbsp;the price target from&nbsp;$164&nbsp;to&nbsp;$167.</p><p><blockquote>瑞信分析师Stephen Ju维持爱彼迎中性评级，并将目标价从164美元上调至167美元。</blockquote></p><p> Wells Fargo analyst Brian Fitzgerald maintains Airbnb&nbsp;with an Overweight rating and raised&nbsp;the price target from&nbsp;$200&nbsp;to&nbsp;$210.</p><p><blockquote>富国银行分析师Brian Fitzgerald维持Airbnb跑赢大盘评级，并将目标价从200美元上调至210美元。</blockquote></p><p> <b>Price Action: </b>Airbnb has traded as high as $219.94 and as low as $121.50 since its IPO in December.</p><p><blockquote><b>价格走势：</b>自去年12月IPO以来，爱彼迎的交易价格最高为219.94美元，最低为121.50美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What's Going On With Airbnb's Stock Today?<blockquote>今天爱彼迎的股票怎么样了？</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat's Going On With Airbnb's Stock Today?<blockquote>今天爱彼迎的股票怎么样了？</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\">2021-08-13 23:17</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Airbnb Inc</b> (NASDAQ:ABNB) is trading lower Friday after the company reported better-than-expected second-quarter financial results, but warned that it expects COVID-19 variants to continue to affect overall travel behavior.</p><p><blockquote><b>爱彼迎公司</b>（纳斯达克：ABNB）周五股价走低，此前该公司公布了好于预期的第二季度财务业绩，但警告称，预计COVID-19变种将继续影响整体旅行行为。</blockquote></p><p> Airbnb reported a quarterly earnings loss of 11 cents per share, which beat the estimate for a loss of 48 cents per share. The company reported quarterly revenue of $1.33 billion, which beat the estimate of $1.23 billion.</p><p><blockquote>爱彼迎公布季度盈利每股亏损11美分，超出预期的每股亏损48美分。该公司公布季度营收为13.3亿美元，超出预期的12.3亿美元。</blockquote></p><p> Airbnb said it's&nbsp;well positioned for the continued travel recovery, however the company&nbsp;noted that it's anticipating&nbsp;COVID-19 variants&nbsp;to cause volatility in bookings.</p><p><blockquote>爱彼迎表示，该公司已为旅游业的持续复苏做好了充分准备，但该公司指出，预计COVID-19变种将导致预订量波动。</blockquote></p><p> \"In the near term, we anticipate that the impact of COVID-19 and the introduction and spread of new variants of the virus, including the Delta variant, will continue to affect overall travel behavior, including how often and when guests book and cancel,\" Airbnb said in a letter to shareholders.</p><p><blockquote>“在短期内，我们预计COVID-19的影响以及包括德尔塔变异毒株在内的病毒新变种的引入和传播将继续影响整体旅行行为，包括客人预订和取消的频率和时间，”爱彼迎在致股东的信中表示。</blockquote></p><p> <b>Analyst Assessment:&nbsp;</b>Needham analyst Bernie McTernan maintained&nbsp;Airbnb with a Buy rating and raised&nbsp;the price target from&nbsp;$194&nbsp;to&nbsp;$200.</p><p><blockquote><b>分析员评估：</b>Needham分析师Bernie McTernan维持爱彼迎买入评级，并将目标价从194美元上调至200美元。</blockquote></p><p> JMP Securities analyst Ronald Josey maintained&nbsp;Airbnb with an Outperform rating and lowered&nbsp;the price target from&nbsp;$190&nbsp;to&nbsp;$180.</p><p><blockquote>JMP证券分析师Ronald Josey维持爱彼迎跑赢大盘评级，并将目标价从190美元下调至180美元。</blockquote></p><p> Credit Suisse analyst Stephen Ju maintained&nbsp;Airbnb with a Neutral rating and raised&nbsp;the price target from&nbsp;$164&nbsp;to&nbsp;$167.</p><p><blockquote>瑞信分析师Stephen Ju维持爱彼迎中性评级，并将目标价从164美元上调至167美元。</blockquote></p><p> Wells Fargo analyst Brian Fitzgerald maintains Airbnb&nbsp;with an Overweight rating and raised&nbsp;the price target from&nbsp;$200&nbsp;to&nbsp;$210.</p><p><blockquote>富国银行分析师Brian Fitzgerald维持Airbnb跑赢大盘评级，并将目标价从200美元上调至210美元。</blockquote></p><p> <b>Price Action: </b>Airbnb has traded as high as $219.94 and as low as $121.50 since its IPO in December.</p><p><blockquote><b>价格走势：</b>自去年12月IPO以来，爱彼迎的交易价格最高为219.94美元，最低为121.50美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159181002","content_text":"Airbnb Inc (NASDAQ:ABNB) is trading lower Friday after the company reported better-than-expected second-quarter financial results, but warned that it expects COVID-19 variants to continue to affect overall travel behavior.\nAirbnb reported a quarterly earnings loss of 11 cents per share, which beat the estimate for a loss of 48 cents per share. The company reported quarterly revenue of $1.33 billion, which beat the estimate of $1.23 billion.\nAirbnb said it's well positioned for the continued travel recovery, however the company noted that it's anticipating COVID-19 variants to cause volatility in bookings.\n\"In the near term, we anticipate that the impact of COVID-19 and the introduction and spread of new variants of the virus, including the Delta variant, will continue to affect overall travel behavior, including how often and when guests book and cancel,\" Airbnb said in a letter to shareholders.\nAnalyst Assessment: Needham analyst Bernie McTernan maintained Airbnb with a Buy rating and raised the price target from $194 to $200.\nJMP Securities analyst Ronald Josey maintained Airbnb with an Outperform rating and lowered the price target from $190 to $180.\nCredit Suisse analyst Stephen Ju maintained Airbnb with a Neutral rating and raised the price target from $164 to $167.\nWells Fargo analyst Brian Fitzgerald maintains Airbnb with an Overweight rating and raised the price target from $200 to $210.\nPrice Action: Airbnb has traded as high as $219.94 and as low as $121.50 since its IPO in December.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":1145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897372358,"gmtCreate":1628896534474,"gmtModify":1633688751520,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Good things ahead!","listText":"Good things ahead!","text":"Good things ahead!","images":[{"img":"https://static.tigerbbs.com/df2d276fd7ba56bfa1058f3f21ae2c0c","width":"1125","height":"3974"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897372358","isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":894354042,"gmtCreate":1628808348786,"gmtModify":1633689418792,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Buy and hold!","listText":"Buy and hold!","text":"Buy and hold!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/894354042","repostId":"2158189268","repostType":4,"isVote":1,"tweetType":1,"viewCount":571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":894354042,"gmtCreate":1628808348786,"gmtModify":1633689418792,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Buy and hold!","listText":"Buy and hold!","text":"Buy and hold!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/894354042","repostId":"2158189268","repostType":4,"isVote":1,"tweetType":1,"viewCount":571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897727578,"gmtCreate":1628989049394,"gmtModify":1633688190180,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897727578","repostId":"1133270372","repostType":4,"repost":{"id":"1133270372","kind":"news","pubTimestamp":1628988501,"share":"https://www.laohu8.com/m/news/1133270372?lang=zh_CN&edition=full","pubTime":"2021-08-15 08:48","market":"us","language":"en","title":"Where Will Plug Power Be In 10 Years?<blockquote>10年后的普拉格能源会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133270372","media":"seekingalpha","summary":"Summary\n\nPlug Power is active in an attractive industry with huge growth tailwinds.\nIt serves low-ri","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Plug Power is active in an attractive industry with huge growth tailwinds.</li>  <li>It serves low-risk customers and has a strong position in its industry.</li>  <li>Shares are pricing in a lot of future growth, and investors should consider what actual per-share returns might look like before deploying money at current valuations.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fa1aea5535d99338f385c168062b218\" tg-width=\"1536\" tg-height=\"852\" referrerpolicy=\"no-referrer\"><span>Fokusiert/iStock via Getty Images</span></p><p><blockquote><ul><li>普拉格能源活跃在一个具有巨大增长动力的有吸引力的行业中。</li><li>它服务于低风险客户，在行业中拥有强大的地位。</li><li>股价反映了未来的大量增长，投资者在以当前估值配置资金之前应该考虑实际每股回报可能是什么样子。</li></ul><p class=\"t-img-caption\"><span>Fokusiert/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> Plug Power, Inc. (PLUG) is active in a high-growth industry, which translates into a strong long-term business growth outlook, as long as the company can capitalize on its goals and management executes well. The company is, however, not profitable yet, and the path to meaningful net profits holds some uncertainties still. Taking a longer-term view, we can expect that Plug Power will generate positive net profits despite the fact that shares are valuing the company at a relatively high current valuation. From a risk-reward standpoint, there may be better picks available, though, despite the fact that I believe that shares will trade materially higher in 2031.</p><p><blockquote>普拉格能源公司（PLUG）活跃于高增长行业，只要公司能够实现其目标并且管理层执行良好，这就意味着强劲的长期业务增长前景。然而，该公司尚未盈利，实现有意义的净利润的道路仍然存在一些不确定性。从更长远的角度来看，我们可以预计普拉格能源将产生正的净利润，尽管该公司目前的估值相对较高。不过，从风险回报的角度来看，可能有更好的选择，尽管我相信2031年股价将大幅走高。</blockquote></p><p> <b>Plug Power Stock Price</b></p><p><blockquote><b>普拉格能源股价</b></blockquote></p><p> Plug Power, Inc. has seen its share price move up and down violently over the last year:</p><p><blockquote>去年，普拉格能源公司的股价剧烈上下波动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d940297249151eddcccf6440d20ef031\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares trade 130% higher than 12 months ago, but at the same time, shares trade at just one-third of the all-time high today. In early 2021, shares exploded upwards at a time when other renewable/new energy and related stocks, including EV plays, benefited from massive investor enthusiasm. Since then, enthusiasm seems to have cooled, and shares have reverted back to the $20s. At current prices, Plug Power, Inc. is valued at $16 billion based on a diluted share count of a little less than 600 million. Analysts are pretty bullish on the stock right now, as the consensus price target of $41 implies an upside potential of around 50% from current prices throughout the next year. It should be noted, however, that the analyst consensus price target has been lowered in recent months, and may continue to be lowered going forward. Due to non-existent profits PLUG can't be valued on an earnings basis, but shares trade for around 30x this year's revenue, which is quite expensive.</p><p><blockquote>股价比12个月前上涨了130%，但与此同时，股价仅为今天历史高点的三分之一。2021年初，其他可再生能源/新能源及相关股票（包括电动汽车）受益于投资者的巨大热情，股价大幅上涨。此后，热情似乎有所降温，股价又回到了20多美元。按目前价格计算，普拉格能源公司的估值为160亿美元，稀释后的股票数量略低于6亿股。分析师目前非常看好该股，因为41美元的一致目标价意味着明年较当前价格有50%左右的上涨潜力。但值得注意的是，近几个月来分析师一致的目标价已被下调，并且未来可能会继续下调。由于不存在利润，PLUG无法以盈利为基础进行估值，但股价约为今年收入的30倍，这相当昂贵。</blockquote></p><p> <b>Plug Power Stock Prediction</b></p><p><blockquote><b>普拉格能源股票预测</b></blockquote></p><p> Plug Power, Inc. is active in an absolute growth industry, as hydrogen fuel cells will see huge demand growth in coming years as they allow for an environmentally friendly alternative to other fuels. Plug Power, as a turnkey provider in a market leadership position for this technology, is well-positioned to capitalize on this megatrend. Through a network of global partnerships, including with Brookfield Renewable Partners (BEP), Plug Power is working on growing the green hydrogen industryglobally:</p><p><blockquote>普拉格能源公司活跃在一个绝对增长的行业，因为氢燃料电池将在未来几年看到巨大的需求增长，因为它们允许作为其他燃料的环保替代品。普拉格能源作为该技术市场领先地位的交钥匙供应商，完全有能力利用这一大趋势。通过包括Brookfield Renewable Partners(BEP)在内的全球合作伙伴网络，普拉格能源正在致力于在全球范围内发展绿色氢产业：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/91a8e3b57882e429c9eace431bd1f541\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Plug Power presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：普拉格能源演示</span></p></blockquote></p><p> Plug Power's green hydrogen can be used for powering trucks, busses, and other vehicles, while the company is also providing environmentally friendly alternatives to diesel generators in the megawatt scale range that can be used by utilities, for example. The company is, on top of that, also working on other ventures that are not ready to be commercialized yet, such as powering aircraft with hydrogen. Plug Power will have at least 5 hydrogen plants running in the US in 2024, i.e. three years from now, with more projects being in the pipeline both in the US and in overseas markets such as Europe.</p><p><blockquote>普拉格能源的绿色氢可用于为卡车、公共汽车和其他车辆提供动力，同时该公司还为公用事业公司使用的兆瓦级柴油发电机提供环保替代品。除此之外，该公司还致力于其他尚未准备好商业化的项目，例如用氢气为飞机提供动力。到2024年，即三年后，普拉格能源将在美国至少有5座制氢工厂投入运营，美国和欧洲等海外市场还有更多项目正在酝酿中。</blockquote></p><p> 80% of Plug Power's customers are what the company calls blue chip customers, which includes companies such as Amazon (AMZN). These companies are oftentimes highly inclined to improve their CO2 footprint in order to receive better ESG ratings, and at the same time, these are low-risk customers as their strong balance sheets and cash flows mean that the risk of liquidity or solvency issues is negligible. Overall, Plug Power thus works with attractive counterparts, and their financial firepower means that Plug Power is not forced to sell its products at bargain prices, which is why the company has been able to generate relatively attractive product gross margins in the 30s in recent quarters.</p><p><blockquote>普拉格能源80%的客户是该公司的评级蓝筹客户，其中包括亚马逊（AMZN）等公司。这些公司通常非常倾向于改善其二氧化碳足迹，以获得更好的ESG评级，同时，这些公司是低风险客户，因为其强劲的资产负债表和现金流意味着流动性或偿付能力问题的风险可以忽略不计。总体而言，普拉格能源因此与有吸引力的同行合作，他们的财务火力意味着普拉格能源不会被迫以便宜的价格出售其产品，这就是为什么该公司最近几个季度能够产生相对有吸引力的产品毛利率在30年代。</blockquote></p><p></p><p> Due to the still relatively small scale of the company, Plug Power is not profitable on a net basis or operating basis, however. The company's operating expenses, relative to the revenues that Plug Power generates, are still too high for now. This should, however, change over time, as operating leverage and improving product margins should allow Plug Power to grow gross profits relative to operating expenses, which will result in improving profitability. Analysts are currently predicting positive net profits for fiscal 2024, or three years from now. It would, of course, be better if Plug Power had hit that point already, but for long-term oriented investors, two more years of negative profits will not be a disaster.</p><p><blockquote>然而，由于公司规模仍然相对较小，普拉格能源在净利润或运营基础上均未盈利。相对于普拉格能源产生的收入，该公司的运营费用目前仍然过高。然而，这种情况应该会随着时间的推移而改变，因为运营杠杆和产品利润率的提高应该会使普拉格能源的毛利润相对于运营费用增长，从而提高盈利能力。分析师目前预测2024财年（即三年后）净利润为正。当然，如果普拉格能源已经达到了这一点，那就更好了，但对于注重长期的投资者来说，再有两年的负利润并不是一场灾难。</blockquote></p><p> When investing in a company such as Plug Power, the very near term is not too relevant, but what matters more is the longer-term potential of the company to grow its revenue and profits. Through the combination of ESG tailwinds, massive market growth, and its market leadership position, Plug Power seems to be well-positioned to grow its revenue for many years to come:</p><p><blockquote>在投资普拉格能源这样的公司时，短期并不太重要，但更重要的是公司收入和利润增长的长期潜力。通过ESG顺风、大规模市场增长及其市场领导地位的结合，普拉格能源似乎处于有利地位，可以在未来许多年增加收入：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d6f0576ba51f219d85b18d90ccaf6f4\" tg-width=\"640\" tg-height=\"628\" width=\"100%\" height=\"auto\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Analysts are currently predicting that revenues will grow at 50%+ a year over the next three years, while growth is forecasted to remain almost 30% through at least 2030, which equates to a highly attractive long-term growth outlook. There are, of course, no guarantees that this will indeed happen, as some risks to the business model remain. The company is not profitable yet, thus funding of future growth projects could theoretically become a problem. On top of that, it is possible that other players with deep pockets will try to disrupt the market or gain market share. The risk of that is, I believe, due to Plug Power's leadership position, not very large. But should the market become more competitive, non-profitable Plug Power might run into problems if it were to run into market share fights that could pressure margins.</p><p><blockquote>分析师目前预测，未来三年收入将以每年50%以上的速度增长，而至少到2030年，增长率预计将保持近30%，这相当于极具吸引力的长期增长前景。当然，不能保证这种情况确实会发生，因为商业模式的一些风险仍然存在。该公司尚未盈利，因此未来增长项目的资金理论上可能会成为一个问题。最重要的是，其他财力雄厚的参与者可能会试图扰乱市场或获得市场份额。我相信，由于普拉格能源的领导地位，这种风险并不是很大。但如果市场竞争变得更加激烈，非盈利的普拉格能源如果遭遇市场份额争夺战，可能会给利润率带来压力，可能会遇到问题。</blockquote></p><p> Some execution risks do thus remain for sure, and investors shouldn't see the above growth projections as crystal-clear forecasts that are infallible. Instead, however, the above predictions showcase what a base-case scenario could look like, and actual results might be better or worse than that. Overall, it can be said that the longer-term outlook for Plug Power's business is excellent, as the company should be able to grow at an attractive pace for many years to come, as investors, companies, and consumers put more and more emphasis on a smaller carbon footprint. Obvious growth prospects for an industry do not, however, automatically translate into share price gains. Those that bought shares of Cisco (CSCO) at the highs during the dot.com bubble, for example, are still in the red today, 22 years later, despite the massive growth the business has experienced in that time frame. Valuations should be considered as well, and Plug Power is far from cheap today.</p><p><blockquote>因此，一些执行风险确实仍然存在，投资者不应将上述增长预测视为绝对可靠的清晰预测。然而，相反，上述预测展示了基本情况可能是什么样子，实际结果可能比这更好或更差。总体而言，可以说普拉格能源业务的长期前景非常好，因为随着投资者、公司和消费者越来越重视更小的碳足迹，该公司应该能够在未来许多年以有吸引力的速度增长。然而，一个行业明显的增长前景并不会自动转化为股价上涨。例如，那些在互联网泡沫期间高位购买思科(CSCO)股票的公司，尽管该业务在此期间经历了巨大增长，但22年后的今天仍然处于亏损状态。估值也应该考虑，普拉格能源今天的价格远非便宜。</blockquote></p><p> <b>Plug Power Stock Forecast For 2030</b></p><p><blockquote><b>2030年普拉格能源股票预测</b></blockquote></p><p> Today, Plug Power is trading for around 32x this year's expected revenue. If that was an earnings multiple, the stock still wouldn't be especially cheap, relative to how the average company is valued. At more than 30x sales, shares do seem very expensive. When we consider PLUG's growth outlook over the coming decade, that is relativized to some degree, but I believe that shares are still trading above fair value.</p><p><blockquote>如今，普拉格能源的股价约为今年预期收入的32倍。如果这是市盈率，相对于公司的平均估值，该股仍然不会特别便宜。以超过30倍的销售额计算，股价确实看起来非常昂贵。当我们考虑PLUG未来十年的增长前景时，这在某种程度上是相对的，但我相信股价仍高于公允价值。</blockquote></p><p> If the analyst consensus estimate for 2030's revenues is correct, at $10.5 billion, then shares are trading at around 1.5x 2030's revenue right now. Many industrial names are trading for 1x to 2x this year's revenue right now, which indicates how much future growth is priced into PLUG's stock already. One can, of course, argue that PLUG's growth outlook in 2030 is likely still better than that of the average company today, as it seems very much possible for PLUG to grow at a double-digit rate well beyond 2030. But still, shares upside for PLUG's shares is not too great over the coming decade, I believe.</p><p><blockquote>如果分析师对2030年收入的一致估计是正确的，为105亿美元，那么目前股价的交易价格约为2030年收入的1.5倍。许多工业公司目前的交易价格是今年收入的1至2倍，这表明PLUG的股票已经反映了未来的增长。当然，人们可以说，PLUG在2030年的增长前景可能仍好于当今的普通公司，因为PLUG很有可能在2030年之后以两位数的速度增长。但我相信，PLUG股价在未来十年的上涨空间不会太大。</blockquote></p><p></p><p> If PLUG were to trade at a still relatively steep 3.5x revenue in 2030, this gets us to a market cap estimate of around $37billion, or roughly 2.3x as much as today. PLUG's share count will, however, not stay unchanged over the next decade, which is why returns on a per-share basis will be lower than that. If we assume that the share count climbs by just 2% a year, 2030's share count will stand at a little above 700 million. At a $37 billion market capitalization, each individual stock would then trade at around $53, which would mean a return of ~100% from today. On an annual basis, this would equate to returns of 8%. 8% annual returns are far from bad, but many things have to go right for that to happen -- PLUG has to execute well, deliver on growth projects, and avoid massive share issuance. When we also consider that this estimate requires a still rather high 3.5x sales multiple in 2030, then those returns are not great enough to warrant a buy rating, I believe. It would be different of 8% returns could come from a very de-risked blue chip with very low uncertainties, but that is not the case here. For reference, if PLUG executes well and hits growth estimates, but its shares trade for 2.5x sales in 2030, then the share price, assuming 2% annual dilution, would be $37, which would equate to just 4% annual returns. PLUG's share count has risen by around 50% over the last year alone, and even though I don't expect similar dilution in coming years, it is at least possible for PLUG's share count to rise by significantly more than 2% a year, which would pressure returns further.</p><p><blockquote>如果PLUG在2030年的交易收入仍然相对较高的3.5倍，那么我们的市值估计约为370亿美元，大约是今天的2.3倍。然而，PLUG的股票数量在未来十年不会保持不变，这就是为什么每股回报率将低于这一数字。如果我们假设股票数量每年仅增长2%，那么2030年的股票数量将略高于7亿股。在370亿美元的市值下，每只股票的交易价格约为53美元，这意味着从今天起的回报率约为100%。按年计算，这相当于8%的回报率。8%的年回报率远非坏事，但要实现这一目标，许多事情必须顺利进行——PLUG必须执行良好，交付增长项目，并避免大规模股票发行。当我们还考虑到这一估计需要2030年仍然相当高的3.5倍销售倍数时，我相信这些回报还不足以保证买入评级。8%的回报可能来自风险非常低、不确定性非常低的蓝筹股，但这里的情况并非如此。作为参考，如果PLUG执行良好并达到增长预期，但其股价在2030年的交易价格为销售额的2.5倍，那么假设年稀释2%，股价将为37美元，这相当于年回报率仅为4%。仅去年一年，PLUG的股票数量就增加了约50%，尽管我预计未来几年不会出现类似的稀释，但PLUG的股票数量至少有可能每年大幅增加2%以上，这将进一步给回报带来压力。</blockquote></p><p> Overall, I do not believe that investors will lose money with PLUG over the next decade or more. But I also do not believe that investors will see very attractive returns in that time frame, despite the fact that Plug Power's underlying business growth outlook is highly attractive. Shares are pricing in a lot of future growth already, and I believe that returns in the sub-10% range can also be generated through lower-risk investments, with less volatile stocks.</p><p><blockquote>总体而言，我不认为投资者在未来十年或更长时间内会因PLUG而亏损。但我也不相信投资者会在这段时间内看到非常有吸引力的回报，尽管普拉格能源的基本业务增长前景非常有吸引力。股票已经反映了未来的大量增长，我相信通过风险较低、股票波动性较小的投资也可以产生低于10%的回报。</blockquote></p><p> <b>Conclusion: Where Could Plug Power Be In 10 Years?</b></p><p><blockquote><b>结论：10年后普拉格能源会在哪里？</b></blockquote></p><p> One can't know that today, but we can make educated guesses. According to may scenarios laid out above, PLUG could trade at $37-$55 in 2030, factoring in another year of growth, we could end up at $40-$60 in 2031, I believe -- if many things go right. In case there are major hiccups with growth projects, or if the share count rises more than expected, these estimates may be too high.</p><p><blockquote>今天人们无法知道这一点，但我们可以做出有根据的猜测。根据上面列出的5月份情景，PLUG在2030年的交易价格可能为37-55美元，考虑到又一年的增长，我相信，如果很多事情进展顺利，我们在2031年的交易价格可能会达到40-60美元。如果增长项目出现重大问题，或者股票数量增长超过预期，这些估计可能会过高。</blockquote></p><p> Overall, I believe that there is considerable long-term upside potential for PLUG's shares, but expected returns in the mid-to-high-single digits range are not gigantic, and the same returns can be generated through more mature, less volatile investments with fewer uncertainties and less execution risk. I thus do think that PLUG is not a buy right here, even though I like the company's growth prospects and its position in an attractive industry.</p><p><blockquote>总体而言，我认为PLUG的股票有相当大的长期上涨潜力，但中高个位数范围的预期回报并不巨大，通过更成熟、波动性更小的投资可以产生相同的回报，不确定性更少，执行风险更小。因此，我确实认为PLUG在这里不值得买入，尽管我喜欢该公司的增长前景及其在有吸引力的行业中的地位。</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>Where Will Plug Power Be In 10 Years?<blockquote>10年后的普拉格能源会在哪里？</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\">\nWhere Will Plug Power Be In 10 Years?<blockquote>10年后的普拉格能源会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 08:48</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>Plug Power is active in an attractive industry with huge growth tailwinds.</li>  <li>It serves low-risk customers and has a strong position in its industry.</li>  <li>Shares are pricing in a lot of future growth, and investors should consider what actual per-share returns might look like before deploying money at current valuations.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fa1aea5535d99338f385c168062b218\" tg-width=\"1536\" tg-height=\"852\" referrerpolicy=\"no-referrer\"><span>Fokusiert/iStock via Getty Images</span></p><p><blockquote><ul><li>普拉格能源活跃在一个具有巨大增长动力的有吸引力的行业中。</li><li>它服务于低风险客户，在行业中拥有强大的地位。</li><li>股价反映了未来的大量增长，投资者在以当前估值配置资金之前应该考虑实际每股回报可能是什么样子。</li></ul><p class=\"t-img-caption\"><span>Fokusiert/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> Plug Power, Inc. (PLUG) is active in a high-growth industry, which translates into a strong long-term business growth outlook, as long as the company can capitalize on its goals and management executes well. The company is, however, not profitable yet, and the path to meaningful net profits holds some uncertainties still. Taking a longer-term view, we can expect that Plug Power will generate positive net profits despite the fact that shares are valuing the company at a relatively high current valuation. From a risk-reward standpoint, there may be better picks available, though, despite the fact that I believe that shares will trade materially higher in 2031.</p><p><blockquote>普拉格能源公司（PLUG）活跃于高增长行业，只要公司能够实现其目标并且管理层执行良好，这就意味着强劲的长期业务增长前景。然而，该公司尚未盈利，实现有意义的净利润的道路仍然存在一些不确定性。从更长远的角度来看，我们可以预计普拉格能源将产生正的净利润，尽管该公司目前的估值相对较高。不过，从风险回报的角度来看，可能有更好的选择，尽管我相信2031年股价将大幅走高。</blockquote></p><p> <b>Plug Power Stock Price</b></p><p><blockquote><b>普拉格能源股价</b></blockquote></p><p> Plug Power, Inc. has seen its share price move up and down violently over the last year:</p><p><blockquote>去年，普拉格能源公司的股价剧烈上下波动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d940297249151eddcccf6440d20ef031\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares trade 130% higher than 12 months ago, but at the same time, shares trade at just one-third of the all-time high today. In early 2021, shares exploded upwards at a time when other renewable/new energy and related stocks, including EV plays, benefited from massive investor enthusiasm. Since then, enthusiasm seems to have cooled, and shares have reverted back to the $20s. At current prices, Plug Power, Inc. is valued at $16 billion based on a diluted share count of a little less than 600 million. Analysts are pretty bullish on the stock right now, as the consensus price target of $41 implies an upside potential of around 50% from current prices throughout the next year. It should be noted, however, that the analyst consensus price target has been lowered in recent months, and may continue to be lowered going forward. Due to non-existent profits PLUG can't be valued on an earnings basis, but shares trade for around 30x this year's revenue, which is quite expensive.</p><p><blockquote>股价比12个月前上涨了130%，但与此同时，股价仅为今天历史高点的三分之一。2021年初，其他可再生能源/新能源及相关股票（包括电动汽车）受益于投资者的巨大热情，股价大幅上涨。此后，热情似乎有所降温，股价又回到了20多美元。按目前价格计算，普拉格能源公司的估值为160亿美元，稀释后的股票数量略低于6亿股。分析师目前非常看好该股，因为41美元的一致目标价意味着明年较当前价格有50%左右的上涨潜力。但值得注意的是，近几个月来分析师一致的目标价已被下调，并且未来可能会继续下调。由于不存在利润，PLUG无法以盈利为基础进行估值，但股价约为今年收入的30倍，这相当昂贵。</blockquote></p><p> <b>Plug Power Stock Prediction</b></p><p><blockquote><b>普拉格能源股票预测</b></blockquote></p><p> Plug Power, Inc. is active in an absolute growth industry, as hydrogen fuel cells will see huge demand growth in coming years as they allow for an environmentally friendly alternative to other fuels. Plug Power, as a turnkey provider in a market leadership position for this technology, is well-positioned to capitalize on this megatrend. Through a network of global partnerships, including with Brookfield Renewable Partners (BEP), Plug Power is working on growing the green hydrogen industryglobally:</p><p><blockquote>普拉格能源公司活跃在一个绝对增长的行业，因为氢燃料电池将在未来几年看到巨大的需求增长，因为它们允许作为其他燃料的环保替代品。普拉格能源作为该技术市场领先地位的交钥匙供应商，完全有能力利用这一大趋势。通过包括Brookfield Renewable Partners(BEP)在内的全球合作伙伴网络，普拉格能源正在致力于在全球范围内发展绿色氢产业：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/91a8e3b57882e429c9eace431bd1f541\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Plug Power presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：普拉格能源演示</span></p></blockquote></p><p> Plug Power's green hydrogen can be used for powering trucks, busses, and other vehicles, while the company is also providing environmentally friendly alternatives to diesel generators in the megawatt scale range that can be used by utilities, for example. The company is, on top of that, also working on other ventures that are not ready to be commercialized yet, such as powering aircraft with hydrogen. Plug Power will have at least 5 hydrogen plants running in the US in 2024, i.e. three years from now, with more projects being in the pipeline both in the US and in overseas markets such as Europe.</p><p><blockquote>普拉格能源的绿色氢可用于为卡车、公共汽车和其他车辆提供动力，同时该公司还为公用事业公司使用的兆瓦级柴油发电机提供环保替代品。除此之外，该公司还致力于其他尚未准备好商业化的项目，例如用氢气为飞机提供动力。到2024年，即三年后，普拉格能源将在美国至少有5座制氢工厂投入运营，美国和欧洲等海外市场还有更多项目正在酝酿中。</blockquote></p><p> 80% of Plug Power's customers are what the company calls blue chip customers, which includes companies such as Amazon (AMZN). These companies are oftentimes highly inclined to improve their CO2 footprint in order to receive better ESG ratings, and at the same time, these are low-risk customers as their strong balance sheets and cash flows mean that the risk of liquidity or solvency issues is negligible. Overall, Plug Power thus works with attractive counterparts, and their financial firepower means that Plug Power is not forced to sell its products at bargain prices, which is why the company has been able to generate relatively attractive product gross margins in the 30s in recent quarters.</p><p><blockquote>普拉格能源80%的客户是该公司的评级蓝筹客户，其中包括亚马逊（AMZN）等公司。这些公司通常非常倾向于改善其二氧化碳足迹，以获得更好的ESG评级，同时，这些公司是低风险客户，因为其强劲的资产负债表和现金流意味着流动性或偿付能力问题的风险可以忽略不计。总体而言，普拉格能源因此与有吸引力的同行合作，他们的财务火力意味着普拉格能源不会被迫以便宜的价格出售其产品，这就是为什么该公司最近几个季度能够产生相对有吸引力的产品毛利率在30年代。</blockquote></p><p></p><p> Due to the still relatively small scale of the company, Plug Power is not profitable on a net basis or operating basis, however. The company's operating expenses, relative to the revenues that Plug Power generates, are still too high for now. This should, however, change over time, as operating leverage and improving product margins should allow Plug Power to grow gross profits relative to operating expenses, which will result in improving profitability. Analysts are currently predicting positive net profits for fiscal 2024, or three years from now. It would, of course, be better if Plug Power had hit that point already, but for long-term oriented investors, two more years of negative profits will not be a disaster.</p><p><blockquote>然而，由于公司规模仍然相对较小，普拉格能源在净利润或运营基础上均未盈利。相对于普拉格能源产生的收入，该公司的运营费用目前仍然过高。然而，这种情况应该会随着时间的推移而改变，因为运营杠杆和产品利润率的提高应该会使普拉格能源的毛利润相对于运营费用增长，从而提高盈利能力。分析师目前预测2024财年（即三年后）净利润为正。当然，如果普拉格能源已经达到了这一点，那就更好了，但对于注重长期的投资者来说，再有两年的负利润并不是一场灾难。</blockquote></p><p> When investing in a company such as Plug Power, the very near term is not too relevant, but what matters more is the longer-term potential of the company to grow its revenue and profits. Through the combination of ESG tailwinds, massive market growth, and its market leadership position, Plug Power seems to be well-positioned to grow its revenue for many years to come:</p><p><blockquote>在投资普拉格能源这样的公司时，短期并不太重要，但更重要的是公司收入和利润增长的长期潜力。通过ESG顺风、大规模市场增长及其市场领导地位的结合，普拉格能源似乎处于有利地位，可以在未来许多年增加收入：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d6f0576ba51f219d85b18d90ccaf6f4\" tg-width=\"640\" tg-height=\"628\" width=\"100%\" height=\"auto\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Analysts are currently predicting that revenues will grow at 50%+ a year over the next three years, while growth is forecasted to remain almost 30% through at least 2030, which equates to a highly attractive long-term growth outlook. There are, of course, no guarantees that this will indeed happen, as some risks to the business model remain. The company is not profitable yet, thus funding of future growth projects could theoretically become a problem. On top of that, it is possible that other players with deep pockets will try to disrupt the market or gain market share. The risk of that is, I believe, due to Plug Power's leadership position, not very large. But should the market become more competitive, non-profitable Plug Power might run into problems if it were to run into market share fights that could pressure margins.</p><p><blockquote>分析师目前预测，未来三年收入将以每年50%以上的速度增长，而至少到2030年，增长率预计将保持近30%，这相当于极具吸引力的长期增长前景。当然，不能保证这种情况确实会发生，因为商业模式的一些风险仍然存在。该公司尚未盈利，因此未来增长项目的资金理论上可能会成为一个问题。最重要的是，其他财力雄厚的参与者可能会试图扰乱市场或获得市场份额。我相信，由于普拉格能源的领导地位，这种风险并不是很大。但如果市场竞争变得更加激烈，非盈利的普拉格能源如果遭遇市场份额争夺战，可能会给利润率带来压力，可能会遇到问题。</blockquote></p><p> Some execution risks do thus remain for sure, and investors shouldn't see the above growth projections as crystal-clear forecasts that are infallible. Instead, however, the above predictions showcase what a base-case scenario could look like, and actual results might be better or worse than that. Overall, it can be said that the longer-term outlook for Plug Power's business is excellent, as the company should be able to grow at an attractive pace for many years to come, as investors, companies, and consumers put more and more emphasis on a smaller carbon footprint. Obvious growth prospects for an industry do not, however, automatically translate into share price gains. Those that bought shares of Cisco (CSCO) at the highs during the dot.com bubble, for example, are still in the red today, 22 years later, despite the massive growth the business has experienced in that time frame. Valuations should be considered as well, and Plug Power is far from cheap today.</p><p><blockquote>因此，一些执行风险确实仍然存在，投资者不应将上述增长预测视为绝对可靠的清晰预测。然而，相反，上述预测展示了基本情况可能是什么样子，实际结果可能比这更好或更差。总体而言，可以说普拉格能源业务的长期前景非常好，因为随着投资者、公司和消费者越来越重视更小的碳足迹，该公司应该能够在未来许多年以有吸引力的速度增长。然而，一个行业明显的增长前景并不会自动转化为股价上涨。例如，那些在互联网泡沫期间高位购买思科(CSCO)股票的公司，尽管该业务在此期间经历了巨大增长，但22年后的今天仍然处于亏损状态。估值也应该考虑，普拉格能源今天的价格远非便宜。</blockquote></p><p> <b>Plug Power Stock Forecast For 2030</b></p><p><blockquote><b>2030年普拉格能源股票预测</b></blockquote></p><p> Today, Plug Power is trading for around 32x this year's expected revenue. If that was an earnings multiple, the stock still wouldn't be especially cheap, relative to how the average company is valued. At more than 30x sales, shares do seem very expensive. When we consider PLUG's growth outlook over the coming decade, that is relativized to some degree, but I believe that shares are still trading above fair value.</p><p><blockquote>如今，普拉格能源的股价约为今年预期收入的32倍。如果这是市盈率，相对于公司的平均估值，该股仍然不会特别便宜。以超过30倍的销售额计算，股价确实看起来非常昂贵。当我们考虑PLUG未来十年的增长前景时，这在某种程度上是相对的，但我相信股价仍高于公允价值。</blockquote></p><p> If the analyst consensus estimate for 2030's revenues is correct, at $10.5 billion, then shares are trading at around 1.5x 2030's revenue right now. Many industrial names are trading for 1x to 2x this year's revenue right now, which indicates how much future growth is priced into PLUG's stock already. One can, of course, argue that PLUG's growth outlook in 2030 is likely still better than that of the average company today, as it seems very much possible for PLUG to grow at a double-digit rate well beyond 2030. But still, shares upside for PLUG's shares is not too great over the coming decade, I believe.</p><p><blockquote>如果分析师对2030年收入的一致估计是正确的，为105亿美元，那么目前股价的交易价格约为2030年收入的1.5倍。许多工业公司目前的交易价格是今年收入的1至2倍，这表明PLUG的股票已经反映了未来的增长。当然，人们可以说，PLUG在2030年的增长前景可能仍好于当今的普通公司，因为PLUG很有可能在2030年之后以两位数的速度增长。但我相信，PLUG股价在未来十年的上涨空间不会太大。</blockquote></p><p></p><p> If PLUG were to trade at a still relatively steep 3.5x revenue in 2030, this gets us to a market cap estimate of around $37billion, or roughly 2.3x as much as today. PLUG's share count will, however, not stay unchanged over the next decade, which is why returns on a per-share basis will be lower than that. If we assume that the share count climbs by just 2% a year, 2030's share count will stand at a little above 700 million. At a $37 billion market capitalization, each individual stock would then trade at around $53, which would mean a return of ~100% from today. On an annual basis, this would equate to returns of 8%. 8% annual returns are far from bad, but many things have to go right for that to happen -- PLUG has to execute well, deliver on growth projects, and avoid massive share issuance. When we also consider that this estimate requires a still rather high 3.5x sales multiple in 2030, then those returns are not great enough to warrant a buy rating, I believe. It would be different of 8% returns could come from a very de-risked blue chip with very low uncertainties, but that is not the case here. For reference, if PLUG executes well and hits growth estimates, but its shares trade for 2.5x sales in 2030, then the share price, assuming 2% annual dilution, would be $37, which would equate to just 4% annual returns. PLUG's share count has risen by around 50% over the last year alone, and even though I don't expect similar dilution in coming years, it is at least possible for PLUG's share count to rise by significantly more than 2% a year, which would pressure returns further.</p><p><blockquote>如果PLUG在2030年的交易收入仍然相对较高的3.5倍，那么我们的市值估计约为370亿美元，大约是今天的2.3倍。然而，PLUG的股票数量在未来十年不会保持不变，这就是为什么每股回报率将低于这一数字。如果我们假设股票数量每年仅增长2%，那么2030年的股票数量将略高于7亿股。在370亿美元的市值下，每只股票的交易价格约为53美元，这意味着从今天起的回报率约为100%。按年计算，这相当于8%的回报率。8%的年回报率远非坏事，但要实现这一目标，许多事情必须顺利进行——PLUG必须执行良好，交付增长项目，并避免大规模股票发行。当我们还考虑到这一估计需要2030年仍然相当高的3.5倍销售倍数时，我相信这些回报还不足以保证买入评级。8%的回报可能来自风险非常低、不确定性非常低的蓝筹股，但这里的情况并非如此。作为参考，如果PLUG执行良好并达到增长预期，但其股价在2030年的交易价格为销售额的2.5倍，那么假设年稀释2%，股价将为37美元，这相当于年回报率仅为4%。仅去年一年，PLUG的股票数量就增加了约50%，尽管我预计未来几年不会出现类似的稀释，但PLUG的股票数量至少有可能每年大幅增加2%以上，这将进一步给回报带来压力。</blockquote></p><p> Overall, I do not believe that investors will lose money with PLUG over the next decade or more. But I also do not believe that investors will see very attractive returns in that time frame, despite the fact that Plug Power's underlying business growth outlook is highly attractive. Shares are pricing in a lot of future growth already, and I believe that returns in the sub-10% range can also be generated through lower-risk investments, with less volatile stocks.</p><p><blockquote>总体而言，我不认为投资者在未来十年或更长时间内会因PLUG而亏损。但我也不相信投资者会在这段时间内看到非常有吸引力的回报，尽管普拉格能源的基本业务增长前景非常有吸引力。股票已经反映了未来的大量增长，我相信通过风险较低、股票波动性较小的投资也可以产生低于10%的回报。</blockquote></p><p> <b>Conclusion: Where Could Plug Power Be In 10 Years?</b></p><p><blockquote><b>结论：10年后普拉格能源会在哪里？</b></blockquote></p><p> One can't know that today, but we can make educated guesses. According to may scenarios laid out above, PLUG could trade at $37-$55 in 2030, factoring in another year of growth, we could end up at $40-$60 in 2031, I believe -- if many things go right. In case there are major hiccups with growth projects, or if the share count rises more than expected, these estimates may be too high.</p><p><blockquote>今天人们无法知道这一点，但我们可以做出有根据的猜测。根据上面列出的5月份情景，PLUG在2030年的交易价格可能为37-55美元，考虑到又一年的增长，我相信，如果很多事情进展顺利，我们在2031年的交易价格可能会达到40-60美元。如果增长项目出现重大问题，或者股票数量增长超过预期，这些估计可能会过高。</blockquote></p><p> Overall, I believe that there is considerable long-term upside potential for PLUG's shares, but expected returns in the mid-to-high-single digits range are not gigantic, and the same returns can be generated through more mature, less volatile investments with fewer uncertainties and less execution risk. I thus do think that PLUG is not a buy right here, even though I like the company's growth prospects and its position in an attractive industry.</p><p><blockquote>总体而言，我认为PLUG的股票有相当大的长期上涨潜力，但中高个位数范围的预期回报并不巨大，通过更成熟、波动性更小的投资可以产生相同的回报，不确定性更少，执行风险更小。因此，我确实认为PLUG在这里不值得买入，尽管我喜欢该公司的增长前景及其在有吸引力的行业中的地位。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449266-plug-power-stock-in-10-years\">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":{"PLUG":"普拉格能源"},"source_url":"https://seekingalpha.com/article/4449266-plug-power-stock-in-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133270372","content_text":"Summary\n\nPlug Power is active in an attractive industry with huge growth tailwinds.\nIt serves low-risk customers and has a strong position in its industry.\nShares are pricing in a lot of future growth, and investors should consider what actual per-share returns might look like before deploying money at current valuations.\n\nFokusiert/iStock via Getty Images\nArticle Thesis\nPlug Power, Inc. (PLUG) is active in a high-growth industry, which translates into a strong long-term business growth outlook, as long as the company can capitalize on its goals and management executes well. The company is, however, not profitable yet, and the path to meaningful net profits holds some uncertainties still. Taking a longer-term view, we can expect that Plug Power will generate positive net profits despite the fact that shares are valuing the company at a relatively high current valuation. From a risk-reward standpoint, there may be better picks available, though, despite the fact that I believe that shares will trade materially higher in 2031.\nPlug Power Stock Price\nPlug Power, Inc. has seen its share price move up and down violently over the last year:\nData by YCharts\nShares trade 130% higher than 12 months ago, but at the same time, shares trade at just one-third of the all-time high today. In early 2021, shares exploded upwards at a time when other renewable/new energy and related stocks, including EV plays, benefited from massive investor enthusiasm. Since then, enthusiasm seems to have cooled, and shares have reverted back to the $20s. At current prices, Plug Power, Inc. is valued at $16 billion based on a diluted share count of a little less than 600 million. Analysts are pretty bullish on the stock right now, as the consensus price target of $41 implies an upside potential of around 50% from current prices throughout the next year. It should be noted, however, that the analyst consensus price target has been lowered in recent months, and may continue to be lowered going forward. Due to non-existent profits PLUG can't be valued on an earnings basis, but shares trade for around 30x this year's revenue, which is quite expensive.\nPlug Power Stock Prediction\nPlug Power, Inc. is active in an absolute growth industry, as hydrogen fuel cells will see huge demand growth in coming years as they allow for an environmentally friendly alternative to other fuels. Plug Power, as a turnkey provider in a market leadership position for this technology, is well-positioned to capitalize on this megatrend. Through a network of global partnerships, including with Brookfield Renewable Partners (BEP), Plug Power is working on growing the green hydrogen industryglobally:\nSource: Plug Power presentation\nPlug Power's green hydrogen can be used for powering trucks, busses, and other vehicles, while the company is also providing environmentally friendly alternatives to diesel generators in the megawatt scale range that can be used by utilities, for example. The company is, on top of that, also working on other ventures that are not ready to be commercialized yet, such as powering aircraft with hydrogen. Plug Power will have at least 5 hydrogen plants running in the US in 2024, i.e. three years from now, with more projects being in the pipeline both in the US and in overseas markets such as Europe.\n80% of Plug Power's customers are what the company calls blue chip customers, which includes companies such as Amazon (AMZN). These companies are oftentimes highly inclined to improve their CO2 footprint in order to receive better ESG ratings, and at the same time, these are low-risk customers as their strong balance sheets and cash flows mean that the risk of liquidity or solvency issues is negligible. Overall, Plug Power thus works with attractive counterparts, and their financial firepower means that Plug Power is not forced to sell its products at bargain prices, which is why the company has been able to generate relatively attractive product gross margins in the 30s in recent quarters.\nDue to the still relatively small scale of the company, Plug Power is not profitable on a net basis or operating basis, however. The company's operating expenses, relative to the revenues that Plug Power generates, are still too high for now. This should, however, change over time, as operating leverage and improving product margins should allow Plug Power to grow gross profits relative to operating expenses, which will result in improving profitability. Analysts are currently predicting positive net profits for fiscal 2024, or three years from now. It would, of course, be better if Plug Power had hit that point already, but for long-term oriented investors, two more years of negative profits will not be a disaster.\nWhen investing in a company such as Plug Power, the very near term is not too relevant, but what matters more is the longer-term potential of the company to grow its revenue and profits. Through the combination of ESG tailwinds, massive market growth, and its market leadership position, Plug Power seems to be well-positioned to grow its revenue for many years to come:\nSource:Seeking Alpha\nAnalysts are currently predicting that revenues will grow at 50%+ a year over the next three years, while growth is forecasted to remain almost 30% through at least 2030, which equates to a highly attractive long-term growth outlook. There are, of course, no guarantees that this will indeed happen, as some risks to the business model remain. The company is not profitable yet, thus funding of future growth projects could theoretically become a problem. On top of that, it is possible that other players with deep pockets will try to disrupt the market or gain market share. The risk of that is, I believe, due to Plug Power's leadership position, not very large. But should the market become more competitive, non-profitable Plug Power might run into problems if it were to run into market share fights that could pressure margins.\nSome execution risks do thus remain for sure, and investors shouldn't see the above growth projections as crystal-clear forecasts that are infallible. Instead, however, the above predictions showcase what a base-case scenario could look like, and actual results might be better or worse than that. Overall, it can be said that the longer-term outlook for Plug Power's business is excellent, as the company should be able to grow at an attractive pace for many years to come, as investors, companies, and consumers put more and more emphasis on a smaller carbon footprint. Obvious growth prospects for an industry do not, however, automatically translate into share price gains. Those that bought shares of Cisco (CSCO) at the highs during the dot.com bubble, for example, are still in the red today, 22 years later, despite the massive growth the business has experienced in that time frame. Valuations should be considered as well, and Plug Power is far from cheap today.\nPlug Power Stock Forecast For 2030\nToday, Plug Power is trading for around 32x this year's expected revenue. If that was an earnings multiple, the stock still wouldn't be especially cheap, relative to how the average company is valued. At more than 30x sales, shares do seem very expensive. When we consider PLUG's growth outlook over the coming decade, that is relativized to some degree, but I believe that shares are still trading above fair value.\nIf the analyst consensus estimate for 2030's revenues is correct, at $10.5 billion, then shares are trading at around 1.5x 2030's revenue right now. Many industrial names are trading for 1x to 2x this year's revenue right now, which indicates how much future growth is priced into PLUG's stock already. One can, of course, argue that PLUG's growth outlook in 2030 is likely still better than that of the average company today, as it seems very much possible for PLUG to grow at a double-digit rate well beyond 2030. But still, shares upside for PLUG's shares is not too great over the coming decade, I believe.\nIf PLUG were to trade at a still relatively steep 3.5x revenue in 2030, this gets us to a market cap estimate of around $37billion, or roughly 2.3x as much as today. PLUG's share count will, however, not stay unchanged over the next decade, which is why returns on a per-share basis will be lower than that. If we assume that the share count climbs by just 2% a year, 2030's share count will stand at a little above 700 million. At a $37 billion market capitalization, each individual stock would then trade at around $53, which would mean a return of ~100% from today. On an annual basis, this would equate to returns of 8%. 8% annual returns are far from bad, but many things have to go right for that to happen -- PLUG has to execute well, deliver on growth projects, and avoid massive share issuance. When we also consider that this estimate requires a still rather high 3.5x sales multiple in 2030, then those returns are not great enough to warrant a buy rating, I believe. It would be different of 8% returns could come from a very de-risked blue chip with very low uncertainties, but that is not the case here. For reference, if PLUG executes well and hits growth estimates, but its shares trade for 2.5x sales in 2030, then the share price, assuming 2% annual dilution, would be $37, which would equate to just 4% annual returns. PLUG's share count has risen by around 50% over the last year alone, and even though I don't expect similar dilution in coming years, it is at least possible for PLUG's share count to rise by significantly more than 2% a year, which would pressure returns further.\nOverall, I do not believe that investors will lose money with PLUG over the next decade or more. But I also do not believe that investors will see very attractive returns in that time frame, despite the fact that Plug Power's underlying business growth outlook is highly attractive. Shares are pricing in a lot of future growth already, and I believe that returns in the sub-10% range can also be generated through lower-risk investments, with less volatile stocks.\nConclusion: Where Could Plug Power Be In 10 Years?\nOne can't know that today, but we can make educated guesses. According to may scenarios laid out above, PLUG could trade at $37-$55 in 2030, factoring in another year of growth, we could end up at $40-$60 in 2031, I believe -- if many things go right. In case there are major hiccups with growth projects, or if the share count rises more than expected, these estimates may be too high.\nOverall, I believe that there is considerable long-term upside potential for PLUG's shares, but expected returns in the mid-to-high-single digits range are not gigantic, and the same returns can be generated through more mature, less volatile investments with fewer uncertainties and less execution risk. I thus do think that PLUG is not a buy right here, even though I like the company's growth prospects and its position in an attractive industry.","news_type":1,"symbols_score_info":{"PLUG":0.9}},"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832314190,"gmtCreate":1629591099510,"gmtModify":1633683963491,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832314190","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票数年而不是租用数天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</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>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票数年而不是租用数天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GOOG":"谷歌","ON":"安森美半导体","SOXX":"iShares费城交易所半导体ETF","TSM":"台积电","SSNLF":"三星电子","NVDA":"英伟达","CDNS":"铿腾电子","SNPS":"新思科技","GOOGL":"谷歌A","QCOM":"高通","AMZN":"亚马逊","ASML":"阿斯麦"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"AMZN":0.9,"SSNLF":0.9,"ON":0.9,"NVDA":0.9,"GOOG":0.9,"ASML":0.9,"CDNS":0.9,"GOOGL":0.9,"SNPS":0.9,"SOXX":0.9,"TSM":0.9,"QCOM":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814154950,"gmtCreate":1630800408470,"gmtModify":1632905889767,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814154950","repostId":"1189766406","repostType":4,"isVote":1,"tweetType":1,"viewCount":3718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832439790,"gmtCreate":1629674288910,"gmtModify":1633683493420,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832439790","repostId":"1133515985","repostType":4,"isVote":1,"tweetType":1,"viewCount":4114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838580395,"gmtCreate":1629419076017,"gmtModify":1633685020906,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Amazon!","listText":"Amazon!","text":"Amazon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/838580395","repostId":"2160670097","repostType":4,"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833213411,"gmtCreate":1629244757633,"gmtModify":1633686331813,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Very volatile","listText":"Very volatile","text":"Very volatile","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833213411","repostId":"2160978315","repostType":4,"repost":{"id":"2160978315","kind":"highlight","pubTimestamp":1629243603,"share":"https://www.laohu8.com/m/news/2160978315?lang=zh_CN&edition=full","pubTime":"2021-08-18 07:40","market":"fut","language":"en","title":"Crypto is '95% fraud, hype, noise and confusion,' says Fed's Neel Kashkari<blockquote>美联储尼尔·卡什卡里(Neel Kashkari)表示，加密货币“95%是欺诈、炒作、噪音和混乱”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2160978315","media":"MarketWatch","summary":"Minneapolis Federal Reserve President Neel Kashkari on Tuesday had some harsh words for the nascent ","content":"<p>Minneapolis Federal Reserve President Neel Kashkari on Tuesday had some harsh words for the nascent crypto asset market.</p><p><blockquote>明尼阿波利斯美联储主席尼尔·卡什卡利周二对新生的加密资产市场发表了一些严厉的言论。</blockquote></p><p> The central banker said he doesn't see any use case for bitcoin , the world's No. 1 crypto, and referred to the broader digital-asset sector as one that is largely tied to fraud and hype.</p><p><blockquote>这位央行行长表示，他认为世界第一大加密货币比特币没有任何用例，并将更广泛的数字资产行业称为主要与欺诈和炒作有关的行业。</blockquote></p><p> \"Cryptocurrency is 95% fraud, hype, noise and confusion,\" Kashkari said, speaking at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Mont.</p><p><blockquote>“加密货币95%是欺诈、炒作、噪音和混乱，”卡什卡利在蒙大拿州Big Sky举行的太平洋西北经济区年度峰会上发表讲话时表示。</blockquote></p><p> Bitcoin prices were at $44,993, down 2.4% on CoinDesk on Tuesday. Meanwhile, Ether on the Ethereum blockchain was changing hands at $3,069, off 3%, while meme coin dogecoin was trading at around 30 cents, down 5.1%.</p><p><blockquote>周二CoinDesk上的比特币价格为44,993美元，下跌2.4%。与此同时，以太币区块链上的以太币易手价格为3,069美元，下跌3%，而模因币狗狗币的交易价格约为30美分，下跌5.1%。</blockquote></p><p> Crypto has gained traction among institutional investors in 2021 but is still viewed as a speculative and highly risky trade compared with traditional markets.</p><p><blockquote>2021年，加密货币在机构投资者中获得了关注，但与传统市场相比，仍被视为投机性和高风险交易。</blockquote></p><p> Kashkari also offered some of his views on monetary policy plans, noting that he still sees a \"a lot of slack\" in the U.S. labor market, and suggesting that he might need a couple of more strong jobs reports before he is inclined to support a push to scale back the central bank's monthly purchases of $120 billion in Treasurys and mortgage-backed securities.</p><p><blockquote>卡什卡利还提出了他对货币政策计划的一些看法，指出他仍然认为美国劳动力市场“非常疲软”，并表示他可能需要几份更强劲的就业报告才能倾向于支持削减央行每月购买1200亿美元国债和抵押贷款支持证券的规模。</blockquote></p><p> The Minneapolis Fed president's comments come amid growing talk about the timing of pulling back the Fed's COVID-era accommodations and eventually raising interest rates as the economy attempts a recovery from the pandemic.</p><p><blockquote>明尼阿波利斯联储主席发表此番言论之际，人们越来越多地谈论随着经济试图从疫情复苏，美联储何时撤回新冠疫情时期的宽松政策，并最终加息。</blockquote></p><p> On Tuesday , the Dow Jones Industrial Average and the S&amp;P 500 index snapped five-session win streaks, with some blaming the day's declines at least partly on growing concerns about a rollback of easy-money policies.</p><p><blockquote>周二，道琼斯工业平均指数和标普500指数结束了五个交易日的连涨，一些人将当天的下跌至少部分归咎于对宽松货币政策回滚的担忧日益加剧。</blockquote></p><p> For his part, Kashkari said that it would be reasonable to start reducing bond-buying by the end of 2021, if the job market cooperates.</p><p><blockquote>卡什卡利则表示，如果就业市场配合，到2021年底开始减少债券购买是合理的。</blockquote></p><p> In July, the U.S. created a robust 943,000 jobs , in what some viewed as a sign that the economic recovery was gaining some steam, despite the latest assault from the delta variant of COVID-19.</p><p><blockquote>7月份，美国创造了943,000个就业岗位，一些人认为这表明尽管受到COVID-19德尔塔变异毒株的最新攻击，但经济复苏正在获得一些动力。</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>Crypto is '95% fraud, hype, noise and confusion,' says Fed's Neel Kashkari<blockquote>美联储尼尔·卡什卡里(Neel Kashkari)表示，加密货币“95%是欺诈、炒作、噪音和混乱”</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\">\nCrypto is '95% fraud, hype, noise and confusion,' says Fed's Neel Kashkari<blockquote>美联储尼尔·卡什卡里(Neel Kashkari)表示，加密货币“95%是欺诈、炒作、噪音和混乱”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-18 07:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Minneapolis Federal Reserve President Neel Kashkari on Tuesday had some harsh words for the nascent crypto asset market.</p><p><blockquote>明尼阿波利斯美联储主席尼尔·卡什卡利周二对新生的加密资产市场发表了一些严厉的言论。</blockquote></p><p> The central banker said he doesn't see any use case for bitcoin , the world's No. 1 crypto, and referred to the broader digital-asset sector as one that is largely tied to fraud and hype.</p><p><blockquote>这位央行行长表示，他认为世界第一大加密货币比特币没有任何用例，并将更广泛的数字资产行业称为主要与欺诈和炒作有关的行业。</blockquote></p><p> \"Cryptocurrency is 95% fraud, hype, noise and confusion,\" Kashkari said, speaking at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Mont.</p><p><blockquote>“加密货币95%是欺诈、炒作、噪音和混乱，”卡什卡利在蒙大拿州Big Sky举行的太平洋西北经济区年度峰会上发表讲话时表示。</blockquote></p><p> Bitcoin prices were at $44,993, down 2.4% on CoinDesk on Tuesday. Meanwhile, Ether on the Ethereum blockchain was changing hands at $3,069, off 3%, while meme coin dogecoin was trading at around 30 cents, down 5.1%.</p><p><blockquote>周二CoinDesk上的比特币价格为44,993美元，下跌2.4%。与此同时，以太币区块链上的以太币易手价格为3,069美元，下跌3%，而模因币狗狗币的交易价格约为30美分，下跌5.1%。</blockquote></p><p> Crypto has gained traction among institutional investors in 2021 but is still viewed as a speculative and highly risky trade compared with traditional markets.</p><p><blockquote>2021年，加密货币在机构投资者中获得了关注，但与传统市场相比，仍被视为投机性和高风险交易。</blockquote></p><p> Kashkari also offered some of his views on monetary policy plans, noting that he still sees a \"a lot of slack\" in the U.S. labor market, and suggesting that he might need a couple of more strong jobs reports before he is inclined to support a push to scale back the central bank's monthly purchases of $120 billion in Treasurys and mortgage-backed securities.</p><p><blockquote>卡什卡利还提出了他对货币政策计划的一些看法，指出他仍然认为美国劳动力市场“非常疲软”，并表示他可能需要几份更强劲的就业报告才能倾向于支持削减央行每月购买1200亿美元国债和抵押贷款支持证券的规模。</blockquote></p><p> The Minneapolis Fed president's comments come amid growing talk about the timing of pulling back the Fed's COVID-era accommodations and eventually raising interest rates as the economy attempts a recovery from the pandemic.</p><p><blockquote>明尼阿波利斯联储主席发表此番言论之际，人们越来越多地谈论随着经济试图从疫情复苏，美联储何时撤回新冠疫情时期的宽松政策，并最终加息。</blockquote></p><p> On Tuesday , the Dow Jones Industrial Average and the S&amp;P 500 index snapped five-session win streaks, with some blaming the day's declines at least partly on growing concerns about a rollback of easy-money policies.</p><p><blockquote>周二，道琼斯工业平均指数和标普500指数结束了五个交易日的连涨，一些人将当天的下跌至少部分归咎于对宽松货币政策回滚的担忧日益加剧。</blockquote></p><p> For his part, Kashkari said that it would be reasonable to start reducing bond-buying by the end of 2021, if the job market cooperates.</p><p><blockquote>卡什卡利则表示，如果就业市场配合，到2021年底开始减少债券购买是合理的。</blockquote></p><p> In July, the U.S. created a robust 943,000 jobs , in what some viewed as a sign that the economic recovery was gaining some steam, despite the latest assault from the delta variant of COVID-19.</p><p><blockquote>7月份，美国创造了943,000个就业岗位，一些人认为这表明尽管受到COVID-19德尔塔变异毒株的最新攻击，但经济复苏正在获得一些动力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/crypto-is-95-fraud-hype-noise-and-confusion-says-feds-neel-kashkari-11629236416?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.marketwatch.com/story/crypto-is-95-fraud-hype-noise-and-confusion-says-feds-neel-kashkari-11629236416?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160978315","content_text":"Minneapolis Federal Reserve President Neel Kashkari on Tuesday had some harsh words for the nascent crypto asset market.\nThe central banker said he doesn't see any use case for bitcoin , the world's No. 1 crypto, and referred to the broader digital-asset sector as one that is largely tied to fraud and hype.\n\"Cryptocurrency is 95% fraud, hype, noise and confusion,\" Kashkari said, speaking at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Mont.\nBitcoin prices were at $44,993, down 2.4% on CoinDesk on Tuesday. Meanwhile, Ether on the Ethereum blockchain was changing hands at $3,069, off 3%, while meme coin dogecoin was trading at around 30 cents, down 5.1%.\nCrypto has gained traction among institutional investors in 2021 but is still viewed as a speculative and highly risky trade compared with traditional markets.\nKashkari also offered some of his views on monetary policy plans, noting that he still sees a \"a lot of slack\" in the U.S. labor market, and suggesting that he might need a couple of more strong jobs reports before he is inclined to support a push to scale back the central bank's monthly purchases of $120 billion in Treasurys and mortgage-backed securities.\nThe Minneapolis Fed president's comments come amid growing talk about the timing of pulling back the Fed's COVID-era accommodations and eventually raising interest rates as the economy attempts a recovery from the pandemic.\nOn Tuesday , the Dow Jones Industrial Average and the S&P 500 index snapped five-session win streaks, with some blaming the day's declines at least partly on growing concerns about a rollback of easy-money policies.\nFor his part, Kashkari said that it would be reasonable to start reducing bond-buying by the end of 2021, if the job market cooperates.\nIn July, the U.S. created a robust 943,000 jobs , in what some viewed as a sign that the economic recovery was gaining some steam, despite the latest assault from the delta variant of COVID-19.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"MBTmain":0.9,"GBTC":0.9,"BTCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830602589,"gmtCreate":1629068549341,"gmtModify":1633687745526,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830602589","repostId":"1127633167","repostType":4,"repost":{"id":"1127633167","kind":"news","pubTimestamp":1628997765,"share":"https://www.laohu8.com/m/news/1127633167?lang=zh_CN&edition=full","pubTime":"2021-08-15 11:22","market":"us","language":"en","title":"These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127633167","media":"Barrons","summary":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors loo","content":"<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估适用于截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThese 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-15 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估适用于截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMRS":"阿米瑞斯","AMED":"阿米斯医疗","VAC":"万豪度假环球","UPWK":"Upwork Inc.","SITE":"SiteOne Landscape Supply, Inc.","BAH":"博思艾伦咨询公司","JBHT":"JB Hunt运输服务","STAA":"STAAR Surgical Company","TREX":"Trex Co Inc","SFIX":"Stitch Fix Inc."},"source_url":"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127633167","content_text":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.\nThe idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock that returns 10 times what you paid for it.\nWall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified in a Barron’s cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.\nTheir search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.\nMany investors are happy to stick with large, well-known compounders, such as Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and Eli Lilly(LLY).\nBarron’s sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:\nStrong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.\n\n\n\nCompany / Ticker\nRecent Price\nYTD Change\n2021E P/E\n2021E Price/Sales\n2022E P/E\n2022E Price/Sales\nLT Growth Rate*\nMarket Value (bil)\nComment\n\n\n\n\nAmedysis / AMED\n$185.15\n-37%\n30.2\n2.7\n27.7\n2.4\n10.5%\n$6.3\nLeader in home health care\n\n\nAmyris / AMRS\n13.64\n121\nNM\n10.4\nNM\n9.7\nNA\n4.1\nLeading company in synthetic biology\n\n\nBooz Allen Hamilton Holding / BAH\n81.73\n-6\n19.4\n1.3\n17.7\n1.2\n8.6\n11.0\nDefense-department consultant\n\n\nJ.B. Hunt Transport Services / JBHT\n172.76\n26\n25.8\n1.5\n22.2\n1.4\n18.4\n18.2\nStrong in intermodal freight\n\n\nMarriott Vacations Worldwide / VAC\n147.15\n7\n40.9\n1.6\n15.7\n1.4\nNA\n6.3\nTop company in vacation timeshares\n\n\nSiteOne Landscape Supply / SITE\n197.10\n24\n45.7\n2.6\n43.5\n2.5\n19.3\n8.8\nBig supplier of landscaping supplies\n\n\nStaar Surgical / STAA\n138.19\n74\n192.3\n28.6\n140.8\n22.5\n30.0\n6.6\nMaker of implantable lens for myopia\n\n\nStitch Fix / SFIX\n44.38\n-24\nNM\n1.9\n1890.3\n1.7\n30.0\n4.8\nData-driven subscription clothing firm\n\n\nTrex / TREX\n105.94\n27\n51.9\n10.5\n43.6\n9.3\n18.8\n12.2\nTop maker of synthetic wood decking\n\n\nUpwork / UPWK\n44.31\n28\nNM\n11.4\n556.8\n9.2\nNA\n5.7\nOnline clearinghouse for free-lancers\n\n\n\nE=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.\nSource: FactSet\nAmedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.\n“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”\nAmedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.\nAmyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.\nUsing genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.\nBarron’s wrote favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.\n“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.\nBooz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.\n“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.\nJ.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the Barron’s Roundtable.\nJ.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.\nEllenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.\nMarriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.\n“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.\nThe shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.\nSiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.\n\n“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.\nThe stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.\nStaar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.\n“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”\nLenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.\nAt a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.\nStitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.\n“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.\nIts shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.\nYet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.\nTrex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.\nT. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.\nUpwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.\nThe shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.\nThe investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.\n“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.","news_type":1,"symbols_score_info":{"SFIX":0.9,"SITE":0.9,"UPWK":0.9,"AMED":0.9,"AMRS":0.9,"BAH":0.9,"VAC":0.9,"JBHT":0.9,"STAA":0.9,"TREX":0.9}},"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817201431,"gmtCreate":1630964740323,"gmtModify":1632904985758,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/817201431","repostId":"1158349328","repostType":4,"repost":{"id":"1158349328","kind":"news","pubTimestamp":1630913486,"share":"https://www.laohu8.com/m/news/1158349328?lang=zh_CN&edition=full","pubTime":"2021-09-06 15:31","market":"us","language":"en","title":"Why 2021 Is the Kind of Year to Banish the September Stock Blues<blockquote>为什么2021年是消除9月股市忧郁的一年</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158349328","media":"Barron's","summary":"Stocks famously perform poorly in September. But that may not necessarily be the case in a year like","content":"<p>Stocks famously perform poorly in September. But that may not necessarily be the case in a year like 2021.</p><p><blockquote>众所周知，9月份股市表现不佳。但在2021年这样的年份，情况可能不一定如此。</blockquote></p><p> Since 1928, the average September return for the S&amp;P 500 has been a 0.99% loss. That makes the month far worse than May, which ranks second in investor gloom with an average loss of 0.11%. But there’s a caveat here. History also finds that Septembers that follow strong gains earlier in the year tended to have positive returns. When the S&amp;P 500 rose by more than 13% over the first six months, the median September gain since 1928 rang in at 1.4%, according to Fundstrat.</p><p><blockquote>自1928年以来，标普500 9月份的平均回报率为0.99%。这使得本月比5月份要糟糕得多，5月份在投资者悲观情绪中排名第二，平均跌幅为0.11%。但这里有一个警告。历史还发现，今年早些时候强劲上涨后的9月份往往会有正回报。根据Fundstrat的数据，当标普500在前六个月上涨超过13%时，自1928年以来9月份的涨幅中位数为1.4%。</blockquote></p><p> Over that 93-year span, the S&amp;P fell in 54% of the Septembers. But when markets rose from January through June, 63% of the Septembers saw positive gains. Through June of this year, the S&amp;P 500 rallied 14%.</p><p><blockquote>在这93年的时间里，标准普尔指数在9月份下跌了54%。但当市场从1月到6月上涨时，63%的9月份出现了正收益。截至今年6月，标普500上涨了14%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc9b7962b08fe42d27d182d586cf20e4\" tg-width=\"778\" tg-height=\"440\" referrerpolicy=\"no-referrer\">A similar trend applies to the year. Strategists atWells Fargo recently lifted their target for the S&amp;P 500 to a level that reflects more than 6% upside from current prices. Using data back to 1990, they say that in years in which the S&amp;P sees double-digit percentage gains for the first eight months, it rises another 8% to finish the year.</p><p><blockquote>类似的趋势也适用于这一年。富国银行的策略师最近将标普500的目标上调至较当前价格上涨6%以上的水平。他们利用1990年的数据表示，在标普指数前八个月出现两位数百分比涨幅的年份，年底又会上涨8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/23718a745d8c03556be0411afdf1af64\" tg-width=\"792\" tg-height=\"438\" referrerpolicy=\"no-referrer\">The S&amp;P 500 closed on Thursday at 4523, ending August with a year-to-date gain of 20.4%. But be aware of one thing: The ride could be bumpy. The S&amp;P 500 hasn’t had a pullback of more than 5% this year. With risks on the horizon—the Delta variant, inflation, high valuations, even a corporate-tax increase—stocks could easily correct. “Markets are ‘overbought’ and due for a pullback,” writes Fundstrat research head Tom Lee. Perhaps, but don’t be surprised if this market bucks the September blues.</p><p><blockquote>标普500周四收于4523点，以今年迄今20.4%的涨幅结束8月份。但请注意一件事：旅程可能会很颠簸。标普500今年的回调幅度从未超过5%。随着德尔塔变异毒株、通货膨胀、高估值，甚至公司税增加等风险的出现，股市很容易调整。Fundstrat研究主管汤姆·李(Tom Lee)写道：“市场‘超买’，即将回调。”也许吧，但如果这个市场逆着九月的忧郁，也不要感到惊讶。</blockquote></p><p> <b>This&nbsp;Week&nbsp;</b></p><p><blockquote><b>本周</b></blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>星期一9/6</b></blockquote></p><p> <b>Stock and fixed-income</b> markets are closed in observance of Labor Day.</p><p><blockquote><b>股票和固定收益</b>市场因劳动节而关闭。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey’s General Stores和Coupa Software公布收益。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三9/8</b></blockquote></p><p> Copart, GameStop,&nbsp;and Lululemon Athletica&nbsp;release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>ADI公司召开电话会议，讨论其资本配置计划并更新2021财年展望。该公司最近完成了对Maxim Integrated Products的210亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International,&nbsp;and ResMed&nbsp;hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际和ResMed举办虚拟投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote><b>劳工局</b>统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，有1010万个职位空缺，连续第四个月创下纪录。</blockquote></p><p> <b>The Federal Reserve</b> reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote><b>美联储</b>报告7月份消费者信贷数据。6月份未偿消费者债务总额增加377亿美元，达到创纪录的4.32万亿美元。第二季度，消费信贷经季节调整后的年率增长8.8%，反映了被压抑的需求。</blockquote></p><p> <b>The Federal Reserve</b> releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote><b>美联储</b>今年八次发布褐皮书中的第六次。该报告总结了12个美联储地区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四9/9</b></blockquote></p><p> Home Depot&nbsp;hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝召开电话会议讨论其ESG战略，由公司首席可持续发展官Ron Jarvis主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna举办第五届年度研发日，讨论公司在研疫苗。首席执行官Stéphane Bancel将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由首席执行官Rainer Blair主持。</blockquote></p><p> International Paper,&nbsp;Synchrony Financial,&nbsp;and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、同步金融和威利斯韬睿惠悦举办投资者日。</blockquote></p><p> <b>The European Central</b>&nbsp;Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote><b>欧洲中部</b>银行宣布其货币政策决定。预计欧洲央行将维持关键利率在负0.5%不变。</blockquote></p><p> <b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote><b>劳工部</b>报告截至9月4日当周首次申请失业救济人数。8月份，平均每周申请失业救济人数为35.5万人，为疫情爆发以来的最低水平。这也将是联邦强化失业救济金额外发放300美元的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>星期五9/10</b></blockquote></p><p> <b>The BLS reports</b>the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote><b>劳工统计局报告</b>8月份生产者价格指数。经济学家预测核心生产者价格指数（不包括波动较大的食品和能源价格）月度上涨0.6%，核心生产者价格指数将上涨0.5%。7月份两者均上涨1%。</blockquote></p><p> Kroger&nbsp;holds a conference calls to discuss earnings.&nbsp;Albemarle and Bio-Techne host their 2021 investor days.</p><p><blockquote>克罗格评级召开会议讨论收益。Albemarle和Bio-Techne举办2021年投资者日。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why 2021 Is the Kind of Year to Banish the September Stock Blues<blockquote>为什么2021年是消除9月股市忧郁的一年</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\">\nWhy 2021 Is the Kind of Year to Banish the September Stock Blues<blockquote>为什么2021年是消除9月股市忧郁的一年</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-06 15:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks famously perform poorly in September. But that may not necessarily be the case in a year like 2021.</p><p><blockquote>众所周知，9月份股市表现不佳。但在2021年这样的年份，情况可能不一定如此。</blockquote></p><p> Since 1928, the average September return for the S&amp;P 500 has been a 0.99% loss. That makes the month far worse than May, which ranks second in investor gloom with an average loss of 0.11%. But there’s a caveat here. History also finds that Septembers that follow strong gains earlier in the year tended to have positive returns. When the S&amp;P 500 rose by more than 13% over the first six months, the median September gain since 1928 rang in at 1.4%, according to Fundstrat.</p><p><blockquote>自1928年以来，标普500 9月份的平均回报率为0.99%。这使得本月比5月份要糟糕得多，5月份在投资者悲观情绪中排名第二，平均跌幅为0.11%。但这里有一个警告。历史还发现，今年早些时候强劲上涨后的9月份往往会有正回报。根据Fundstrat的数据，当标普500在前六个月上涨超过13%时，自1928年以来9月份的涨幅中位数为1.4%。</blockquote></p><p> Over that 93-year span, the S&amp;P fell in 54% of the Septembers. But when markets rose from January through June, 63% of the Septembers saw positive gains. Through June of this year, the S&amp;P 500 rallied 14%.</p><p><blockquote>在这93年的时间里，标准普尔指数在9月份下跌了54%。但当市场从1月到6月上涨时，63%的9月份出现了正收益。截至今年6月，标普500上涨了14%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc9b7962b08fe42d27d182d586cf20e4\" tg-width=\"778\" tg-height=\"440\" referrerpolicy=\"no-referrer\">A similar trend applies to the year. Strategists atWells Fargo recently lifted their target for the S&amp;P 500 to a level that reflects more than 6% upside from current prices. Using data back to 1990, they say that in years in which the S&amp;P sees double-digit percentage gains for the first eight months, it rises another 8% to finish the year.</p><p><blockquote>类似的趋势也适用于这一年。富国银行的策略师最近将标普500的目标上调至较当前价格上涨6%以上的水平。他们利用1990年的数据表示，在标普指数前八个月出现两位数百分比涨幅的年份，年底又会上涨8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/23718a745d8c03556be0411afdf1af64\" tg-width=\"792\" tg-height=\"438\" referrerpolicy=\"no-referrer\">The S&amp;P 500 closed on Thursday at 4523, ending August with a year-to-date gain of 20.4%. But be aware of one thing: The ride could be bumpy. The S&amp;P 500 hasn’t had a pullback of more than 5% this year. With risks on the horizon—the Delta variant, inflation, high valuations, even a corporate-tax increase—stocks could easily correct. “Markets are ‘overbought’ and due for a pullback,” writes Fundstrat research head Tom Lee. Perhaps, but don’t be surprised if this market bucks the September blues.</p><p><blockquote>标普500周四收于4523点，以今年迄今20.4%的涨幅结束8月份。但请注意一件事：旅程可能会很颠簸。标普500今年的回调幅度从未超过5%。随着德尔塔变异毒株、通货膨胀、高估值，甚至公司税增加等风险的出现，股市很容易调整。Fundstrat研究主管汤姆·李(Tom Lee)写道：“市场‘超买’，即将回调。”也许吧，但如果这个市场逆着九月的忧郁，也不要感到惊讶。</blockquote></p><p> <b>This&nbsp;Week&nbsp;</b></p><p><blockquote><b>本周</b></blockquote></p><p> <b>Monday 9/6</b></p><p><blockquote><b>星期一9/6</b></blockquote></p><p> <b>Stock and fixed-income</b> markets are closed in observance of Labor Day.</p><p><blockquote><b>股票和固定收益</b>市场因劳动节而关闭。</blockquote></p><p> <b>Tuesday 9/7</b></p><p><blockquote><b>星期二9/7</b></blockquote></p><p> Casey’s General Stores and Coupa Software announce earnings.</p><p><blockquote>Casey’s General Stores和Coupa Software公布收益。</blockquote></p><p> <b>Wednesday 9/8</b></p><p><blockquote><b>星期三9/8</b></blockquote></p><p> Copart, GameStop,&nbsp;and Lululemon Athletica&nbsp;release quarterly results.</p><p><blockquote>Copart、游戏驿站和Lululemon Athletica发布季度业绩。</blockquote></p><p> Analog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.</p><p><blockquote>ADI公司召开电话会议，讨论其资本配置计划并更新2021财年展望。该公司最近完成了对Maxim Integrated Products的210亿美元收购。</blockquote></p><p> Global Payments, Johnson Controls International,&nbsp;and ResMed&nbsp;hold virtual investor days.</p><p><blockquote>Global Payments、江森自控国际和ResMed举办虚拟投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.</p><p><blockquote><b>劳工局</b>统计局发布职位空缺和劳动力流动调查。普遍估计7月最后一个工作日将有1000万个职位空缺。6月份，有1010万个职位空缺，连续第四个月创下纪录。</blockquote></p><p> <b>The Federal Reserve</b> reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.</p><p><blockquote><b>美联储</b>报告7月份消费者信贷数据。6月份未偿消费者债务总额增加377亿美元，达到创纪录的4.32万亿美元。第二季度，消费信贷经季节调整后的年率增长8.8%，反映了被压抑的需求。</blockquote></p><p> <b>The Federal Reserve</b> releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.</p><p><blockquote><b>美联储</b>今年八次发布褐皮书中的第六次。该报告总结了12个美联储地区当前的经济状况。</blockquote></p><p> <b>Thursday 9/9</b></p><p><blockquote><b>星期四9/9</b></blockquote></p><p> Home Depot&nbsp;hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.</p><p><blockquote>家得宝召开电话会议讨论其ESG战略，由公司首席可持续发展官Ron Jarvis主持。</blockquote></p><p> Moderna hosts its fifth annual R&amp;D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.</p><p><blockquote>Moderna举办第五届年度研发日，讨论公司在研疫苗。首席执行官Stéphane Bancel将是演讲者之一。</blockquote></p><p> Danaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.</p><p><blockquote>丹纳赫召开投资者和分析师会议，由首席执行官Rainer Blair主持。</blockquote></p><p> International Paper,&nbsp;Synchrony Financial,&nbsp;and Willis Towers Watson hold investor days.</p><p><blockquote>国际纸业、同步金融和威利斯韬睿惠悦举办投资者日。</blockquote></p><p> <b>The European Central</b>&nbsp;Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.</p><p><blockquote><b>欧洲中部</b>银行宣布其货币政策决定。预计欧洲央行将维持关键利率在负0.5%不变。</blockquote></p><p> <b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.</p><p><blockquote><b>劳工部</b>报告截至9月4日当周首次申请失业救济人数。8月份，平均每周申请失业救济人数为35.5万人，为疫情爆发以来的最低水平。这也将是联邦强化失业救济金额外发放300美元的最后一周。它们将于9月6日到期。</blockquote></p><p> <b>Friday 9/10</b></p><p><blockquote><b>星期五9/10</b></blockquote></p><p> <b>The BLS reports</b>the producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.</p><p><blockquote><b>劳工统计局报告</b>8月份生产者价格指数。经济学家预测核心生产者价格指数（不包括波动较大的食品和能源价格）月度上涨0.6%，核心生产者价格指数将上涨0.5%。7月份两者均上涨1%。</blockquote></p><p> Kroger&nbsp;holds a conference calls to discuss earnings.&nbsp;Albemarle and Bio-Techne host their 2021 investor days.</p><p><blockquote>克罗格评级召开会议讨论收益。Albemarle和Bio-Techne举办2021年投资者日。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/september-stock-market-outlook-51630703979?mod=markets\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/articles/september-stock-market-outlook-51630703979?mod=markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158349328","content_text":"Stocks famously perform poorly in September. But that may not necessarily be the case in a year like 2021.\nSince 1928, the average September return for the S&P 500 has been a 0.99% loss. That makes the month far worse than May, which ranks second in investor gloom with an average loss of 0.11%. But there’s a caveat here. History also finds that Septembers that follow strong gains earlier in the year tended to have positive returns. When the S&P 500 rose by more than 13% over the first six months, the median September gain since 1928 rang in at 1.4%, according to Fundstrat.\nOver that 93-year span, the S&P fell in 54% of the Septembers. But when markets rose from January through June, 63% of the Septembers saw positive gains. Through June of this year, the S&P 500 rallied 14%.\nA similar trend applies to the year. Strategists atWells Fargo recently lifted their target for the S&P 500 to a level that reflects more than 6% upside from current prices. Using data back to 1990, they say that in years in which the S&P sees double-digit percentage gains for the first eight months, it rises another 8% to finish the year.\nThe S&P 500 closed on Thursday at 4523, ending August with a year-to-date gain of 20.4%. But be aware of one thing: The ride could be bumpy. The S&P 500 hasn’t had a pullback of more than 5% this year. With risks on the horizon—the Delta variant, inflation, high valuations, even a corporate-tax increase—stocks could easily correct. “Markets are ‘overbought’ and due for a pullback,” writes Fundstrat research head Tom Lee. Perhaps, but don’t be surprised if this market bucks the September blues.\nThis Week \nMonday 9/6\nStock and fixed-income markets are closed in observance of Labor Day.\nTuesday 9/7\nCasey’s General Stores and Coupa Software announce earnings.\nWednesday 9/8\nCopart, GameStop, and Lululemon Athletica release quarterly results.\nAnalog Devices hosts a conference call to discuss its capital-allocation plans and update its outlook for fiscal 2021. The company recently closed its $21 billion acquisition of Maxim Integrated Products.\nGlobal Payments, Johnson Controls International, and ResMed hold virtual investor days.\nThe Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10 million job openings on the last business day of July. In June, there were 10.1 million openings, the fourth consecutive monthly record.\nThe Federal Reserve reports consumer credit data for July. Total outstanding consumer debt increased by $37.7 billion to a record $4.32 trillion in June. For the second quarter, consumer credit rose at a seasonally adjusted annual rate of 8.8%, reflecting pent-up demand.\nThe Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions among the 12 Federal Reserve districts.\nThursday 9/9\nHome Depot hosts a conference call to discuss its ESG strategy, led by Ron Jarvis, the company’s chief sustainability officer.\nModerna hosts its fifth annual R&D day to discuss vaccines in the company’s pipeline. CEO Stéphane Bancel will be among the presenters.\nDanaher holds an investor and analyst meeting, hosted by its CEO Rainer Blair.\nInternational Paper, Synchrony Financial, and Willis Towers Watson hold investor days.\nThe European Central Bank announces its monetary-policy decision. The ECB is expected to keep its key interest rate unchanged at minus 0.5%.\nThe Department of Labor reports initial jobless claims for the week ending on Sept. 4. In August, claims averaged 355,000 a week, the lowest since the pandemic’s onset. This will also be the last week that the extra $300 from federal enhanced unemployment benefits is available. They are set to expire by Sept. 6.\nFriday 9/10\nThe BLS reportsthe producer price index for August. Economists forecast a 0.6% monthly rise along with a 0.5% increase for the core PPI, which excludes volatile food and energy prices. Both jumped 1% in July.\nKroger holds a conference calls to discuss earnings. Albemarle and Bio-Techne host their 2021 investor days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1956,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810763354,"gmtCreate":1630016909578,"gmtModify":1704954515115,"author":{"id":"3579605184200794","authorId":"3579605184200794","name":"Hilaryteowj","avatar":"https://static.tigerbbs.com/bde9e1d8bb1793e281fca7c37e2f504c","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579605184200794","idStr":"3579605184200794"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810763354","repostId":"1158216410","repostType":4,"isVote":1,"tweetType":1,"viewCount":3216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}