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2021-12-07

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2021-11-26

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What Inflation? Small Investors Keep Piling Into Flashy Growth Stocks<blockquote>什么通货膨胀？小投资者不断涌入华丽的成长型股票</blockquote>

2021-11-24

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2021-11-14

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2021-11-13

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Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</blockquote>

2021-11-05

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U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote>

2021-11-01

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Federal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote>

2021-10-22

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WeWork pops more than 16% in morning trading<blockquote>WeWork早盘上涨逾16%</blockquote>

2021-10-04

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A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>

2021-10-03

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2021-09-30

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2021-09-28

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Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote>

2021-09-27

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2021-09-24

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IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>

2021-09-21

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Dow erases a 343-point rebound and turns red<blockquote>道指抹去343点反弹并翻红</blockquote>

2021-09-17

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2021-09-17

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2021-09-15

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U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote>

2021-09-14

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2021-09-13

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and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/606127210","repostId":"1129879215","repostType":4,"isVote":1,"tweetType":1,"viewCount":2260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877928019,"gmtCreate":1637880750688,"gmtModify":1637880750770,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/877928019","repostId":"1143924299","repostType":4,"repost":{"id":"1143924299","kind":"news","pubTimestamp":1637846658,"share":"https://www.laohu8.com/m/news/1143924299?lang=zh_CN&edition=full","pubTime":"2021-11-25 21:24","market":"us","language":"en","title":"What Inflation? Small Investors Keep Piling Into Flashy Growth Stocks<blockquote>什么通货膨胀？小投资者不断涌入华丽的成长型股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143924299","media":"WSJ","summary":"Conventional Wall Street wisdom says inflation is bad for growth and technology stocks. Many small i","content":"<p>Conventional Wall Street wisdom says inflation is bad for growth and technology stocks. Many small investors don’t care.</p><p><blockquote>华尔街的传统观点认为，通胀不利于增长股和科技股。很多小投资者不在乎。</blockquote></p><p> Individual investors continue to stampede into shares of growth companies, the types of buzzy stocks that have enjoyed explosive price gains this year. Advanced Micro Devices Inc.,&nbsp;Nvidia Corp. and Apple Inc. are the three stocks most purchased this month by individual investors, according to VandaTrack, a Vanda Research flow tracker that measures net purchases.</p><p><blockquote>个人投资者继续涌入成长型公司的股票，这些热门股票今年价格出现了爆炸性上涨。根据衡量净购买量的Vanda Research流量跟踪机构VandaTrack的数据，Advanced Micro Devices Inc.、Nvidia Corp.和苹果公司是本月个人投资者购买最多的三只股票。</blockquote></p><p> Growth stocks are typically companies—often tech firms—that are expected to deliver faster-than-average profit growth in the future. They tend to flourish in a low-rate environment, including over the past year and a half. Investors are typically willing to pay higher prices for such companies when they don’t see many alternatives for making sizable profits.</p><p><blockquote>成长型股票通常是预计未来利润增长快于平均水平的公司（通常是科技公司）。它们往往在低利率环境中蓬勃发展，包括在过去一年半的时间里。当投资者看不到许多赚取可观利润的替代方案时，他们通常愿意为此类公司支付更高的价格。</blockquote></p><p> For example, 18 of the stocks that are most favored by individual investors, including the chip makers AMD and Nvidia, trade on average at nearly 13 times their trailing 12-month sales, according to an analysis by Dow Jones Market Data. Stocks in the S&amp;P 500 trade at an average of three times their sales.</p><p><blockquote>例如，根据道琼斯市场数据的分析，包括芯片制造商AMD和英伟达在内的18只最受个人投资者青睐的股票的平均交易价格是其过去12个月销售额的近13倍。标普500股票的平均交易价格是其销售额的三倍。</blockquote></p><p> But mounting inflation can be troublesome for growth stocks. That is because inflation brings the prospect of higher interest rates and higher bond yields, making the future cash flows of growth stocks less attractive. Traders, in turn, typically shuffle their portfolios to include other investments that stand to benefit from rising rates.</p><p><blockquote>但通胀上升可能会给成长型股票带来麻烦。这是因为通胀带来了利率上升和债券收益率上升的前景，使得成长型股票的未来现金流吸引力下降。反过来，交易者通常会调整他们的投资组合，纳入其他将从利率上升中受益的投资。</blockquote></p><p> A government report this month showed that the consumer-price index jumped 6.2% in October from a year earlier, climbing atthe fastest pace in three decades. Fund-flow tracker EPFR, whose data captures mostly institutional investor behavior, estimates that investors responded by yanking more than $2 billion out of U.S. tech-focused mutual and exchange-traded funds in the two weeks ended Nov. 17. That marks the worst stretch since a two-week period ended in early January 2019.</p><p><blockquote>本月的一份政府报告显示，10月份消费者价格指数同比上涨6.2%，以三十年来最快的速度攀升。资金流追踪公司EPFR的数据主要捕捉机构投资者的行为，该公司估计，截至11月17日的两周内，投资者从美国以科技为重点的共同基金和交易所交易基金中撤出了超过20亿美元。这是自2019年1月初结束的两周以来最糟糕的一段时间。</blockquote></p><p> At the same time, institutional investors are pumping money into more value-oriented sectors, such as consumer goods, healthcare and utilities, EPFR data show. Those industries tend to trade at lower valuations and tend to be more defensive moves for investors during times of heightened uncertainty.</p><p><blockquote>EPFR数据显示，与此同时，机构投资者正在向消费品、医疗保健和公用事业等更具价值导向的行业注入资金。这些行业的估值往往较低，在不确定性加剧的时期，投资者往往会采取更具防御性的举措。</blockquote></p><p> Greg Hahn, chief investment officer of Indianapolis-based Winthrop Capital Management, said his team has been paring back exposure to large-cap technology stocks.</p><p><blockquote>总部位于印第安纳波利斯的温思罗普资本管理公司首席投资官格雷格·哈恩表示，他的团队一直在削减对大型科技股的投资。</blockquote></p><p> “We’re shifting out of growth,” Mr. Hahn said. Instead, the firm is focused on finding quality companies that have reasonable valuations and strong balance sheets—ones that are “sustainable in a potentially rough next market cycle,” he said.</p><p><blockquote>“我们正在摆脱增长，”哈恩先生说。相反，该公司专注于寻找估值合理、资产负债表强劲的优质公司——这些公司“在可能艰难的下一个市场周期中可持续发展”，他表示。</blockquote></p><p> Recently, Mr. Hahn said, he has added exposure to a company that manufactures engines and generators and a pharmaceutical company that produces medicines and other products for animals.</p><p><blockquote>哈恩先生说，最近，他增加了对一家制造发动机和发电机的公司以及一家为动物生产药品和其他产品的制药公司的投资。</blockquote></p><p> To be sure, U.S. stocks are still hovering near records, bond yields remain historically low and&nbsp;an earlier rally in gold prices&nbsp;has subsided. That suggests that inflation fears haven’t yet spurred many professional investors to entirely upend their playbooks. Some 61% of fund managers surveyed this month believe inflation is transitory, according to Bank of America Global Research.</p><p><blockquote>可以肯定的是，美国股市仍在纪录附近徘徊，债券收益率仍处于历史低位，金价早些时候的涨势已经消退。这表明通胀担忧尚未刺激许多专业投资者完全颠覆他们的策略。根据美国银行全球研究部的数据，本月接受调查的约61%的基金经理认为通胀是暂时的。</blockquote></p><p> Still, the recent divergence in strategy between professional and individual investors is the latest example of&nbsp;the unusual dynamics that have played out in financial markets&nbsp;this year. Repeatedly, small investors&nbsp;have upended longstanding trading strategies&nbsp;by sending stocks such asGameStopCorp.andHertz Global HoldingsInc.HTZ11.06%soaring, with little regard for the companies’ underlying value. Some rely on classic momentum investing—a strategy of buying assets simply because they are rising.</p><p><blockquote>尽管如此，最近专业投资者和个人投资者之间的策略分歧是今年金融市场异常动态的最新例子。小投资者多次颠覆了长期的交易策略，推动GameStopCorp.和Hertz Global HoldingsInc.等股票飙升，而很少考虑这些公司的潜在价值。有些人依赖经典的动量投资——一种仅仅因为资产正在上涨就购买资产的策略。</blockquote></p><p> It isn’t uncommon for stocks favored by individual investors to be volatile. But those stocks can pay off too: AMD and Nvidia are each up 28% or more month-to-date, while Apple has climbed 8.1%. That compares with a 2.1% rise for the S&amp;P 500.</p><p><blockquote>个人投资者青睐的股票波动并不罕见。但这些股票也可以获得回报：AMD和Nvidia本月迄今均上涨了28%或更多，而苹果则上涨了8.1%。相比之下，标普500的涨幅为2.1%。</blockquote></p><p> “The lesson we’ve learned over the past 12 to 18 months…is that IPOs, fiscal stimulus and other micro [events] are much bigger drivers for retail investor behavior” than inflation readings, said Viraj Patel, global macro strategist at Vanda Research. “We’ve never woken up the day after the CPI and seen huge selling from retail investors.”</p><p><blockquote>Vanda Research全球宏观策略师Viraj Patel表示，“我们在过去12至18个月中吸取的教训……是，IPO、财政刺激和其他微观[事件]是散户投资者行为的更大驱动因素”。“我们从来没有在CPI公布后的第二天醒来，看到散户投资者大量抛售。”</blockquote></p><p> Matt Delao, a 28-year-old individual investor from California, said he has followed data on inflation and supply-chain snarls this year. But he said his trading strategy has focused mostly on screening for stocks that appear priced for a significant move. Recently, he has traded options for AMD and bitcoin-mining companyRiot Blockchain&nbsp;Inc.</p><p><blockquote>来自加州的28岁个人投资者马特·德劳(Matt Delao)表示，他今年一直在关注通胀和供应链混乱的数据。但他表示，他的交易策略主要集中在筛选那些定价似乎会出现重大波动的股票。最近，他交易了AMD和比特币矿业公司Riot Blockchain Inc.的期权。</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 Inflation? 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Small Investors Keep Piling Into Flashy Growth Stocks<blockquote>什么通货膨胀？小投资者不断涌入华丽的成长型股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-11-25 21:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Conventional Wall Street wisdom says inflation is bad for growth and technology stocks. Many small investors don’t care.</p><p><blockquote>华尔街的传统观点认为，通胀不利于增长股和科技股。很多小投资者不在乎。</blockquote></p><p> Individual investors continue to stampede into shares of growth companies, the types of buzzy stocks that have enjoyed explosive price gains this year. Advanced Micro Devices Inc.,&nbsp;Nvidia Corp. and Apple Inc. are the three stocks most purchased this month by individual investors, according to VandaTrack, a Vanda Research flow tracker that measures net purchases.</p><p><blockquote>个人投资者继续涌入成长型公司的股票，这些热门股票今年价格出现了爆炸性上涨。根据衡量净购买量的Vanda Research流量跟踪机构VandaTrack的数据，Advanced Micro Devices Inc.、Nvidia Corp.和苹果公司是本月个人投资者购买最多的三只股票。</blockquote></p><p> Growth stocks are typically companies—often tech firms—that are expected to deliver faster-than-average profit growth in the future. They tend to flourish in a low-rate environment, including over the past year and a half. Investors are typically willing to pay higher prices for such companies when they don’t see many alternatives for making sizable profits.</p><p><blockquote>成长型股票通常是预计未来利润增长快于平均水平的公司（通常是科技公司）。它们往往在低利率环境中蓬勃发展，包括在过去一年半的时间里。当投资者看不到许多赚取可观利润的替代方案时，他们通常愿意为此类公司支付更高的价格。</blockquote></p><p> For example, 18 of the stocks that are most favored by individual investors, including the chip makers AMD and Nvidia, trade on average at nearly 13 times their trailing 12-month sales, according to an analysis by Dow Jones Market Data. Stocks in the S&amp;P 500 trade at an average of three times their sales.</p><p><blockquote>例如，根据道琼斯市场数据的分析，包括芯片制造商AMD和英伟达在内的18只最受个人投资者青睐的股票的平均交易价格是其过去12个月销售额的近13倍。标普500股票的平均交易价格是其销售额的三倍。</blockquote></p><p> But mounting inflation can be troublesome for growth stocks. That is because inflation brings the prospect of higher interest rates and higher bond yields, making the future cash flows of growth stocks less attractive. Traders, in turn, typically shuffle their portfolios to include other investments that stand to benefit from rising rates.</p><p><blockquote>但通胀上升可能会给成长型股票带来麻烦。这是因为通胀带来了利率上升和债券收益率上升的前景，使得成长型股票的未来现金流吸引力下降。反过来，交易者通常会调整他们的投资组合，纳入其他将从利率上升中受益的投资。</blockquote></p><p> A government report this month showed that the consumer-price index jumped 6.2% in October from a year earlier, climbing atthe fastest pace in three decades. Fund-flow tracker EPFR, whose data captures mostly institutional investor behavior, estimates that investors responded by yanking more than $2 billion out of U.S. tech-focused mutual and exchange-traded funds in the two weeks ended Nov. 17. That marks the worst stretch since a two-week period ended in early January 2019.</p><p><blockquote>本月的一份政府报告显示，10月份消费者价格指数同比上涨6.2%，以三十年来最快的速度攀升。资金流追踪公司EPFR的数据主要捕捉机构投资者的行为，该公司估计，截至11月17日的两周内，投资者从美国以科技为重点的共同基金和交易所交易基金中撤出了超过20亿美元。这是自2019年1月初结束的两周以来最糟糕的一段时间。</blockquote></p><p> At the same time, institutional investors are pumping money into more value-oriented sectors, such as consumer goods, healthcare and utilities, EPFR data show. Those industries tend to trade at lower valuations and tend to be more defensive moves for investors during times of heightened uncertainty.</p><p><blockquote>EPFR数据显示，与此同时，机构投资者正在向消费品、医疗保健和公用事业等更具价值导向的行业注入资金。这些行业的估值往往较低，在不确定性加剧的时期，投资者往往会采取更具防御性的举措。</blockquote></p><p> Greg Hahn, chief investment officer of Indianapolis-based Winthrop Capital Management, said his team has been paring back exposure to large-cap technology stocks.</p><p><blockquote>总部位于印第安纳波利斯的温思罗普资本管理公司首席投资官格雷格·哈恩表示，他的团队一直在削减对大型科技股的投资。</blockquote></p><p> “We’re shifting out of growth,” Mr. Hahn said. Instead, the firm is focused on finding quality companies that have reasonable valuations and strong balance sheets—ones that are “sustainable in a potentially rough next market cycle,” he said.</p><p><blockquote>“我们正在摆脱增长，”哈恩先生说。相反，该公司专注于寻找估值合理、资产负债表强劲的优质公司——这些公司“在可能艰难的下一个市场周期中可持续发展”，他表示。</blockquote></p><p> Recently, Mr. Hahn said, he has added exposure to a company that manufactures engines and generators and a pharmaceutical company that produces medicines and other products for animals.</p><p><blockquote>哈恩先生说，最近，他增加了对一家制造发动机和发电机的公司以及一家为动物生产药品和其他产品的制药公司的投资。</blockquote></p><p> To be sure, U.S. stocks are still hovering near records, bond yields remain historically low and&nbsp;an earlier rally in gold prices&nbsp;has subsided. That suggests that inflation fears haven’t yet spurred many professional investors to entirely upend their playbooks. Some 61% of fund managers surveyed this month believe inflation is transitory, according to Bank of America Global Research.</p><p><blockquote>可以肯定的是，美国股市仍在纪录附近徘徊，债券收益率仍处于历史低位，金价早些时候的涨势已经消退。这表明通胀担忧尚未刺激许多专业投资者完全颠覆他们的策略。根据美国银行全球研究部的数据，本月接受调查的约61%的基金经理认为通胀是暂时的。</blockquote></p><p> Still, the recent divergence in strategy between professional and individual investors is the latest example of&nbsp;the unusual dynamics that have played out in financial markets&nbsp;this year. Repeatedly, small investors&nbsp;have upended longstanding trading strategies&nbsp;by sending stocks such asGameStopCorp.andHertz Global HoldingsInc.HTZ11.06%soaring, with little regard for the companies’ underlying value. Some rely on classic momentum investing—a strategy of buying assets simply because they are rising.</p><p><blockquote>尽管如此，最近专业投资者和个人投资者之间的策略分歧是今年金融市场异常动态的最新例子。小投资者多次颠覆了长期的交易策略，推动GameStopCorp.和Hertz Global HoldingsInc.等股票飙升，而很少考虑这些公司的潜在价值。有些人依赖经典的动量投资——一种仅仅因为资产正在上涨就购买资产的策略。</blockquote></p><p> It isn’t uncommon for stocks favored by individual investors to be volatile. But those stocks can pay off too: AMD and Nvidia are each up 28% or more month-to-date, while Apple has climbed 8.1%. That compares with a 2.1% rise for the S&amp;P 500.</p><p><blockquote>个人投资者青睐的股票波动并不罕见。但这些股票也可以获得回报：AMD和Nvidia本月迄今均上涨了28%或更多，而苹果则上涨了8.1%。相比之下，标普500的涨幅为2.1%。</blockquote></p><p> “The lesson we’ve learned over the past 12 to 18 months…is that IPOs, fiscal stimulus and other micro [events] are much bigger drivers for retail investor behavior” than inflation readings, said Viraj Patel, global macro strategist at Vanda Research. “We’ve never woken up the day after the CPI and seen huge selling from retail investors.”</p><p><blockquote>Vanda Research全球宏观策略师Viraj Patel表示，“我们在过去12至18个月中吸取的教训……是，IPO、财政刺激和其他微观[事件]是散户投资者行为的更大驱动因素”。“我们从来没有在CPI公布后的第二天醒来，看到散户投资者大量抛售。”</blockquote></p><p> Matt Delao, a 28-year-old individual investor from California, said he has followed data on inflation and supply-chain snarls this year. But he said his trading strategy has focused mostly on screening for stocks that appear priced for a significant move. Recently, he has traded options for AMD and bitcoin-mining companyRiot Blockchain&nbsp;Inc.</p><p><blockquote>来自加州的28岁个人投资者马特·德劳(Matt Delao)表示，他今年一直在关注通胀和供应链混乱的数据。但他表示，他的交易策略主要集中在筛选那些定价似乎会出现重大波动的股票。最近，他交易了AMD和比特币矿业公司Riot Blockchain Inc.的期权。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-inflation-small-investors-keep-piling-into-flashy-growth-stocks-11637836200?siteid=yhoof2\">WSJ</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","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://www.wsj.com/articles/what-inflation-small-investors-keep-piling-into-flashy-growth-stocks-11637836200?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143924299","content_text":"Conventional Wall Street wisdom says inflation is bad for growth and technology stocks. Many small investors don’t care.\nIndividual investors continue to stampede into shares of growth companies, the types of buzzy stocks that have enjoyed explosive price gains this year. Advanced Micro Devices Inc., Nvidia Corp. and Apple Inc. are the three stocks most purchased this month by individual investors, according to VandaTrack, a Vanda Research flow tracker that measures net purchases.\nGrowth stocks are typically companies—often tech firms—that are expected to deliver faster-than-average profit growth in the future. They tend to flourish in a low-rate environment, including over the past year and a half. Investors are typically willing to pay higher prices for such companies when they don’t see many alternatives for making sizable profits.\nFor example, 18 of the stocks that are most favored by individual investors, including the chip makers AMD and Nvidia, trade on average at nearly 13 times their trailing 12-month sales, according to an analysis by Dow Jones Market Data. Stocks in the S&P 500 trade at an average of three times their sales.\nBut mounting inflation can be troublesome for growth stocks. That is because inflation brings the prospect of higher interest rates and higher bond yields, making the future cash flows of growth stocks less attractive. Traders, in turn, typically shuffle their portfolios to include other investments that stand to benefit from rising rates.\nA government report this month showed that the consumer-price index jumped 6.2% in October from a year earlier, climbing atthe fastest pace in three decades. Fund-flow tracker EPFR, whose data captures mostly institutional investor behavior, estimates that investors responded by yanking more than $2 billion out of U.S. tech-focused mutual and exchange-traded funds in the two weeks ended Nov. 17. That marks the worst stretch since a two-week period ended in early January 2019.\nAt the same time, institutional investors are pumping money into more value-oriented sectors, such as consumer goods, healthcare and utilities, EPFR data show. Those industries tend to trade at lower valuations and tend to be more defensive moves for investors during times of heightened uncertainty.\nGreg Hahn, chief investment officer of Indianapolis-based Winthrop Capital Management, said his team has been paring back exposure to large-cap technology stocks.\n“We’re shifting out of growth,” Mr. Hahn said. Instead, the firm is focused on finding quality companies that have reasonable valuations and strong balance sheets—ones that are “sustainable in a potentially rough next market cycle,” he said.\nRecently, Mr. Hahn said, he has added exposure to a company that manufactures engines and generators and a pharmaceutical company that produces medicines and other products for animals.\nTo be sure, U.S. stocks are still hovering near records, bond yields remain historically low and an earlier rally in gold prices has subsided. That suggests that inflation fears haven’t yet spurred many professional investors to entirely upend their playbooks. Some 61% of fund managers surveyed this month believe inflation is transitory, according to Bank of America Global Research.\nStill, the recent divergence in strategy between professional and individual investors is the latest example of the unusual dynamics that have played out in financial markets this year. Repeatedly, small investors have upended longstanding trading strategies by sending stocks such asGameStopCorp.andHertz Global HoldingsInc.HTZ11.06%soaring, with little regard for the companies’ underlying value. Some rely on classic momentum investing—a strategy of buying assets simply because they are rising.\nIt isn’t uncommon for stocks favored by individual investors to be volatile. But those stocks can pay off too: AMD and Nvidia are each up 28% or more month-to-date, while Apple has climbed 8.1%. That compares with a 2.1% rise for the S&P 500.\n“The lesson we’ve learned over the past 12 to 18 months…is that IPOs, fiscal stimulus and other micro [events] are much bigger drivers for retail investor behavior” than inflation readings, said Viraj Patel, global macro strategist at Vanda Research. “We’ve never woken up the day after the CPI and seen huge selling from retail investors.”\nMatt Delao, a 28-year-old individual investor from California, said he has followed data on inflation and supply-chain snarls this year. But he said his trading strategy has focused mostly on screening for stocks that appear priced for a significant move. Recently, he has traded options for AMD and bitcoin-mining companyRiot Blockchain Inc.","news_type":1,"symbols_score_info":{"AAPL":0.9,"AMD":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874023785,"gmtCreate":1637713581054,"gmtModify":1637713581138,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/874023785","repostId":"2185335951","repostType":4,"isVote":1,"tweetType":1,"viewCount":2298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873369232,"gmtCreate":1636859893131,"gmtModify":1636859893404,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/873369232","repostId":"1103944030","repostType":4,"isVote":1,"tweetType":1,"viewCount":2317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873000423,"gmtCreate":1636783569032,"gmtModify":1636783569115,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/873000423","repostId":"1102251183","repostType":4,"repost":{"id":"1102251183","kind":"news","pubTimestamp":1636772424,"share":"https://www.laohu8.com/m/news/1102251183?lang=zh_CN&edition=full","pubTime":"2021-11-13 11:00","market":"us","language":"en","title":"Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102251183","media":"Barrons","summary":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Mo","content":"<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一早上，辉瑞公司首席科学官米凯尔·多尔斯滕(Mikael Dolsten)接到电话时，听起来很头晕。就在几天前，他的公司宣布其Covid-19抗病毒药物将高危成年人的住院风险降低了89%。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>多尔斯滕说：“你能够打破这种类型的世界纪录，同时偶然获得大满贯，这不可能只是一件随机的事情。”他在试图说明辉瑞的双重胜利：在短短10个月内开发出了一种效果惊人的Covid-19疫苗，一年后又开发出了一种同样令人惊叹的Covid-19抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉（Albert Bourla）要求投资者对多尔斯滕十多年来重建的研发业务进行豪赌。这个赌注看起来比以往任何时候都更聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla已经摆脱了辉瑞的非专利药物部门及其最后的消费者健康产品，留下了一家纯粹的生物制药公司，该公司的生死存亡都取决于Dolsten的科学实力。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在2019年11月的一篇封面报道中，<i>巴伦周刊</i>认为布尔拉和多尔斯滕可以成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞的理由<i>巴伦周刊</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从大流行中获利会带来新的风险。在全球超过70亿剂疫苗中，低收入国家仅占不到1%。如果辉瑞抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞股价飙升10.9%，创下至少20年来的最佳单日表现。尽管如此，由于该股目前易手价格约为50美元，投资者继续低估该公司的价值。投资者对辉瑞的定价是明年预期收益的12倍，低于强生(JNJ)和礼来(LLY)等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临专利悬崖的担忧。该公司将失去对少数年收入数十亿美元的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这些担忧是合理的，但辉瑞的科学政变应该让投资者相信该公司的科学能够安全地越过悬崖。市场可能需要时间才能赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞科学实力的最佳例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>虽然辉瑞的新冠肺炎疫苗来自德国生物技术公司BioNTech(BNTX)的实验室，但新的新冠肺炎抗病毒药物是由多尔斯滕所说的辉瑞位于美国东北部实验室的科学家“梦之队”研制出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将其工作分为与BioNTech在疫苗上的合作和对Covid-19药丸的探索。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的“巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目规模要小得多——一组辉瑞专家利用疫苗推广剩余的资源进行运营。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“小分子更像是一个灵活、专注于激光的高端团队，拥有相当适中的资源，”多尔斯滕说。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括药物设计主管夏洛特·阿勒顿。科学家们从辉瑞公司多年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“（辉瑞的）制药研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂已经静脉内施用，并且当口服递送时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“他们必须真正创造很多新的化学反应，”多尔斯滕说。科学家们创造了600种化合物来确定正确的药物，这个过程通常可能需要数年时间，但他们在几个月内就完成了。“在这里，四年变成了四个月，”他说。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药物。该公司目前正在进行该药物的多项2/3期试验，包括一项针对高风险患者，一项针对非高风险患者，以及一项针对接触过病毒但尚未患病的患者的预防试验。在第一次读数中，该药物看起来比默克公司(MRK)的新冠治疗药物有效得多。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>Cantor Fitzgerald分析师Louise Chen表示：“这无疑有助于证明辉瑞的制药研发比人们想象的要好。”她对该股给予跑赢大盘评级，目标价为61美元。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈表示，在Covid-19疫苗和药丸销售的持久性更加明确以及其余产品得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“我认为没有一个事件会引发该股下一个级别的重新评级，”她说。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得对辉瑞的押注成为一项长期投资。与此同时，Moderna(MRNA)最近几周的经历凸显了疫苗制造商因疫苗分配不平等而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对Moderna越来越失望，呼吁该公司提高产量，以便能够以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司“挺身而出”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna股价在过去三个月下跌了40%以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞面临着侵蚀大约一年前推出Covid-19疫苗时赢得的巨大商誉的风险。本月早些时候，辉瑞首席执行官布尔拉指责低收入国家疫苗分配不公平，告诉<i>巴伦周刊</i>没有下订单是他们的错。辉瑞公司已以非营利价格向美国出售了10亿剂疫苗，捐赠给贫穷国家，并表示到明年年底将向中低收入国家提供总计至少20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>在抗病毒药物方面，辉瑞仅表示将为较贫穷国家提供分级定价，与其疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫穷国家提供自己的Covid-19药丸的计划形成鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，允许其药丸在全球范围内获得许可，无需向默克公司支付特许权使用费。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕表示，辉瑞正在考虑根据与默克类似的机制许可其药物。“我们将考虑这些选择，”他说。“我们绝不是说我们会做一些不同的事情。我们只是想确保参与其中的人都能获得这样做的建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的一步来得太快了。上月底，活动人士在布尔拉家外抗议，呼吁辉瑞分享其疫苗制造技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞公司相对受到华盛顿的青睐，并使其令人印象深刻的科学知识继续推动股价走高。</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>Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</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\">\nPfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-13 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一早上，辉瑞公司首席科学官米凯尔·多尔斯滕(Mikael Dolsten)接到电话时，听起来很头晕。就在几天前，他的公司宣布其Covid-19抗病毒药物将高危成年人的住院风险降低了89%。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>多尔斯滕说：“你能够打破这种类型的世界纪录，同时偶然获得大满贯，这不可能只是一件随机的事情。”他在试图说明辉瑞的双重胜利：在短短10个月内开发出了一种效果惊人的Covid-19疫苗，一年后又开发出了一种同样令人惊叹的Covid-19抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉（Albert Bourla）要求投资者对多尔斯滕十多年来重建的研发业务进行豪赌。这个赌注看起来比以往任何时候都更聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla已经摆脱了辉瑞的非专利药物部门及其最后的消费者健康产品，留下了一家纯粹的生物制药公司，该公司的生死存亡都取决于Dolsten的科学实力。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在2019年11月的一篇封面报道中，<i>巴伦周刊</i>认为布尔拉和多尔斯滕可以成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞的理由<i>巴伦周刊</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从大流行中获利会带来新的风险。在全球超过70亿剂疫苗中，低收入国家仅占不到1%。如果辉瑞抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞股价飙升10.9%，创下至少20年来的最佳单日表现。尽管如此，由于该股目前易手价格约为50美元，投资者继续低估该公司的价值。投资者对辉瑞的定价是明年预期收益的12倍，低于强生(JNJ)和礼来(LLY)等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临专利悬崖的担忧。该公司将失去对少数年收入数十亿美元的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这些担忧是合理的，但辉瑞的科学政变应该让投资者相信该公司的科学能够安全地越过悬崖。市场可能需要时间才能赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞科学实力的最佳例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>虽然辉瑞的新冠肺炎疫苗来自德国生物技术公司BioNTech(BNTX)的实验室，但新的新冠肺炎抗病毒药物是由多尔斯滕所说的辉瑞位于美国东北部实验室的科学家“梦之队”研制出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将其工作分为与BioNTech在疫苗上的合作和对Covid-19药丸的探索。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的“巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目规模要小得多——一组辉瑞专家利用疫苗推广剩余的资源进行运营。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“小分子更像是一个灵活、专注于激光的高端团队，拥有相当适中的资源，”多尔斯滕说。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括药物设计主管夏洛特·阿勒顿。科学家们从辉瑞公司多年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“（辉瑞的）制药研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂已经静脉内施用，并且当口服递送时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“他们必须真正创造很多新的化学反应，”多尔斯滕说。科学家们创造了600种化合物来确定正确的药物，这个过程通常可能需要数年时间，但他们在几个月内就完成了。“在这里，四年变成了四个月，”他说。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药物。该公司目前正在进行该药物的多项2/3期试验，包括一项针对高风险患者，一项针对非高风险患者，以及一项针对接触过病毒但尚未患病的患者的预防试验。在第一次读数中，该药物看起来比默克公司(MRK)的新冠治疗药物有效得多。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>Cantor Fitzgerald分析师Louise Chen表示：“这无疑有助于证明辉瑞的制药研发比人们想象的要好。”她对该股给予跑赢大盘评级，目标价为61美元。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈表示，在Covid-19疫苗和药丸销售的持久性更加明确以及其余产品得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“我认为没有一个事件会引发该股下一个级别的重新评级，”她说。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得对辉瑞的押注成为一项长期投资。与此同时，Moderna(MRNA)最近几周的经历凸显了疫苗制造商因疫苗分配不平等而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对Moderna越来越失望，呼吁该公司提高产量，以便能够以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司“挺身而出”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna股价在过去三个月下跌了40%以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞面临着侵蚀大约一年前推出Covid-19疫苗时赢得的巨大商誉的风险。本月早些时候，辉瑞首席执行官布尔拉指责低收入国家疫苗分配不公平，告诉<i>巴伦周刊</i>没有下订单是他们的错。辉瑞公司已以非营利价格向美国出售了10亿剂疫苗，捐赠给贫穷国家，并表示到明年年底将向中低收入国家提供总计至少20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>在抗病毒药物方面，辉瑞仅表示将为较贫穷国家提供分级定价，与其疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫穷国家提供自己的Covid-19药丸的计划形成鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，允许其药丸在全球范围内获得许可，无需向默克公司支付特许权使用费。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕表示，辉瑞正在考虑根据与默克类似的机制许可其药物。“我们将考虑这些选择，”他说。“我们绝不是说我们会做一些不同的事情。我们只是想确保参与其中的人都能获得这样做的建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的一步来得太快了。上月底，活动人士在布尔拉家外抗议，呼吁辉瑞分享其疫苗制造技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞公司相对受到华盛顿的青睐，并使其令人印象深刻的科学知识继续推动股价走高。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1\">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":{"PFE":"辉瑞"},"source_url":"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102251183","content_text":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.\n“It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.\nTwo years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.\nBourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.\nIn a cover story in November 2019, Barron’s argued that Bourla and Dolsten could pull it off.\nThe new antiviral data reaffirms the case for Pfizer that Barron’s made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.\nPfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like Johnson & Johnson (JNJ) and Eli Lilly (LLY).\nThe Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.\nThe worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.\nThe success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.\nWhile Pfizer’s Covid-19 vaccine came out of the labs of the German biotech BioNTech (BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.\nIn the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.\nThe antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.\n“The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.\nDolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.\n“[Pfizer’s] pharmaceutical R&D is better than people had thought.”\nThe protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.\n“They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.\nPfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from Merck (MRK).\n“It definitely helps prove the point that [Pfizer’s] pharmaceutical R&D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.\nChen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.\n“There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”\nThat makes a bet on Pfizer a long-term play. In the meantime, the experience of Moderna (MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.\nBiden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”\nModerna shares are down more than 40% over the past three months.\nAs the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling Barron’s that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.\nWhen it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.\nThat contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.\nDolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”\nSuch a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.\nAn aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":2453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842902446,"gmtCreate":1636123168300,"gmtModify":1636123169001,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/842902446","repostId":"1136116425","repostType":4,"repost":{"id":"1136116425","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1636104081,"share":"https://www.laohu8.com/m/news/1136116425?lang=zh_CN&edition=full","pubTime":"2021-11-05 17:21","market":"us","language":"en","title":"U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136116425","media":"Tiger Newspress","summary":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regu","content":"<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2点结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美股常规交易时段将提前一小时，即北京时间下午22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-05 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2点结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美股常规交易时段将提前一小时，即北京时间下午22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136116425","content_text":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. \n\nTrading Hours\nU.S. Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~ 5:00 the next day\npre-trade\nU.S. Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00 ~ 22:30\npost-trade\nU.S. Eastern Time:16：00~20：00;Beijing time/SGT:5:00 ~ 9:00\n(Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":849881324,"gmtCreate":1635742199519,"gmtModify":1635742199647,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/849881324","repostId":"2179250221","repostType":4,"repost":{"id":"2179250221","kind":"news","pubTimestamp":1635721559,"share":"https://www.laohu8.com/m/news/2179250221?lang=zh_CN&edition=full","pubTime":"2021-11-01 07:05","market":"us","language":"en","title":"Federal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2179250221","media":"Yahoo Finance","summary":"The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set th","content":"<p><div> The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also ...</p><p><blockquote><div>美联储即将召开的货币政策会议将成为本周的焦点，并可能为期待已久的资产购买缩减公告奠定基础。与此同时，交易者也将...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>Federal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFederal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-11-01 07:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also ...</p><p><blockquote><div>美联储即将召开的货币政策会议将成为本周的焦点，并可能为期待已久的资产购买缩减公告奠定基础。与此同时，交易者也将...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">Yahoo Finance</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"APO":"阿波罗全球管理","CLX":"高乐氏","UBER":"优步","CRSR":"Corsair Gaming, Inc.",".SPX":"S&P 500 Index","ATVI":"动视暴雪","COP":"康菲石油","BLMN":"Bloomin' Brands",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","EL":"雅诗兰黛","RL":"拉夫劳伦","PFE":"辉瑞"},"source_url":"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2179250221","content_text":"The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also await more data on the U.S. economic recovery with the Labor Department's monthly jobs report later this week.\nThe Federal Open Market Committee's (FOMC) November meeting will take place from Tuesday to Wednesday, with the policy statement and press conference from the meeting serving as the central bank's penultimate opportunity this year to announce formal plans to begin rolling back its crisis-era quantitative easing program. For the past year-and-a-half, the central bank has been purchasing $120 billion per month in agency mortgage-backed securities and Treasuries, as one major tool to support the economy during the pandemic.\nIn late September, the FOMC's latest monetary policy statement and press conference from Federal Reserve Chair Jerome Powell suggested the central bank was apt to announce the start of tapering before year-end, and continue the tapering process until \"around the middle of next year.\"\n\"The upcoming FOMC meeting will be important for three reasons: 1) the announcement of tapering; 2) guidance around what tapering means for the path of hikes; and 3) nuanced changes in views around inflation risks given recent data,\" wrote Bank of America economist Michelle Meyer in a note.\n\"The statement that announces the new pace of asset purchases will be followed by a note regarding flexibility stating that asset purchases are not on a pre-set course and will depend on the outlook for the labor market and inflation as well as an assessment of the efficacy of asset purchases,\" she predicted.\nShe noted that Powell may also use the press conference to reiterate that the end of tapering would not necessarily indicate the start of rate hikes, and that both policy actions are distinct. In previous public remarks, Powell has already made a similar point in previous public remarks, saying, \"the timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff.\"\nGiven the market has been anticipating the start to tapering for months now, speculation around when the Fed will make a move on interest rates has become a point of particular interest to investors. Investors and economists have mulled whether the Fed may need to act more quickly than previously telegraphed on adjusting interest rates to stave off inflation, which has proven more long-lasting than some had suggested.\nWASHINGTON, DC - SEPTEMBER 24: Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill on September 24, 2020 in Washington, DC. Powell and U.S. Treasury Secretary Steve Mnuchin are testifying about the CARES Act and the economic effects of the coronavirus pandemic. (Photo by Drew Angerer/Getty Images)Drew Angerer via Getty Images\nIn September, core personal consumption expenditures — the Fed's preferred gauge of underlying inflation — rose 3.6% over last year for a fourth consecutive month, coming in at the fastest clip since 1991. And earlier this month, Powell acknowledged in public remarks that the supply chain constraints and shortages that spurred the latest rise in prices are \"likely to last longer than previously expected, likely well into next year.\"\nWhile the central bank will not release an updated Summary of Economic Projections with their policy statement on Wednesday, the latest projections from the September meeting suggested the committee was split on rate hikes for 2022, with nine members seeing no rate hikes by the end of next year while the other nine members saw at least one hike.\n\"I think the Fed has pretty well determined to start the taper pretty quickly. We expect them to announce it next week and then start it soon thereafter, so that's pretty well carved in stone,\" Kathy Jones, Charles Schwab chief fixed income strategist, told Yahoo Finance Live last week. \"I think the big debate now is how quickly the Fed moves toward actually raising rates. The expectation in the market has really shifted to expecting as many as two rate hikes in 2022 and 2023 ... that’s a pretty aggressive pace of tightening.\"\nOctober jobs report\nOne of this week's most closely watched pieces of economic data will be the October jobs report, which is due for release on Friday from the Labor Department.\nEconomists are looking to see a pick-up in the pace of hiring for October after a disappointing print in September, when just 194,000 non-farm payrolls returned versus the half million expected. Over the past two months, payroll gains averaged at just 280,000. The unemployment rate is expected to take another small step toward pre-pandemic levels in October as well, with the jobless rate anticipated to dip to 4.7% from 4.8% the prior month.\nStill, the labor market has still fallen short its pre-pandemic conditions on a number of fronts. The unemployment rate has yet to return to its 50-year low of 3.5% from February 2020. And as of September, the civilian labor force was still down by about 3.1 million individuals from pre-virus levels.\nOne factor weighing on the labor market in August and September was the Delta variant, which may have deterred some workers from seeking employment in person for risk of infection. And an ongoing element dragging on the labor market's recovery has been a mismatch of supply and demand, with employers struggling to fill a near-record number of job openings while voluntary quits jumped to a historically high level.\n\"Next week’s October payrolls report will shed light on whether supply eased on diminishing constraints or if the labor market continues to face headwinds for now,\" wrote Rubeela Farooqi, chief U.S. economist for High Frequency Economics, in a note last week.\nBut some data from the past couple weeks has reflected favorably on conditions in the labor market in October. Weekly new unemployment claims broke below 300,000 for the first time since the start of the pandemic during the survey week for the October jobs report, or the week that includes the 12th of the month. And in the Conference Board's October Consumer Confidence Index, just 10.6% of consumers said jobs were \"hard to get,\" down from 13.0% in September. That brought the Conference Board's closely watched labor market differential, or percentage of consumers saying jobs are \"hard to get\" subtracted from the percentage saying jobs \"are plentiful,\" to 45, or its highest level since 2000.\nEconomic calendar\n\nMonday: Markit U.S. Manufacturing PMI, Oct. final (59.3 expected, 59.2 in September); Constructing spending, month-over-month, September (0.4% expected, 0.0% in August); ISM Manufacturing Index, Oct. (60.5 expected, 61.1 in September)\nTuesday: No notable reports scheduled for release\nWednesday: MBA Mortgage Applications, week ended Oct. 29 (0.3% during prior week); ADP Employment Change, Oct. (400,000 expected, 568,000 in September); ISM Services Index, October (62.0 expected, 61.9 in September); Factory Orders, September (-0.1% expected, 1.2% in August); Durable goods orders, September final (-0.4% in prior print; Durable goods orders excluding transportation, September final (0.4% in prior print); Non-defense capital goods orders excluding aircraft, September final (0.8% in prior print); Markit U.S. Services PMI, October final (58.2 expected, 58.2 in prior print); Markit U.S. Composite PMI, October final (57.3 in prior print); Federal Open Market Committee monetary policy decision\nThursday: Challenger job cuts, year-over-year, October (-84.9% in September); Initial jobless claims, week ended Oct. 30 (275,000 expected, 281,000 during prior week); Continuing claims, week ended Oct. 23 (2.147 million expected, 2.243 million during prior week); Non-farm productivity, Q3 preliminary (-3.2% expected, 2.1% in Q2); Unit Labor Costs, Q3 preliminary (6.9% expected, 1.3% in Q2); Trade balance, September (-$80.1 billion expected, -$73.3 billion in August)\nFriday: Change in non-farm payrolls, October (450,000 expected, 194,000 in September); Unemployment rate, October (4.7% expected, 4.8% in September); Average hourly earnings, month-over-month, October (4.7% expected, 4.8% in September); Average hourly earnings, year-over-year, October (4.9% expected, 4.6% in September); Labor Force Participation Rate, October (61.8% expected, 61.6% in September); Consumer Credit, September ($16.200 billion expected, $14.379 million in August)\n\nEarnings calendar\n\nMonday: Clorox (CLX), Avis Budget Group (CAR), ZoomInfo Technologies (ZI), Chegg Inc. (CHGG), Diamondback Energy (FANG), The Simon Property Group (SPG) after market close\nTuesday: Under Armour (UAA), Estee Lauder (EL), Ralph Lauren (RL), Apollo Global Management (APO), Corsair Gaming (CRSR), Bloomin' Brands (BLMN), ConocoPhillips (COP), Pfizer (PFE), Groupon (GPN), Marathon Petroleum (MPC) before market open; Mondelez (MDLZ), T-Mobile (TMUS), Akamai (AKAM), Activision Blizzard (ATVI), Lyft (LYFT), Match Group (MTCH), Devon Energy (DVN), Chesapeake Energy (CHK), Coursera (COUR), Zillow Group (ZG), Amgen (AMGN) after market close\nWednesday: Humana (HUM), Discovery Inc. (DISCA), The New York Times (NYT), Norwegian Cruise Line Holdings (NCLH), Marriott International (MAR), CVS Health Corp. (CVS), Sinclair Broadcast Group (SBGI) before market open; Booking Holdings (BKNG), Qorvo (QRVO), The Allstate Corp. (ALL), MGM Resorts International (MGM), $Take-Two Interactive Software(TTWO)$ (TTWO), Electronic Arts (EA), Vimeo (VMEO), Etsy (ETSY), GoDaddy (GDDY), Marathon Oil Corp. (MRO), Roku (ROKU), Qualcomm (QCOM) after market close\nThursday: Cigna (CI), Wayfair (W), ViacomCBS (VIAC), Nikola (NKLA), Duke Energy (DUK), Citrix Systems (CTXS), Regeneron Pharmaceuticals (REGN), Hanesbrands (HBI), Moderna (MRNA), Planet Fitness (PLNT), Vulcan Material (VMC), Kellogg (K), Square (SQ), Cloudflare (NET), Occidental Petroleum (OXY), Uber Technologies (UBER), American International Group (AIG), Shake Shack (SHAK), iHeartMedia (IHRT), Novavax (NVAX), IAC Interactive Corp. (IAC), Peloton (PTON), Dropbox (DBX), DataDog (DDOG), Pinterest (PINS), Skyworks Solutions (SWKS), Expedia (EXPE), Rocket Cos. (RKT), Live Nation Entertainment (LYV), Airbnb (ABNB)\nFriday: Wynn Resorts (WYNN), Dish Networks (DISH), Dominion Energy (D), DraftKings (DKNG), Goodyear Tire and Rubber (GT), Cinemark Holdings (CNK) before market open","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"PFE":0.9,"COP":0.9,"CRSR":0.9,"APO":0.9,"CLX":0.9,"ATVI":0.9,".IXIC":0.9,"BLMN":0.9,"RL":0.9,"EL":0.9,"UBER":0.9}},"isVote":1,"tweetType":1,"viewCount":1855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":851515368,"gmtCreate":1634914281044,"gmtModify":1634914349969,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/851515368","repostId":"1171445324","repostType":4,"repost":{"id":"1171445324","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634912399,"share":"https://www.laohu8.com/m/news/1171445324?lang=zh_CN&edition=full","pubTime":"2021-10-22 22:19","market":"us","language":"en","title":"WeWork pops more than 16% in morning trading<blockquote>WeWork早盘上涨逾16%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171445324","media":"Tiger Newspress","summary":"WeWork pops more than 16% in morning trading.In March this year, WeWork announced that it had passed","content":"<p>WeWork pops more than 16% in morning trading.<img src=\"https://static.tigerbbs.com/d30dc21ba4aa9eca1e49c30b6586c44b\" tg-width=\"766\" tg-height=\"566\" referrerpolicy=\"no-referrer\">In March this year, WeWork announced that it had passed a contract with blank check companies&nbsp;BowX Acquisition&nbsp;Corp. Including debt, the deal values WeWork at about $9 billion.</p><p><blockquote>WeWork早盘上涨超过16%。今年3月，WeWork宣布通过了与空白支票公司BowX Acquisition Corp.的合同。包括债务在内，这笔交易对WeWork的估值约为90亿美元。</blockquote></p><p> In fact, as early as August 2019, WeWork formally submitted an IPO prospectus to the US Securities and Exchange Commission (SEC), announcing its listing intention. But at the end of September of the same year, WeWork withdrew its listing application.</p><p><blockquote>事实上，早在2019年8月，WeWork就正式向美国证券交易委员会（SEC）递交IPO招股书，宣布上市意向。但同年9月底，WeWork撤回了上市申请。</blockquote></p><p> According to the report, WeWork considered postponing IPO mainly because the company realized that the valuation given by the open market was much lower than the valuation of private financing before WeWork. At its peak, SoftBank valued WeWork at $47 billion.</p><p><blockquote>报道称，WeWork考虑推迟IPO主要是因为公司意识到公开市场给出的估值远低于WeWork之前进行私人融资的估值。在巅峰时期，软银对WeWork的估值为470亿美元。</blockquote></p><p> The issue price of WeWork is 10.38 US dollars and the opening price is 11.28 US dollars, which is 8.7% higher than the issue price; The closing price was US $11.78, up 13.49% from the issue price.</p><p><blockquote>WeWork发行价10.38美元，开盘价11.28美元，较发行价上涨8.7%；收盘价11.78美元，较发行价上涨13.49%。</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>WeWork pops more than 16% in morning trading<blockquote>WeWork早盘上涨逾16%</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\">\nWeWork pops more than 16% in morning trading<blockquote>WeWork早盘上涨逾16%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-22 22:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>WeWork pops more than 16% in morning trading.<img src=\"https://static.tigerbbs.com/d30dc21ba4aa9eca1e49c30b6586c44b\" tg-width=\"766\" tg-height=\"566\" referrerpolicy=\"no-referrer\">In March this year, WeWork announced that it had passed a contract with blank check companies&nbsp;BowX Acquisition&nbsp;Corp. Including debt, the deal values WeWork at about $9 billion.</p><p><blockquote>WeWork早盘上涨超过16%。今年3月，WeWork宣布通过了与空白支票公司BowX Acquisition Corp.的合同。包括债务在内，这笔交易对WeWork的估值约为90亿美元。</blockquote></p><p> In fact, as early as August 2019, WeWork formally submitted an IPO prospectus to the US Securities and Exchange Commission (SEC), announcing its listing intention. But at the end of September of the same year, WeWork withdrew its listing application.</p><p><blockquote>事实上，早在2019年8月，WeWork就正式向美国证券交易委员会（SEC）递交IPO招股书，宣布上市意向。但同年9月底，WeWork撤回了上市申请。</blockquote></p><p> According to the report, WeWork considered postponing IPO mainly because the company realized that the valuation given by the open market was much lower than the valuation of private financing before WeWork. At its peak, SoftBank valued WeWork at $47 billion.</p><p><blockquote>报道称，WeWork考虑推迟IPO主要是因为公司意识到公开市场给出的估值远低于WeWork之前进行私人融资的估值。在巅峰时期，软银对WeWork的估值为470亿美元。</blockquote></p><p> The issue price of WeWork is 10.38 US dollars and the opening price is 11.28 US dollars, which is 8.7% higher than the issue price; The closing price was US $11.78, up 13.49% from the issue price.</p><p><blockquote>WeWork发行价10.38美元，开盘价11.28美元，较发行价上涨8.7%；收盘价11.78美元，较发行价上涨13.49%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171445324","content_text":"WeWork pops more than 16% in morning trading.In March this year, WeWork announced that it had passed a contract with blank check companies BowX Acquisition Corp. Including debt, the deal values WeWork at about $9 billion.\nIn fact, as early as August 2019, WeWork formally submitted an IPO prospectus to the US Securities and Exchange Commission (SEC), announcing its listing intention. But at the end of September of the same year, WeWork withdrew its listing application.\nAccording to the report, WeWork considered postponing IPO mainly because the company realized that the valuation given by the open market was much lower than the valuation of private financing before WeWork. At its peak, SoftBank valued WeWork at $47 billion.\nThe issue price of WeWork is 10.38 US dollars and the opening price is 11.28 US dollars, which is 8.7% higher than the issue price; The closing price was US $11.78, up 13.49% from the issue price.","news_type":1,"symbols_score_info":{"WE":0.9}},"isVote":1,"tweetType":1,"viewCount":2395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820363369,"gmtCreate":1633354391262,"gmtModify":1633354433505,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Liked!&nbsp;","listText":"Liked!&nbsp;","text":"Liked!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820363369","repostId":"1136399695","repostType":4,"repost":{"id":"1136399695","kind":"news","pubTimestamp":1633353815,"share":"https://www.laohu8.com/m/news/1136399695?lang=zh_CN&edition=full","pubTime":"2021-10-04 21:23","market":"us","language":"en","title":"A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136399695","media":"finance.yahoo","summary":"A reputational crisis at the Federal Reserve has led to the resignation of two senior officials with","content":"<p>A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.</p><p><blockquote>美联储的声誉危机导致央行内部两名高级官员辞职，引发了人们对美联储围绕个人金融利益的护栏强度的质疑。</blockquote></p><p> In September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As two heads of the 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.</p><p><blockquote>2021年9月，媒体报道重点介绍了达拉斯联储主席罗伯特·卡普兰和波士顿联储主席埃里克·罗森格伦在2020年期间进行的几笔大型金融交易。作为12家储备银行的两位行长，两人都在设计美联储应对COVID-19大流行的金融影响方面发挥了重要作用。</blockquote></p><p> Rosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.</p><p><blockquote>罗森格伦和卡普兰承诺在担任美联储高级官员期间不再进行任何交易，但随着公众影响的扩大，他们后来宣布提前退休。</blockquote></p><p> Fed Vice Chairman Richard Clarida would also likely catch scrutiny forrotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.</p><p><blockquote>美联储副主席理查德·克拉里达(Richard Clarida)也可能因在2020年2月（就在美联储开始降息之前）将数百万美元从债券基金转入股票基金而受到审查。</blockquote></p><p> At the direction of Fed Chairman Jerome Powell, the Federal Reserve Board is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.</p><p><blockquote>在美联储主席杰罗姆·鲍威尔的指导下，美联储目前正在对其道德实践进行全系统审查。有人质疑，为什么拥有巨大市场影响力的联邦公开市场委员会（FOMC）成员会被允许从交易中个人获利。</blockquote></p><p> “No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”</p><p><blockquote>“没有人高兴，”鲍威尔9月22日对媒体表示。“联邦公开市场委员会没有人乐于处于这种情况，乐于提出这些问题。我们非常非常认真地对待这件事。”</blockquote></p><p> Peter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.</p><p><blockquote>撰写过有关美联储独立性的文章的宾夕法尼亚大学教授彼得·康蒂-布朗告诉雅虎财经，整个情况对美联储来说是一场“灾难和丑闻”。</blockquote></p><p> “I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.</p><p><blockquote>孔蒂-布朗表示：“我认为央行行长永远不应该怀疑他们正在倡导能够让他们致富的政策。”他补充说，他将支持全面禁止任何美联储高级官员持有任何个股。</blockquote></p><p> San Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”</p><p><blockquote>旧金山行长玛丽·戴利(Mary Daly)的财务披露显示没有持有个人股票，她9月29日对记者表示，她承认美国公众对美联储现有道德规则“不够”的担忧。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/041dbdec77d0aa8b865a34c363c30aba\" tg-width=\"705\" tg-height=\"504\" width=\"100%\" height=\"auto\"><span>Boston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters</span></p><p><blockquote><p class=\"t-img-caption\"><span>波士顿联储主席Eric Rosengren（左）和达拉斯联储主席Robert Kaplan（右）宣布提前退休。图片来源：盖蒂和路透社</span></p></blockquote></p><p> Here’s a timeline of all the events related to the central bank’s ethics debacle (as of Wednesday, September 29, 2021):</p><p><blockquote>以下是与央行道德崩溃相关的所有事件的时间表（截至2021年9月29日星期三）：</blockquote></p><p> <b>September 7, 2021:</b>The Wall Street Journalreportsthat Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.</p><p><blockquote><b>2021年9月7日：</b>据《华尔街日报》报道，Kaplan在2020年进行了多笔股票交易，持有苹果、达美航空、西方石油和iShares浮动利率债券ETF等公司价值超过100万美元的股份。</blockquote></p><p> <b>September 8, 2021:</b>Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.</p><p><blockquote><b>2021年9月8日：</b>彭博社报道称，罗森格伦在2020年多次买卖房地产投资信托基金和其他证券，期间他公开警告房地产市场的蔓延。波士顿联储表示，这些交易不是通过盲目信托进行的，并且“符合”道德规则。</blockquote></p><p> <b>September 9, 2021:</b>Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.</p><p><blockquote><b>2021年9月9日：</b>波士顿和达拉斯的联邦储备银行同时发布了几乎相同语言的声明，都指出他们的金融交易符合美联储的道德规则。声明称，两位总统将在9月30日之前抛售所持股份（再投资于多元化指数基金或现金储蓄），并承诺只要他们仍担任总统，他们就不会活跃在这些账户中。</blockquote></p><p> <b>September 15, 2021:</b>Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.</p><p><blockquote><b>2021年9月15日：</b>马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)写信给所有12家美联储银行，要求它们在60天内禁止高级官员持有和交易个股。</blockquote></p><p> <b>September 16, 2021:</b>Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”</p><p><blockquote><b>2021年9月16日：</b>美联储通过发言人发表声明指出，鲍威尔在一周前指示董事会工作人员“重新全面审视美联储高级官员有关金融控股和活动的道德规则”。美联储指出，其关于个人金融行为的规则“比适用于国会的规则更严格”。</blockquote></p><p> <b>September 22, 2021:</b>Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.</p><p><blockquote><b>2021年9月22日：</b>鲍威尔菲尔德在接受媒体提问时坚称，直到两位总统提交披露文件（每年提交一次）后，他才知道这笔交易。鲍威尔重申了美联储现有的限制，例如不能在政策制定会议之前和期间立即进行交易。但美联储主席承认“没有人对这种情况感到高兴”。</blockquote></p><p> Powell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.</p><p><blockquote>鲍威尔表示，他的个人财务利益包括他在2019年“冻结”的市政证券的所有权，他说这些资产在美联储2020年采取紧急措施期间没有交易。</blockquote></p><p></p><p> <b>September 27, 2021:</b>Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.</p><p><blockquote><b>2021年9月27日：</b>开市前，波士顿联储主席埃里克·罗森格伦以“肾脏状况恶化”为由宣布将退休时间提前九个月。罗森格伦原定于2022年6月退休，但他没有提及自己的房地产投资信托基金交易，并表示他的最后一天将是2021年9月30日。</blockquote></p><p> After the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.</p><p><blockquote>收盘后，达拉斯联储主席罗伯特·卡普兰表示，他将于2021年10月8日辞职，并指出他的金融交易有可能“分散美联储执行货币政策的注意力”。</blockquote></p><p> <b>September 28, 2021:</b>Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"</p><p><blockquote><b>2021年9月28日：</b>鲍威尔在回答国会提问时对参议院银行委员会表示，美联储正在“仔细审视那些交易，确保其符合我们的规则和法律”。</blockquote></p><p> A Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"</p><p><blockquote>美国证券交易委员会发言人告诉雅虎财经，“不对是否存在可能的调查发表评论”。</blockquote></p><p> <b>September 30, 2021:</b>Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年9月30日：</b>罗森格伦卸任波士顿联储主席，第一副主席肯尼思·蒙哥马利接任临时主席。波士顿联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p> <b>October 1, 2021:</b>Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued arare, impromptu statementreiterating the Fed's support of the economy. The transactions were disclosed via agovernment ethics filing. A Fed spokesman told Bloomberg the transactions \"represent a pre-planned rebalancing to his accounts.\"</p><p><blockquote><b>2021年10月1日：</b>彭博社报道称，美联储副主席理查德·克拉里达(Richard Clarida)从Pimco债券基金和两只股票基金中交易了100万至500万美元。这一转变发生在2020年2月27日，即鲍威尔发表临时声明重申美联储对经济的支持的前一天。这些交易通过政府道德文件披露。美联储发言人告诉彭博社，这些交易“代表了他账户预先计划的再平衡”。</blockquote></p><p> <b>October 8, 2021:</b>Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年10月8日：</b>卡普兰从达拉斯联储主席的职位上退休，第一副主席梅雷迪思·布莱克推迟了即将退休的时间，担任临时主席。达拉斯联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p></p>","source":"lsy1612507957220","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>A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</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\">\nA timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">finance.yahoo</strong><span class=\"h-time small\">2021-10-04 21:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.</p><p><blockquote>美联储的声誉危机导致央行内部两名高级官员辞职，引发了人们对美联储围绕个人金融利益的护栏强度的质疑。</blockquote></p><p> In September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As two heads of the 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.</p><p><blockquote>2021年9月，媒体报道重点介绍了达拉斯联储主席罗伯特·卡普兰和波士顿联储主席埃里克·罗森格伦在2020年期间进行的几笔大型金融交易。作为12家储备银行的两位行长，两人都在设计美联储应对COVID-19大流行的金融影响方面发挥了重要作用。</blockquote></p><p> Rosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.</p><p><blockquote>罗森格伦和卡普兰承诺在担任美联储高级官员期间不再进行任何交易，但随着公众影响的扩大，他们后来宣布提前退休。</blockquote></p><p> Fed Vice Chairman Richard Clarida would also likely catch scrutiny forrotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.</p><p><blockquote>美联储副主席理查德·克拉里达(Richard Clarida)也可能因在2020年2月（就在美联储开始降息之前）将数百万美元从债券基金转入股票基金而受到审查。</blockquote></p><p> At the direction of Fed Chairman Jerome Powell, the Federal Reserve Board is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.</p><p><blockquote>在美联储主席杰罗姆·鲍威尔的指导下，美联储目前正在对其道德实践进行全系统审查。有人质疑，为什么拥有巨大市场影响力的联邦公开市场委员会（FOMC）成员会被允许从交易中个人获利。</blockquote></p><p> “No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”</p><p><blockquote>“没有人高兴，”鲍威尔9月22日对媒体表示。“联邦公开市场委员会没有人乐于处于这种情况，乐于提出这些问题。我们非常非常认真地对待这件事。”</blockquote></p><p> Peter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.</p><p><blockquote>撰写过有关美联储独立性的文章的宾夕法尼亚大学教授彼得·康蒂-布朗告诉雅虎财经，整个情况对美联储来说是一场“灾难和丑闻”。</blockquote></p><p> “I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.</p><p><blockquote>孔蒂-布朗表示：“我认为央行行长永远不应该怀疑他们正在倡导能够让他们致富的政策。”他补充说，他将支持全面禁止任何美联储高级官员持有任何个股。</blockquote></p><p> San Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”</p><p><blockquote>旧金山行长玛丽·戴利(Mary Daly)的财务披露显示没有持有个人股票，她9月29日对记者表示，她承认美国公众对美联储现有道德规则“不够”的担忧。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/041dbdec77d0aa8b865a34c363c30aba\" tg-width=\"705\" tg-height=\"504\" width=\"100%\" height=\"auto\"><span>Boston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters</span></p><p><blockquote><p class=\"t-img-caption\"><span>波士顿联储主席Eric Rosengren（左）和达拉斯联储主席Robert Kaplan（右）宣布提前退休。图片来源：盖蒂和路透社</span></p></blockquote></p><p> Here’s a timeline of all the events related to the central bank’s ethics debacle (as of Wednesday, September 29, 2021):</p><p><blockquote>以下是与央行道德崩溃相关的所有事件的时间表（截至2021年9月29日星期三）：</blockquote></p><p> <b>September 7, 2021:</b>The Wall Street Journalreportsthat Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.</p><p><blockquote><b>2021年9月7日：</b>据《华尔街日报》报道，Kaplan在2020年进行了多笔股票交易，持有苹果、达美航空、西方石油和iShares浮动利率债券ETF等公司价值超过100万美元的股份。</blockquote></p><p> <b>September 8, 2021:</b>Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.</p><p><blockquote><b>2021年9月8日：</b>彭博社报道称，罗森格伦在2020年多次买卖房地产投资信托基金和其他证券，期间他公开警告房地产市场的蔓延。波士顿联储表示，这些交易不是通过盲目信托进行的，并且“符合”道德规则。</blockquote></p><p> <b>September 9, 2021:</b>Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.</p><p><blockquote><b>2021年9月9日：</b>波士顿和达拉斯的联邦储备银行同时发布了几乎相同语言的声明，都指出他们的金融交易符合美联储的道德规则。声明称，两位总统将在9月30日之前抛售所持股份（再投资于多元化指数基金或现金储蓄），并承诺只要他们仍担任总统，他们就不会活跃在这些账户中。</blockquote></p><p> <b>September 15, 2021:</b>Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.</p><p><blockquote><b>2021年9月15日：</b>马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)写信给所有12家美联储银行，要求它们在60天内禁止高级官员持有和交易个股。</blockquote></p><p> <b>September 16, 2021:</b>Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”</p><p><blockquote><b>2021年9月16日：</b>美联储通过发言人发表声明指出，鲍威尔在一周前指示董事会工作人员“重新全面审视美联储高级官员有关金融控股和活动的道德规则”。美联储指出，其关于个人金融行为的规则“比适用于国会的规则更严格”。</blockquote></p><p> <b>September 22, 2021:</b>Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.</p><p><blockquote><b>2021年9月22日：</b>鲍威尔菲尔德在接受媒体提问时坚称，直到两位总统提交披露文件（每年提交一次）后，他才知道这笔交易。鲍威尔重申了美联储现有的限制，例如不能在政策制定会议之前和期间立即进行交易。但美联储主席承认“没有人对这种情况感到高兴”。</blockquote></p><p> Powell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.</p><p><blockquote>鲍威尔表示，他的个人财务利益包括他在2019年“冻结”的市政证券的所有权，他说这些资产在美联储2020年采取紧急措施期间没有交易。</blockquote></p><p></p><p> <b>September 27, 2021:</b>Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.</p><p><blockquote><b>2021年9月27日：</b>开市前，波士顿联储主席埃里克·罗森格伦以“肾脏状况恶化”为由宣布将退休时间提前九个月。罗森格伦原定于2022年6月退休，但他没有提及自己的房地产投资信托基金交易，并表示他的最后一天将是2021年9月30日。</blockquote></p><p> After the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.</p><p><blockquote>收盘后，达拉斯联储主席罗伯特·卡普兰表示，他将于2021年10月8日辞职，并指出他的金融交易有可能“分散美联储执行货币政策的注意力”。</blockquote></p><p> <b>September 28, 2021:</b>Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"</p><p><blockquote><b>2021年9月28日：</b>鲍威尔在回答国会提问时对参议院银行委员会表示，美联储正在“仔细审视那些交易，确保其符合我们的规则和法律”。</blockquote></p><p> A Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"</p><p><blockquote>美国证券交易委员会发言人告诉雅虎财经，“不对是否存在可能的调查发表评论”。</blockquote></p><p> <b>September 30, 2021:</b>Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年9月30日：</b>罗森格伦卸任波士顿联储主席，第一副主席肯尼思·蒙哥马利接任临时主席。波士顿联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p> <b>October 1, 2021:</b>Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued arare, impromptu statementreiterating the Fed's support of the economy. The transactions were disclosed via agovernment ethics filing. A Fed spokesman told Bloomberg the transactions \"represent a pre-planned rebalancing to his accounts.\"</p><p><blockquote><b>2021年10月1日：</b>彭博社报道称，美联储副主席理查德·克拉里达(Richard Clarida)从Pimco债券基金和两只股票基金中交易了100万至500万美元。这一转变发生在2020年2月27日，即鲍威尔发表临时声明重申美联储对经济的支持的前一天。这些交易通过政府道德文件披露。美联储发言人告诉彭博社，这些交易“代表了他账户预先计划的再平衡”。</blockquote></p><p> <b>October 8, 2021:</b>Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.</p><p><blockquote><b>2021年10月8日：</b>卡普兰从达拉斯联储主席的职位上退休，第一副主席梅雷迪思·布莱克推迟了即将退休的时间，担任临时主席。达拉斯联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/a-timeline-of-the-federal-reserves-trading-scandal-104415556.html\">finance.yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/a-timeline-of-the-federal-reserves-trading-scandal-104415556.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136399695","content_text":"A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.\nIn September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As two heads of the 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.\nRosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.\nFed Vice Chairman Richard Clarida would also likely catch scrutiny forrotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.\nAt the direction of Fed Chairman Jerome Powell, the Federal Reserve Board is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.\n“No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”\nPeter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.\n“I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.\nSan Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”\nBoston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters\nHere’s a timeline of all the events related to the central bank’s ethics debacle (as of Wednesday, September 29, 2021):\nSeptember 7, 2021:The Wall Street Journalreportsthat Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.\nSeptember 8, 2021:Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.\nSeptember 9, 2021:Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.\nSeptember 15, 2021:Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.\nSeptember 16, 2021:Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”\nSeptember 22, 2021:Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.\nPowell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.\nSeptember 27, 2021:Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.\nAfter the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.\nSeptember 28, 2021:Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"\nA Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"\nSeptember 30, 2021:Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.\nOctober 1, 2021:Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued arare, impromptu statementreiterating the Fed's support of the economy. The transactions were disclosed via agovernment ethics filing. A Fed spokesman told Bloomberg the transactions \"represent a pre-planned rebalancing to his accounts.\"\nOctober 8, 2021:Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867110895,"gmtCreate":1633225262350,"gmtModify":1633225262669,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/867110895","repostId":"2172696430","repostType":4,"isVote":1,"tweetType":1,"viewCount":2111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865448760,"gmtCreate":1633013631672,"gmtModify":1633013631984,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Liked and comment&nbsp;","listText":"Liked and comment&nbsp;","text":"Liked and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/865448760","repostId":"2171530969","repostType":4,"isVote":1,"tweetType":1,"viewCount":746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862105157,"gmtCreate":1632841205690,"gmtModify":1632841205775,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/862105157","repostId":"1152246777","repostType":4,"repost":{"id":"1152246777","kind":"news","pubTimestamp":1632839983,"share":"https://www.laohu8.com/m/news/1152246777?lang=zh_CN&edition=full","pubTime":"2021-09-28 22:39","market":"us","language":"en","title":"Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152246777","media":"Seeking Alpha","summary":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous mile","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度财报，苹果有望迎来井喷的一年，从总收入到净利润都打破了之前的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大的价值。</li><li>与同行相比，苹果公司看起来很便宜，如果你有长期的眼光，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资眼光，我认为购买苹果（纳斯达克股票代码：AAPL）股票的时机并不糟糕。如果你回到过去，无论讨论的是哪个里程碑，从达到5000亿美元、1万亿美元还是2万亿美元的市值，随着时间的推移，AAPL都突破了障碍。未来，我们将讨论AAPL市值达到5万亿美元。不要把AAPL看作是一家经历了几次股票分割并成长为一家价值2.43万亿美元的公司。AAPL是美国最受欢迎的公司之一，在过去12个月(TTM)中产生了947.7亿美元的自由现金流(FCF)，5年平均FCF为674.9亿美元。看看AAPL，它的毛利率为41.66%，利润率为26.24%，与TTM中868亿美元的净利润相关。最重要的是，看看AAPL在过去十年中为其股东所做的事情，他们回购了95.9亿股股票，占公司36.58%的股份，同时支付了1,134亿美元的股息。无论您是否错过了苹果公司之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买苹果公司股票的时机永远不会太糟糕。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：道明</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果的股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我在Seeking Alpha上撰写了有关AAPL的文章，并阅读了许多其他有关AAPL的文章。总是有人评论Tim Cook（苹果首席执行官）和Luca Maestri（苹果首席财务官）无能，对公司财务管理不善，回购毫无用处。我从未见过管理团队和董事会像苹果公司的团队那样关心他们的股东。自2012财年以来，AAPL已通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。据我所知，没有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这笔金额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由增发股票，否则在我看来，这是最大的危险信号之一，因为当前股东的所有权被稀释了。这是一个简单的等式，如果ABC公司有10,000股已发行股票，而您持有100股，则您拥有该公司1%的股份。如果ABC发行2,500股来筹集资金，那么现在有12,500股已发行股票，您在公司的所有权自动稀释至0.80%。如果ABC利用其自由现金流启动股票回购计划，而不是发行2,500股，而是在公开市场上回购2,500股，那么ABC将剩下7,500股已发行股票。您在ABC的股权将会增加，因为您的100股股票现在相当于该公司的1.33%。这也将导致收入和每股收益增加，因为它将分布在更少的股票上。假设，如果ABC产生1,000，000美元的收入和100,000美元的收益，基于10,000股，每股ABC将产生100美元的收入和10美元的每股收益。通过发行更多股票并使已发行股票达到12,500股，每股现在将产生80美元的收入和8美元的每股收益。通过回购2,500股而不是发行2,500股，ABC现在将产生133.33美元的收入和13.33美元的每股收益，因为他们只有7,500股已发行股票。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当AAPL回购股票时，这不是财务操纵；他们通过增加AAPL所持股份的百分比来回报股东。AAPL产生了大量的自由现金流，其理念是通过回馈股东通过回购和股息产生的部分现金来回报股东。在过去十年中，AAPL的TTM自由现金流每年从416.8亿美元增加到947.7亿美元。2021财年远高于AAPL前几年，因此如果使用5年平均水平，FCF每年从416.8亿美元增加到674.9亿美元。苹果公司的回购不是操纵，也不应被视为财务管理不善。过去7个季度，AAPL以平均每季度197.1亿美元的速度回购了1380亿美元的股票。每个季度AAPL都会回购股票，增加您的股票所代表的股权头寸，并增加您的股票产生的收入和每股收益。这应该值得庆祝，因为苹果公司创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：一切金钱</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用所产生的资本来发展公司，但这是股权稀释的一个完美例子。截至2011年底，TSLA已发行普通股总数为5.227亿股。截至上次报告，TSLA拥有9.84亿股已发行普通股。过去十年，特斯拉股东权益稀释了88.15%。特斯拉在过去五年中发行了1.762亿股新股，同期股东权益稀释了21.81%。发行股票并不总是负面的，公平地说，对于特斯拉来说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA的TTM收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增长了10,585%。尽管TSLA在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中被稀释了88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" 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> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2011年4月28日，AAPL宣布，其董事会授权向其现有的股票回购计划增加900亿美元。基于目前2.43万亿美元的估值，AAPL董事会增加了足够的资本，可以在公开市场上额外回购3.7%的股份。根据过去十年的数据，AAPL将继续对股东友好，因为他们的资本配置力度随着FFC的增加而增加。我很震惊有人会考虑这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。AAPL每个季度都会回购股票，增加您的股票所代表的AAPL股权百分比。AAPL通过回购增加股东价值所表现出的奉献精神是股东可以继续期待的，因为AAPL在每一个历史新高的股价中都不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值对于新投资来说已经成熟，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>21年6月28日，AAPL的股价为134.78美元，21年9月7日达到156.68美元。此后，AAPL经历了回调，股价在9/20/21跌至143.04美元，这是我们自7月中旬以来从未见过的水平。截至9/24321交易结束时，AAPL股价已从近期低点反弹，收于146.92美元。在浏览了AAPL的指标并回顾了1年图表后，我相信这次回调是一个机会。在过去的一年里，苹果公司的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在21年4月19日攀升至134.79美元，并在21年5月12日回落至122.77美元。整个夏天，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL的每次回调都创下了更高的低点，而在过去的一年里，AAPL也创造了更高的高点。进入第四季度业绩，苹果公司有望报告其运营最好的一年，我相信这次回调是开始或增加当前头寸的一个很好的切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" 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></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技同行相比，AAPL看起来很便宜。市销率是将股价与每股产生的收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL的市盈率为7.13，而MSFT的市盈率为13.44，GOOGL的市盈率为8.71。GOOGL的市盈率为3.89，是该集团中最低的。市盈率用于评估公司股价与其产生的收益的关系，并表明投资者愿意为每1美元收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL的市盈率为28.53，而MSFT为36.87，AMZN为58.54，GOOGL为30.48。我通过股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL的市盈率为135.04%，而MSFT为43.15%，AMZN为25.64%，GOOGL为26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL的自由现金流倍数为25.64倍，MSFT的自由现金流倍数为40.09倍，AMZN的自由现金流倍数为244.80倍，GOOGL的自由现金流倍数为32.46倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL是我认为您应该拥有并在可能的情况下加入的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回调时，她买了更多的苹果公司。我在投资群聊中的一位好朋友每个月都在购买AAPL的股票，我相信他也在回调期间借此机会增持了AAPL。我认为AAPL仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL的市盈率仅为其自由现金流的25.64倍，市盈率为28.53，而市场平均水平为34.75。苹果公司在从股权中产生利润方面做得令人难以置信，估值诱人，并且每个季度都会回购股票；什么不喜欢？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对10月底报告的AAPL 2021年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度于每年9月30日结束。当AAPL在10月底公布收益时，他们将报告第四季度和2021财年的数据。苹果公司为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL的收入为2825.6亿美元，毛利润为1176.6亿美元，净利润为741.3亿美元。2021年前9个月，AAPL在这三个类别上都超过了2020财年。AAPL预测2021年第四季度将实现两位数的同比增长，这将使他们第四季度的收入至少达到711.6亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果AAPL能够将40%的收入转化为毛利润，25%转化为净利润，那么到2021年，他们的收入将达到3537.2亿美元，毛利润为1461.2亿美元，净利润为919.2亿美元。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我认为每一项投资都是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常。我没有水晶球，我们需要看看Tim Cook对第四季度收益看涨期权和2022财年预测的看法。看看我在下面构建的图表，AAPL在2016年和2017年有一段时间的收入低于2015年，然后才加速增长。假设如果AAPL的收入碰巧在一两年内达到峰值，这不会改变我的投资论点，因为我对AAPL有长期投资视野。2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入2021年底，AAPL将报告井喷的一年，我们将得到一些对2022年的预测。AAPL董事会将股票回购计划增加了900亿美元，没有迹象表明AAPL正在放缓。在我看来，这次回调是一个买入的机会，未来的任何回调都是买入AAPL股票的机会。AAPL产生的自由现金流是我见过的所有公司中最多的，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，苹果公司值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为AAPL将于10月底公布第四季度收益和创纪录的2021年收益。根据目前的数据，与2020财年相比，AAPL的收入可能同比增长28.85%，净利润可能同比增长60.14%。与同行相比，AAPL看起来很便宜，因为其市盈率和自由现金流价格明显低于MSFT、AMZN和GOOGL。苹果公司通过将一定比例的自由现金流分配给回购和股息，继续为股东创造价值。AAPL不断创新，发布了新产品，继续发展其服务业务部门，最近还向其股票回购计划增加了900亿美元。我相信AAPL是一项出色的长期投资，当前的回调是一个买入机会。</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>Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</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\">\nApple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</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\">2021-09-28 22:39</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>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度财报，苹果有望迎来井喷的一年，从总收入到净利润都打破了之前的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大的价值。</li><li>与同行相比，苹果公司看起来很便宜，如果你有长期的眼光，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资眼光，我认为购买苹果（纳斯达克股票代码：AAPL）股票的时机并不糟糕。如果你回到过去，无论讨论的是哪个里程碑，从达到5000亿美元、1万亿美元还是2万亿美元的市值，随着时间的推移，AAPL都突破了障碍。未来，我们将讨论AAPL市值达到5万亿美元。不要把AAPL看作是一家经历了几次股票分割并成长为一家价值2.43万亿美元的公司。AAPL是美国最受欢迎的公司之一，在过去12个月(TTM)中产生了947.7亿美元的自由现金流(FCF)，5年平均FCF为674.9亿美元。看看AAPL，它的毛利率为41.66%，利润率为26.24%，与TTM中868亿美元的净利润相关。最重要的是，看看AAPL在过去十年中为其股东所做的事情，他们回购了95.9亿股股票，占公司36.58%的股份，同时支付了1,134亿美元的股息。无论您是否错过了苹果公司之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买苹果公司股票的时机永远不会太糟糕。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：道明</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果的股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我在Seeking Alpha上撰写了有关AAPL的文章，并阅读了许多其他有关AAPL的文章。总是有人评论Tim Cook（苹果首席执行官）和Luca Maestri（苹果首席财务官）无能，对公司财务管理不善，回购毫无用处。我从未见过管理团队和董事会像苹果公司的团队那样关心他们的股东。自2012财年以来，AAPL已通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。据我所知，没有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这笔金额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由增发股票，否则在我看来，这是最大的危险信号之一，因为当前股东的所有权被稀释了。这是一个简单的等式，如果ABC公司有10,000股已发行股票，而您持有100股，则您拥有该公司1%的股份。如果ABC发行2,500股来筹集资金，那么现在有12,500股已发行股票，您在公司的所有权自动稀释至0.80%。如果ABC利用其自由现金流启动股票回购计划，而不是发行2,500股，而是在公开市场上回购2,500股，那么ABC将剩下7,500股已发行股票。您在ABC的股权将会增加，因为您的100股股票现在相当于该公司的1.33%。这也将导致收入和每股收益增加，因为它将分布在更少的股票上。假设，如果ABC产生1,000，000美元的收入和100,000美元的收益，基于10,000股，每股ABC将产生100美元的收入和10美元的每股收益。通过发行更多股票并使已发行股票达到12,500股，每股现在将产生80美元的收入和8美元的每股收益。通过回购2,500股而不是发行2,500股，ABC现在将产生133.33美元的收入和13.33美元的每股收益，因为他们只有7,500股已发行股票。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当AAPL回购股票时，这不是财务操纵；他们通过增加AAPL所持股份的百分比来回报股东。AAPL产生了大量的自由现金流，其理念是通过回馈股东通过回购和股息产生的部分现金来回报股东。在过去十年中，AAPL的TTM自由现金流每年从416.8亿美元增加到947.7亿美元。2021财年远高于AAPL前几年，因此如果使用5年平均水平，FCF每年从416.8亿美元增加到674.9亿美元。苹果公司的回购不是操纵，也不应被视为财务管理不善。过去7个季度，AAPL以平均每季度197.1亿美元的速度回购了1380亿美元的股票。每个季度AAPL都会回购股票，增加您的股票所代表的股权头寸，并增加您的股票产生的收入和每股收益。这应该值得庆祝，因为苹果公司创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：一切金钱</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用所产生的资本来发展公司，但这是股权稀释的一个完美例子。截至2011年底，TSLA已发行普通股总数为5.227亿股。截至上次报告，TSLA拥有9.84亿股已发行普通股。过去十年，特斯拉股东权益稀释了88.15%。特斯拉在过去五年中发行了1.762亿股新股，同期股东权益稀释了21.81%。发行股票并不总是负面的，公平地说，对于特斯拉来说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA的TTM收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增长了10,585%。尽管TSLA在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中被稀释了88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" 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> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2011年4月28日，AAPL宣布，其董事会授权向其现有的股票回购计划增加900亿美元。基于目前2.43万亿美元的估值，AAPL董事会增加了足够的资本，可以在公开市场上额外回购3.7%的股份。根据过去十年的数据，AAPL将继续对股东友好，因为他们的资本配置力度随着FFC的增加而增加。我很震惊有人会考虑这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。AAPL每个季度都会回购股票，增加您的股票所代表的AAPL股权百分比。AAPL通过回购增加股东价值所表现出的奉献精神是股东可以继续期待的，因为AAPL在每一个历史新高的股价中都不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值对于新投资来说已经成熟，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>21年6月28日，AAPL的股价为134.78美元，21年9月7日达到156.68美元。此后，AAPL经历了回调，股价在9/20/21跌至143.04美元，这是我们自7月中旬以来从未见过的水平。截至9/24321交易结束时，AAPL股价已从近期低点反弹，收于146.92美元。在浏览了AAPL的指标并回顾了1年图表后，我相信这次回调是一个机会。在过去的一年里，苹果公司的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在21年4月19日攀升至134.79美元，并在21年5月12日回落至122.77美元。整个夏天，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL的每次回调都创下了更高的低点，而在过去的一年里，AAPL也创造了更高的高点。进入第四季度业绩，苹果公司有望报告其运营最好的一年，我相信这次回调是开始或增加当前头寸的一个很好的切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" 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></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技同行相比，AAPL看起来很便宜。市销率是将股价与每股产生的收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL的市盈率为7.13，而MSFT的市盈率为13.44，GOOGL的市盈率为8.71。GOOGL的市盈率为3.89，是该集团中最低的。市盈率用于评估公司股价与其产生的收益的关系，并表明投资者愿意为每1美元收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL的市盈率为28.53，而MSFT为36.87，AMZN为58.54，GOOGL为30.48。我通过股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL的市盈率为135.04%，而MSFT为43.15%，AMZN为25.64%，GOOGL为26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL的自由现金流倍数为25.64倍，MSFT的自由现金流倍数为40.09倍，AMZN的自由现金流倍数为244.80倍，GOOGL的自由现金流倍数为32.46倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL是我认为您应该拥有并在可能的情况下加入的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回调时，她买了更多的苹果公司。我在投资群聊中的一位好朋友每个月都在购买AAPL的股票，我相信他也在回调期间借此机会增持了AAPL。我认为AAPL仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL的市盈率仅为其自由现金流的25.64倍，市盈率为28.53，而市场平均水平为34.75。苹果公司在从股权中产生利润方面做得令人难以置信，估值诱人，并且每个季度都会回购股票；什么不喜欢？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对10月底报告的AAPL 2021年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度于每年9月30日结束。当AAPL在10月底公布收益时，他们将报告第四季度和2021财年的数据。苹果公司为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL的收入为2825.6亿美元，毛利润为1176.6亿美元，净利润为741.3亿美元。2021年前9个月，AAPL在这三个类别上都超过了2020财年。AAPL预测2021年第四季度将实现两位数的同比增长，这将使他们第四季度的收入至少达到711.6亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果AAPL能够将40%的收入转化为毛利润，25%转化为净利润，那么到2021年，他们的收入将达到3537.2亿美元，毛利润为1461.2亿美元，净利润为919.2亿美元。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我认为每一项投资都是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常。我没有水晶球，我们需要看看Tim Cook对第四季度收益看涨期权和2022财年预测的看法。看看我在下面构建的图表，AAPL在2016年和2017年有一段时间的收入低于2015年，然后才加速增长。假设如果AAPL的收入碰巧在一两年内达到峰值，这不会改变我的投资论点，因为我对AAPL有长期投资视野。2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入2021年底，AAPL将报告井喷的一年，我们将得到一些对2022年的预测。AAPL董事会将股票回购计划增加了900亿美元，没有迹象表明AAPL正在放缓。在我看来，这次回调是一个买入的机会，未来的任何回调都是买入AAPL股票的机会。AAPL产生的自由现金流是我见过的所有公司中最多的，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，苹果公司值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为AAPL将于10月底公布第四季度收益和创纪录的2021年收益。根据目前的数据，与2020财年相比，AAPL的收入可能同比增长28.85%，净利润可能同比增长60.14%。与同行相比，AAPL看起来很便宜，因为其市盈率和自由现金流价格明显低于MSFT、AMZN和GOOGL。苹果公司通过将一定比例的自由现金流分配给回购和股息，继续为股东创造价值。AAPL不断创新，发布了新产品，继续发展其服务业务部门，最近还向其股票回购计划增加了900亿美元。我相信AAPL是一项出色的长期投资，当前的回调是一个买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares\">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"},"source_url":"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152246777","content_text":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.\nApple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.\nCompared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.\n\nStephen Lam/Getty Images News\nI don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.\nSource: TD\nUnderstanding why Apple's share buybacks are important to shareholders\nI have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always comments about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.\nSource: Apple\nWhy are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.\nWhen AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.\nSource: Everything Money\nI recently wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.\nSource: Seeking Alpha\nOn 4/28/21, AAPL announced that its board of directors authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.\nApple's valuation is ripe for new investments, especially after the recent pullback\nShares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.\nSource: Seeking Alpha\nAAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and Microsoft (MSFT) are the four largest companies in the S&P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the average P/E ratio of the S&P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.\nSource: Steven Fiorillo) (Data Source: Seeking Alpha\nAAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?\nWhat are we looking at going into AAPL's Q4 2021 being reported at the end of October?\nAAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.\nI look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.\n(Source: Steven Fiorillo) (Data Source: Seeking Alpha)\nConclusion\nAAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866802452,"gmtCreate":1632751258976,"gmtModify":1632798104132,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/866802452","repostId":"1162034698","repostType":4,"isVote":1,"tweetType":1,"viewCount":683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861218981,"gmtCreate":1632497309243,"gmtModify":1632715815981,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and share&nbsp;","listText":"Like and share&nbsp;","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861218981","repostId":"1114004721","repostType":4,"repost":{"id":"1114004721","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632496493,"share":"https://www.laohu8.com/m/news/1114004721?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:14","market":"us","language":"en","title":"IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114004721","media":"Tiger Newspress","summary":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO pric","content":"<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</blockquote></p><p> The company’s primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul>  <li>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>绩效衡量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近一个报告期下降到1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td>    <td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动因素是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>SAP</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>Simcorp</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>FIS</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater最近的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>提高毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营中使用的现金不均衡</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>15.37</p><p><blockquote><td>15.37</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>-$0.23</p><p><blockquote><td>-$0.23</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>12.96%</p><p><blockquote><td>12.96%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$15.00</p><p><blockquote><td>$15.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$38,024,000</p><p><blockquote><td>-$38,024,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-1.10%</p><p><blockquote><td>-1.10%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为40.5%。这是期内所有主要承销商的中等业绩。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-24 23:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</blockquote></p><p> The company’s primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul>  <li>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>绩效衡量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近一个报告期下降到1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td>    <td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动因素是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>SAP</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>Simcorp</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>FIS</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater最近的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>提高毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营中使用的现金不均衡</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>15.37</p><p><blockquote><td>15.37</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>-$0.23</p><p><blockquote><td>-$0.23</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>12.96%</p><p><blockquote><td>12.96%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$15.00</p><p><blockquote><td>$15.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$38,024,000</p><p><blockquote><td>-$38,024,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-1.10%</p><p><blockquote><td>-1.10%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为40.5%。这是期内所有主要承销商的中等业绩。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CWAN":"Clearwater Analytics Holdings, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114004721","content_text":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO price.\n\nCompany & Technology\nBoise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.\nManagement is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.\nThe company’s primary offerings include:\n\nInvestment accounting and reporting\nPerformance measurement\nCompliance monitoring\nRisk analysis\n\nClearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.\nCustomer Acquisition\nThe firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.\nCWAN also has international clients and will seek to expand its international presence post-IPO.\nClearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:\n\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n13.6%\n\n\n2020\n10.9%\n\n\n2019\n11.4%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.4\n\n\n2020\n1.6\n\n\n\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nCWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n24%\n\n\nEBITDA %\n17%\n\n\nTotal\n41%\n\n\n\nThe firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.\nThis represents a forecast CAGR of 10.2% from 2019 to 2025.\nThe main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.\nAlso, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.\nMajor competitive or other industry participants include:\n\nSS&C\nState Street\nSAP\nBNY Mellon (Eagle)\nSimcorp\nBlackRock\nFIS\nNorthern Trust\nOthers\n\nFinancial Performance\nClearwater’s recent financial results can be summarized as follows:\n\nStrong topline revenue growth\nIncreasing gross profit and gross margin\nA swing to operating profit and net profit\nUneven cash used in operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 117,770,000\n23.8%\n\n\n2020\n$ 203,222,000\n21.0%\n\n\n2019\n$ 168,001,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 87,872,000\n28.8%\n\n\n2020\n$ 149,959,000\n24.1%\n\n\n2019\n$ 120,856,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.61%\n\n\n2020\n73.79%\n\n\n2019\n71.94%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 20,544,000\n17.4%\n\n\n2020\n$ (20,418,000)\n-10.0%\n\n\n2019\n$ 25,697,000\n15.3%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 3,200,000\n\n\n2020\n$ (44,230,000)\n\n\n2019\n$ 7,732,000\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (16,352,000)\n\n\n2020\n$ (6,486,000)\n\n\n2019\n$ (230,029,000)\n\n\n\nAs of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($38 million).\nValuation Metrics\nBelow is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,472,178,130\n\n\nEnterprise Value\n$3,470,109,130\n\n\nPrice / Sales\n15.37\n\n\nEV / Revenue\n15.36\n\n\nEV / EBITDA\n-141.93\n\n\nEarnings Per Share\n-$0.23\n\n\nFloat To Outstanding Shares Ratio\n12.96%\n\n\nProposed IPO Midpoint Price per Share\n$15.00\n\n\nNet Free Cash Flow\n-$38,024,000\n\n\nFree Cash Flow Yield Per Share\n-1.10%\n\n\nRevenue Growth Rate\n23.83%\n\n\n\nCommentary\nCWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.\nThe firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.\nFree cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).\nSales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.\nCWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.\nThe market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.\nAs for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.\nAfter a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.\nGiven CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.","news_type":1,"symbols_score_info":{"CWAN":0.9}},"isVote":1,"tweetType":1,"viewCount":810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869954544,"gmtCreate":1632237818888,"gmtModify":1632801839565,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/869954544","repostId":"1154232593","repostType":4,"repost":{"id":"1154232593","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632236324,"share":"https://www.laohu8.com/m/news/1154232593?lang=zh_CN&edition=full","pubTime":"2021-09-21 22:58","market":"other","language":"en","title":"Dow erases a 343-point rebound and turns red<blockquote>道指抹去343点反弹并翻红</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154232593","media":"Tiger Newspress","summary":"(Sept 21) After yesterday afternoon's surge higher, futures markets overnight extended the momentum,","content":"<p>(Sept 21)&nbsp;After yesterday afternoon's surge higher, futures markets overnight extended the momentum, lifting US markets up over 1% at their peak around the European open (remember, much of Asian liquidity is on holiday still).</p><p><blockquote>（9月21日）在昨天下午飙升后，期货市场隔夜延续了这一势头，推动美国市场在欧洲开盘前后的峰值上涨超过1%（请记住，大部分亚洲流动性仍在度假）。</blockquote></p><p> Since then, things have gone downhill and the selling pressure since the US opened has sent Small Caps, S&amp;P, Dow, and Nasdaq into the red for the day...</p><p><blockquote>从那以后，事情开始走下坡路，自美国开盘以来的抛售压力导致小盘股、S&amp;P、道琼斯和纳斯达克当天出现亏损...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/098e0b3b1c0255545ee40a5e5ac19c60\" tg-width=\"1232\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-21 22:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 21)&nbsp;After yesterday afternoon's surge higher, futures markets overnight extended the momentum, lifting US markets up over 1% at their peak around the European open (remember, much of Asian liquidity is on holiday still).</p><p><blockquote>（9月21日）在昨天下午飙升后，期货市场隔夜延续了这一势头，推动美国市场在欧洲开盘前后的峰值上涨超过1%（请记住，大部分亚洲流动性仍在度假）。</blockquote></p><p> Since then, things have gone downhill and the selling pressure since the US opened has sent Small Caps, S&amp;P, Dow, and Nasdaq into the red for the day...</p><p><blockquote>从那以后，事情开始走下坡路，自美国开盘以来的抛售压力导致小盘股、S&amp;P、道琼斯和纳斯达克当天出现亏损...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/098e0b3b1c0255545ee40a5e5ac19c60\" tg-width=\"1232\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154232593","content_text":"(Sept 21) After yesterday afternoon's surge higher, futures markets overnight extended the momentum, lifting US markets up over 1% at their peak around the European open (remember, much of Asian liquidity is on holiday still).\nSince then, things have gone downhill and the selling pressure since the US opened has sent Small Caps, S&P, Dow, and Nasdaq into the red for the day...","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884237214,"gmtCreate":1631892699538,"gmtModify":1632805507417,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and 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comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884232506","repostId":"2168788835","repostType":4,"isVote":1,"tweetType":1,"viewCount":638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882783746,"gmtCreate":1631720886685,"gmtModify":1631889774618,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882783746","repostId":"1148341685","repostType":4,"repost":{"id":"1148341685","kind":"news","pubTimestamp":1631660884,"share":"https://www.laohu8.com/m/news/1148341685?lang=zh_CN&edition=full","pubTime":"2021-09-15 07:08","market":"us","language":"en","title":"U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148341685","media":"Reuters","summary":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing","content":"<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>路透纽约-华尔街周二下跌，原因是经济不确定性和企业税率上调的可能性越来越大，抑制了投资者情绪，并引发了广泛的抛售，尽管通胀有缓解的迹象。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>整个交易日乐观情绪消退，扭转了劳工部消费者价格指数报告发布后最初的涨势。美国三大股指均收于负值，提醒人们9月份对于股市来说是历史上艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月迄今为止，标普500已下跌近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>纽约CFRA Research首席投资策略师Sam Stovall表示：“市场有可能只是准备好经历一次迟来的调整。”“从季节性来看，9月往往是基金经理的粉饰期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现导致人们对从全球健康危机中复苏的看跌情绪增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>芝加哥Kingsview Asset Management投资组合经理保罗·诺尔特(Paul Nolte)表示：“我们仍处于人们几个月来一直呼吁的纠正模式。”“经济数据点一直低于预期，而这与德尔塔变异毒株的上升同时发生。”</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份读数低于市场普遍预期，这一减速支持了美联储主席杰罗姆·鲍威尔的说法，即通胀飙升是暂时的，并平息了市场对美联储将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>美国国债收益率因数据而下跌，这给金融股带来压力，投资者的青睐转向增长，而牺牲了价值。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔·拜登（Joe Biden）的3.5万亿美元预算计划逐渐接近通过，人们期待已久的公司税上调（如果民主党获胜，将从21%上调至26.5%）即将实现。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼工业指数跌292.06点，或0.84%，报34577.57点；标普500跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌67.82点，跌幅0.45%，至15037.76点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11大板块全部收红，能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了iPhone 13，并为其iPad和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为的更严格审查。其股价收盘下跌1.0%，对标普500和纳斯达克拖累最大。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>TurboTax制造商Intuit Inc宣布将以120亿美元收购数字营销公司Mailchimp后，该公司股价上涨1.9%。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司CureVac取消其实验性COVID-19疫苗的生产交易后，股价下跌8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为2.25比1；在纳斯达克，2.40比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数录得50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为100.7亿股，而过去20个交易日的平均成交量为93.8亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>美国股市因对复苏和企业增税的担忧而收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-15 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>路透纽约-华尔街周二下跌，原因是经济不确定性和企业税率上调的可能性越来越大，抑制了投资者情绪，并引发了广泛的抛售，尽管通胀有缓解的迹象。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>整个交易日乐观情绪消退，扭转了劳工部消费者价格指数报告发布后最初的涨势。美国三大股指均收于负值，提醒人们9月份对于股市来说是历史上艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月迄今为止，标普500已下跌近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>纽约CFRA Research首席投资策略师Sam Stovall表示：“市场有可能只是准备好经历一次迟来的调整。”“从季节性来看，9月往往是基金经理的粉饰期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现导致人们对从全球健康危机中复苏的看跌情绪增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>芝加哥Kingsview Asset Management投资组合经理保罗·诺尔特(Paul Nolte)表示：“我们仍处于人们几个月来一直呼吁的纠正模式。”“经济数据点一直低于预期，而这与德尔塔变异毒株的上升同时发生。”</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份读数低于市场普遍预期，这一减速支持了美联储主席杰罗姆·鲍威尔的说法，即通胀飙升是暂时的，并平息了市场对美联储将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>美国国债收益率因数据而下跌，这给金融股带来压力，投资者的青睐转向增长，而牺牲了价值。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔·拜登（Joe Biden）的3.5万亿美元预算计划逐渐接近通过，人们期待已久的公司税上调（如果民主党获胜，将从21%上调至26.5%）即将实现。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼工业指数跌292.06点，或0.84%，报34577.57点；标普500跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌67.82点，跌幅0.45%，至15037.76点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11大板块全部收红，能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了iPhone 13，并为其iPad和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为的更严格审查。其股价收盘下跌1.0%，对标普500和纳斯达克拖累最大。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>TurboTax制造商Intuit Inc宣布将以120亿美元收购数字营销公司Mailchimp后，该公司股价上涨1.9%。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司CureVac取消其实验性COVID-19疫苗的生产交易后，股价下跌8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为2.25比1；在纳斯达克，2.40比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数录得50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为100.7亿股，而过去20个交易日的平均成交量为93.8亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148341685","content_text":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.\nOptimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.\nSo far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.\n“There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”\nThe advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.\n“We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”\nThe CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.\nU.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]\nThe long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.\nThe Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.\nAll 11 major sectors in the S&P 500 ended the session red, with energy and financials suffering the largest percentage drops.\nApple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&P 500 and the Nasdaq.\nIntuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.\nCureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.\nThe S&P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.\nVolume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882016441,"gmtCreate":1631630718583,"gmtModify":1631889774629,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/882016441","repostId":"1128474511","repostType":4,"isVote":1,"tweetType":1,"viewCount":382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888237044,"gmtCreate":1631498426388,"gmtModify":1631889774642,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/888237044","repostId":"2166303094","repostType":4,"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":881497192,"gmtCreate":1631374322016,"gmtModify":1631889774656,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment!","listText":"Like and comment!","text":"Like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/881497192","repostId":"1147045390","repostType":4,"repost":{"id":"1147045390","kind":"news","pubTimestamp":1631321547,"share":"https://www.laohu8.com/m/news/1147045390?lang=zh_CN&edition=full","pubTime":"2021-09-11 08:52","market":"us","language":"en","title":"Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147045390","media":"Barrons","summary":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple  to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30%","content":"<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</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>Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</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 Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-11 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_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":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147045390","content_text":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.\nIn a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.\nData from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.\nSensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.\nGene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.\nMunster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.\n“After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”\nEvercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.\nWedbush analyst Dan Ives told Barron’s he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.\nThe ruling is more a positive for companies like Spotify Technology and Match Group than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97 on Friday, while Spotify and March gained 0.7% and 4.2%, respectively.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":873369232,"gmtCreate":1636859893131,"gmtModify":1636859893404,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/873369232","repostId":"1103944030","repostType":4,"isVote":1,"tweetType":1,"viewCount":2317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":883337924,"gmtCreate":1631200978068,"gmtModify":1631889774665,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/883337924","repostId":"2166498593","repostType":4,"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832869645,"gmtCreate":1629607005087,"gmtModify":1631891925368,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/832869645","repostId":"2161374148","repostType":4,"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891621281,"gmtCreate":1628387722143,"gmtModify":1631893648425,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/891621281","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","kind":"news","pubTimestamp":1628386129,"share":"https://www.laohu8.com/m/news/1180529438?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-08 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894763201,"gmtCreate":1628857939103,"gmtModify":1631893648371,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/894763201","repostId":"2159292142","repostType":4,"repost":{"id":"2159292142","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":1628857524,"share":"https://www.laohu8.com/m/news/2159292142?lang=zh_CN&edition=full","pubTime":"2021-08-13 20:25","market":"us","language":"en","title":"Mister Car Wash Q2 Earnings Smashes Estimates; Provides FY21 Guidance<blockquote>洗车先生第二季度盈利超出预期；提供2021财年指导</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159292142","media":"Benzinga","summary":"\n","content":"<p><ul>  <li><b>Mister Car Wash Inc</b>&nbsp;(NYSE:MCW)&nbsp;reported second-quarter FY21 sales growth of 93.4%&nbsp;year-on-year, to $197.08 million, beating the analyst consensus of $193.20 million.</li>  <li>Comparable stores sales rose 93% versus last year. Compounded two-year comparable stores sales increased 22%.</li>  <li>Mister Car Wash had 1.5 million Unlimited Wash Club (UWC) members as of June 30, 2021, a 39% rise Y/Y.</li>  <li>The number of locations operated by the company was 351 as of June 30, 2021, versus 327 locations as of June 30, 2020.</li>  <li>The company incurred an operating loss of $(137.9) million compared to an operating income of $4.2 million.</li>  <li>Mister Car Wash held $158.3 million in cash and equivalents as of June 30, 2021.</li>  <li>Adjusted EBITDA increased 160% Y/Y to $73.1 million.</li>  <li>Adjusted EPS of $0.14 beat the analyst consensus of $0.09.</li>  <li><b>Outlook</b>: Mister Car Wash sees FY21 revenue growth of about 30%.</li>  <li>The company expects FY21 adjusted EPS of $0.39 - $0.44.</li>  <li><b>Price Action:</b>&nbsp;MCW shares closed higher by 1.10% at $20.19 on Thursday.</li> </ul></p><p><blockquote><ul><li><b>先生洗车公司</b>（纽约证券交易所股票代码：MCW）报告称，2021财年第二季度销售额同比增长93.4%，达到1.9708亿美元，超过分析师预期的1.932亿美元。</li><li>可比商店销售额较去年增长93%。两年可比商店销售额复合增长22%。</li><li>截至2021年6月30日，洗车先生拥有150万无限洗车俱乐部（UWC）会员，同比增长39%。</li><li>截至2021年6月30日，该公司运营的地点数量为351个，而截至2020年6月30日为327个。</li><li>该公司的营业亏损为1.379亿美元，而营业收入为420万美元。</li><li>截至2021年6月30日，Mister Car Wash持有1.583亿美元现金及等价物。</li><li>调整后EBITDA同比增长160%至7,310万美元。</li><li>调整后每股收益为0.14美元，超过分析师预期的0.09美元。</li><li><b>世界观</b>：Mister Car Wash预计2021财年收入增长约30%。</li><li>该公司预计2021财年调整后每股收益为0.39-0.44美元。</li><li><b>价格走势：</b>MCW股价周四收盘上涨1.10%，至20.19美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mister Car Wash Q2 Earnings Smashes Estimates; Provides FY21 Guidance<blockquote>洗车先生第二季度盈利超出预期；提供2021财年指导</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\">\nMister Car Wash Q2 Earnings Smashes Estimates; Provides FY21 Guidance<blockquote>洗车先生第二季度盈利超出预期；提供2021财年指导</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 20:25</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>Mister Car Wash Inc</b>&nbsp;(NYSE:MCW)&nbsp;reported second-quarter FY21 sales growth of 93.4%&nbsp;year-on-year, to $197.08 million, beating the analyst consensus of $193.20 million.</li>  <li>Comparable stores sales rose 93% versus last year. Compounded two-year comparable stores sales increased 22%.</li>  <li>Mister Car Wash had 1.5 million Unlimited Wash Club (UWC) members as of June 30, 2021, a 39% rise Y/Y.</li>  <li>The number of locations operated by the company was 351 as of June 30, 2021, versus 327 locations as of June 30, 2020.</li>  <li>The company incurred an operating loss of $(137.9) million compared to an operating income of $4.2 million.</li>  <li>Mister Car Wash held $158.3 million in cash and equivalents as of June 30, 2021.</li>  <li>Adjusted EBITDA increased 160% Y/Y to $73.1 million.</li>  <li>Adjusted EPS of $0.14 beat the analyst consensus of $0.09.</li>  <li><b>Outlook</b>: Mister Car Wash sees FY21 revenue growth of about 30%.</li>  <li>The company expects FY21 adjusted EPS of $0.39 - $0.44.</li>  <li><b>Price Action:</b>&nbsp;MCW shares closed higher by 1.10% at $20.19 on Thursday.</li> </ul></p><p><blockquote><ul><li><b>先生洗车公司</b>（纽约证券交易所股票代码：MCW）报告称，2021财年第二季度销售额同比增长93.4%，达到1.9708亿美元，超过分析师预期的1.932亿美元。</li><li>可比商店销售额较去年增长93%。两年可比商店销售额复合增长22%。</li><li>截至2021年6月30日，洗车先生拥有150万无限洗车俱乐部（UWC）会员，同比增长39%。</li><li>截至2021年6月30日，该公司运营的地点数量为351个，而截至2020年6月30日为327个。</li><li>该公司的营业亏损为1.379亿美元，而营业收入为420万美元。</li><li>截至2021年6月30日，Mister Car Wash持有1.583亿美元现金及等价物。</li><li>调整后EBITDA同比增长160%至7,310万美元。</li><li>调整后每股收益为0.14美元，超过分析师预期的0.09美元。</li><li><b>世界观</b>：Mister Car Wash预计2021财年收入增长约30%。</li><li>该公司预计2021财年调整后每股收益为0.39-0.44美元。</li><li><b>价格走势：</b>MCW股价周四收盘上涨1.10%，至20.19美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MCW":"Mister Car Wash, Inc.","QTWO":"Q2 Holdings Inc","00699":"均胜电子"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159292142","content_text":"Mister Car Wash Inc (NYSE:MCW) reported second-quarter FY21 sales growth of 93.4% year-on-year, to $197.08 million, beating the analyst consensus of $193.20 million.\nComparable stores sales rose 93% versus last year. Compounded two-year comparable stores sales increased 22%.\nMister Car Wash had 1.5 million Unlimited Wash Club (UWC) members as of June 30, 2021, a 39% rise Y/Y.\nThe number of locations operated by the company was 351 as of June 30, 2021, versus 327 locations as of June 30, 2020.\nThe company incurred an operating loss of $(137.9) million compared to an operating income of $4.2 million.\nMister Car Wash held $158.3 million in cash and equivalents as of June 30, 2021.\nAdjusted EBITDA increased 160% Y/Y to $73.1 million.\nAdjusted EPS of $0.14 beat the analyst consensus of $0.09.\nOutlook: Mister Car Wash sees FY21 revenue growth of about 30%.\nThe company expects FY21 adjusted EPS of $0.39 - $0.44.\nPrice Action: MCW shares closed higher by 1.10% at $20.19 on Thursday.","news_type":1,"symbols_score_info":{"QTWO":0.9,"MCW":0.9,"GUID":0.9,"00699":0.9}},"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":849881324,"gmtCreate":1635742199519,"gmtModify":1635742199647,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/849881324","repostId":"2179250221","repostType":4,"repost":{"id":"2179250221","kind":"news","pubTimestamp":1635721559,"share":"https://www.laohu8.com/m/news/2179250221?lang=zh_CN&edition=full","pubTime":"2021-11-01 07:05","market":"us","language":"en","title":"Federal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2179250221","media":"Yahoo Finance","summary":"The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set th","content":"<p><div> The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also ...</p><p><blockquote><div>美联储即将召开的货币政策会议将成为本周的焦点，并可能为期待已久的资产购买缩减公告奠定基础。与此同时，交易者也将...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>Federal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFederal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-11-01 07:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also ...</p><p><blockquote><div>美联储即将召开的货币政策会议将成为本周的焦点，并可能为期待已久的资产购买缩减公告奠定基础。与此同时，交易者也将...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">Yahoo Finance</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"APO":"阿波罗全球管理","CLX":"高乐氏","UBER":"优步","CRSR":"Corsair Gaming, Inc.",".SPX":"S&P 500 Index","ATVI":"动视暴雪","COP":"康菲石油","BLMN":"Bloomin' Brands",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","EL":"雅诗兰黛","RL":"拉夫劳伦","PFE":"辉瑞"},"source_url":"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2179250221","content_text":"The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also await more data on the U.S. economic recovery with the Labor Department's monthly jobs report later this week.\nThe Federal Open Market Committee's (FOMC) November meeting will take place from Tuesday to Wednesday, with the policy statement and press conference from the meeting serving as the central bank's penultimate opportunity this year to announce formal plans to begin rolling back its crisis-era quantitative easing program. For the past year-and-a-half, the central bank has been purchasing $120 billion per month in agency mortgage-backed securities and Treasuries, as one major tool to support the economy during the pandemic.\nIn late September, the FOMC's latest monetary policy statement and press conference from Federal Reserve Chair Jerome Powell suggested the central bank was apt to announce the start of tapering before year-end, and continue the tapering process until \"around the middle of next year.\"\n\"The upcoming FOMC meeting will be important for three reasons: 1) the announcement of tapering; 2) guidance around what tapering means for the path of hikes; and 3) nuanced changes in views around inflation risks given recent data,\" wrote Bank of America economist Michelle Meyer in a note.\n\"The statement that announces the new pace of asset purchases will be followed by a note regarding flexibility stating that asset purchases are not on a pre-set course and will depend on the outlook for the labor market and inflation as well as an assessment of the efficacy of asset purchases,\" she predicted.\nShe noted that Powell may also use the press conference to reiterate that the end of tapering would not necessarily indicate the start of rate hikes, and that both policy actions are distinct. In previous public remarks, Powell has already made a similar point in previous public remarks, saying, \"the timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff.\"\nGiven the market has been anticipating the start to tapering for months now, speculation around when the Fed will make a move on interest rates has become a point of particular interest to investors. Investors and economists have mulled whether the Fed may need to act more quickly than previously telegraphed on adjusting interest rates to stave off inflation, which has proven more long-lasting than some had suggested.\nWASHINGTON, DC - SEPTEMBER 24: Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill on September 24, 2020 in Washington, DC. Powell and U.S. Treasury Secretary Steve Mnuchin are testifying about the CARES Act and the economic effects of the coronavirus pandemic. (Photo by Drew Angerer/Getty Images)Drew Angerer via Getty Images\nIn September, core personal consumption expenditures — the Fed's preferred gauge of underlying inflation — rose 3.6% over last year for a fourth consecutive month, coming in at the fastest clip since 1991. And earlier this month, Powell acknowledged in public remarks that the supply chain constraints and shortages that spurred the latest rise in prices are \"likely to last longer than previously expected, likely well into next year.\"\nWhile the central bank will not release an updated Summary of Economic Projections with their policy statement on Wednesday, the latest projections from the September meeting suggested the committee was split on rate hikes for 2022, with nine members seeing no rate hikes by the end of next year while the other nine members saw at least one hike.\n\"I think the Fed has pretty well determined to start the taper pretty quickly. We expect them to announce it next week and then start it soon thereafter, so that's pretty well carved in stone,\" Kathy Jones, Charles Schwab chief fixed income strategist, told Yahoo Finance Live last week. \"I think the big debate now is how quickly the Fed moves toward actually raising rates. The expectation in the market has really shifted to expecting as many as two rate hikes in 2022 and 2023 ... that’s a pretty aggressive pace of tightening.\"\nOctober jobs report\nOne of this week's most closely watched pieces of economic data will be the October jobs report, which is due for release on Friday from the Labor Department.\nEconomists are looking to see a pick-up in the pace of hiring for October after a disappointing print in September, when just 194,000 non-farm payrolls returned versus the half million expected. Over the past two months, payroll gains averaged at just 280,000. The unemployment rate is expected to take another small step toward pre-pandemic levels in October as well, with the jobless rate anticipated to dip to 4.7% from 4.8% the prior month.\nStill, the labor market has still fallen short its pre-pandemic conditions on a number of fronts. The unemployment rate has yet to return to its 50-year low of 3.5% from February 2020. And as of September, the civilian labor force was still down by about 3.1 million individuals from pre-virus levels.\nOne factor weighing on the labor market in August and September was the Delta variant, which may have deterred some workers from seeking employment in person for risk of infection. And an ongoing element dragging on the labor market's recovery has been a mismatch of supply and demand, with employers struggling to fill a near-record number of job openings while voluntary quits jumped to a historically high level.\n\"Next week’s October payrolls report will shed light on whether supply eased on diminishing constraints or if the labor market continues to face headwinds for now,\" wrote Rubeela Farooqi, chief U.S. economist for High Frequency Economics, in a note last week.\nBut some data from the past couple weeks has reflected favorably on conditions in the labor market in October. Weekly new unemployment claims broke below 300,000 for the first time since the start of the pandemic during the survey week for the October jobs report, or the week that includes the 12th of the month. And in the Conference Board's October Consumer Confidence Index, just 10.6% of consumers said jobs were \"hard to get,\" down from 13.0% in September. That brought the Conference Board's closely watched labor market differential, or percentage of consumers saying jobs are \"hard to get\" subtracted from the percentage saying jobs \"are plentiful,\" to 45, or its highest level since 2000.\nEconomic calendar\n\nMonday: Markit U.S. Manufacturing PMI, Oct. final (59.3 expected, 59.2 in September); Constructing spending, month-over-month, September (0.4% expected, 0.0% in August); ISM Manufacturing Index, Oct. (60.5 expected, 61.1 in September)\nTuesday: No notable reports scheduled for release\nWednesday: MBA Mortgage Applications, week ended Oct. 29 (0.3% during prior week); ADP Employment Change, Oct. (400,000 expected, 568,000 in September); ISM Services Index, October (62.0 expected, 61.9 in September); Factory Orders, September (-0.1% expected, 1.2% in August); Durable goods orders, September final (-0.4% in prior print; Durable goods orders excluding transportation, September final (0.4% in prior print); Non-defense capital goods orders excluding aircraft, September final (0.8% in prior print); Markit U.S. Services PMI, October final (58.2 expected, 58.2 in prior print); Markit U.S. Composite PMI, October final (57.3 in prior print); Federal Open Market Committee monetary policy decision\nThursday: Challenger job cuts, year-over-year, October (-84.9% in September); Initial jobless claims, week ended Oct. 30 (275,000 expected, 281,000 during prior week); Continuing claims, week ended Oct. 23 (2.147 million expected, 2.243 million during prior week); Non-farm productivity, Q3 preliminary (-3.2% expected, 2.1% in Q2); Unit Labor Costs, Q3 preliminary (6.9% expected, 1.3% in Q2); Trade balance, September (-$80.1 billion expected, -$73.3 billion in August)\nFriday: Change in non-farm payrolls, October (450,000 expected, 194,000 in September); Unemployment rate, October (4.7% expected, 4.8% in September); Average hourly earnings, month-over-month, October (4.7% expected, 4.8% in September); Average hourly earnings, year-over-year, October (4.9% expected, 4.6% in September); Labor Force Participation Rate, October (61.8% expected, 61.6% in September); Consumer Credit, September ($16.200 billion expected, $14.379 million in August)\n\nEarnings calendar\n\nMonday: Clorox (CLX), Avis Budget Group (CAR), ZoomInfo Technologies (ZI), Chegg Inc. (CHGG), Diamondback Energy (FANG), The Simon Property Group (SPG) after market close\nTuesday: Under Armour (UAA), Estee Lauder (EL), Ralph Lauren (RL), Apollo Global Management (APO), Corsair Gaming (CRSR), Bloomin' Brands (BLMN), ConocoPhillips (COP), Pfizer (PFE), Groupon (GPN), Marathon Petroleum (MPC) before market open; Mondelez (MDLZ), T-Mobile (TMUS), Akamai (AKAM), Activision Blizzard (ATVI), Lyft (LYFT), Match Group (MTCH), Devon Energy (DVN), Chesapeake Energy (CHK), Coursera (COUR), Zillow Group (ZG), Amgen (AMGN) after market close\nWednesday: Humana (HUM), Discovery Inc. (DISCA), The New York Times (NYT), Norwegian Cruise Line Holdings (NCLH), Marriott International (MAR), CVS Health Corp. (CVS), Sinclair Broadcast Group (SBGI) before market open; Booking Holdings (BKNG), Qorvo (QRVO), The Allstate Corp. (ALL), MGM Resorts International (MGM), $Take-Two Interactive Software(TTWO)$ (TTWO), Electronic Arts (EA), Vimeo (VMEO), Etsy (ETSY), GoDaddy (GDDY), Marathon Oil Corp. (MRO), Roku (ROKU), Qualcomm (QCOM) after market close\nThursday: Cigna (CI), Wayfair (W), ViacomCBS (VIAC), Nikola (NKLA), Duke Energy (DUK), Citrix Systems (CTXS), Regeneron Pharmaceuticals (REGN), Hanesbrands (HBI), Moderna (MRNA), Planet Fitness (PLNT), Vulcan Material (VMC), Kellogg (K), Square (SQ), Cloudflare (NET), Occidental Petroleum (OXY), Uber Technologies (UBER), American International Group (AIG), Shake Shack (SHAK), iHeartMedia (IHRT), Novavax (NVAX), IAC Interactive Corp. (IAC), Peloton (PTON), Dropbox (DBX), DataDog (DDOG), Pinterest (PINS), Skyworks Solutions (SWKS), Expedia (EXPE), Rocket Cos. (RKT), Live Nation Entertainment (LYV), Airbnb (ABNB)\nFriday: Wynn Resorts (WYNN), Dish Networks (DISH), Dominion Energy (D), DraftKings (DKNG), Goodyear Tire and Rubber (GT), Cinemark Holdings (CNK) before market open","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"PFE":0.9,"COP":0.9,"CRSR":0.9,"APO":0.9,"CLX":0.9,"ATVI":0.9,".IXIC":0.9,"BLMN":0.9,"RL":0.9,"EL":0.9,"UBER":0.9}},"isVote":1,"tweetType":1,"viewCount":1855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869954544,"gmtCreate":1632237818888,"gmtModify":1632801839565,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/869954544","repostId":"1154232593","repostType":4,"repost":{"id":"1154232593","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632236324,"share":"https://www.laohu8.com/m/news/1154232593?lang=zh_CN&edition=full","pubTime":"2021-09-21 22:58","market":"other","language":"en","title":"Dow erases a 343-point rebound and turns red<blockquote>道指抹去343点反弹并翻红</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154232593","media":"Tiger Newspress","summary":"(Sept 21) After yesterday afternoon's surge higher, futures markets overnight extended the momentum,","content":"<p>(Sept 21)&nbsp;After yesterday afternoon's surge higher, futures markets overnight extended the momentum, lifting US markets up over 1% at their peak around the European open (remember, much of Asian liquidity is on holiday still).</p><p><blockquote>（9月21日）在昨天下午飙升后，期货市场隔夜延续了这一势头，推动美国市场在欧洲开盘前后的峰值上涨超过1%（请记住，大部分亚洲流动性仍在度假）。</blockquote></p><p> Since then, things have gone downhill and the selling pressure since the US opened has sent Small Caps, S&amp;P, Dow, and Nasdaq into the red for the day...</p><p><blockquote>从那以后，事情开始走下坡路，自美国开盘以来的抛售压力导致小盘股、S&amp;P、道琼斯和纳斯达克当天出现亏损...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/098e0b3b1c0255545ee40a5e5ac19c60\" tg-width=\"1232\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow erases a 343-point rebound and turns red<blockquote>道指抹去343点反弹并翻红</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\">\nDow erases a 343-point rebound and turns red<blockquote>道指抹去343点反弹并翻红</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-21 22:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 21)&nbsp;After yesterday afternoon's surge higher, futures markets overnight extended the momentum, lifting US markets up over 1% at their peak around the European open (remember, much of Asian liquidity is on holiday still).</p><p><blockquote>（9月21日）在昨天下午飙升后，期货市场隔夜延续了这一势头，推动美国市场在欧洲开盘前后的峰值上涨超过1%（请记住，大部分亚洲流动性仍在度假）。</blockquote></p><p> Since then, things have gone downhill and the selling pressure since the US opened has sent Small Caps, S&amp;P, Dow, and Nasdaq into the red for the day...</p><p><blockquote>从那以后，事情开始走下坡路，自美国开盘以来的抛售压力导致小盘股、S&amp;P、道琼斯和纳斯达克当天出现亏损...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/098e0b3b1c0255545ee40a5e5ac19c60\" tg-width=\"1232\" tg-height=\"578\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154232593","content_text":"(Sept 21) After yesterday afternoon's surge higher, futures markets overnight extended the momentum, lifting US markets up over 1% at their peak around the European open (remember, much of Asian liquidity is on holiday still).\nSince then, things have gone downhill and the selling pressure since the US opened has sent Small Caps, S&P, Dow, and Nasdaq into the red for the day...","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888237044,"gmtCreate":1631498426388,"gmtModify":1631889774642,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/888237044","repostId":"2166303094","repostType":4,"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836565351,"gmtCreate":1629508405173,"gmtModify":1631891925372,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/836565351","repostId":"1107004225","repostType":4,"repost":{"id":"1107004225","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":1629473431,"share":"https://www.laohu8.com/m/news/1107004225?lang=zh_CN&edition=full","pubTime":"2021-08-20 23:30","market":"us","language":"en","title":"Why This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调近40%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107004225","media":"Benzinga","summary":"Virgin Galactic Holdings Inc shares have come crashing back to Earth since the company successfully ","content":"<p><b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> </b><b>Holdings</b><b> Inc</b>&nbsp;shares have come crashing back to Earth since the company successfully completed a Unity 22 space flight back in July, and one analyst said Friday&nbsp;the stock will likely continue to struggle in the near-term.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a></b><b>控股</b><b>Inc</b>自该公司7月份成功完成Unity 22太空飞行以来，该公司股价暴跌，一位分析师周五表示，该股短期内可能会继续陷入困境。</blockquote></p><p> <b>The Virgin Galactic Analyst:</b>&nbsp;Bank of America analyst Ronald Epstein reiterated an Underperform rating on&nbsp;Virgin Galactic and cut the&nbsp;price target from $41 to $25.</p><p><blockquote><b>维珍银河分析师：</b>美国银行分析师Ronald Epstein重申了对维珍银河的跑输评级，并将目标价从41美元下调至25美元。</blockquote></p><p> <b>The Virgin Galactic Takeaways:</b>&nbsp;In his new note, Epstein said he was surprised and somewhat confused by Virgin’s recent announcement that it will begin planned maintenance plus enhancement for Mothership Eve in September after receiving a recommendation for the enhancements in July.</p><p><blockquote><b>维珍银河外卖：</b>爱泼斯坦在他的新报告中表示，维珍航空最近宣布，在7月份收到增强建议后，将于9月份开始对母舰Eve进行计划维护和增强，这让他感到惊讶和有些困惑。</blockquote></p><p> The planned improvements, which Virgin did not detail, will bump back the timeline for the company’s first commercial passenger flight from early 2022 to late in the third quarter of 2022.</p><p><blockquote>维珍航空没有详细说明计划中的改进将把该公司首次商业客运航班的时间表从2022年初推迟到2022年第三季度末。</blockquote></p><p> Epstein said it was particularly surprising that Virgin didn’t provide any technical details about the planned improvements and said the enhancements are still in the design phase.</p><p><blockquote>爱泼斯坦表示，尤其令人惊讶的是，维珍没有提供有关计划改进的任何技术细节，并表示这些改进仍处于设计阶段。</blockquote></p><p> For now, Epstein said he expects Virgin to focus on sub-orbital travel, which will bump back orbital travel further into the future. Epstein has pushed back his target date for Virgin orbital travel from 2028 to 2035 and is removing his 2035 target for high speed point-to-point travel.</p><p><blockquote>爱泼斯坦表示，目前，他预计维珍航空将专注于亚轨道旅行，这将在未来进一步阻碍轨道旅行。爱泼斯坦已将维珍轨道旅行的目标日期从2028年推迟到2035年，并取消了2035年高速点对点旅行的目标。</blockquote></p><p> In terms of upcoming stock catalysts, Epstein said the October 2021 lock-up expirations could pressure Virgin’s stock.</p><p><blockquote>就即将到来的股票催化剂而言，爱泼斯坦表示，2021年10月的禁售期可能会给维珍的股票带来压力。</blockquote></p><p> “We see short term downside pressure to the stock price as a) delayed commercialization results in lack of catalysts, b) the market stays attentive to the next equity raise, and c) the next lock-up period expires,” Epstein said.</p><p><blockquote>爱泼斯坦表示：“我们认为股价短期面临下行压力，因为a）商业化延迟导致缺乏催化剂，b）市场仍在关注下一次股权融资，以及c）下一次禁售期到期。”</blockquote></p><p> <b>Benzinga’s Take:</b>&nbsp;With Virgin generating a $644-million net loss on less than $300,000 in revenue in 2020, any delays in the path to a commercial launch are understandably concerning for investors.</p><p><blockquote><b>Benzinga的看法：</b>由于维珍航空在2020年的收入不到30万美元，净亏损6.44亿美元，商业推出之路的任何延误都可以理解投资者的担忧。</blockquote></p><p> If Epstein’s new targets are correct, it also appears that at least the next 14 years will be all about sub-orbital travel for Virgin.</p><p><blockquote>如果爱泼斯坦的新目标是正确的，那么对于维珍来说，至少未来14年将是亚轨道旅行的全部。</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>Why This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调近40%</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 This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调近40%</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\">2021-08-20 23:30</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> </b><b>Holdings</b><b> Inc</b>&nbsp;shares have come crashing back to Earth since the company successfully completed a Unity 22 space flight back in July, and one analyst said Friday&nbsp;the stock will likely continue to struggle in the near-term.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a></b><b>控股</b><b>Inc</b>自该公司7月份成功完成Unity 22太空飞行以来，该公司股价暴跌，一位分析师周五表示，该股短期内可能会继续陷入困境。</blockquote></p><p> <b>The Virgin Galactic Analyst:</b>&nbsp;Bank of America analyst Ronald Epstein reiterated an Underperform rating on&nbsp;Virgin Galactic and cut the&nbsp;price target from $41 to $25.</p><p><blockquote><b>维珍银河分析师：</b>美国银行分析师Ronald Epstein重申了对维珍银河的跑输评级，并将目标价从41美元下调至25美元。</blockquote></p><p> <b>The Virgin Galactic Takeaways:</b>&nbsp;In his new note, Epstein said he was surprised and somewhat confused by Virgin’s recent announcement that it will begin planned maintenance plus enhancement for Mothership Eve in September after receiving a recommendation for the enhancements in July.</p><p><blockquote><b>维珍银河外卖：</b>爱泼斯坦在他的新报告中表示，维珍航空最近宣布，在7月份收到增强建议后，将于9月份开始对母舰Eve进行计划维护和增强，这让他感到惊讶和有些困惑。</blockquote></p><p> The planned improvements, which Virgin did not detail, will bump back the timeline for the company’s first commercial passenger flight from early 2022 to late in the third quarter of 2022.</p><p><blockquote>维珍航空没有详细说明计划中的改进将把该公司首次商业客运航班的时间表从2022年初推迟到2022年第三季度末。</blockquote></p><p> Epstein said it was particularly surprising that Virgin didn’t provide any technical details about the planned improvements and said the enhancements are still in the design phase.</p><p><blockquote>爱泼斯坦表示，尤其令人惊讶的是，维珍没有提供有关计划改进的任何技术细节，并表示这些改进仍处于设计阶段。</blockquote></p><p> For now, Epstein said he expects Virgin to focus on sub-orbital travel, which will bump back orbital travel further into the future. Epstein has pushed back his target date for Virgin orbital travel from 2028 to 2035 and is removing his 2035 target for high speed point-to-point travel.</p><p><blockquote>爱泼斯坦表示，目前，他预计维珍航空将专注于亚轨道旅行，这将在未来进一步阻碍轨道旅行。爱泼斯坦已将维珍轨道旅行的目标日期从2028年推迟到2035年，并取消了2035年高速点对点旅行的目标。</blockquote></p><p> In terms of upcoming stock catalysts, Epstein said the October 2021 lock-up expirations could pressure Virgin’s stock.</p><p><blockquote>就即将到来的股票催化剂而言，爱泼斯坦表示，2021年10月的禁售期可能会给维珍的股票带来压力。</blockquote></p><p> “We see short term downside pressure to the stock price as a) delayed commercialization results in lack of catalysts, b) the market stays attentive to the next equity raise, and c) the next lock-up period expires,” Epstein said.</p><p><blockquote>爱泼斯坦表示：“我们认为股价短期面临下行压力，因为a）商业化延迟导致缺乏催化剂，b）市场仍在关注下一次股权融资，以及c）下一次禁售期到期。”</blockquote></p><p> <b>Benzinga’s Take:</b>&nbsp;With Virgin generating a $644-million net loss on less than $300,000 in revenue in 2020, any delays in the path to a commercial launch are understandably concerning for investors.</p><p><blockquote><b>Benzinga的看法：</b>由于维珍航空在2020年的收入不到30万美元，净亏损6.44亿美元，商业推出之路的任何延误都可以理解投资者的担忧。</blockquote></p><p> If Epstein’s new targets are correct, it also appears that at least the next 14 years will be all about sub-orbital travel for Virgin.</p><p><blockquote>如果爱泼斯坦的新目标是正确的，那么对于维珍来说，至少未来14年将是亚轨道旅行的全部。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107004225","content_text":"Virgin Galactic Holdings Inc shares have come crashing back to Earth since the company successfully completed a Unity 22 space flight back in July, and one analyst said Friday the stock will likely continue to struggle in the near-term.\nThe Virgin Galactic Analyst: Bank of America analyst Ronald Epstein reiterated an Underperform rating on Virgin Galactic and cut the price target from $41 to $25.\nThe Virgin Galactic Takeaways: In his new note, Epstein said he was surprised and somewhat confused by Virgin’s recent announcement that it will begin planned maintenance plus enhancement for Mothership Eve in September after receiving a recommendation for the enhancements in July.\nThe planned improvements, which Virgin did not detail, will bump back the timeline for the company’s first commercial passenger flight from early 2022 to late in the third quarter of 2022.\nEpstein said it was particularly surprising that Virgin didn’t provide any technical details about the planned improvements and said the enhancements are still in the design phase.\nFor now, Epstein said he expects Virgin to focus on sub-orbital travel, which will bump back orbital travel further into the future. Epstein has pushed back his target date for Virgin orbital travel from 2028 to 2035 and is removing his 2035 target for high speed point-to-point travel.\nIn terms of upcoming stock catalysts, Epstein said the October 2021 lock-up expirations could pressure Virgin’s stock.\n“We see short term downside pressure to the stock price as a) delayed commercialization results in lack of catalysts, b) the market stays attentive to the next equity raise, and c) the next lock-up period expires,” Epstein said.\nBenzinga’s Take: With Virgin generating a $644-million net loss on less than $300,000 in revenue in 2020, any delays in the path to a commercial launch are understandably concerning for investors.\nIf Epstein’s new targets are correct, it also appears that at least the next 14 years will be all about sub-orbital travel for Virgin.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800309450,"gmtCreate":1627275264170,"gmtModify":1633766598833,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Nice!&nbsp;","listText":"Nice!&nbsp;","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/800309450","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818641771,"gmtCreate":1630407221593,"gmtModify":1631889774724,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/818641771","repostId":"2163319158","repostType":4,"isVote":1,"tweetType":1,"viewCount":329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838256677,"gmtCreate":1629415557999,"gmtModify":1631891925379,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/838256677","repostId":"2160915795","repostType":4,"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892039128,"gmtCreate":1628609413864,"gmtModify":1631893648397,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/892039128","repostId":"2158477242","repostType":4,"isVote":1,"tweetType":1,"viewCount":407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802892697,"gmtCreate":1627745829419,"gmtModify":1633756681670,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802892697","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862105157,"gmtCreate":1632841205690,"gmtModify":1632841205775,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/862105157","repostId":"1152246777","repostType":4,"repost":{"id":"1152246777","kind":"news","pubTimestamp":1632839983,"share":"https://www.laohu8.com/m/news/1152246777?lang=zh_CN&edition=full","pubTime":"2021-09-28 22:39","market":"us","language":"en","title":"Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152246777","media":"Seeking Alpha","summary":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous mile","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度财报，苹果有望迎来井喷的一年，从总收入到净利润都打破了之前的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大的价值。</li><li>与同行相比，苹果公司看起来很便宜，如果你有长期的眼光，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资眼光，我认为购买苹果（纳斯达克股票代码：AAPL）股票的时机并不糟糕。如果你回到过去，无论讨论的是哪个里程碑，从达到5000亿美元、1万亿美元还是2万亿美元的市值，随着时间的推移，AAPL都突破了障碍。未来，我们将讨论AAPL市值达到5万亿美元。不要把AAPL看作是一家经历了几次股票分割并成长为一家价值2.43万亿美元的公司。AAPL是美国最受欢迎的公司之一，在过去12个月(TTM)中产生了947.7亿美元的自由现金流(FCF)，5年平均FCF为674.9亿美元。看看AAPL，它的毛利率为41.66%，利润率为26.24%，与TTM中868亿美元的净利润相关。最重要的是，看看AAPL在过去十年中为其股东所做的事情，他们回购了95.9亿股股票，占公司36.58%的股份，同时支付了1,134亿美元的股息。无论您是否错过了苹果公司之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买苹果公司股票的时机永远不会太糟糕。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：道明</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果的股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我在Seeking Alpha上撰写了有关AAPL的文章，并阅读了许多其他有关AAPL的文章。总是有人评论Tim Cook（苹果首席执行官）和Luca Maestri（苹果首席财务官）无能，对公司财务管理不善，回购毫无用处。我从未见过管理团队和董事会像苹果公司的团队那样关心他们的股东。自2012财年以来，AAPL已通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。据我所知，没有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这笔金额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由增发股票，否则在我看来，这是最大的危险信号之一，因为当前股东的所有权被稀释了。这是一个简单的等式，如果ABC公司有10,000股已发行股票，而您持有100股，则您拥有该公司1%的股份。如果ABC发行2,500股来筹集资金，那么现在有12,500股已发行股票，您在公司的所有权自动稀释至0.80%。如果ABC利用其自由现金流启动股票回购计划，而不是发行2,500股，而是在公开市场上回购2,500股，那么ABC将剩下7,500股已发行股票。您在ABC的股权将会增加，因为您的100股股票现在相当于该公司的1.33%。这也将导致收入和每股收益增加，因为它将分布在更少的股票上。假设，如果ABC产生1,000，000美元的收入和100,000美元的收益，基于10,000股，每股ABC将产生100美元的收入和10美元的每股收益。通过发行更多股票并使已发行股票达到12,500股，每股现在将产生80美元的收入和8美元的每股收益。通过回购2,500股而不是发行2,500股，ABC现在将产生133.33美元的收入和13.33美元的每股收益，因为他们只有7,500股已发行股票。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当AAPL回购股票时，这不是财务操纵；他们通过增加AAPL所持股份的百分比来回报股东。AAPL产生了大量的自由现金流，其理念是通过回馈股东通过回购和股息产生的部分现金来回报股东。在过去十年中，AAPL的TTM自由现金流每年从416.8亿美元增加到947.7亿美元。2021财年远高于AAPL前几年，因此如果使用5年平均水平，FCF每年从416.8亿美元增加到674.9亿美元。苹果公司的回购不是操纵，也不应被视为财务管理不善。过去7个季度，AAPL以平均每季度197.1亿美元的速度回购了1380亿美元的股票。每个季度AAPL都会回购股票，增加您的股票所代表的股权头寸，并增加您的股票产生的收入和每股收益。这应该值得庆祝，因为苹果公司创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：一切金钱</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用所产生的资本来发展公司，但这是股权稀释的一个完美例子。截至2011年底，TSLA已发行普通股总数为5.227亿股。截至上次报告，TSLA拥有9.84亿股已发行普通股。过去十年，特斯拉股东权益稀释了88.15%。特斯拉在过去五年中发行了1.762亿股新股，同期股东权益稀释了21.81%。发行股票并不总是负面的，公平地说，对于特斯拉来说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA的TTM收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增长了10,585%。尽管TSLA在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中被稀释了88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" 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> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2011年4月28日，AAPL宣布，其董事会授权向其现有的股票回购计划增加900亿美元。基于目前2.43万亿美元的估值，AAPL董事会增加了足够的资本，可以在公开市场上额外回购3.7%的股份。根据过去十年的数据，AAPL将继续对股东友好，因为他们的资本配置力度随着FFC的增加而增加。我很震惊有人会考虑这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。AAPL每个季度都会回购股票，增加您的股票所代表的AAPL股权百分比。AAPL通过回购增加股东价值所表现出的奉献精神是股东可以继续期待的，因为AAPL在每一个历史新高的股价中都不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值对于新投资来说已经成熟，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>21年6月28日，AAPL的股价为134.78美元，21年9月7日达到156.68美元。此后，AAPL经历了回调，股价在9/20/21跌至143.04美元，这是我们自7月中旬以来从未见过的水平。截至9/24321交易结束时，AAPL股价已从近期低点反弹，收于146.92美元。在浏览了AAPL的指标并回顾了1年图表后，我相信这次回调是一个机会。在过去的一年里，苹果公司的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在21年4月19日攀升至134.79美元，并在21年5月12日回落至122.77美元。整个夏天，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL的每次回调都创下了更高的低点，而在过去的一年里，AAPL也创造了更高的高点。进入第四季度业绩，苹果公司有望报告其运营最好的一年，我相信这次回调是开始或增加当前头寸的一个很好的切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" 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></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技同行相比，AAPL看起来很便宜。市销率是将股价与每股产生的收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL的市盈率为7.13，而MSFT的市盈率为13.44，GOOGL的市盈率为8.71。GOOGL的市盈率为3.89，是该集团中最低的。市盈率用于评估公司股价与其产生的收益的关系，并表明投资者愿意为每1美元收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL的市盈率为28.53，而MSFT为36.87，AMZN为58.54，GOOGL为30.48。我通过股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL的市盈率为135.04%，而MSFT为43.15%，AMZN为25.64%，GOOGL为26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL的自由现金流倍数为25.64倍，MSFT的自由现金流倍数为40.09倍，AMZN的自由现金流倍数为244.80倍，GOOGL的自由现金流倍数为32.46倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL是我认为您应该拥有并在可能的情况下加入的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回调时，她买了更多的苹果公司。我在投资群聊中的一位好朋友每个月都在购买AAPL的股票，我相信他也在回调期间借此机会增持了AAPL。我认为AAPL仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL的市盈率仅为其自由现金流的25.64倍，市盈率为28.53，而市场平均水平为34.75。苹果公司在从股权中产生利润方面做得令人难以置信，估值诱人，并且每个季度都会回购股票；什么不喜欢？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对10月底报告的AAPL 2021年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度于每年9月30日结束。当AAPL在10月底公布收益时，他们将报告第四季度和2021财年的数据。苹果公司为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL的收入为2825.6亿美元，毛利润为1176.6亿美元，净利润为741.3亿美元。2021年前9个月，AAPL在这三个类别上都超过了2020财年。AAPL预测2021年第四季度将实现两位数的同比增长，这将使他们第四季度的收入至少达到711.6亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果AAPL能够将40%的收入转化为毛利润，25%转化为净利润，那么到2021年，他们的收入将达到3537.2亿美元，毛利润为1461.2亿美元，净利润为919.2亿美元。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我认为每一项投资都是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常。我没有水晶球，我们需要看看Tim Cook对第四季度收益看涨期权和2022财年预测的看法。看看我在下面构建的图表，AAPL在2016年和2017年有一段时间的收入低于2015年，然后才加速增长。假设如果AAPL的收入碰巧在一两年内达到峰值，这不会改变我的投资论点，因为我对AAPL有长期投资视野。2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入2021年底，AAPL将报告井喷的一年，我们将得到一些对2022年的预测。AAPL董事会将股票回购计划增加了900亿美元，没有迹象表明AAPL正在放缓。在我看来，这次回调是一个买入的机会，未来的任何回调都是买入AAPL股票的机会。AAPL产生的自由现金流是我见过的所有公司中最多的，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，苹果公司值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为AAPL将于10月底公布第四季度收益和创纪录的2021年收益。根据目前的数据，与2020财年相比，AAPL的收入可能同比增长28.85%，净利润可能同比增长60.14%。与同行相比，AAPL看起来很便宜，因为其市盈率和自由现金流价格明显低于MSFT、AMZN和GOOGL。苹果公司通过将一定比例的自由现金流分配给回购和股息，继续为股东创造价值。AAPL不断创新，发布了新产品，继续发展其服务业务部门，最近还向其股票回购计划增加了900亿美元。我相信AAPL是一项出色的长期投资，当前的回调是一个买入机会。</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>Apple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</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\">\nApple: It's Never Too Late To Invest In AAPL, Especially As They Buy Back Shares<blockquote>苹果：投资苹果公司永远不会太晚，尤其是当他们回购股票时</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\">2021-09-28 22:39</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>Going into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.</li>  <li>Apple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.</li>  <li>Compared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96ee1636e4c2fc8616107ba5930de843\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p><p><blockquote><ul><li>进入第四季度财报，苹果有望迎来井喷的一年，从总收入到净利润都打破了之前的里程碑。</li><li>苹果通过增加计划分配给回购计划的资本金额，继续为股东创造巨大的价值。</li><li>与同行相比，苹果公司看起来很便宜，如果你有长期的眼光，最近的回调是一个机会。</li></ul><p class=\"t-img-caption\"><span>斯蒂芬·林/盖蒂图片社新闻</span></p></blockquote></p><p> I don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.</p><p><blockquote>如果您有长期投资眼光，我认为购买苹果（纳斯达克股票代码：AAPL）股票的时机并不糟糕。如果你回到过去，无论讨论的是哪个里程碑，从达到5000亿美元、1万亿美元还是2万亿美元的市值，随着时间的推移，AAPL都突破了障碍。未来，我们将讨论AAPL市值达到5万亿美元。不要把AAPL看作是一家经历了几次股票分割并成长为一家价值2.43万亿美元的公司。AAPL是美国最受欢迎的公司之一，在过去12个月(TTM)中产生了947.7亿美元的自由现金流(FCF)，5年平均FCF为674.9亿美元。看看AAPL，它的毛利率为41.66%，利润率为26.24%，与TTM中868亿美元的净利润相关。最重要的是，看看AAPL在过去十年中为其股东所做的事情，他们回购了95.9亿股股票，占公司36.58%的股份，同时支付了1,134亿美元的股息。无论您是否错过了苹果公司之前为股东创造的升值，如果您是新投资者或希望增加头寸的股东，我认为购买苹果公司股票的时机永远不会太糟糕。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ffdf55aa2d9fa5c00e186f3d8d57c80\" tg-width=\"640\" tg-height=\"167\" width=\"100%\" height=\"auto\"><span>Source: TD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：道明</span></p></blockquote></p><p> <b>Understanding why Apple's share buybacks are important to shareholders</b></p><p><blockquote><b>了解为什么苹果的股票回购对股东很重要</b></blockquote></p><p> I have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always&nbsp;comments&nbsp;about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.</p><p><blockquote>多年来，我在Seeking Alpha上撰写了有关AAPL的文章，并阅读了许多其他有关AAPL的文章。总是有人评论Tim Cook（苹果首席执行官）和Luca Maestri（苹果首席财务官）无能，对公司财务管理不善，回购毫无用处。我从未见过管理团队和董事会像苹果公司的团队那样关心他们的股东。自2012财年以来，AAPL已通过股票回购和股息向股东返还了5796亿美元的资本，同时保持了超过500亿美元的净现金头寸。据我所知，没有哪家公司在对公司进行再投资并继续创新并推动收入和利润的同时，向股东返还了接近这笔金额的资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1d43ab7c3b0fc84160f7f4db93e3e75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> Why are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.</p><p><blockquote>为什么股票回购很重要？我认为稀释可能会损害股东价值。除非有充分的理由增发股票，否则在我看来，这是最大的危险信号之一，因为当前股东的所有权被稀释了。这是一个简单的等式，如果ABC公司有10,000股已发行股票，而您持有100股，则您拥有该公司1%的股份。如果ABC发行2,500股来筹集资金，那么现在有12,500股已发行股票，您在公司的所有权自动稀释至0.80%。如果ABC利用其自由现金流启动股票回购计划，而不是发行2,500股，而是在公开市场上回购2,500股，那么ABC将剩下7,500股已发行股票。您在ABC的股权将会增加，因为您的100股股票现在相当于该公司的1.33%。这也将导致收入和每股收益增加，因为它将分布在更少的股票上。假设，如果ABC产生1,000，000美元的收入和100,000美元的收益，基于10,000股，每股ABC将产生100美元的收入和10美元的每股收益。通过发行更多股票并使已发行股票达到12,500股，每股现在将产生80美元的收入和8美元的每股收益。通过回购2,500股而不是发行2,500股，ABC现在将产生133.33美元的收入和13.33美元的每股收益，因为他们只有7,500股已发行股票。</blockquote></p><p></p><p> When AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.</p><p><blockquote>当AAPL回购股票时，这不是财务操纵；他们通过增加AAPL所持股份的百分比来回报股东。AAPL产生了大量的自由现金流，其理念是通过回馈股东通过回购和股息产生的部分现金来回报股东。在过去十年中，AAPL的TTM自由现金流每年从416.8亿美元增加到947.7亿美元。2021财年远高于AAPL前几年，因此如果使用5年平均水平，FCF每年从416.8亿美元增加到674.9亿美元。苹果公司的回购不是操纵，也不应被视为财务管理不善。过去7个季度，AAPL以平均每季度197.1亿美元的速度回购了1380亿美元的股票。每个季度AAPL都会回购股票，增加您的股票所代表的股权头寸，并增加您的股票产生的收入和每股收益。这应该值得庆祝，因为苹果公司创造了股东价值，而不是囤积现金。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bce847a3d944ecfcecbde546cba70011\" tg-width=\"640\" tg-height=\"128\" width=\"100%\" height=\"auto\"><span>Source: Everything Money</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：一切金钱</span></p></blockquote></p><p> I recently&nbsp;wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.</p><p><blockquote>我最近写了一篇关于特斯拉（TSLA）的文章，他们的管理团队做了与AAPL完全相反的事情。诚然，特斯拉是一家成长型公司，并利用所产生的资本来发展公司，但这是股权稀释的一个完美例子。截至2011年底，TSLA已发行普通股总数为5.227亿股。截至上次报告，TSLA拥有9.84亿股已发行普通股。过去十年，特斯拉股东权益稀释了88.15%。特斯拉在过去五年中发行了1.762亿股新股，同期股东权益稀释了21.81%。发行股票并不总是负面的，公平地说，对于特斯拉来说，他们利用发行股票产生的资本来发展业务。自2011年以来，TSLA的TTM收入从2.042亿美元增加到416.6亿美元（20,400%），每股收入从0.41美元增加到43.81美元，增长了10,585%。尽管TSLA在公司建设方面做得非常出色，年收入达数百亿美元，但其长期股东在过去十年中被稀释了88.15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/332406c13d71427099656a8db4cad2a6\" tg-width=\"640\" tg-height=\"288\" 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> On 4/28/21, AAPL announced that its board of directors&nbsp;authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.</p><p><blockquote>2011年4月28日，AAPL宣布，其董事会授权向其现有的股票回购计划增加900亿美元。基于目前2.43万亿美元的估值，AAPL董事会增加了足够的资本，可以在公开市场上额外回购3.7%的股份。根据过去十年的数据，AAPL将继续对股东友好，因为他们的资本配置力度随着FFC的增加而增加。我很震惊有人会考虑这种财务管理不善。苹果公司的股票回购计划是拥有这家伟大公司的另一个原因。AAPL每个季度都会回购股票，增加您的股票所代表的AAPL股权百分比。AAPL通过回购增加股东价值所表现出的奉献精神是股东可以继续期待的，因为AAPL在每一个历史新高的股价中都不断回购股票。</blockquote></p><p> <b>Apple's valuation is ripe for new investments, especially after the recent pullback</b></p><p><blockquote><b>苹果的估值对于新投资来说已经成熟，尤其是在最近的回调之后</b></blockquote></p><p> Shares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.</p><p><blockquote>21年6月28日，AAPL的股价为134.78美元，21年9月7日达到156.68美元。此后，AAPL经历了回调，股价在9/20/21跌至143.04美元，这是我们自7月中旬以来从未见过的水平。截至9/24321交易结束时，AAPL股价已从近期低点反弹，收于146.92美元。在浏览了AAPL的指标并回顾了1年图表后，我相信这次回调是一个机会。在过去的一年里，苹果公司的回调创造了更高的低点。10月30日，AAPL的第一次回调收于108.42美元，然后在下一次大回调中，AAPL从21年1月25日的143.22美元跌至21年3月8日的116.37美元。AAPL随后在21年4月19日攀升至134.79美元，并在21年5月12日回落至122.77美元。整个夏天，AAPL在21年9月7日达到156.69美元，最近在21年9月20日跌至142.94美元。在过去的一年里，AAPL的每次回调都创下了更高的低点，而在过去的一年里，AAPL也创造了更高的高点。进入第四季度业绩，苹果公司有望报告其运营最好的一年，我相信这次回调是开始或增加当前头寸的一个很好的切入点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f507ba198b1c177f12c6b0189de34cf9\" tg-width=\"640\" tg-height=\"437\" 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></p><p> AAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and&nbsp;Microsoft (MSFT)&nbsp;are the four largest companies in the S&amp;P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the&nbsp;average P/E ratio&nbsp;of the S&amp;P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.</p><p><blockquote>苹果公司、亚马逊（AMZN）、Alphabet（GOOGL）（纳斯达克股票代码：GOOG）和微软（MSFT）是标普500最大的四家公司。当查看我喜欢使用的一些估值指标时，与大型科技同行相比，AAPL看起来很便宜。市销率是将股价与每股产生的收入进行比较的估值。它表明了每一美元收入的价值。较低的市盈率可能表明股价被低估。AAPL的市盈率为7.13，而MSFT的市盈率为13.44，GOOGL的市盈率为8.71。GOOGL的市盈率为3.89，是该集团中最低的。市盈率用于评估公司股价与其产生的收益的关系，并表明投资者愿意为每1美元收益支付多少钱。较低的市盈率可能表明公司的股价被低估。如今，标普500的平均市盈率为34.75。AAPL的市盈率为28.53，而MSFT为36.87，AMZN为58.54，GOOGL为30.48。我通过股本回报率来衡量每家公司相对于账面股本的盈利能力。AAPL的市盈率为135.04%，而MSFT为43.15%，AMZN为25.64%，GOOGL为26.49%。没有多少人关注自由现金流价格指标，但它是一个股权估值指标，表明公司产生额外收入的能力。AAPL的自由现金流倍数为25.64倍，MSFT的自由现金流倍数为40.09倍，AMZN的自由现金流倍数为244.80倍，GOOGL的自由现金流倍数为32.46倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/64e086a2bff76c75887a51f9abbcb210\" tg-width=\"593\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>Source: Steven Fiorillo) (Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Steven Fiorillo）（数据来源：Seeking Alpha</span></p></blockquote></p><p> AAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?</p><p><blockquote>AAPL是我认为您应该拥有并在可能的情况下加入的公司之一。我为我的妻子感到骄傲，因为她告诉我，前几天市场回调时，她买了更多的苹果公司。我在投资群聊中的一位好朋友每个月都在购买AAPL的股票，我相信他也在回调期间借此机会增持了AAPL。我认为AAPL仍然是一项很好的长期投资，而且与同行相比，它看起来很便宜。AAPL的市盈率仅为其自由现金流的25.64倍，市盈率为28.53，而市场平均水平为34.75。苹果公司在从股权中产生利润方面做得令人难以置信，估值诱人，并且每个季度都会回购股票；什么不喜欢？</blockquote></p><p> <b>What are we looking at going into AAPL's Q4 2021 being reported at the end of October?</b></p><p><blockquote><b>我们对10月底报告的AAPL 2021年第四季度有何看法？</b></blockquote></p><p> AAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in&nbsp;Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.</p><p><blockquote>AAPL不遵循日历年，他们的财政年度于每年9月30日结束。当AAPL在10月底公布收益时，他们将报告第四季度和2021财年的数据。苹果公司为其运营历史上最好的一年奠定了基础。AAPL 2020年收入为2745.2亿美元，毛利润为1049.6亿美元，净利润为574亿美元。在2021财年的前9个月，AAPL的收入为2825.6亿美元，毛利润为1176.6亿美元，净利润为741.3亿美元。2021年前9个月，AAPL在这三个类别上都超过了2020财年。AAPL预测2021年第四季度将实现两位数的同比增长，这将使他们第四季度的收入至少达到711.6亿美元。AAPL目前的毛利率为31.66%，净利润转化率为26.24%。如果AAPL能够将40%的收入转化为毛利润，25%转化为净利润，那么到2021年，他们的收入将达到3537.2亿美元，毛利润为1461.2亿美元，净利润为919.2亿美元。</blockquote></p><p></p><p> I look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.</p><p><blockquote>我认为每一项投资都是为未来现金流支付现值。有人说AAPL被高估了，他们的2021财年是一个异常。我没有水晶球，我们需要看看Tim Cook对第四季度收益看涨期权和2022财年预测的看法。看看我在下面构建的图表，AAPL在2016年和2017年有一段时间的收入低于2015年，然后才加速增长。假设如果AAPL的收入碰巧在一两年内达到峰值，这不会改变我的投资论点，因为我对AAPL有长期投资视野。2012-2017财年，AAPL回购了1660亿美元的股票，平均每年276.7亿美元。当收入下降时，苹果公司仍然通过利用现金回购股票来创造股东价值。进入2021年底，AAPL将报告井喷的一年，我们将得到一些对2022年的预测。AAPL董事会将股票回购计划增加了900亿美元，没有迹象表明AAPL正在放缓。在我看来，这次回调是一个买入的机会，未来的任何回调都是买入AAPL股票的机会。AAPL产生的自由现金流是我见过的所有公司中最多的，他们不仅仅用它来发展业务；他们不断通过回购和股息来回报股东。根据我今天掌握的信息，苹果公司值得买入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea241e7559cca6afd2d0ee8b29c759b6\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> AAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.</p><p><blockquote>AAPL是美国最受欢迎的公司之一，其产品拥有狂热的追随者。我相信最近的回调对投资者来说是一个机会，因为AAPL将于10月底公布第四季度收益和创纪录的2021年收益。根据目前的数据，与2020财年相比，AAPL的收入可能同比增长28.85%，净利润可能同比增长60.14%。与同行相比，AAPL看起来很便宜，因为其市盈率和自由现金流价格明显低于MSFT、AMZN和GOOGL。苹果公司通过将一定比例的自由现金流分配给回购和股息，继续为股东创造价值。AAPL不断创新，发布了新产品，继续发展其服务业务部门，最近还向其股票回购计划增加了900亿美元。我相信AAPL是一项出色的长期投资，当前的回调是一个买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares\">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"},"source_url":"https://seekingalpha.com/article/4457225-apple-stock-never-too-late-invest-especially-they-buy-back-shares","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152246777","content_text":"Summary\n\nGoing into Q4 earnings, Apple is on track to deliver a blowout year, breaking previous milestones from total revenue to net income.\nApple continues to deliver tremendous shareholder value by increasing the amount of capital they plan on allocating to their buyback program.\nCompared to their peers, AAPL looks cheap and this recent pullback is an opportunity if you have a long-term time horizon.\n\nStephen Lam/Getty Images News\nI don't believe there is ever a bad time to buy shares of Apple(NASDAQ:AAPL)if you have a long-term investment horizon. If you were to go back in time, no matter which milestone was being discussed, from reaching a $500 billion, $1 trillion, or a $2 trillion market cap, AAPL pushed right through the barrier over time. In the future, we will be discussing AAPL reaching a $5 trillion market cap. Don't look at AAPL in the past tense as a company that has undergone several stock splits and grown into a $2.43 trillion company. Look at AAPL as one of the most beloved companies in America that has generated $94.77 billion in Free Cash Flow (FCF) in the Trailing Twelve Months (TTM), with a 5-year average of $67.49 billion FCF. Look at AAPL as a company that produces a 41.66% gross profit margin and a 26.24% profit margin which has correlated to $86.8 billion of net income in the TTM. Most importantly, look at what AAPL has done for its shareholders over the last decade as they have repurchased 9.59 billion shares or 36.58% of the company while paying out $113.4 billion in dividends. Regardless if you missed the previous appreciation AAPL has created for shareholders, if you're a new investor or are a shareholder looking to add to your position, I don't believe there is ever a bad time to buy shares of AAPL.\nSource: TD\nUnderstanding why Apple's share buybacks are important to shareholders\nI have written about AAPL and read many of the other articles written about AAPL on Seeking Alpha for years. There are always comments about how Tim Cook (Apple CEO) and Luca Maestri (Apple CFO) are incompetent, financially mismanaging the company, and that the buybacks are useless. I have never seen a management team and board of directors care as much about their shareholders as the team at AAPL. Since the fiscal year of 2012, AAPL has returned $579.6 billion in capital through share buybacks and dividends to their shareholders while maintaining a net cash position that exceeds $50 billion. I am not aware of a single company that has given back anywhere close to this amount of capital to their shareholders while reinvesting in the company and continuing to innovate and drive revenue and profits.\nSource: Apple\nWhy are share buybacks important? I am of the mindset that dilution can be detrimental to shareholder value. Unless there is a good reason for issuing additional shares, it's one of the biggest red flags, in my opinion, as current shareholder ownership becomes diluted. It's a simple equation if company ABC has 10,000 shares outstanding and you hold 100 shares, you own 1% of the company. If ABC issues 2,500 shares to raise capital, there are now 12,500 shares outstanding, and your ownership in the company automatically gets diluted to 0.80%. If ABC utilized its FCF to initiate a share buyback program and, instead of issuing 2,500 shares, repurchased 2,500 shares on the open market, ABC would be left with 7,500 shares outstanding. Your equity stake in ABC would increase as your 100 shares would now be equivalent to 1.33% of the company. This would also cause the revenue and earnings per share to increase as it would be spread across fewer shares. Hypothetically if ABC generated $1,000,000 in revenue and $100,000 in earnings, based on 10,000 shares, each share of ABC would generate $100 of revenue and $10 of earnings per share. By issuing more shares and bringing the shares outstanding to 12,500, each share would now produce $80 of revenue and $8 of earnings per share. By buying back 2,500 shares instead of issuing 2,500 shares, ABC would now generate $133.33 of revenue and $13.33 earnings per share as they would only have 7,500 shares outstanding.\nWhen AAPL buys back shares, it isn't financial manipulation; they reward their shareholders by increasing the percentage of AAPL those shares owned. AAPL generates a tremendous amount of FCF, and its philosophy is to reward shareholders by giving them back a portion of the cash generated through buybacks and dividends. Over the last decade, AAPL's FCF has increased from $41.68 billion to $94.77 billion in the TTM on an annual basis. The fiscal year of 2021 has been well above AAPL's previous years, so if you were to use their 5-year average, FCF has increased from $41.68 billion to $67.49 billion on an annual basis. AAPL's buybacks aren't manipulation and shouldn't be viewed as financial mismanagement. Over the past 7 quarters, AAPL has bought back $138 billion in shares at an average rate of $19.71 billion per quarter. Each quarter AAPL repurchases shares, increasing the equity position your shares represent and increasing the amount of revenue and earnings per share your shares generate. This should be celebrated as AAPL creates shareholder value instead of hoarding cash.\nSource: Everything Money\nI recently wrote an article on Tesla (TSLA), and their management team has done the exact opposite of AAPL. Granted, TSLA is a growth company and has used the capital generated to grow its company but it's a perfect example of share dilution. At the end of 2011, TSLA had 522.7 million total common shares outstanding. As of the last report, TSLA had 984 million common shares outstanding. Over the past decade, TSLA has diluted shareholders by 88.15%. TSLA has issued 176.2 million new shares in the past five years and diluted its shareholders by 21.81% over that period. Issuing shares isn't always a negative, and to be fair toTSLA, they used the capital generated from issuing shares to grow their business. Since 2011 TSLA has increased its revenue from $204.2 million to $41.66 billion in the TTM (20,400%) and its revenue per share from $0.41 to $43.81, an increase of 10,585%. Even though TSLA has done a fantastic job of building out its company and generating tens of billions in annual revenue, its long-term shareholders have been diluted by 88.15% over the last decade.\nSource: Seeking Alpha\nOn 4/28/21, AAPL announced that its board of directors authorized an increase of $90 billion to its existing share repurchase program. Based on the current $2.43 trillion valuation, AAPL's board added enough capital to buy back an additional 3.7% of shares on the open market. Based on the data from the past decade, AAPL will continue to be shareholder-friendly as their capital allocation efforts have increased alongside their FFC. I am shocked that anyone would consider this financial mismanagement. AAPL's share buyback program is another reason to own this great company. Each quarter AAPL buys back shares, increasing the percentage of equity in AAPL that your shares represent. The dedication AAPL has shown to increasing shareholder value through buybacks is something that shareholders can continue to look forward to as AAPL has continuously repurchased shares throughout every new all-time high share price.\nApple's valuation is ripe for new investments, especially after the recent pullback\nShares of AAPL traded for $134.78 on 6/28/21 and reached $156.68 on 9/7/21. Since then, AAPL experienced a pullback as shares receded to $143.04 on 9/20/21, which is a level we haven't seen since the middle of July. At the end of trading on 9/24321, shares of AAPL had bounced off their recent lows and settled at $146.92. After going through AAPL's metrics and reviewing the 1-year chart, I believe this pullback is an opportunity. Over the past year, AAPL's pullbacks have created higher lows. On October 30thAAPL's first pullback closed at $108.42, then in the next major pullback, AAPL went from $143.22 on 1/25/21 to $116.37 on 3/8/21. AAPL then climbed to $134.79 on 4/19/21 and receded to $122.77 on 5/12/21. Over the summer, AAPL reached $156.69 on 9/7/21 and recently fell to $142.94 on 9/20/21. Over the past year, each of AAPL's pullbacks has made higher lows, and over the year, AAPL has created higher highs. Going into the Q4 results where AAPL is on track to report its best year of operations, I believe this pullback is a good entry point to either start or add to a current position.\nSource: Seeking Alpha\nAAPL,Amazon (AMZN),Alphabet (GOOGL)(NASDAQ:GOOG), and Microsoft (MSFT) are the four largest companies in the S&P 500. When looking at some of the valuation metrics I like to utilize, AAPL looks cheap compared to its peers in Big Tech. Price to Sales is a valuation that compares the stock price to the revenue generated per share. It's an indication of the value placed on each dollar of revenue generated. A lower P/S ratio could indicate that the share price is undervalued. AAPL has a P/S ratio of 7.13 compared to MSFT's of 13.44 and GOOGL's of 8.71. GOOGL has the lowest P/S of the group with 3.89. Price to earnings is used to value a company's share price to the earnings it generates and indicates how much an investor is willing to pay per $1 of earnings. A lower P/E ratio could indicate that a company's share price is undervalued. Today the average P/E ratio of the S&P 500 is 34.75. AAPL has a P/E ratio of 28.53 compared to MSFT's of 36.87, AMZN's of 58.54, and GOOGL's of 30.48. I look at the return on equity to measure each company's profitability in relation to the equity on the books. AAPL has a R/E ratio of 135.04% compared to MSFT's 43.15%, AMZN's 25.64%, and GOOGL's 26.49%. Not many people look at the price to free cash flow metric, but it's an equity valuation metric that indicates a company's ability to generate additional revenues. AAPL trades at a price to FCF multiple of 25.64x while MSFT trades at 40.09x, AMZN at 244.80x, and GOOGL at 32.46x.\nSource: Steven Fiorillo) (Data Source: Seeking Alpha\nAAPL is one of those companies that I believe you should own and add to when you're able to. I am so proud of my wife because she told me she bought more AAPL the other day when the markets pulled back. One of my good friends on our investment group chat has been buying shares of AAPL each month, and I believe he took the opportunity to add to AAPL during the pullback as well. I think AAPL is still a great long-term investment, and compared to its peers, it looks cheap. AAPL trades at just 25.64x its FCF with a P/E of 28.53 compared to the market average of 34.75. AAPL does an incredible job of generating profit from its equity, has an enticing valuation, and buys back shares every quarter; what's not to like?\nWhat are we looking at going into AAPL's Q4 2021 being reported at the end of October?\nAAPL doesn't follow a calendar year, and their fiscal year ends on 9/30 each year. When AAPL reports earnings at the end of October, they will be reporting their Q4 and 2021 fiscal year numbers. AAPL has set the stage for the best year in its operating history. AAPL finished 2020 with $274.52 billion in revenue, $104.96 billion of gross profit, and $57.4 billion in net income. In the first 9 months of their 2021 fiscal year, AAPL has produced $282.56 billion of revenue, $117.66 billion in gross profit, and $74.13 billion of net income. In the first 9 months of 2021, AAPL has exceeded its 2020 fiscal year in these three categories. AAPL has forecasted for double-digit YoY growth in Q4 2021, which would place their Q4 revenue at a minimum of $71.16 billion. AAPL has a current gross profit margin of 31.66% and a net income conversion ratio of 26.24%. If AAPL can convert 40% of their revenue to gross profit and 25% to net income, they would finish 2021 with $353.72 billion in revenue, $146.12 billion gross profit, and $91.92 billion in net income.\nI look at every investment as paying a present value for future cash flow. Some people say AAPL is overvalued, and their 2021 fiscal year is an anomaly. I don't have a crystal ball, and we're going to need to see what Tim Cook says on the Q4 earnings call and the projections for the fiscal year 2022. Looking at the chart I constructed below, AAPL had a period in 2016 and 2017 where their revenue fell below 2015's before their growth accelerated. Hypothetically if AAPL's revenue happens to peak for a year or two, it doesn't change my investment thesis as I have a long-term investment horizon for AAPL. From the fiscal year 2012–2017, AAPL repurchased $166 billion of shares which was an average of $27.67 billion annually. When revenue dipped, AAPL still created shareholder value by utilizing its cash to buy back shares. Heading into the close of 2021, AAPL will report a blowout year, and we will get some projections for 2022. AAPL's board has increased the share buyback program by $90 billion, and there is no indication AAPL is slowing down. This pullback is an opportunity to buy, and any future pullbacks are opportunities to buy shares of AAPL, in my opinion. AAPL generates the most FCF of any company I have seen, and they don't just use it to grow their business; they consistently reward shareholders through buybacks and dividends. Based on the information I have today, AAPL is a buy.\n(Source: Steven Fiorillo) (Data Source: Seeking Alpha)\nConclusion\nAAPL is one of America's most beloved companies with a cult-like following for their products. I believe the recent pullback is an opportunity for investors as AAPL's Q4 earnings and a record 2021 will be reported at the end of October. Based on the current numbers, AAPL could see a revenue increase of 28.85% and a net income increase of 60.14% YoY compared to its 2020 fiscal year. AAPL, compared to its peers, looks inexpensive as its P/E and price to FCF are significantly lower than MSFT, AMZN, and GOOGL. AAPL continues to create value for its shareholders by allocating a percentage of its FCF to buybacks and dividends. AAPL continues to innovate, has released new products, continues to build out its Services business segment, and recently added $90 billion to its share buyback program. I believe AAPL is an excellent long-term investment, and the current pullback is a buying opportunity.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861218981,"gmtCreate":1632497309243,"gmtModify":1632715815981,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and share&nbsp;","listText":"Like and share&nbsp;","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861218981","repostId":"1114004721","repostType":4,"repost":{"id":"1114004721","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632496493,"share":"https://www.laohu8.com/m/news/1114004721?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:14","market":"us","language":"en","title":"IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114004721","media":"Tiger Newspress","summary":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO pric","content":"<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</blockquote></p><p> The company’s primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul>  <li>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>绩效衡量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近一个报告期下降到1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td>    <td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动因素是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>SAP</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>Simcorp</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>FIS</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater最近的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>提高毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营中使用的现金不均衡</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>15.37</p><p><blockquote><td>15.37</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>-$0.23</p><p><blockquote><td>-$0.23</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>12.96%</p><p><blockquote><td>12.96%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$15.00</p><p><blockquote><td>$15.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$38,024,000</p><p><blockquote><td>-$38,024,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-1.10%</p><p><blockquote><td>-1.10%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为40.5%。这是期内所有主要承销商的中等业绩。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-24 23:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</blockquote></p><p> The company’s primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul>  <li>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>绩效衡量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近一个报告期下降到1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td>    <td>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动因素是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul>  <li>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>SAP</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>Simcorp</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>FIS</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater最近的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>提高毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营中使用的现金不均衡</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往差异%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td>    <td>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td>    <td>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</td></blockquote></p><p></td>   </tr>   <tr>    <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td>    <td>15.37</p><p><blockquote><td>15.37</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td>    <td>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</td></blockquote></p><p></td>   </tr>   <tr>    <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td>    <td>-$0.23</p><p><blockquote><td>-$0.23</td></blockquote></p><p></td>   </tr>   <tr>    <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td>    <td>12.96%</p><p><blockquote><td>12.96%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td>    <td>$15.00</p><p><blockquote><td>$15.00</td></blockquote></p><p></td>   </tr>   <tr>    <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td>    <td>-$38,024,000</p><p><blockquote><td>-$38,024,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td>    <td>-1.10%</p><p><blockquote><td>-1.10%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td>    <td>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为40.5%。这是期内所有主要承销商的中等业绩。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CWAN":"Clearwater Analytics Holdings, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114004721","content_text":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO price.\n\nCompany & Technology\nBoise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.\nManagement is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.\nThe company’s primary offerings include:\n\nInvestment accounting and reporting\nPerformance measurement\nCompliance monitoring\nRisk analysis\n\nClearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.\nCustomer Acquisition\nThe firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.\nCWAN also has international clients and will seek to expand its international presence post-IPO.\nClearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:\n\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n13.6%\n\n\n2020\n10.9%\n\n\n2019\n11.4%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.4\n\n\n2020\n1.6\n\n\n\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nCWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n24%\n\n\nEBITDA %\n17%\n\n\nTotal\n41%\n\n\n\nThe firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.\nThis represents a forecast CAGR of 10.2% from 2019 to 2025.\nThe main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.\nAlso, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.\nMajor competitive or other industry participants include:\n\nSS&C\nState Street\nSAP\nBNY Mellon (Eagle)\nSimcorp\nBlackRock\nFIS\nNorthern Trust\nOthers\n\nFinancial Performance\nClearwater’s recent financial results can be summarized as follows:\n\nStrong topline revenue growth\nIncreasing gross profit and gross margin\nA swing to operating profit and net profit\nUneven cash used in operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 117,770,000\n23.8%\n\n\n2020\n$ 203,222,000\n21.0%\n\n\n2019\n$ 168,001,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 87,872,000\n28.8%\n\n\n2020\n$ 149,959,000\n24.1%\n\n\n2019\n$ 120,856,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.61%\n\n\n2020\n73.79%\n\n\n2019\n71.94%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 20,544,000\n17.4%\n\n\n2020\n$ (20,418,000)\n-10.0%\n\n\n2019\n$ 25,697,000\n15.3%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 3,200,000\n\n\n2020\n$ (44,230,000)\n\n\n2019\n$ 7,732,000\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (16,352,000)\n\n\n2020\n$ (6,486,000)\n\n\n2019\n$ (230,029,000)\n\n\n\nAs of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($38 million).\nValuation Metrics\nBelow is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,472,178,130\n\n\nEnterprise Value\n$3,470,109,130\n\n\nPrice / Sales\n15.37\n\n\nEV / Revenue\n15.36\n\n\nEV / EBITDA\n-141.93\n\n\nEarnings Per Share\n-$0.23\n\n\nFloat To Outstanding Shares Ratio\n12.96%\n\n\nProposed IPO Midpoint Price per Share\n$15.00\n\n\nNet Free Cash Flow\n-$38,024,000\n\n\nFree Cash Flow Yield Per Share\n-1.10%\n\n\nRevenue Growth Rate\n23.83%\n\n\n\nCommentary\nCWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.\nThe firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.\nFree cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).\nSales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.\nCWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.\nThe market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.\nAs for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.\nAfter a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.\nGiven CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.","news_type":1,"symbols_score_info":{"CWAN":0.9}},"isVote":1,"tweetType":1,"viewCount":810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":819518829,"gmtCreate":1630076759661,"gmtModify":1704955668715,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819518829","repostId":"2162021329","repostType":4,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144890223,"gmtCreate":1626273885862,"gmtModify":1633928366034,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144890223","repostId":"2151251400","repostType":4,"isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":874023785,"gmtCreate":1637713581054,"gmtModify":1637713581138,"author":{"id":"3581501070224974","authorId":"3581501070224974","name":"PAng","avatar":"https://static.tigerbbs.com/85e665b51150434531778da023bfe207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581501070224974","authorIdStr":"3581501070224974"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/874023785","repostId":"2185335951","repostType":4,"isVote":1,"tweetType":1,"viewCount":2298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}