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seanfoo83

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2021-05-05

Pls like and commment!

Why is dogecoin’s price spiking? The crypto has surged 11,000% in 2021<blockquote>狗狗币的价格为何飙升？2021 年加密货币飙升 11,000%</blockquote>

2021-05-03

Pls comment and like! Thanks in advance!

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2021-04-29

What I can’t understand is all my friends saythey are off $FB but yet they are still doing so well!?

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2021-04-29

Please like and comment!

Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</blockquote>

2021-05-07

Comment pls

Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>

2021-04-30

Even central banks have changed. Allan Greenspan would have called it irrational exuberance!

Powell: Financial system not threatened by 'frothy' asset valuations<blockquote>鲍威尔：金融体系不会受到“泡沫”资产估值的威胁</blockquote>

2021-04-30

$Amyris(AMRS)$sell down today hurts!

2021-05-07

It is probably the most boring company

Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>

2021-05-04

Like and comment please!

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2021-05-03

Pls comment!

Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、维亚康姆哥伦比亚广播公司、通用汽车等投资者本周值得关注的股票</blockquote>

去老虎APP查看更多动态

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out this trading strategy&nbsp;that shorted AMZN!event.algomerchant.com/viki","listText":"Check out this trading strategy&nbsp;that shorted AMZN!event.algomerchant.com/viki","text":"Check out this trading strategy that shorted AMZN!event.algomerchant.com/viki","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838083037","repostId":"1152703663","repostType":4,"isVote":1,"tweetType":1,"viewCount":2259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838098509,"gmtCreate":1629356483101,"gmtModify":1633685444980,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Here’s a good article that summarises what to look out for in terms of market moving events that can trigger a stagflation selldown!https://blog.algomerchant.com/my-market-circulation-of-a-peak-everything-narrative/","listText":"Here’s a good article that summarises what to look out for in terms of market moving events that can trigger a stagflation selldown!https://blog.algomerchant.com/my-market-circulation-of-a-peak-everything-narrative/","text":"Here’s a good article that summarises what to look out for in terms of market moving events that can trigger a stagflation selldown!https://blog.algomerchant.com/my-market-circulation-of-a-peak-everything-narrative/","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/838098509","repostId":"1161694085","repostType":4,"repost":{"id":"1161694085","kind":"news","pubTimestamp":1629355541,"share":"https://www.laohunote.com/m/news/1161694085?lang=zh_CN&edition=full","pubTime":"2021-08-19 14:45","market":"us","language":"en","title":"Here Comes Stagflation: Goldman Slashes GDP Estimate For Second Time In 3 Weeks, Sees \"Bigger Inflation Surge\"<blockquote>滞胀来了：高盛三周内第二次下调 GDP 预期，认为“通胀飙升更大”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161694085","media":"zerohedge","summary":"It was good while it lasted, but the party is well and truly ending.\nJust three weeks ago, Goldman S","content":"<p>It was good while it lasted, but the party is well and truly ending.</p><p><blockquote>它持续的时候是好的，但是聚会很好地结束了。</blockquote></p><p> Just three weeks ago, Goldman Sachs - which last year was the first bank to unveil materially above consensus GDP projections - cut its 2021 second half consumption growth forecast, resulting in 1% downgrade to its GDP growth forecasts for Q3 and Q4 to +8.5% and +5.0%, respectively, \"as it is becoming apparent that the service sector recovery in the US is unlikely to be as robust\" as the bank had expected. Which is odd considering the trillions in monetary and fiscal stimulus that have entered into the economy. One wonder how many more trillions would be needed for Goldman to be happy.</p><p><blockquote>就在三周前，高盛（高盛去年是第一家公布大幅高于普遍 GDP 预测的银行）下调了 2021 年下半年消费增长预测，导致其第三季度和第四季度 GDP 增长预测下调 1% 分别为 +8.5% 和 +5.0%，“因为美国服务业的复苏不太可能像该银行预期的那样强劲”。考虑到已经进入经济的数万亿美元的货币和财政刺激措施，这很奇怪。人们不禁要问，高盛还需要多少万亿美元才能高兴。</blockquote></p><p> But while Goldman's expected 2021 slowdown was manageable,<b>it got far worse in 2022, when the sluggishness is expected to truly hammer the growth rate, which Goldman now expected to shrink to a trend-like 1.5% - 2% by the second half of 2022, a far \"sharper deceleration than consensus expects.\"</b></p><p><blockquote>不过，尽管高盛预计 2021 年经济放缓是可控的，<b>2022 年情况变得更糟，届时经济低迷预计将真正打击增长率，高盛目前预计，到 2022 年下半年，增长率将萎缩至类似趋势的 1.5% - 2%，“比普遍预期更严重的减速”。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/e05ecd5001da54cf0ba72fe0dfd3d65b\" tg-width=\"681\" tg-height=\"456\" width=\"100%\" height=\"auto\">In retrospect, the bad news was just starting.</p><p><blockquote>回想起来，坏消息才刚刚开始。</blockquote></p><p> As frequent readers recall, just yesterday we pointed out that US economic growth \"suddenly collapsed\" as the latest dismal retail sales print showed, validating the latest BofA Fund Manager Survey which saw a collapse in expectations for everything from growth, to profits and inflation.</p><p><blockquote>正如经常读者所记得的那样，就在昨天，我们指出，正如最新惨淡的零售销售数据所显示的那样，美国经济增长“突然崩溃”，这证实了美国银行最新的基金经理调查，该调查显示，从增长到利润和通胀，各方面的预期都崩溃了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad0535f1d343fd85a5852ce78ffe00ef\" tg-width=\"863\" tg-height=\"486\" width=\"100%\" height=\"auto\">In response, Bank of America's chief economist Michelle Meyer wrotes that \"after adjusting for higher prices (PCE deflator of 4.4% qoq saar), the softening in nominal spending<b>leads us to track only 1.5% qoq saar for real consumer spending in 3Q. This follows 2Q real consumption tracking of 12.3%.</b>\" Plugging that number into the bigger GDP model, and BofA now finds that \"the economy is running at a slower pace in 3Q,\" and<b>currently tracking just 4.5% following the retail sales report,</b>down from the bank's official forecast of 7% qoq saa, which is about to come down significantly.</p><p><blockquote>对此，美国银行首席经济学家米歇尔·迈耶写道：“在调整物价上涨（PCE平减指数环比4.4%）后，名义支出疲软<b>导致我们追踪第三季度实际消费者支出环比仅 1.5%。在此之前，第二季度实际消费跟踪为 12.3%。</b>美国银行将这一数字纳入更大的GDP模型，现在发现“第三季度经济增速放缓”，并且<b>根据零售销售报告，目前仅跟踪 4.5%，</b>低于该银行官方预测的 7% qoq saa，该预测即将大幅下降。</blockquote></p><p> Just hours later, Goldman strategist Chris Hussey chimed in with a preview of what was coming writing that \"the combination of lower-than-expected retail sales and auto production in July, and given an increasingly likely drag on services consumption from the Delta variant, our economists are will likely revise our second-half growth assumptions even as we still do not expect material economic impact from the Delta variant in the US amidst abundant vaccine supply and relatively permissive COVID policies.\"</p><p><blockquote>几个小时后，高盛策略师 Chris Hussey 对即将发生的事情进行了预览，他写道：“7 月份零售销售和汽车产量低于预期，加上德尔塔变异毒株越来越可能拖累服务消费，我们的经济学家可能会修改我们的下半年增长假设，尽管我们仍然预计美国德尔塔变异毒株不会对疫苗供应充足和相对宽松的新冠政策产生重大经济影响。”</blockquote></p><p> Well, he was right, and moments ago - for the second time in under a month -<b>Goldman has slashed its Q3 GDP forecast to just 5.5% from 8.5% as of late July (and 9.5% previously),</b>as Goldman's chief economist now warns that \"the impact of the Delta variant on growth and inflation is proving to be somewhat larger than we expected.\"</p><p><blockquote>他是对的，就在刚才-不到一个月的时间里第二次-<b>高盛已将第三季度 GDP 预测从 7 月底的 8.5%（之前为 9.5%）下调至 5.5%，</b>正如高盛首席经济学家现在警告的那样，“事实证明，德尔塔变异毒株对增长和通胀的影响比我们预期的要大一些。”</blockquote></p><p>   We have lowered our Q3 GDP forecast to +5.5%, reflecting hits to both consumer spending and production. Spending on dining, travel, and some other services is likely to decline in August, though we expect the drop to be modest and brief. Production is still suffering from supply chain disruptions, especially in the auto industry, and this is likely to mean less inventory rebuild in Q3.  The bank's revised forecast also trims its full year 2021 GDP forecast to below consensus 6% (vs. 6.4% previously and 6.2% consensus) and leads to 2022 growth of 4.5%, a number which at this rate will soon be slashed to 0 or negative.</p><p><blockquote>我们已将第三季度 GDP 预测下调至 +5.5%，反映出消费者支出和生产均受到打击。8月份餐饮、旅游和其他一些服务的支出可能会下降，尽管我们预计下降幅度不大且短暂。生产仍然受到供应链中断的影响，尤其是在汽车行业，这可能意味着第三季度库存重建减少。央行修订后的预测还将 2021 年全年 GDP 预测下调至低于普遍预期的 6%（之前为 6.4%，普遍预期为 6.2%），并导致 2022 年增长 4.5%，按此速度，这一数字很快将被削减至 0 或负值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cac3d7e08c01e3117276cba4e98c1719\" tg-width=\"826\" tg-height=\"487\" width=\"100%\" height=\"auto\">Here are some more details from Goldman behind the sharp cut to GDP, which it blames on - what else - the convenient Delta variant, and not t - say - that US consumers were once again tapped out, and with no more stimmy cash and savings all spent, was instead borrowingliterally<i><b>record</b></i>amounts on their credit cards.</p><p><blockquote>以下是高盛对GDP大幅下调背后的一些更多细节，高盛将其归咎于——还有什么——便利的德尔塔变异毒株，而不是——说——美国消费者再次被榨干，没有了更多枯燥的现金和储蓄，而是真的在借钱<i><b>记录</b></i>他们信用卡上的金额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1d88ea371481a13ae37ab8a93ba87bfc\" tg-width=\"1280\" tg-height=\"702\" width=\"100%\" height=\"auto\">Anyway, here is how Goldman feeds the \"but Delta\" fiction:</p><p><blockquote>无论如何，高盛是如何助长“但三角洲”虚构的：</blockquote></p><p> The Delta variant is weighing on both consumer spending and production in Q3.</p><p><blockquote>德尔塔变异毒株正在给第三季度的消费者支出和生产带来压力。</blockquote></p><p></p><p>   On the consumption side, we cut our 2021H2 forecast slightly last month, anticipating that renewed virus spread would delay a full recovery of the office-adjacent economy and the most virus-sensitive services, such as entertainment events. But the decline in retail sales in July and the drop-off in our consumer spending tracker through early August, shown in Exhibit 1, suggest a larger slowdown in spending than we expected.  <img src=\"https://static.tigerbbs.com/f2130c6999cfd9d7ab6962e752ee316f\" tg-width=\"827\" tg-height=\"530\" width=\"100%\" height=\"auto\">Forward-looking indicators also point to a further pullback in services spending. OpenTable data show a roughly 7% decline in restaurant reservations since the end of July, travel companies report an increase in cancellations and a modest decline in bookings, and press reports note that some hospitals are again delaying elective surgeries to clear capacity for Covid patients.</p><p><blockquote>在消费方面，我们上个月小幅下调了 2021 年下半年的预测，预计新的病毒传播将推迟办公室附近经济和娱乐活动等对病毒最敏感的服务的全面复苏。但如表 1 所示，7 月份零售额的下降以及我们截至 8 月初的消费者支出跟踪数据的下降表明，支出放缓幅度比我们预期的要大。前瞻性指标还表明服务支出将进一步回落。OpenTable 数据显示，自 7 月底以来，餐厅预订量下降了约 7%，旅游公司报告取消预订量有所增加，预订量略有下降，媒体报道指出，一些医院再次推迟选择性手术，以清理新冠肺炎患者的容量。</blockquote></p><p> Goldman also decided to blame supply-chain bottlenecks - the same bottlenecks that were patently obvious last month yet when countless penguins, like Goldman, expected them to be \"transitory.\" Well, they aren't looking so transitory now, eh?</p><p><blockquote>高盛还决定将责任归咎于供应链瓶颈——上个月，当无数企鹅像高盛一样预计它们是“暂时的”时，这些瓶颈显而易见。他们现在看起来没那么短暂了，是吧？</blockquote></p><p> <ul>  <li></li>  <li>On the production side, the Delta variant is prolonging supply chain disruptions and delaying a full rebound of factory activity. Production holdups in Q2 led to a larger-than-expected inventory drawdown and widening of the trade deficit as US producers struggled to meet strong consumer demand. This accounted for much of the eventual disappointment on Q2 GDP growth, but a rebound in production and the rebuild of depleted inventories—especially at automakers—appeared likely to boost Q3 growth.</li>  <li><b>Unfortunately, that expectation has proven premature</b>. Earlier this month we highlighted the risk of global supply chain spillovers from the impact of the Delta variant in the Asia Pacific region, where new Covid restrictions are much more stringent than in the US. Since then more setbacks have emerged, including problems for semiconductor producers in Malaysia and a major port closure in China.</li>  <li>Our autos analysts note that automakers now expect that the disruption from the semiconductor supply shortage to global auto production will be nearly as large in Q3 as in Q2 and that supply will not increase until late Q3 or Q4. As Exhibit 2 shows, initial US auto production schedules for Q3 have proven much too optimistic.<b>We have therefore cut our Q3 inventory accumulation forecast from $82bn to $32bn, though the turnaround from the sharp inventory drawdown in Q2 is still worth 4pp for Q3 GDP growth.</b></li> </ul> <img src=\"https://static.tigerbbs.com/839e8bf2da50d0349da9d5254542ec1d\" tg-width=\"830\" tg-height=\"532\" width=\"100%\" height=\"auto\">If that was the extent of it, we would probably not even bother with this note: after all it's just another example of Goldman just being wrong and failing to actually observe what is going on in the economy (something we described in detail in \"\"A Sudden Negative Change In The Economy\": Consumer Spending Slides As Majority Now Expect A New Slowdown\").</p><p><blockquote><ul><li></li><li>在生产方面，德尔塔变异毒株正在延长供应链中断，并推迟工厂活动的全面反弹。由于美国生产商难以满足强劲的消费者需求，第二季度的生产停滞导致库存减少幅度超出预期，贸易逆差扩大。这在很大程度上解释了第二季度 GDP 增长最终令人失望的原因，但生产的反弹和枯竭库存的重建（尤其是汽车制造商）似乎可能会提振第三季度的增长。</li><li><b>不幸的是，这种期望已被证明为时过早</b>本月早些时候，我们强调了德尔塔变异毒株对亚太地区影响的全球供应链溢出风险，该地区新的新冠疫情限制比美国严格得多。此后，出现了更多的挫折，包括马来西亚半导体生产商的问题和中国一个主要港口的关闭。</li><li>我们的汽车分析师指出，汽车制造商现在预计，第三季度半导体供应短缺对全球汽车生产的干扰将几乎与第二季度一样大，而且供应要到第三季度末或第四季度才会增加。如图 2 所示，美国第三季度的初步汽车生产计划已被证明过于乐观。<b>因此，我们将第三季度库存积累预测从 820 亿美元下调至 320 亿美元，尽管第二季度库存大幅下降的好转仍值得第三季度 GDP 增长 4 个百分点。</b></li></ul>如果这就是它的程度，我们可能甚至不会费心去做这件事：毕竟，这只是高盛错了，没有真正观察经济正在发生的事情的另一个例子（我们在“经济突然出现负面变化”中详细描述了这一点”：消费者支出下滑，因为大多数人现在预计会出现新的放缓”）。</blockquote></p><p> But sadly it gets worse. So much so that Goldman's note is not so much about the bank's latest me culpa on its GDP forecast (it will be slashed many more times in the coming months, that much we can guarantee) but that it was the first overt admission from Goldman that the US is heading for stagflation, because while Goldman is busy cutting its GDP forecast, it was also hiking its surging inflation forecast... and to those who don't know what stagflation is, now is a good time to look it up. Here again is Kostin:</p><p><blockquote>但可悲的是情况变得更糟了。以至于高盛的报告与其说是关于该行最近对其GDP预测的自责（我们可以保证，未来几个月GDP将被大幅下调许多次），不如说是高盛首次公开承认美国正走向滞胀，因为在高盛忙于下调GDP预测的同时，它也在上调其飙升的通胀预测……对于那些不知道滞胀是什么的人来说，现在是查一查的好时机。科斯汀又来了：</blockquote></p><p> <b>A Bigger Inflation Surge in 2021:</b>The impact of the Delta variant on supply chains is also likely to push prices even higher in the short run on some of the durable goods categories that have contributed to the inflation surge this year.</p><p><blockquote><b>2021 年通胀大幅飙升：</b>德尔塔变异毒株对供应链的影响也可能在短期内推高导致今年通胀飙升的一些耐用品类别的价格。</blockquote></p><p></p><p>   The left side of Exhibit 4 shows that, as a result of ongoing auto production problems, new car inventories are likely to fall to around 1 million, down more than 70% from pre-pandemic levels. This has led to much larger increases in new car prices in recent months than seen in many years. Our auto sector analysts expect further price increases over the next few months and then a partial return of promotional pricing at year-end as production normalizes, and we have revised our forecast accordingly.  <img src=\"https://static.tigerbbs.com/6b227704093b648b57adb0db20a0e245\" tg-width=\"1050\" tg-height=\"480\" width=\"100%\" height=\"auto\">Other durable goods that are downstream from the semiconductor shortage—such as consumer electronics and household appliances, shown in Exhibit 5—have also seen much higher than usual inflation this year, reflecting both supply constraints and strong demand. Our sector analysts expect that many consumer electronics companies will announce price increases in the upcoming earnings season and that most major household appliance producers will also raise prices significantly further this year. We have therefore bumped up our forecasts for these categories too.</p><p><blockquote>附件4左侧显示，由于持续的汽车生产问题，新车库存可能会降至100万辆左右，比大流行前的水平下降70%以上。这导致近几个月新车价格的涨幅比多年来要大得多。我们的汽车行业分析师预计未来几个月价格将进一步上涨，然后随着生产正常化，促销定价将在年底部分恢复，我们相应地修改了我们的预测。半导体短缺下游的其他耐用品——如图 5 所示的消费电子产品和家用电器——今年的通胀率也远高于往年，反映出供应紧张和需求强劲。我们的行业分析师预计，许多消费电子公司将在即将到来的财报季宣布涨价，大多数主要家用电器生产商今年也将进一步提高价格。因此，我们也提高了对这些类别的预测。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4e8455e62dd9048e1cb663f20fbb4bde\" tg-width=\"838\" tg-height=\"527\" width=\"100%\" height=\"auto\">But while one can, in theory, get away without spending on appliances, cars and video products, one has to eat. And sadly here the inflation is about to surge even higher.</p><p><blockquote>但是，虽然理论上人们可以在不花钱购买电器、汽车和视频产品的情况下逃脱惩罚，但人们必须吃东西。可悲的是，这里的通货膨胀率将飙升至更高。</blockquote></p><p>   <b>We also raised our short-term expectations for food services inflation.</b>In June we noted that higher wage growth for low-paid workers should flow through to higher consumer prices in sectors such as restaurants that rely heavily on low-paid labor.  <b>That has happened to an even greater extent than we anticipated in the last two CPI prints, and there is probably still a couple months of upward pressure left in the pipeline before the end of federal unemployment benefits cools wage and price pressures.</b>  The punchline: \"<b><u>We now expect year-on-year core PCE inflation to reach 3.75% at the end of 2021.</u></b><b>\"</b></p><p><blockquote><b>我们还提高了对食品服务通胀的短期预期。</b>6 月份，我们指出，低收入工人工资的更高增长应该会导致餐馆等严重依赖低收入劳动力的行业的更高消费价格。<b>这种情况的发生程度甚至比我们在过去两次 CPI 数据中预期的还要大，而且在联邦失业救济金结束以冷却工资和价格压力之前，可能还有几个月的上行压力。</b>笑点：“<b><u>我们现在预计2021年底核心个人消费支出同比通胀率将达到3.75%。</u></b><b>\"</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b2d5d6cea47a0e228a697ec6728db413\" tg-width=\"1063\" tg-height=\"776\" width=\"100%\" height=\"auto\">So putting it all together:<b>a drop in GDP + \"a bigger surge in inflation\" = stagflation.</b>We said as much in May \"This Is All About Stagflation... The U.S. Is Walking Into The Early Stages Of The Fourth Turning\" and we are surprised it only took Goldman 3 months to catch up.</p><p><blockquote>所以把它们放在一起：<b>GDP下降+“通胀大幅飙升”=滞胀。</b>我们在5月份说过“这都是关于滞胀的……美国正在进入第四次转向的早期阶段”，我们很惊讶高盛只用了3个月就赶上了。</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>Here Comes Stagflation: Goldman Slashes GDP Estimate For Second Time In 3 Weeks, Sees \"Bigger Inflation Surge\"<blockquote>滞胀来了：高盛三周内第二次下调 GDP 预期，认为“通胀飙升更大”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere Comes Stagflation: Goldman Slashes GDP Estimate For Second Time In 3 Weeks, Sees \"Bigger Inflation Surge\"<blockquote>滞胀来了：高盛三周内第二次下调 GDP 预期，认为“通胀飙升更大”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-08-19 14:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It was good while it lasted, but the party is well and truly ending.</p><p><blockquote>它持续的时候是好的，但是聚会很好地结束了。</blockquote></p><p> Just three weeks ago, Goldman Sachs - which last year was the first bank to unveil materially above consensus GDP projections - cut its 2021 second half consumption growth forecast, resulting in 1% downgrade to its GDP growth forecasts for Q3 and Q4 to +8.5% and +5.0%, respectively, \"as it is becoming apparent that the service sector recovery in the US is unlikely to be as robust\" as the bank had expected. Which is odd considering the trillions in monetary and fiscal stimulus that have entered into the economy. One wonder how many more trillions would be needed for Goldman to be happy.</p><p><blockquote>就在三周前，高盛（高盛去年是第一家公布大幅高于普遍 GDP 预测的银行）下调了 2021 年下半年消费增长预测，导致其第三季度和第四季度 GDP 增长预测下调 1% 分别为 +8.5% 和 +5.0%，“因为美国服务业的复苏不太可能像该银行预期的那样强劲”。考虑到已经进入经济的数万亿美元的货币和财政刺激措施，这很奇怪。人们不禁要问，高盛还需要多少万亿美元才能高兴。</blockquote></p><p> But while Goldman's expected 2021 slowdown was manageable,<b>it got far worse in 2022, when the sluggishness is expected to truly hammer the growth rate, which Goldman now expected to shrink to a trend-like 1.5% - 2% by the second half of 2022, a far \"sharper deceleration than consensus expects.\"</b></p><p><blockquote>不过，尽管高盛预计 2021 年经济放缓是可控的，<b>2022 年情况变得更糟，届时经济低迷预计将真正打击增长率，高盛目前预计，到 2022 年下半年，增长率将萎缩至类似趋势的 1.5% - 2%，“比普遍预期更严重的减速”。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/e05ecd5001da54cf0ba72fe0dfd3d65b\" tg-width=\"681\" tg-height=\"456\" width=\"100%\" height=\"auto\">In retrospect, the bad news was just starting.</p><p><blockquote>回想起来，坏消息才刚刚开始。</blockquote></p><p> As frequent readers recall, just yesterday we pointed out that US economic growth \"suddenly collapsed\" as the latest dismal retail sales print showed, validating the latest BofA Fund Manager Survey which saw a collapse in expectations for everything from growth, to profits and inflation.</p><p><blockquote>正如经常读者所记得的那样，就在昨天，我们指出，正如最新惨淡的零售销售数据所显示的那样，美国经济增长“突然崩溃”，这证实了美国银行最新的基金经理调查，该调查显示，从增长到利润和通胀，各方面的预期都崩溃了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad0535f1d343fd85a5852ce78ffe00ef\" tg-width=\"863\" tg-height=\"486\" width=\"100%\" height=\"auto\">In response, Bank of America's chief economist Michelle Meyer wrotes that \"after adjusting for higher prices (PCE deflator of 4.4% qoq saar), the softening in nominal spending<b>leads us to track only 1.5% qoq saar for real consumer spending in 3Q. This follows 2Q real consumption tracking of 12.3%.</b>\" Plugging that number into the bigger GDP model, and BofA now finds that \"the economy is running at a slower pace in 3Q,\" and<b>currently tracking just 4.5% following the retail sales report,</b>down from the bank's official forecast of 7% qoq saa, which is about to come down significantly.</p><p><blockquote>对此，美国银行首席经济学家米歇尔·迈耶写道：“在调整物价上涨（PCE平减指数环比4.4%）后，名义支出疲软<b>导致我们追踪第三季度实际消费者支出环比仅 1.5%。在此之前，第二季度实际消费跟踪为 12.3%。</b>美国银行将这一数字纳入更大的GDP模型，现在发现“第三季度经济增速放缓”，并且<b>根据零售销售报告，目前仅跟踪 4.5%，</b>低于该银行官方预测的 7% qoq saa，该预测即将大幅下降。</blockquote></p><p> Just hours later, Goldman strategist Chris Hussey chimed in with a preview of what was coming writing that \"the combination of lower-than-expected retail sales and auto production in July, and given an increasingly likely drag on services consumption from the Delta variant, our economists are will likely revise our second-half growth assumptions even as we still do not expect material economic impact from the Delta variant in the US amidst abundant vaccine supply and relatively permissive COVID policies.\"</p><p><blockquote>几个小时后，高盛策略师 Chris Hussey 对即将发生的事情进行了预览，他写道：“7 月份零售销售和汽车产量低于预期，加上德尔塔变异毒株越来越可能拖累服务消费，我们的经济学家可能会修改我们的下半年增长假设，尽管我们仍然预计美国德尔塔变异毒株不会对疫苗供应充足和相对宽松的新冠政策产生重大经济影响。”</blockquote></p><p> Well, he was right, and moments ago - for the second time in under a month -<b>Goldman has slashed its Q3 GDP forecast to just 5.5% from 8.5% as of late July (and 9.5% previously),</b>as Goldman's chief economist now warns that \"the impact of the Delta variant on growth and inflation is proving to be somewhat larger than we expected.\"</p><p><blockquote>他是对的，就在刚才-不到一个月的时间里第二次-<b>高盛已将第三季度 GDP 预测从 7 月底的 8.5%（之前为 9.5%）下调至 5.5%，</b>正如高盛首席经济学家现在警告的那样，“事实证明，德尔塔变异毒株对增长和通胀的影响比我们预期的要大一些。”</blockquote></p><p>   We have lowered our Q3 GDP forecast to +5.5%, reflecting hits to both consumer spending and production. Spending on dining, travel, and some other services is likely to decline in August, though we expect the drop to be modest and brief. Production is still suffering from supply chain disruptions, especially in the auto industry, and this is likely to mean less inventory rebuild in Q3.  The bank's revised forecast also trims its full year 2021 GDP forecast to below consensus 6% (vs. 6.4% previously and 6.2% consensus) and leads to 2022 growth of 4.5%, a number which at this rate will soon be slashed to 0 or negative.</p><p><blockquote>我们已将第三季度 GDP 预测下调至 +5.5%，反映出消费者支出和生产均受到打击。8月份餐饮、旅游和其他一些服务的支出可能会下降，尽管我们预计下降幅度不大且短暂。生产仍然受到供应链中断的影响，尤其是在汽车行业，这可能意味着第三季度库存重建减少。央行修订后的预测还将 2021 年全年 GDP 预测下调至低于普遍预期的 6%（之前为 6.4%，普遍预期为 6.2%），并导致 2022 年增长 4.5%，按此速度，这一数字很快将被削减至 0 或负值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cac3d7e08c01e3117276cba4e98c1719\" tg-width=\"826\" tg-height=\"487\" width=\"100%\" height=\"auto\">Here are some more details from Goldman behind the sharp cut to GDP, which it blames on - what else - the convenient Delta variant, and not t - say - that US consumers were once again tapped out, and with no more stimmy cash and savings all spent, was instead borrowingliterally<i><b>record</b></i>amounts on their credit cards.</p><p><blockquote>以下是高盛对GDP大幅下调背后的一些更多细节，高盛将其归咎于——还有什么——便利的德尔塔变异毒株，而不是——说——美国消费者再次被榨干，没有了更多枯燥的现金和储蓄，而是真的在借钱<i><b>记录</b></i>他们信用卡上的金额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1d88ea371481a13ae37ab8a93ba87bfc\" tg-width=\"1280\" tg-height=\"702\" width=\"100%\" height=\"auto\">Anyway, here is how Goldman feeds the \"but Delta\" fiction:</p><p><blockquote>无论如何，高盛是如何助长“但三角洲”虚构的：</blockquote></p><p> The Delta variant is weighing on both consumer spending and production in Q3.</p><p><blockquote>德尔塔变异毒株正在给第三季度的消费者支出和生产带来压力。</blockquote></p><p></p><p>   On the consumption side, we cut our 2021H2 forecast slightly last month, anticipating that renewed virus spread would delay a full recovery of the office-adjacent economy and the most virus-sensitive services, such as entertainment events. But the decline in retail sales in July and the drop-off in our consumer spending tracker through early August, shown in Exhibit 1, suggest a larger slowdown in spending than we expected.  <img src=\"https://static.tigerbbs.com/f2130c6999cfd9d7ab6962e752ee316f\" tg-width=\"827\" tg-height=\"530\" width=\"100%\" height=\"auto\">Forward-looking indicators also point to a further pullback in services spending. OpenTable data show a roughly 7% decline in restaurant reservations since the end of July, travel companies report an increase in cancellations and a modest decline in bookings, and press reports note that some hospitals are again delaying elective surgeries to clear capacity for Covid patients.</p><p><blockquote>在消费方面，我们上个月小幅下调了 2021 年下半年的预测，预计新的病毒传播将推迟办公室附近经济和娱乐活动等对病毒最敏感的服务的全面复苏。但如表 1 所示，7 月份零售额的下降以及我们截至 8 月初的消费者支出跟踪数据的下降表明，支出放缓幅度比我们预期的要大。前瞻性指标还表明服务支出将进一步回落。OpenTable 数据显示，自 7 月底以来，餐厅预订量下降了约 7%，旅游公司报告取消预订量有所增加，预订量略有下降，媒体报道指出，一些医院再次推迟选择性手术，以清理新冠肺炎患者的容量。</blockquote></p><p> Goldman also decided to blame supply-chain bottlenecks - the same bottlenecks that were patently obvious last month yet when countless penguins, like Goldman, expected them to be \"transitory.\" Well, they aren't looking so transitory now, eh?</p><p><blockquote>高盛还决定将责任归咎于供应链瓶颈——上个月，当无数企鹅像高盛一样预计它们是“暂时的”时，这些瓶颈显而易见。他们现在看起来没那么短暂了，是吧？</blockquote></p><p> <ul>  <li></li>  <li>On the production side, the Delta variant is prolonging supply chain disruptions and delaying a full rebound of factory activity. Production holdups in Q2 led to a larger-than-expected inventory drawdown and widening of the trade deficit as US producers struggled to meet strong consumer demand. This accounted for much of the eventual disappointment on Q2 GDP growth, but a rebound in production and the rebuild of depleted inventories—especially at automakers—appeared likely to boost Q3 growth.</li>  <li><b>Unfortunately, that expectation has proven premature</b>. Earlier this month we highlighted the risk of global supply chain spillovers from the impact of the Delta variant in the Asia Pacific region, where new Covid restrictions are much more stringent than in the US. Since then more setbacks have emerged, including problems for semiconductor producers in Malaysia and a major port closure in China.</li>  <li>Our autos analysts note that automakers now expect that the disruption from the semiconductor supply shortage to global auto production will be nearly as large in Q3 as in Q2 and that supply will not increase until late Q3 or Q4. As Exhibit 2 shows, initial US auto production schedules for Q3 have proven much too optimistic.<b>We have therefore cut our Q3 inventory accumulation forecast from $82bn to $32bn, though the turnaround from the sharp inventory drawdown in Q2 is still worth 4pp for Q3 GDP growth.</b></li> </ul> <img src=\"https://static.tigerbbs.com/839e8bf2da50d0349da9d5254542ec1d\" tg-width=\"830\" tg-height=\"532\" width=\"100%\" height=\"auto\">If that was the extent of it, we would probably not even bother with this note: after all it's just another example of Goldman just being wrong and failing to actually observe what is going on in the economy (something we described in detail in \"\"A Sudden Negative Change In The Economy\": Consumer Spending Slides As Majority Now Expect A New Slowdown\").</p><p><blockquote><ul><li></li><li>在生产方面，德尔塔变异毒株正在延长供应链中断，并推迟工厂活动的全面反弹。由于美国生产商难以满足强劲的消费者需求，第二季度的生产停滞导致库存减少幅度超出预期，贸易逆差扩大。这在很大程度上解释了第二季度 GDP 增长最终令人失望的原因，但生产的反弹和枯竭库存的重建（尤其是汽车制造商）似乎可能会提振第三季度的增长。</li><li><b>不幸的是，这种期望已被证明为时过早</b>本月早些时候，我们强调了德尔塔变异毒株对亚太地区影响的全球供应链溢出风险，该地区新的新冠疫情限制比美国严格得多。此后，出现了更多的挫折，包括马来西亚半导体生产商的问题和中国一个主要港口的关闭。</li><li>我们的汽车分析师指出，汽车制造商现在预计，第三季度半导体供应短缺对全球汽车生产的干扰将几乎与第二季度一样大，而且供应要到第三季度末或第四季度才会增加。如图 2 所示，美国第三季度的初步汽车生产计划已被证明过于乐观。<b>因此，我们将第三季度库存积累预测从 820 亿美元下调至 320 亿美元，尽管第二季度库存大幅下降的好转仍值得第三季度 GDP 增长 4 个百分点。</b></li></ul>如果这就是它的程度，我们可能甚至不会费心去做这件事：毕竟，这只是高盛错了，没有真正观察经济正在发生的事情的另一个例子（我们在“经济突然出现负面变化”中详细描述了这一点”：消费者支出下滑，因为大多数人现在预计会出现新的放缓”）。</blockquote></p><p> But sadly it gets worse. So much so that Goldman's note is not so much about the bank's latest me culpa on its GDP forecast (it will be slashed many more times in the coming months, that much we can guarantee) but that it was the first overt admission from Goldman that the US is heading for stagflation, because while Goldman is busy cutting its GDP forecast, it was also hiking its surging inflation forecast... and to those who don't know what stagflation is, now is a good time to look it up. Here again is Kostin:</p><p><blockquote>但可悲的是情况变得更糟了。以至于高盛的报告与其说是关于该行最近对其GDP预测的自责（我们可以保证，未来几个月GDP将被大幅下调许多次），不如说是高盛首次公开承认美国正走向滞胀，因为在高盛忙于下调GDP预测的同时，它也在上调其飙升的通胀预测……对于那些不知道滞胀是什么的人来说，现在是查一查的好时机。科斯汀又来了：</blockquote></p><p> <b>A Bigger Inflation Surge in 2021:</b>The impact of the Delta variant on supply chains is also likely to push prices even higher in the short run on some of the durable goods categories that have contributed to the inflation surge this year.</p><p><blockquote><b>2021 年通胀大幅飙升：</b>德尔塔变异毒株对供应链的影响也可能在短期内推高导致今年通胀飙升的一些耐用品类别的价格。</blockquote></p><p></p><p>   The left side of Exhibit 4 shows that, as a result of ongoing auto production problems, new car inventories are likely to fall to around 1 million, down more than 70% from pre-pandemic levels. This has led to much larger increases in new car prices in recent months than seen in many years. Our auto sector analysts expect further price increases over the next few months and then a partial return of promotional pricing at year-end as production normalizes, and we have revised our forecast accordingly.  <img src=\"https://static.tigerbbs.com/6b227704093b648b57adb0db20a0e245\" tg-width=\"1050\" tg-height=\"480\" width=\"100%\" height=\"auto\">Other durable goods that are downstream from the semiconductor shortage—such as consumer electronics and household appliances, shown in Exhibit 5—have also seen much higher than usual inflation this year, reflecting both supply constraints and strong demand. Our sector analysts expect that many consumer electronics companies will announce price increases in the upcoming earnings season and that most major household appliance producers will also raise prices significantly further this year. We have therefore bumped up our forecasts for these categories too.</p><p><blockquote>附件4左侧显示，由于持续的汽车生产问题，新车库存可能会降至100万辆左右，比大流行前的水平下降70%以上。这导致近几个月新车价格的涨幅比多年来要大得多。我们的汽车行业分析师预计未来几个月价格将进一步上涨，然后随着生产正常化，促销定价将在年底部分恢复，我们相应地修改了我们的预测。半导体短缺下游的其他耐用品——如图 5 所示的消费电子产品和家用电器——今年的通胀率也远高于往年，反映出供应紧张和需求强劲。我们的行业分析师预计，许多消费电子公司将在即将到来的财报季宣布涨价，大多数主要家用电器生产商今年也将进一步提高价格。因此，我们也提高了对这些类别的预测。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4e8455e62dd9048e1cb663f20fbb4bde\" tg-width=\"838\" tg-height=\"527\" width=\"100%\" height=\"auto\">But while one can, in theory, get away without spending on appliances, cars and video products, one has to eat. And sadly here the inflation is about to surge even higher.</p><p><blockquote>但是，虽然理论上人们可以在不花钱购买电器、汽车和视频产品的情况下逃脱惩罚，但人们必须吃东西。可悲的是，这里的通货膨胀率将飙升至更高。</blockquote></p><p>   <b>We also raised our short-term expectations for food services inflation.</b>In June we noted that higher wage growth for low-paid workers should flow through to higher consumer prices in sectors such as restaurants that rely heavily on low-paid labor.  <b>That has happened to an even greater extent than we anticipated in the last two CPI prints, and there is probably still a couple months of upward pressure left in the pipeline before the end of federal unemployment benefits cools wage and price pressures.</b>  The punchline: \"<b><u>We now expect year-on-year core PCE inflation to reach 3.75% at the end of 2021.</u></b><b>\"</b></p><p><blockquote><b>我们还提高了对食品服务通胀的短期预期。</b>6 月份，我们指出，低收入工人工资的更高增长应该会导致餐馆等严重依赖低收入劳动力的行业的更高消费价格。<b>这种情况的发生程度甚至比我们在过去两次 CPI 数据中预期的还要大，而且在联邦失业救济金结束以冷却工资和价格压力之前，可能还有几个月的上行压力。</b>笑点：“<b><u>我们现在预计2021年底核心个人消费支出同比通胀率将达到3.75%。</u></b><b>\"</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b2d5d6cea47a0e228a697ec6728db413\" tg-width=\"1063\" tg-height=\"776\" width=\"100%\" height=\"auto\">So putting it all together:<b>a drop in GDP + \"a bigger surge in inflation\" = stagflation.</b>We said as much in May \"This Is All About Stagflation... The U.S. Is Walking Into The Early Stages Of The Fourth Turning\" and we are surprised it only took Goldman 3 months to catch up.</p><p><blockquote>所以把它们放在一起：<b>GDP下降+“通胀大幅飙升”=滞胀。</b>我们在5月份说过“这都是关于滞胀的……美国正在进入第四次转向的早期阶段”，我们很惊讶高盛只用了3个月就赶上了。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/here-comes-stagflation-goldman-slashes-gdp-estimate-second-time-3-weeks-sees-bigger\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/here-comes-stagflation-goldman-slashes-gdp-estimate-second-time-3-weeks-sees-bigger","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161694085","content_text":"It was good while it lasted, but the party is well and truly ending.\nJust three weeks ago, Goldman Sachs - which last year was the first bank to unveil materially above consensus GDP projections - cut its 2021 second half consumption growth forecast, resulting in 1% downgrade to its GDP growth forecasts for Q3 and Q4 to +8.5% and +5.0%, respectively, \"as it is becoming apparent that the service sector recovery in the US is unlikely to be as robust\" as the bank had expected. Which is odd considering the trillions in monetary and fiscal stimulus that have entered into the economy. One wonder how many more trillions would be needed for Goldman to be happy.\nBut while Goldman's expected 2021 slowdown was manageable,it got far worse in 2022, when the sluggishness is expected to truly hammer the growth rate, which Goldman now expected to shrink to a trend-like 1.5% - 2% by the second half of 2022, a far \"sharper deceleration than consensus expects.\"\nIn retrospect, the bad news was just starting.\nAs frequent readers recall, just yesterday we pointed out that US economic growth \"suddenly collapsed\" as the latest dismal retail sales print showed, validating the latest BofA Fund Manager Survey which saw a collapse in expectations for everything from growth, to profits and inflation.\nIn response, Bank of America's chief economist Michelle Meyer wrotes that \"after adjusting for higher prices (PCE deflator of 4.4% qoq saar), the softening in nominal spendingleads us to track only 1.5% qoq saar for real consumer spending in 3Q. This follows 2Q real consumption tracking of 12.3%.\" Plugging that number into the bigger GDP model, and BofA now finds that \"the economy is running at a slower pace in 3Q,\" andcurrently tracking just 4.5% following the retail sales report,down from the bank's official forecast of 7% qoq saa, which is about to come down significantly.\nJust hours later, Goldman strategist Chris Hussey chimed in with a preview of what was coming writing that \"the combination of lower-than-expected retail sales and auto production in July, and given an increasingly likely drag on services consumption from the Delta variant, our economists are will likely revise our second-half growth assumptions even as we still do not expect material economic impact from the Delta variant in the US amidst abundant vaccine supply and relatively permissive COVID policies.\"\nWell, he was right, and moments ago - for the second time in under a month -Goldman has slashed its Q3 GDP forecast to just 5.5% from 8.5% as of late July (and 9.5% previously),as Goldman's chief economist now warns that \"the impact of the Delta variant on growth and inflation is proving to be somewhat larger than we expected.\"\n\n We have lowered our Q3 GDP forecast to +5.5%, reflecting hits to both consumer spending and production. Spending on dining, travel, and some other services is likely to decline in August, though we expect the drop to be modest and brief. Production is still suffering from supply chain disruptions, especially in the auto industry, and this is likely to mean less inventory rebuild in Q3.\n\nThe bank's revised forecast also trims its full year 2021 GDP forecast to below consensus 6% (vs. 6.4% previously and 6.2% consensus) and leads to 2022 growth of 4.5%, a number which at this rate will soon be slashed to 0 or negative.\nHere are some more details from Goldman behind the sharp cut to GDP, which it blames on - what else - the convenient Delta variant, and not t - say - that US consumers were once again tapped out, and with no more stimmy cash and savings all spent, was instead borrowingliterallyrecordamounts on their credit cards.\nAnyway, here is how Goldman feeds the \"but Delta\" fiction:\nThe Delta variant is weighing on both consumer spending and production in Q3.\n\n On the consumption side, we cut our 2021H2 forecast slightly last month, anticipating that renewed virus spread would delay a full recovery of the office-adjacent economy and the most virus-sensitive services, such as entertainment events. But the decline in retail sales in July and the drop-off in our consumer spending tracker through early August, shown in Exhibit 1, suggest a larger slowdown in spending than we expected.\n\nForward-looking indicators also point to a further pullback in services spending. OpenTable data show a roughly 7% decline in restaurant reservations since the end of July, travel companies report an increase in cancellations and a modest decline in bookings, and press reports note that some hospitals are again delaying elective surgeries to clear capacity for Covid patients.\nGoldman also decided to blame supply-chain bottlenecks - the same bottlenecks that were patently obvious last month yet when countless penguins, like Goldman, expected them to be \"transitory.\" Well, they aren't looking so transitory now, eh?\n\n\nOn the production side, the Delta variant is prolonging supply chain disruptions and delaying a full rebound of factory activity. Production holdups in Q2 led to a larger-than-expected inventory drawdown and widening of the trade deficit as US producers struggled to meet strong consumer demand. This accounted for much of the eventual disappointment on Q2 GDP growth, but a rebound in production and the rebuild of depleted inventories—especially at automakers—appeared likely to boost Q3 growth.\nUnfortunately, that expectation has proven premature. Earlier this month we highlighted the risk of global supply chain spillovers from the impact of the Delta variant in the Asia Pacific region, where new Covid restrictions are much more stringent than in the US. Since then more setbacks have emerged, including problems for semiconductor producers in Malaysia and a major port closure in China.\nOur autos analysts note that automakers now expect that the disruption from the semiconductor supply shortage to global auto production will be nearly as large in Q3 as in Q2 and that supply will not increase until late Q3 or Q4. As Exhibit 2 shows, initial US auto production schedules for Q3 have proven much too optimistic.We have therefore cut our Q3 inventory accumulation forecast from $82bn to $32bn, though the turnaround from the sharp inventory drawdown in Q2 is still worth 4pp for Q3 GDP growth.\n\nIf that was the extent of it, we would probably not even bother with this note: after all it's just another example of Goldman just being wrong and failing to actually observe what is going on in the economy (something we described in detail in \"\"A Sudden Negative Change In The Economy\": Consumer Spending Slides As Majority Now Expect A New Slowdown\").\nBut sadly it gets worse. So much so that Goldman's note is not so much about the bank's latest me culpa on its GDP forecast (it will be slashed many more times in the coming months, that much we can guarantee) but that it was the first overt admission from Goldman that the US is heading for stagflation, because while Goldman is busy cutting its GDP forecast, it was also hiking its surging inflation forecast... and to those who don't know what stagflation is, now is a good time to look it up. Here again is Kostin:\nA Bigger Inflation Surge in 2021:The impact of the Delta variant on supply chains is also likely to push prices even higher in the short run on some of the durable goods categories that have contributed to the inflation surge this year.\n\n The left side of Exhibit 4 shows that, as a result of ongoing auto production problems, new car inventories are likely to fall to around 1 million, down more than 70% from pre-pandemic levels. This has led to much larger increases in new car prices in recent months than seen in many years. Our auto sector analysts expect further price increases over the next few months and then a partial return of promotional pricing at year-end as production normalizes, and we have revised our forecast accordingly.\n\nOther durable goods that are downstream from the semiconductor shortage—such as consumer electronics and household appliances, shown in Exhibit 5—have also seen much higher than usual inflation this year, reflecting both supply constraints and strong demand. Our sector analysts expect that many consumer electronics companies will announce price increases in the upcoming earnings season and that most major household appliance producers will also raise prices significantly further this year. We have therefore bumped up our forecasts for these categories too.\nBut while one can, in theory, get away without spending on appliances, cars and video products, one has to eat. And sadly here the inflation is about to surge even higher.\n\nWe also raised our short-term expectations for food services inflation.In June we noted that higher wage growth for low-paid workers should flow through to higher consumer prices in sectors such as restaurants that rely heavily on low-paid labor.\n That has happened to an even greater extent than we anticipated in the last two CPI prints, and there is probably still a couple months of upward pressure left in the pipeline before the end of federal unemployment benefits cools wage and price pressures.\n\nThe punchline: \"We now expect year-on-year core PCE inflation to reach 3.75% at the end of 2021.\"\nSo putting it all together:a drop in GDP + \"a bigger surge in inflation\" = stagflation.We said as much in May \"This Is All About Stagflation... The U.S. Is Walking Into The Early Stages Of The Fourth Turning\" and we are surprised it only took Goldman 3 months to catch up.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107090020,"gmtCreate":1620431701960,"gmtModify":1634198886735,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"https://twitter.com/seanfoo5/status/1390684596098846721?s=21Check out my write up on $AMRS!","listText":"https://twitter.com/seanfoo5/status/1390684596098846721?s=21Check out my write up on $AMRS!","text":"https://twitter.com/seanfoo5/status/1390684596098846721?s=21Check out my write up on $AMRS!","images":[{"img":"https://static.tigerbbs.com/374facc6f5929ccb3b505b00b9d4707a","width":"750","height":"1797"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107090020","isVote":1,"tweetType":1,"viewCount":3758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":107003829,"gmtCreate":1620431262461,"gmtModify":1634198892831,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/KALA\">$Kala Pharmaceuticals Inc.(KALA)$</a>I think kala lows are in","listText":"<a href=\"https://laohu8.com/S/KALA\">$Kala Pharmaceuticals Inc.(KALA)$</a>I think kala lows are in","text":"$Kala Pharmaceuticals Inc.(KALA)$I think kala lows are in","images":[{"img":"https://static.tigerbbs.com/dfb0f51c3beb69d3211a65b3b6897d95","width":"750","height":"1068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107003829","isVote":1,"tweetType":1,"viewCount":2331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":104206571,"gmtCreate":1620391144593,"gmtModify":1634205586346,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Comment pls","listText":"Comment pls","text":"Comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/104206571","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohunote.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104208431,"gmtCreate":1620391092723,"gmtModify":1634205586808,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"It is probably the most boring company&nbsp;","listText":"It is probably the most boring company&nbsp;","text":"It is probably the most boring company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/104208431","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohunote.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104208637,"gmtCreate":1620391078929,"gmtModify":1634205587046,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"It is probably the most boring company&nbsp;","listText":"It is probably the most boring company&nbsp;","text":"It is probably the most boring company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104208637","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohunote.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105309100,"gmtCreate":1620267077300,"gmtModify":1634206511206,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"$SKLZ - investors concerned over plateauing MAU (monthly average users)","listText":"$SKLZ - investors concerned over plateauing MAU (monthly average users)","text":"$SKLZ - investors concerned over plateauing MAU (monthly average users)","images":[{"img":"https://static.tigerbbs.com/85d2d2d8b52e598aa7b64a5fe8ac8eef","width":"750","height":"1857"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105309100","isVote":1,"tweetType":1,"viewCount":2431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":105974397,"gmtCreate":1620266936219,"gmtModify":1634206513774,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Pls like thanks in advance!","listText":"Pls like thanks in advance!","text":"Pls like thanks in advance!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105974397","repostId":"2133528417","repostType":4,"isVote":1,"tweetType":1,"viewCount":2599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102274307,"gmtCreate":1620221905409,"gmtModify":1634206884910,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/KALA\">$Kala Pharmaceuticals Inc.(KALA)$</a>Ouch","listText":"<a href=\"https://laohu8.com/S/KALA\">$Kala Pharmaceuticals Inc.(KALA)$</a>Ouch","text":"$Kala Pharmaceuticals Inc.(KALA)$Ouch","images":[{"img":"https://static.tigerbbs.com/43dd07cc30f38a9dbc146cabb819fbcd","width":"750","height":"1224"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102274307","isVote":1,"tweetType":1,"viewCount":3028,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":102275144,"gmtCreate":1620221847988,"gmtModify":1634206885479,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Pls like and commment!","listText":"Pls like and commment!","text":"Pls like and commment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/102275144","repostId":"1115203133","repostType":4,"repost":{"id":"1115203133","kind":"news","pubTimestamp":1620178775,"share":"https://www.laohunote.com/m/news/1115203133?lang=zh_CN&edition=full","pubTime":"2021-05-05 09:39","market":"us","language":"en","title":"Why is dogecoin’s price spiking? The crypto has surged 11,000% in 2021<blockquote>狗狗币的价格为何飙升？2021 年加密货币飙升 11,000%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115203133","media":"Market Wacth","summary":"Every dog has its day…but a whole year?Indeed, dogecoin, the meme cryptocurrency linked to an image ","content":"<p>Every dog has its day…but a whole year?</p><p><blockquote>每只狗都有它的一天…但是一整年呢？</blockquote></p><p>Indeed, dogecoin, the meme cryptocurrency linked to an image of a Shiba Inu dog, has been enjoying one of the best years for cryptocurrency in recent memory, boasting year-to-date gains of more than 11,000% and putting it in the top 10 of the most highly valued digital assets this year.</p><p><blockquote>事实上，狗狗币（dogecoin）是一种与柴犬狗图像相关的迷因加密货币，它正在享受近年来加密货币最好的一年之一，今年迄今为止的涨幅超过11,000%，并跻身今年最有价值的十大数字资产之列。</blockquote></p><p>At last check, dogecoinDOGEUSD,+8.26%was changing hands at 54 cents, up more than 23% in the past 24 hours and up around 11,210% so far in 2021, according to CoinDesk.</p><p><blockquote>根据 CoinDesk 的数据，在上次检查时，dogecoinDOGEUSD,+8.26% 的易手价格为 54 美分，在过去 24 小时内上涨超过 23%，2021 年迄今为止上涨了约 11,210%。</blockquote></p><p>That parabolic rise is drawing both applause and apprehension as its supporters aim to drive the parody coin to a value near $1, with critics warning that the asset bears all the hallmarks of an asset bubble that is bound to pop and leave carnage in its wake.</p><p><blockquote>这种抛物线般的上涨吸引了掌声和担忧，因为其支持者的目标是将模仿硬币的价值推至接近 1 美元，批评者警告说，这种资产具有资产泡沫的所有特征，注定会破裂并留下大屠杀。</blockquote></p><p>Only, don’t tell that to those cheerleading the crypto, or risk being met with this common refrain: “enjoy being poor.”<img src=\"https://static.tigerbbs.com/7c7201d3eb982c0d5d636bf8ff4a1ca7\" tg-width=\"505\" tg-height=\"367\" referrerpolicy=\"no-referrer\">So why is dogecoin, pronounced “dōj-coin,”&nbsp;on such a monumental tear that has outstripped crypto considered more serious representatives of the age of digital assets and blockchain? Here are a few reasons:</p><p><blockquote>只是，不要把这句话告诉那些为加密货币欢呼的人，否则可能会听到这句常见的话： “享受贫穷吧”。那么，为什么发音为 “dōj-coin ”的狗狗币会遭受如此巨大的冲击，甚至超过了被认为是数字资产和区块链时代更严肃的代表的加密货币呢？以下是几个原因：</blockquote></p><p>Its biggest booster set to guest host ‘SNL’</p><p><blockquote>其最大的助推器将是嘉宾主持《周六夜现场》</blockquote></p><p>Elon Musk, CEO of Tesla Inc. and SpaceX, will host “Saturday Night Live” this weekend, which has already drawn&nbsp;cheers and jeers&nbsp;for the technologist. He has become one of the most prominent and vocal champions of dogecoin this year and some speculate that he could do something to promote doge.</p><p><blockquote>特斯拉公司和 SpaceX 的首席执行官埃隆-马斯克（Elon Musk）将于本周末主持《周六夜现场》（Saturday Night Live），该节目已经为这位技术专家赢得了欢呼和嘲笑。他已经成为今年狗狗币最突出、最直言不讳的冠军之一，一些人猜测他可以做些什么来推广doge。</blockquote></p><p>Musk did refer to himself as the “dogefather” in one recent tweet ahead of his “Saturday Night Live” gig.</p><p><blockquote>在《周六夜现场》演出之前，马斯克在最近的一条推特上确实称自己为 “狗爹”。</blockquote></p><p><img src=\"https://static.tigerbbs.com/54a1a1602240507ad985c5efcb2571f5\" tg-width=\"501\" tg-height=\"177\" referrerpolicy=\"no-referrer\">Brokerages trade dogecoin</p><p><blockquote>经纪商交易狗狗币</blockquote></p><p>A number of new venues have announced that they will trade dogecoin on their exchanges in recent days and weeks.</p><p><blockquote>一些新的场所已经宣布，他们将在最近几天和几周内在他们的交易所交易狗狗币。</blockquote></p><p>Crypto exchange Geminion Tuesdayannounced trading and custody support for the coin. Trading platform&nbsp;eToro also made dogecoin&nbsp;available for trading on its platform.Webullallowed its users to purchase dogecoin back on April 20.</p><p><blockquote>加密货币交易所 Geminion 周二宣布支持该硬币的交易和托管。交易平台 eToro 也允许狗狗币在其平台上进行交易。webull 于 4 月 20 日允许其用户购买狗狗币。</blockquote></p><p>FOMO</p><p><blockquote>福莫</blockquote></p><p>Fear of missing out also is said to be behind the surge. Some crypto participants speculate that the rise in dogecoin is being supported by retail traders who see the parody coin as more accessible investment (or trade) than, say, bitcoinBTCUSD,-0.16%,which was changing hands at $54,000, at last check on CoinDesk.</p><p><blockquote>据说，对错过的恐惧也是激增的背后原因。一些加密货币参与者推测，dogecoin 的上涨得到了零售交易者的支持，他们认为这种模仿币比 bitcoinBTCUSD（-0.16%）更容易获得投资（或交易），bitcoinBTCUSD 在最后一次检查时以 54,000 美元易手CoinDesk。</blockquote></p><p>“Dogecoin&nbsp;is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live,’” wrote Edward Moya, senior market analyst at Oanda, in a daily note.</p><p><blockquote>“Oanda 高级市场分析师爱德华-莫亚（Edward Moya）在每日报告中写道：”狗狗币之所以飙升，是因为许多加密货币交易者不想错过埃隆-马斯克（Elon Musk）主持《周六夜现场》（Saturday Night Live）节目所带来的任何热点。</blockquote></p><p>Gains in traditional assets also might seem more pedestrian. By comparison, gold futuresGC00,0.17%are down 6% so far this year, the Dow Jones Industrial AverageDJIA,+0.06%and the S&amp;P 500 indexSPX,-0.67%are up by at least 10% in 2021, while the Nasdaq Composite IndexCOMP,-1.88%has gained over 5%.</p><p><blockquote>传统资产的收益似乎也更加平淡无奇。相比之下，黄金期货GC00,0.17%今年迄今已下跌6%，道琼斯工业平均指数JIA,+0.06%和标普500指数SPX,-0.67%在2021年至少上涨10%，而纳斯达克综合指数COMP,-1.88%涨幅超过5%。</blockquote></p><p>Accessibility</p><p><blockquote>可访问性</blockquote></p><p>Konstantin Boyko-Romanovsky, CEO of&nbsp;Allnodes, via an emailed message, said he viewed support from Musk and fellow billionaire Mark Cuban as central to the bull thesis for dogecoin, but also said that some may perceive the crypto as more accessible compared against bitcoin, which hit a recent peak above $60,000 before cooling.</p><p><blockquote>Allnodes 首席执行官康斯坦丁·博伊科-罗曼诺夫斯基 (Konstantin Boyko-Romanovsky) 通过电子邮件表示，他认为马斯克和亿万富翁马克·库班 (Mark Cuban) 的支持是狗狗币牛市论点的核心，但他也表示，有些人可能认为与比特币相比，这种加密货币更容易获得，最近在降温前达到了 6 万美元以上的峰值。</blockquote></p><p>“It appeals more to the general public because it costs so little. $60,000 for a single bitcoin may be intimidating to some. In a way, doge then is more like a USD but in a digital form,” he wrote.</p><p><blockquote>“它对普通大众更有吸引力，因为它的成本非常低。一个比特币 6 万美元可能会让一些人望而生畏。在某种程度上，doge 更像是美元，但却是数字形式，”他写道。</blockquote></p><p>Bubbles &amp; manias</p><p><blockquote>泡沫与狂热</blockquote></p><p>Moya wrote that the dogecoin bubble should have “popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.”</p><p><blockquote>莫亚写道，狗狗币泡沫 “现在应该已经破裂了，但机构兴趣正试图利用这一势头，这可能会支撑狗狗币再次走高”。</blockquote></p><p>Many skeptics warn that dogecoin could leave a lot of newbie investors hemorrhaging losses if they wade into the asset imprudently.</p><p><blockquote>许多怀疑论者警告说，如果狗狗币不谨慎地涉足该资产，可能会让许多新手投资者蒙受损失。</blockquote></p><p></p>","source":"lsy1604288433698","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 is dogecoin’s price spiking? The crypto has surged 11,000% in 2021<blockquote>狗狗币的价格为何飙升？2021 年加密货币飙升 11,000%</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 is dogecoin’s price spiking? The crypto has surged 11,000% in 2021<blockquote>狗狗币的价格为何飙升？2021 年加密货币飙升 11,000%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-05-05 09:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Every dog has its day…but a whole year?</p><p><blockquote>每只狗都有它的一天…但是一整年呢？</blockquote></p><p>Indeed, dogecoin, the meme cryptocurrency linked to an image of a Shiba Inu dog, has been enjoying one of the best years for cryptocurrency in recent memory, boasting year-to-date gains of more than 11,000% and putting it in the top 10 of the most highly valued digital assets this year.</p><p><blockquote>事实上，狗狗币（dogecoin）是一种与柴犬狗图像相关的迷因加密货币，它正在享受近年来加密货币最好的一年之一，今年迄今为止的涨幅超过11,000%，并跻身今年最有价值的十大数字资产之列。</blockquote></p><p>At last check, dogecoinDOGEUSD,+8.26%was changing hands at 54 cents, up more than 23% in the past 24 hours and up around 11,210% so far in 2021, according to CoinDesk.</p><p><blockquote>根据 CoinDesk 的数据，在上次检查时，dogecoinDOGEUSD,+8.26% 的易手价格为 54 美分，在过去 24 小时内上涨超过 23%，2021 年迄今为止上涨了约 11,210%。</blockquote></p><p>That parabolic rise is drawing both applause and apprehension as its supporters aim to drive the parody coin to a value near $1, with critics warning that the asset bears all the hallmarks of an asset bubble that is bound to pop and leave carnage in its wake.</p><p><blockquote>这种抛物线般的上涨吸引了掌声和担忧，因为其支持者的目标是将模仿硬币的价值推至接近 1 美元，批评者警告说，这种资产具有资产泡沫的所有特征，注定会破裂并留下大屠杀。</blockquote></p><p>Only, don’t tell that to those cheerleading the crypto, or risk being met with this common refrain: “enjoy being poor.”<img src=\"https://static.tigerbbs.com/7c7201d3eb982c0d5d636bf8ff4a1ca7\" tg-width=\"505\" tg-height=\"367\" referrerpolicy=\"no-referrer\">So why is dogecoin, pronounced “dōj-coin,”&nbsp;on such a monumental tear that has outstripped crypto considered more serious representatives of the age of digital assets and blockchain? Here are a few reasons:</p><p><blockquote>只是，不要把这句话告诉那些为加密货币欢呼的人，否则可能会听到这句常见的话： “享受贫穷吧”。那么，为什么发音为 “dōj-coin ”的狗狗币会遭受如此巨大的冲击，甚至超过了被认为是数字资产和区块链时代更严肃的代表的加密货币呢？以下是几个原因：</blockquote></p><p>Its biggest booster set to guest host ‘SNL’</p><p><blockquote>其最大的助推器将是嘉宾主持《周六夜现场》</blockquote></p><p>Elon Musk, CEO of Tesla Inc. and SpaceX, will host “Saturday Night Live” this weekend, which has already drawn&nbsp;cheers and jeers&nbsp;for the technologist. He has become one of the most prominent and vocal champions of dogecoin this year and some speculate that he could do something to promote doge.</p><p><blockquote>特斯拉公司和 SpaceX 的首席执行官埃隆-马斯克（Elon Musk）将于本周末主持《周六夜现场》（Saturday Night Live），该节目已经为这位技术专家赢得了欢呼和嘲笑。他已经成为今年狗狗币最突出、最直言不讳的冠军之一，一些人猜测他可以做些什么来推广doge。</blockquote></p><p>Musk did refer to himself as the “dogefather” in one recent tweet ahead of his “Saturday Night Live” gig.</p><p><blockquote>在《周六夜现场》演出之前，马斯克在最近的一条推特上确实称自己为 “狗爹”。</blockquote></p><p><img src=\"https://static.tigerbbs.com/54a1a1602240507ad985c5efcb2571f5\" tg-width=\"501\" tg-height=\"177\" referrerpolicy=\"no-referrer\">Brokerages trade dogecoin</p><p><blockquote>经纪商交易狗狗币</blockquote></p><p>A number of new venues have announced that they will trade dogecoin on their exchanges in recent days and weeks.</p><p><blockquote>一些新的场所已经宣布，他们将在最近几天和几周内在他们的交易所交易狗狗币。</blockquote></p><p>Crypto exchange Geminion Tuesdayannounced trading and custody support for the coin. Trading platform&nbsp;eToro also made dogecoin&nbsp;available for trading on its platform.Webullallowed its users to purchase dogecoin back on April 20.</p><p><blockquote>加密货币交易所 Geminion 周二宣布支持该硬币的交易和托管。交易平台 eToro 也允许狗狗币在其平台上进行交易。webull 于 4 月 20 日允许其用户购买狗狗币。</blockquote></p><p>FOMO</p><p><blockquote>福莫</blockquote></p><p>Fear of missing out also is said to be behind the surge. Some crypto participants speculate that the rise in dogecoin is being supported by retail traders who see the parody coin as more accessible investment (or trade) than, say, bitcoinBTCUSD,-0.16%,which was changing hands at $54,000, at last check on CoinDesk.</p><p><blockquote>据说，对错过的恐惧也是激增的背后原因。一些加密货币参与者推测，dogecoin 的上涨得到了零售交易者的支持，他们认为这种模仿币比 bitcoinBTCUSD（-0.16%）更容易获得投资（或交易），bitcoinBTCUSD 在最后一次检查时以 54,000 美元易手CoinDesk。</blockquote></p><p>“Dogecoin&nbsp;is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live,’” wrote Edward Moya, senior market analyst at Oanda, in a daily note.</p><p><blockquote>“Oanda 高级市场分析师爱德华-莫亚（Edward Moya）在每日报告中写道：”狗狗币之所以飙升，是因为许多加密货币交易者不想错过埃隆-马斯克（Elon Musk）主持《周六夜现场》（Saturday Night Live）节目所带来的任何热点。</blockquote></p><p>Gains in traditional assets also might seem more pedestrian. By comparison, gold futuresGC00,0.17%are down 6% so far this year, the Dow Jones Industrial AverageDJIA,+0.06%and the S&amp;P 500 indexSPX,-0.67%are up by at least 10% in 2021, while the Nasdaq Composite IndexCOMP,-1.88%has gained over 5%.</p><p><blockquote>传统资产的收益似乎也更加平淡无奇。相比之下，黄金期货GC00,0.17%今年迄今已下跌6%，道琼斯工业平均指数JIA,+0.06%和标普500指数SPX,-0.67%在2021年至少上涨10%，而纳斯达克综合指数COMP,-1.88%涨幅超过5%。</blockquote></p><p>Accessibility</p><p><blockquote>可访问性</blockquote></p><p>Konstantin Boyko-Romanovsky, CEO of&nbsp;Allnodes, via an emailed message, said he viewed support from Musk and fellow billionaire Mark Cuban as central to the bull thesis for dogecoin, but also said that some may perceive the crypto as more accessible compared against bitcoin, which hit a recent peak above $60,000 before cooling.</p><p><blockquote>Allnodes 首席执行官康斯坦丁·博伊科-罗曼诺夫斯基 (Konstantin Boyko-Romanovsky) 通过电子邮件表示，他认为马斯克和亿万富翁马克·库班 (Mark Cuban) 的支持是狗狗币牛市论点的核心，但他也表示，有些人可能认为与比特币相比，这种加密货币更容易获得，最近在降温前达到了 6 万美元以上的峰值。</blockquote></p><p>“It appeals more to the general public because it costs so little. $60,000 for a single bitcoin may be intimidating to some. In a way, doge then is more like a USD but in a digital form,” he wrote.</p><p><blockquote>“它对普通大众更有吸引力，因为它的成本非常低。一个比特币 6 万美元可能会让一些人望而生畏。在某种程度上，doge 更像是美元，但却是数字形式，”他写道。</blockquote></p><p>Bubbles &amp; manias</p><p><blockquote>泡沫与狂热</blockquote></p><p>Moya wrote that the dogecoin bubble should have “popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.”</p><p><blockquote>莫亚写道，狗狗币泡沫 “现在应该已经破裂了，但机构兴趣正试图利用这一势头，这可能会支撑狗狗币再次走高”。</blockquote></p><p>Many skeptics warn that dogecoin could leave a lot of newbie investors hemorrhaging losses if they wade into the asset imprudently.</p><p><blockquote>许多怀疑论者警告说，如果狗狗币不谨慎地涉足该资产，可能会让许多新手投资者蒙受损失。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-is-dogecoins-price-spiking-the-crypto-has-surged-11-000-in-2021-11620151738?mod=home-page\">Market Wacth</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/why-is-dogecoins-price-spiking-the-crypto-has-surged-11-000-in-2021-11620151738?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115203133","content_text":"Every dog has its day…but a whole year?Indeed, dogecoin, the meme cryptocurrency linked to an image of a Shiba Inu dog, has been enjoying one of the best years for cryptocurrency in recent memory, boasting year-to-date gains of more than 11,000% and putting it in the top 10 of the most highly valued digital assets this year.At last check, dogecoinDOGEUSD,+8.26%was changing hands at 54 cents, up more than 23% in the past 24 hours and up around 11,210% so far in 2021, according to CoinDesk.That parabolic rise is drawing both applause and apprehension as its supporters aim to drive the parody coin to a value near $1, with critics warning that the asset bears all the hallmarks of an asset bubble that is bound to pop and leave carnage in its wake.Only, don’t tell that to those cheerleading the crypto, or risk being met with this common refrain: “enjoy being poor.”So why is dogecoin, pronounced “dōj-coin,” on such a monumental tear that has outstripped crypto considered more serious representatives of the age of digital assets and blockchain? Here are a few reasons:Its biggest booster set to guest host ‘SNL’Elon Musk, CEO of Tesla Inc. and SpaceX, will host “Saturday Night Live” this weekend, which has already drawn cheers and jeers for the technologist. He has become one of the most prominent and vocal champions of dogecoin this year and some speculate that he could do something to promote doge.Musk did refer to himself as the “dogefather” in one recent tweet ahead of his “Saturday Night Live” gig.Brokerages trade dogecoinA number of new venues have announced that they will trade dogecoin on their exchanges in recent days and weeks.Crypto exchange Geminion Tuesdayannounced trading and custody support for the coin. Trading platform eToro also made dogecoin available for trading on its platform.Webullallowed its users to purchase dogecoin back on April 20.FOMOFear of missing out also is said to be behind the surge. Some crypto participants speculate that the rise in dogecoin is being supported by retail traders who see the parody coin as more accessible investment (or trade) than, say, bitcoinBTCUSD,-0.16%,which was changing hands at $54,000, at last check on CoinDesk.“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live,’” wrote Edward Moya, senior market analyst at Oanda, in a daily note.Gains in traditional assets also might seem more pedestrian. By comparison, gold futuresGC00,0.17%are down 6% so far this year, the Dow Jones Industrial AverageDJIA,+0.06%and the S&P 500 indexSPX,-0.67%are up by at least 10% in 2021, while the Nasdaq Composite IndexCOMP,-1.88%has gained over 5%.AccessibilityKonstantin Boyko-Romanovsky, CEO of Allnodes, via an emailed message, said he viewed support from Musk and fellow billionaire Mark Cuban as central to the bull thesis for dogecoin, but also said that some may perceive the crypto as more accessible compared against bitcoin, which hit a recent peak above $60,000 before cooling.“It appeals more to the general public because it costs so little. $60,000 for a single bitcoin may be intimidating to some. In a way, doge then is more like a USD but in a digital form,” he wrote.Bubbles & maniasMoya wrote that the dogecoin bubble should have “popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.”Many skeptics warn that dogecoin could leave a lot of newbie investors hemorrhaging losses if they wade into the asset imprudently.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106606272,"gmtCreate":1620106836996,"gmtModify":1634207747318,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106606272","repostId":"1177826324","repostType":4,"repost":{"id":"1177826324","kind":"news","pubTimestamp":1620099029,"share":"https://www.laohunote.com/m/news/1177826324?lang=zh_CN&edition=full","pubTime":"2021-05-04 11:30","market":"us","language":"en","title":"Ethereum at $5,000? One financial advisor CEO says it could happen this week<blockquote>5000美元的以太币？一位财务顾问首席执行官表示这可能会在本周发生</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177826324","media":"Fortune","summary":"Our mission to make business better is fueled by readers like you. To enjoy unlimited access to our ","content":"<p>Our mission to make business better is fueled by readers like you. To enjoy unlimited access to our journalism,subscribe today.</p><p><blockquote>像您这样的读者推动了我们让业务变得更好的使命。要无限制地访问我们的新闻报道， 请立即订阅。</blockquote></p><p> Ethereum continued its record run Monday, once again hitting an all-time high of $3,204, but the CEO of one financial advisory firm says he believes the crypto will top $5,000 within the next week.</p><p><blockquote>以太币周一继续创纪录，再次创下 3,204 美元的历史新高，但一家财务咨询公司的首席执行官表示，他相信加密货币将在下周内突破 5,000 美元。</blockquote></p><p> Nigel Green, CEO and founder of deVere Group, saysEthereum’stime has come—and the digital currency is well positioned to increase its market share.</p><p><blockquote>deVere Group 首席执行官兼创始人奈杰尔-格林（Nigel Green）表示，以太坊的时机已经到来，这种数字货币有望扩大其市场份额。</blockquote></p><p> “Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market,” he said. “The boom over recent months has been fueled by soaring interest from major institutional investors and growing recognition that borderless digital currencies are the future of money. This momentum is likely to build further in the near-term and I believe Ether will hit $5,000 within seven days.”</p><p><blockquote>“他说：”以太币是加密货币市场更广泛爆炸式增长的主要受益者之一。“近几个月来，大型机构投资者的兴趣飙升，以及人们越来越认识到无边界数字货币是货币的未来，推动了这种繁荣。这种势头可能会在短期内进一步增强，我相信以太币将在七天内达到 5000 美元。”</blockquote></p><p> Ethereum, the world’ssecond largest cryptocurrency, is up more than 321% year to date, compared to a 98% increase in the price of Bitcoin, but it hasn’t captured quite the same zeitgeist among investors.</p><p><blockquote>以太币是全球第二大加密货币，今年迄今已上涨超过 321%，而比特币的价格上涨了 98%，但它并没有抓住投资者的时代精神。</blockquote></p><p> Green argues it’s a more scalable currency and has a superior blockchain technology.</p><p><blockquote>格林认为，它是一种更具可扩展性的货币，并拥有卓越的区块链技术。</blockquote></p><p> Ethereum has been on an upswing for several days after the European Investment Bank issued its first-ever digital bond sale on the Ethereum blockchain network. Bloomberg reported the sale will be led byGoldman Sachs, Banco Santander, andSociete Generale.</p><p><blockquote>在欧洲投资银行在以太币区块链网络上发行有史以来首次数字债券销售后，以太币已经连续几天上涨。彭博社报道称，此次出售将由高盛、桑坦德银行和法国兴业银行牵头。</blockquote></p><p> The supply of Ethereum has also been dropping amid increased demand and businesses have been investing in startups that revolve around Ethereum, including such big names asMastercard, UBS, and JPMorgan. A $1,000investment in Ether in 2015 would be worthover $4.7 million today.</p><p><blockquote>随着需求的增加，以太币的供应也在下降，企业一直在投资围绕以太币的初创公司，包括万事达卡、瑞银和摩根大通等大公司。2015 年在以太币上投资 1,000 美元，今天的价值将超过 470 万美元。</blockquote></p><p> “Ethereum is already years ahead of Bitcoin in everything but price and fame,” said Green.&nbsp;“There’s a real sense that 2021 is the year for Ether. Its time has come.”</p><p><blockquote>“格林说：”除了价格和名气，以太币在各方面都已经领先比特币数年。“格林说：”人们确实觉得 2021 年是以太年。时机已经到来。</blockquote></p><p></p>","source":"lsy1618285953446","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>Ethereum at $5,000? One financial advisor CEO says it could happen this week<blockquote>5000美元的以太币？一位财务顾问首席执行官表示这可能会在本周发生</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\">\nEthereum at $5,000? One financial advisor CEO says it could happen this week<blockquote>5000美元的以太币？一位财务顾问首席执行官表示这可能会在本周发生</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Fortune</strong><span class=\"h-time small\">2021-05-04 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Our mission to make business better is fueled by readers like you. To enjoy unlimited access to our journalism,subscribe today.</p><p><blockquote>像您这样的读者推动了我们让业务变得更好的使命。要无限制地访问我们的新闻报道， 请立即订阅。</blockquote></p><p> Ethereum continued its record run Monday, once again hitting an all-time high of $3,204, but the CEO of one financial advisory firm says he believes the crypto will top $5,000 within the next week.</p><p><blockquote>以太币周一继续创纪录，再次创下 3,204 美元的历史新高，但一家财务咨询公司的首席执行官表示，他相信加密货币将在下周内突破 5,000 美元。</blockquote></p><p> Nigel Green, CEO and founder of deVere Group, saysEthereum’stime has come—and the digital currency is well positioned to increase its market share.</p><p><blockquote>deVere Group 首席执行官兼创始人奈杰尔-格林（Nigel Green）表示，以太坊的时机已经到来，这种数字货币有望扩大其市场份额。</blockquote></p><p> “Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market,” he said. “The boom over recent months has been fueled by soaring interest from major institutional investors and growing recognition that borderless digital currencies are the future of money. This momentum is likely to build further in the near-term and I believe Ether will hit $5,000 within seven days.”</p><p><blockquote>“他说：”以太币是加密货币市场更广泛爆炸式增长的主要受益者之一。“近几个月来，大型机构投资者的兴趣飙升，以及人们越来越认识到无边界数字货币是货币的未来，推动了这种繁荣。这种势头可能会在短期内进一步增强，我相信以太币将在七天内达到 5000 美元。”</blockquote></p><p> Ethereum, the world’ssecond largest cryptocurrency, is up more than 321% year to date, compared to a 98% increase in the price of Bitcoin, but it hasn’t captured quite the same zeitgeist among investors.</p><p><blockquote>以太币是全球第二大加密货币，今年迄今已上涨超过 321%，而比特币的价格上涨了 98%，但它并没有抓住投资者的时代精神。</blockquote></p><p> Green argues it’s a more scalable currency and has a superior blockchain technology.</p><p><blockquote>格林认为，它是一种更具可扩展性的货币，并拥有卓越的区块链技术。</blockquote></p><p> Ethereum has been on an upswing for several days after the European Investment Bank issued its first-ever digital bond sale on the Ethereum blockchain network. Bloomberg reported the sale will be led byGoldman Sachs, Banco Santander, andSociete Generale.</p><p><blockquote>在欧洲投资银行在以太币区块链网络上发行有史以来首次数字债券销售后，以太币已经连续几天上涨。彭博社报道称，此次出售将由高盛、桑坦德银行和法国兴业银行牵头。</blockquote></p><p> The supply of Ethereum has also been dropping amid increased demand and businesses have been investing in startups that revolve around Ethereum, including such big names asMastercard, UBS, and JPMorgan. A $1,000investment in Ether in 2015 would be worthover $4.7 million today.</p><p><blockquote>随着需求的增加，以太币的供应也在下降，企业一直在投资围绕以太币的初创公司，包括万事达卡、瑞银和摩根大通等大公司。2015 年在以太币上投资 1,000 美元，今天的价值将超过 470 万美元。</blockquote></p><p> “Ethereum is already years ahead of Bitcoin in everything but price and fame,” said Green.&nbsp;“There’s a real sense that 2021 is the year for Ether. Its time has come.”</p><p><blockquote>“格林说：”除了价格和名气，以太币在各方面都已经领先比特币数年。“格林说：”人们确实觉得 2021 年是以太年。时机已经到来。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://fortune.com/2021/05/03/ethereum-price-ether-5000-dollars-record-high-crypto/\">Fortune</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":{"ETHE":"最大以太坊ETF-Grayscale"},"source_url":"https://fortune.com/2021/05/03/ethereum-price-ether-5000-dollars-record-high-crypto/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177826324","content_text":"Our mission to make business better is fueled by readers like you. To enjoy unlimited access to our journalism,subscribe today.\nEthereum continued its record run Monday, once again hitting an all-time high of $3,204, but the CEO of one financial advisory firm says he believes the crypto will top $5,000 within the next week.\nNigel Green, CEO and founder of deVere Group, saysEthereum’stime has come—and the digital currency is well positioned to increase its market share.\n“Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market,” he said. “The boom over recent months has been fueled by soaring interest from major institutional investors and growing recognition that borderless digital currencies are the future of money. This momentum is likely to build further in the near-term and I believe Ether will hit $5,000 within seven days.”\nEthereum, the world’ssecond largest cryptocurrency, is up more than 321% year to date, compared to a 98% increase in the price of Bitcoin, but it hasn’t captured quite the same zeitgeist among investors.\nGreen argues it’s a more scalable currency and has a superior blockchain technology.\nEthereum has been on an upswing for several days after the European Investment Bank issued its first-ever digital bond sale on the Ethereum blockchain network. Bloomberg reported the sale will be led byGoldman Sachs, Banco Santander, andSociete Generale.\nThe supply of Ethereum has also been dropping amid increased demand and businesses have been investing in startups that revolve around Ethereum, including such big names asMastercard, UBS, and JPMorgan. A $1,000investment in Ether in 2015 would be worthover $4.7 million today.\n“Ethereum is already years ahead of Bitcoin in everything but price and fame,” said Green. “There’s a real sense that 2021 is the year for Ether. Its time has come.”","news_type":1,"symbols_score_info":{"ETHE":0.9}},"isVote":1,"tweetType":1,"viewCount":626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106606093,"gmtCreate":1620106792912,"gmtModify":1634207747801,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Amd??","listText":"Amd??","text":"Amd??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106606093","repostId":"1103003554","repostType":4,"repost":{"id":"1103003554","kind":"news","pubTimestamp":1620096039,"share":"https://www.laohunote.com/m/news/1103003554?lang=zh_CN&edition=full","pubTime":"2021-05-04 10:40","market":"us","language":"en","title":"3 Stocks I'm Never Selling<blockquote>我从不出售的 3 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103003554","media":"The motley fool","summary":"I've fully bought into the Warren Buffett axiom of \"the best time to sell a stock is never,\" but as ","content":"<p>I've fully bought into the Warren Buffett axiom of \"the best time to sell a stock is never,\" but as we also all know, never say never. After all, even the Oracle of Omaha routinely sells stocks he owns.</p><p><blockquote>我完全相信沃伦·巴菲特的格言“出售股票的最佳时机永远不是”，但众所周知，永远不要说永远。毕竟，即使是奥马哈先知也经常出售他持有的股票。</blockquote></p><p>While breaking the day-trading mindset is obviously the goal of such pithy sayings, holding onto shares for years, decades even, is the preferred time horizon and what I'm planning to do with the stocks in my portfolio.</p><p><blockquote>虽然打破日内交易心态显然是这种简洁谚语的目标，但持有股票数年甚至数十年是首选的时间范围，也是我计划如何处理投资组合中的股票。</blockquote></p><p>However, with the three stocks below, I plan on never selling them because they have proven to be successful businesses with staying power and competitive advantages that will keep them well ahead of their rivals far into the future.</p><p><blockquote>然而，对于下面的三只股票，我打算永远不出售它们，因为它们已被证明是成功的企业，具有持久力和竞争优势，这将使它们在未来遥遥领先于竞争对手。</blockquote></p><p>American States Water</p><p><blockquote>美国各州水</blockquote></p><p>The \"rule of threes\" is critical for survival: You can survive for three minutes without air, three days without water, and three weeks without food. While Mark Twain once remarked, \"Buy land, they're not making it anymore,\" water is an even more scarce resource, and<b>American States Water</b>(NYSE:AWR)is tasked with mostly providing Southern California with clean water and electricity.</p><p><blockquote>“三法则”对生存至关重要：没有空气你可以生存三分钟，没有水你可以生存三天，没有食物你可以生存三周。虽然马克·吐温曾经说过，“买土地，他们再也买不起了”，但水是一种更加稀缺的资源，而且<b>美国各州水</b>（纽约证券交易所股票代码：AWR）的任务主要是为南加州提供清洁的水和电。</blockquote></p><p>Water generation makes up the lion's share of its business, representing over two-thirds of American States' operating revenue in 2020, but another 25% comes from providing military installations around the country with water as well, and those are under long-term, 50-year contracts. Electricity makes up the rest of its revenue.</p><p><blockquote>水力发电占其业务的最大份额，占 2020 年美国各州营业收入的三分之二以上，但另外 25% 来自为全国各地的军事设施供水，这些设施都是根据长期的、50 年的合同。电力占其收入的其余部分。</blockquote></p><p>That allows American States Water to provide significant stability to investors. While it might not generate especiallyexciting capital appreciation, it makes up for it with steady dividend growth.</p><p><blockquote>这使得美国各州能够为投资者提供显著的稳定性。虽然它可能不会产生特别令人兴奋的资本增值，但它可以通过稳定的股息增长来弥补这一点。</blockquote></p><p>The water utility has paid dividends for over 81 consecutive years and has increased the payouts each year for 66 years. That puts it among an elite group of stocks known asDividend Kings, which are companies that have raised their dividend payments for 50 years or more. The surety of its payout may be one reason you will never want to sell American States Water stock either.</p><p><blockquote>该自来水公司已连续 81 年以上支付股息，并且 66 年来每年都增加股息。这使其跻身被称为股息之王的精英股票之列，这些公司在 50 年或更长时间内提高了股息支付。其支出的保证可能是您永远不想出售美国各州水务股票的原因之一。</blockquote></p><p>Colgate-Palmolive</p><p><blockquote>高露洁棕榄</blockquote></p><p>The strength of<b>Colgate-Palmolive</b>(NYSE:CL)is found in its portfolio of name brand consumer products -- everything from its leading toothpaste and dish washing liquids to Ajax, Murphy Oil, and Tom's of Maine. These are essential consumer and household goods people naturally reach for in good times and bad.</p><p><blockquote>的力量<b>高露洁棕榄</b>（纽约证券交易所股票代码：CL）出现在其知名品牌消费品产品组合中，从领先的牙膏和洗洁精到 Ajax、Murphy Oil 和 Tom's of Maine。这些都是人们在顺境和逆境中自然会接触到的基本消费品和家庭用品。</blockquote></p><p>There's comfort in knowing a product will perform time and again, and thatlegacy extends internationally&nbsp;where Colgate derives some 70% of its revenue and where it also has leading brands in most categories.</p><p><blockquote>知道一种产品会一次又一次地表现出色是一种安慰，而且这种遗产延伸到了国际上，高露洁约70%的收入来自高露洁，并且在大多数类别中也拥有领先品牌。</blockquote></p><p>Yet many investors turn to Colgate-Palmolive because of its enviable record in paying a dividend. It made its first payout in 1895 and never stopped, and then began increasing the dividend every year beginning in 1963, meaning for nearly 60 years investors could count on a rising stream of income from the consumer products giant.</p><p><blockquote>然而，许多投资者转向高露洁棕榄，因为其令人羡慕的股息支付记录。该公司于 1895 年首次派息，并且从未停止过，然后从 1963 年开始每年增加股息，这意味着近 60 年来，投资者可以指望这家消费品巨头带来不断增长的收入流。</blockquote></p><p>A stellar track record, a solid financial base, and a global reach are just some of the reasons why Colgate is a fixture in my portfolio.</p><p><blockquote>出色的业绩记录、坚实的财务基础和全球影响力只是高露洁成为我投资组合中固定资产的部分原因。</blockquote></p><p>ExxonMobil</p><p><blockquote>埃克森美孚</blockquote></p><p>Due to innovations in the oil and gas industry and massive new fields discovered, the dire predictions of so-called \"peak oil\" have largely faded from the headlines, but the global pandemic revealed the ways in which industry majors like<b>ExxonMobil</b>(NYSE:XOM)are still vulnerable.</p><p><blockquote>由于石油和天然气行业的创新和大量新油田的发现，所谓“石油峰值”的可怕预测已基本从头条新闻中消失，但全球疫情揭示了行业巨头喜欢的方式<b>埃克森美孚</b>（纽约证券交易所股票代码：XOM）仍然脆弱。</blockquote></p><p>That it took nearly all the world's governments virtually closing down their economies to weaken the oil and gas giant, however, shows just how enduring its business really is. There may be a movement toward greener energy, but fossil fuel demand is going to be a key component of our everyday life for decades to come.</p><p><blockquote>然而，几乎世界上所有的政府都几乎关闭了经济来削弱这家石油和天然气巨头的实力，这表明它的业务实际上是多么持久。可能会有一场走向绿色能源的运动，但化石燃料需求将成为未来几十年我们日常生活的关键组成部分。</blockquote></p><p>Still, Exxon is going to be a slimmer operation than it was in years past. Cost-cutting measures rule the day in an effort to rein in the significant mountain of debt it has accumulated from its capital intensive exploration and development projects. Low oil prices caused it to shelve most initiatives for the time being, but as economies reopen and demand is reignited, higher pricing will help alleviate the concerns many hold about its ability to meet its obligations.</p><p><blockquote>尽管如此，埃克森美孚的运营规模仍将比过去几年更加精简。削减成本措施占据主导地位，以努力控制其资本密集型勘探和开发项目积累的巨额债务。低油价导致其暂时搁置了大多数举措，但随着经济重新开放和需求重新点燃，更高的定价将有助于缓解许多人对其履行义务能力的担忧。</blockquote></p><p>One of those is its dividend. Unlike other oil majors, Exxon maintained that not cutting it was an imperative. 2020 was thefirst time in 18 yearsit did not raise the payout. However, because dividends for the calendar year were higher than the prior year, the company continues to be considered aDividend Aristocratas it has been for nearly four decades.</p><p><blockquote>其中之一就是它的股息。与其他石油巨头不同，埃克森美孚坚称不削减石油是当务之急。2020 年是 18 年来 SIT 首次没有提高派息。然而，由于日历年的股息高于上一年，近四十年来，该公司继续被视为股息贵族。</blockquote></p><p>I'm betting ExxonMobil is going to be around a lot longer than most green-tinted companies that are trying to supplant it, and I plan to hang on for the long term.</p><p><blockquote>我敢打赌，埃克森美孚的存在时间将比大多数试图取代它的绿色公司长得多，我计划长期坚持下去。</blockquote></p><p>Should you invest $1,000 in Exxon Mobil Corporation right now?</p><p><blockquote>您现在应该向埃克森美孚公司投资 1,000 美元吗？</blockquote></p><p>Before you consider Exxon Mobil Corporation, you'll want to hear this.</p><p><blockquote>在您考虑埃克森美孚公司之前，您会想听听这个。</blockquote></p><p></p><p>Investing legends and Motley Fool Co-founders David and Tom Gardner just revealed what they believe are the<b>10 best stocks</b>for investors to buy right now... and Exxon Mobil Corporation wasn't one of them.</p><p><blockquote>投资传奇人物和 Motley Fool 联合创始人 David 和 Tom Gardner 刚刚透露了他们认为<b>10只最佳股票</b>投资者现在就买……埃克森美孚公司不在其中。</blockquote></p><p>The online investing service they've run for nearly two decades,<i>Motley Fool Stock Advisor</i>, has beaten the stock market by over 4X.* And right now, they think there are 10 stocks that are better buys.</p><p><blockquote>他们经营了近二十年的在线投资服务，<i>Motley Fool 股票顾问</i>已超过股市 4 倍以上。* 目前，他们认为有 10 只股票更值得购买。</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>3 Stocks I'm Never Selling<blockquote>我从不出售的 3 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Stocks I'm Never Selling<blockquote>我从不出售的 3 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The motley fool</strong><span class=\"h-time small\">2021-05-04 10:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>I've fully bought into the Warren Buffett axiom of \"the best time to sell a stock is never,\" but as we also all know, never say never. After all, even the Oracle of Omaha routinely sells stocks he owns.</p><p><blockquote>我完全相信沃伦·巴菲特的格言“出售股票的最佳时机永远不是”，但众所周知，永远不要说永远。毕竟，即使是奥马哈先知也经常出售他持有的股票。</blockquote></p><p>While breaking the day-trading mindset is obviously the goal of such pithy sayings, holding onto shares for years, decades even, is the preferred time horizon and what I'm planning to do with the stocks in my portfolio.</p><p><blockquote>虽然打破日内交易心态显然是这种简洁谚语的目标，但持有股票数年甚至数十年是首选的时间范围，也是我计划如何处理投资组合中的股票。</blockquote></p><p>However, with the three stocks below, I plan on never selling them because they have proven to be successful businesses with staying power and competitive advantages that will keep them well ahead of their rivals far into the future.</p><p><blockquote>然而，对于下面的三只股票，我打算永远不出售它们，因为它们已被证明是成功的企业，具有持久力和竞争优势，这将使它们在未来遥遥领先于竞争对手。</blockquote></p><p>American States Water</p><p><blockquote>美国各州水</blockquote></p><p>The \"rule of threes\" is critical for survival: You can survive for three minutes without air, three days without water, and three weeks without food. While Mark Twain once remarked, \"Buy land, they're not making it anymore,\" water is an even more scarce resource, and<b>American States Water</b>(NYSE:AWR)is tasked with mostly providing Southern California with clean water and electricity.</p><p><blockquote>“三法则”对生存至关重要：没有空气你可以生存三分钟，没有水你可以生存三天，没有食物你可以生存三周。虽然马克·吐温曾经说过，“买土地，他们再也买不起了”，但水是一种更加稀缺的资源，而且<b>美国各州水</b>（纽约证券交易所股票代码：AWR）的任务主要是为南加州提供清洁的水和电。</blockquote></p><p>Water generation makes up the lion's share of its business, representing over two-thirds of American States' operating revenue in 2020, but another 25% comes from providing military installations around the country with water as well, and those are under long-term, 50-year contracts. Electricity makes up the rest of its revenue.</p><p><blockquote>水力发电占其业务的最大份额，占 2020 年美国各州营业收入的三分之二以上，但另外 25% 来自为全国各地的军事设施供水，这些设施都是根据长期的、50 年的合同。电力占其收入的其余部分。</blockquote></p><p>That allows American States Water to provide significant stability to investors. While it might not generate especiallyexciting capital appreciation, it makes up for it with steady dividend growth.</p><p><blockquote>这使得美国各州能够为投资者提供显著的稳定性。虽然它可能不会产生特别令人兴奋的资本增值，但它可以通过稳定的股息增长来弥补这一点。</blockquote></p><p>The water utility has paid dividends for over 81 consecutive years and has increased the payouts each year for 66 years. That puts it among an elite group of stocks known asDividend Kings, which are companies that have raised their dividend payments for 50 years or more. The surety of its payout may be one reason you will never want to sell American States Water stock either.</p><p><blockquote>该自来水公司已连续 81 年以上支付股息，并且 66 年来每年都增加股息。这使其跻身被称为股息之王的精英股票之列，这些公司在 50 年或更长时间内提高了股息支付。其支出的保证可能是您永远不想出售美国各州水务股票的原因之一。</blockquote></p><p>Colgate-Palmolive</p><p><blockquote>高露洁棕榄</blockquote></p><p>The strength of<b>Colgate-Palmolive</b>(NYSE:CL)is found in its portfolio of name brand consumer products -- everything from its leading toothpaste and dish washing liquids to Ajax, Murphy Oil, and Tom's of Maine. These are essential consumer and household goods people naturally reach for in good times and bad.</p><p><blockquote>的力量<b>高露洁棕榄</b>（纽约证券交易所股票代码：CL）出现在其知名品牌消费品产品组合中，从领先的牙膏和洗洁精到 Ajax、Murphy Oil 和 Tom's of Maine。这些都是人们在顺境和逆境中自然会接触到的基本消费品和家庭用品。</blockquote></p><p>There's comfort in knowing a product will perform time and again, and thatlegacy extends internationally&nbsp;where Colgate derives some 70% of its revenue and where it also has leading brands in most categories.</p><p><blockquote>知道一种产品会一次又一次地表现出色是一种安慰，而且这种遗产延伸到了国际上，高露洁约70%的收入来自高露洁，并且在大多数类别中也拥有领先品牌。</blockquote></p><p>Yet many investors turn to Colgate-Palmolive because of its enviable record in paying a dividend. It made its first payout in 1895 and never stopped, and then began increasing the dividend every year beginning in 1963, meaning for nearly 60 years investors could count on a rising stream of income from the consumer products giant.</p><p><blockquote>然而，许多投资者转向高露洁棕榄，因为其令人羡慕的股息支付记录。该公司于 1895 年首次派息，并且从未停止过，然后从 1963 年开始每年增加股息，这意味着近 60 年来，投资者可以指望这家消费品巨头带来不断增长的收入流。</blockquote></p><p>A stellar track record, a solid financial base, and a global reach are just some of the reasons why Colgate is a fixture in my portfolio.</p><p><blockquote>出色的业绩记录、坚实的财务基础和全球影响力只是高露洁成为我投资组合中固定资产的部分原因。</blockquote></p><p>ExxonMobil</p><p><blockquote>埃克森美孚</blockquote></p><p>Due to innovations in the oil and gas industry and massive new fields discovered, the dire predictions of so-called \"peak oil\" have largely faded from the headlines, but the global pandemic revealed the ways in which industry majors like<b>ExxonMobil</b>(NYSE:XOM)are still vulnerable.</p><p><blockquote>由于石油和天然气行业的创新和大量新油田的发现，所谓“石油峰值”的可怕预测已基本从头条新闻中消失，但全球疫情揭示了行业巨头喜欢的方式<b>埃克森美孚</b>（纽约证券交易所股票代码：XOM）仍然脆弱。</blockquote></p><p>That it took nearly all the world's governments virtually closing down their economies to weaken the oil and gas giant, however, shows just how enduring its business really is. There may be a movement toward greener energy, but fossil fuel demand is going to be a key component of our everyday life for decades to come.</p><p><blockquote>然而，几乎世界上所有的政府都几乎关闭了经济来削弱这家石油和天然气巨头的实力，这表明它的业务实际上是多么持久。可能会有一场走向绿色能源的运动，但化石燃料需求将成为未来几十年我们日常生活的关键组成部分。</blockquote></p><p>Still, Exxon is going to be a slimmer operation than it was in years past. Cost-cutting measures rule the day in an effort to rein in the significant mountain of debt it has accumulated from its capital intensive exploration and development projects. Low oil prices caused it to shelve most initiatives for the time being, but as economies reopen and demand is reignited, higher pricing will help alleviate the concerns many hold about its ability to meet its obligations.</p><p><blockquote>尽管如此，埃克森美孚的运营规模仍将比过去几年更加精简。削减成本措施占据主导地位，以努力控制其资本密集型勘探和开发项目积累的巨额债务。低油价导致其暂时搁置了大多数举措，但随着经济重新开放和需求重新点燃，更高的定价将有助于缓解许多人对其履行义务能力的担忧。</blockquote></p><p>One of those is its dividend. Unlike other oil majors, Exxon maintained that not cutting it was an imperative. 2020 was thefirst time in 18 yearsit did not raise the payout. However, because dividends for the calendar year were higher than the prior year, the company continues to be considered aDividend Aristocratas it has been for nearly four decades.</p><p><blockquote>其中之一就是它的股息。与其他石油巨头不同，埃克森美孚坚称不削减石油是当务之急。2020 年是 18 年来 SIT 首次没有提高派息。然而，由于日历年的股息高于上一年，近四十年来，该公司继续被视为股息贵族。</blockquote></p><p>I'm betting ExxonMobil is going to be around a lot longer than most green-tinted companies that are trying to supplant it, and I plan to hang on for the long term.</p><p><blockquote>我敢打赌，埃克森美孚的存在时间将比大多数试图取代它的绿色公司长得多，我计划长期坚持下去。</blockquote></p><p>Should you invest $1,000 in Exxon Mobil Corporation right now?</p><p><blockquote>您现在应该向埃克森美孚公司投资 1,000 美元吗？</blockquote></p><p>Before you consider Exxon Mobil Corporation, you'll want to hear this.</p><p><blockquote>在您考虑埃克森美孚公司之前，您会想听听这个。</blockquote></p><p></p><p>Investing legends and Motley Fool Co-founders David and Tom Gardner just revealed what they believe are the<b>10 best stocks</b>for investors to buy right now... and Exxon Mobil Corporation wasn't one of them.</p><p><blockquote>投资传奇人物和 Motley Fool 联合创始人 David 和 Tom Gardner 刚刚透露了他们认为<b>10只最佳股票</b>投资者现在就买……埃克森美孚公司不在其中。</blockquote></p><p>The online investing service they've run for nearly two decades,<i>Motley Fool Stock Advisor</i>, has beaten the stock market by over 4X.* And right now, they think there are 10 stocks that are better buys.</p><p><blockquote>他们经营了近二十年的在线投资服务，<i>Motley Fool 股票顾问</i>已超过股市 4 倍以上。* 目前，他们认为有 10 只股票更值得购买。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/03/3-stocks-im-never-selling/\">The motley fool</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":"https://static.tigerbbs.com/78e4944908df81bfad358b07ba0dc819","relate_stocks":{"CL":"高露洁","XOM":"埃克森美孚","AWR":"美洲国家水务"},"source_url":"https://www.fool.com/investing/2021/05/03/3-stocks-im-never-selling/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103003554","content_text":"I've fully bought into the Warren Buffett axiom of \"the best time to sell a stock is never,\" but as we also all know, never say never. After all, even the Oracle of Omaha routinely sells stocks he owns.While breaking the day-trading mindset is obviously the goal of such pithy sayings, holding onto shares for years, decades even, is the preferred time horizon and what I'm planning to do with the stocks in my portfolio.However, with the three stocks below, I plan on never selling them because they have proven to be successful businesses with staying power and competitive advantages that will keep them well ahead of their rivals far into the future.American States WaterThe \"rule of threes\" is critical for survival: You can survive for three minutes without air, three days without water, and three weeks without food. While Mark Twain once remarked, \"Buy land, they're not making it anymore,\" water is an even more scarce resource, andAmerican States Water(NYSE:AWR)is tasked with mostly providing Southern California with clean water and electricity.Water generation makes up the lion's share of its business, representing over two-thirds of American States' operating revenue in 2020, but another 25% comes from providing military installations around the country with water as well, and those are under long-term, 50-year contracts. Electricity makes up the rest of its revenue.That allows American States Water to provide significant stability to investors. While it might not generate especiallyexciting capital appreciation, it makes up for it with steady dividend growth.The water utility has paid dividends for over 81 consecutive years and has increased the payouts each year for 66 years. That puts it among an elite group of stocks known asDividend Kings, which are companies that have raised their dividend payments for 50 years or more. The surety of its payout may be one reason you will never want to sell American States Water stock either.Colgate-PalmoliveThe strength ofColgate-Palmolive(NYSE:CL)is found in its portfolio of name brand consumer products -- everything from its leading toothpaste and dish washing liquids to Ajax, Murphy Oil, and Tom's of Maine. These are essential consumer and household goods people naturally reach for in good times and bad.There's comfort in knowing a product will perform time and again, and thatlegacy extends internationally where Colgate derives some 70% of its revenue and where it also has leading brands in most categories.Yet many investors turn to Colgate-Palmolive because of its enviable record in paying a dividend. It made its first payout in 1895 and never stopped, and then began increasing the dividend every year beginning in 1963, meaning for nearly 60 years investors could count on a rising stream of income from the consumer products giant.A stellar track record, a solid financial base, and a global reach are just some of the reasons why Colgate is a fixture in my portfolio.ExxonMobilDue to innovations in the oil and gas industry and massive new fields discovered, the dire predictions of so-called \"peak oil\" have largely faded from the headlines, but the global pandemic revealed the ways in which industry majors likeExxonMobil(NYSE:XOM)are still vulnerable.That it took nearly all the world's governments virtually closing down their economies to weaken the oil and gas giant, however, shows just how enduring its business really is. There may be a movement toward greener energy, but fossil fuel demand is going to be a key component of our everyday life for decades to come.Still, Exxon is going to be a slimmer operation than it was in years past. Cost-cutting measures rule the day in an effort to rein in the significant mountain of debt it has accumulated from its capital intensive exploration and development projects. Low oil prices caused it to shelve most initiatives for the time being, but as economies reopen and demand is reignited, higher pricing will help alleviate the concerns many hold about its ability to meet its obligations.One of those is its dividend. Unlike other oil majors, Exxon maintained that not cutting it was an imperative. 2020 was thefirst time in 18 yearsit did not raise the payout. However, because dividends for the calendar year were higher than the prior year, the company continues to be considered aDividend Aristocratas it has been for nearly four decades.I'm betting ExxonMobil is going to be around a lot longer than most green-tinted companies that are trying to supplant it, and I plan to hang on for the long term.Should you invest $1,000 in Exxon Mobil Corporation right now?Before you consider Exxon Mobil Corporation, you'll want to hear this.Investing legends and Motley Fool Co-founders David and Tom Gardner just revealed what they believe are the10 best stocksfor investors to buy right now... and Exxon Mobil Corporation wasn't one of them.The online investing service they've run for nearly two decades,Motley Fool Stock Advisor, has beaten the stock market by over 4X.* And right now, they think there are 10 stocks that are better buys.","news_type":1,"symbols_score_info":{"CL":0.9,"AWR":0.9,"XOM":0.9}},"isVote":1,"tweetType":1,"viewCount":795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106608919,"gmtCreate":1620106745331,"gmtModify":1634207748610,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Like and comment please!","listText":"Like and comment please!","text":"Like and comment please!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/106608919","repostId":"1147234999","repostType":4,"isVote":1,"tweetType":1,"viewCount":1070,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108789630,"gmtCreate":1620054597220,"gmtModify":1631886621309,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Uranium is super bullish!","listText":"Uranium is super bullish!","text":"Uranium is super bullish!","images":[{"img":"https://static.tigerbbs.com/c35a3c70b6a2c29af9270cea3b00515c","width":"750","height":"1727"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/108789630","isVote":1,"tweetType":1,"viewCount":799,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":108780277,"gmtCreate":1620054537799,"gmtModify":1634208177693,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Pls comment and like! Thanks in advance!","listText":"Pls comment and like! Thanks in advance!","text":"Pls comment and like! Thanks in advance!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/108780277","repostId":"1194616315","repostType":4,"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108780190,"gmtCreate":1620054511310,"gmtModify":1634208178055,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Pls comment!","listText":"Pls comment!","text":"Pls comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/108780190","repostId":"1135819410","repostType":4,"repost":{"id":"1135819410","kind":"news","pubTimestamp":1619999342,"share":"https://www.laohunote.com/m/news/1135819410?lang=zh_CN&edition=full","pubTime":"2021-05-03 07:49","market":"us","language":"en","title":"Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、维亚康姆哥伦比亚广播公司、通用汽车等投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135819410","media":"Barrons","summary":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their fi","content":"<p>It’s another packed week of earnings reports, with 130 S&amp;P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday:&nbsp;Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.</p><p><blockquote>又是财报密集的一周，标普500有 130 家公司即将发布第一季度业绩。雅诗兰黛是周一的亮点之一，周二的情况有所好转： 动视暴雪、CVS Health、杜邦、辉瑞和 T-Mobile US 均有报道。</blockquote></p><p>On Wednesday,&nbsp;Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings.&nbsp;Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on&nbsp;Friday.</p><p><blockquote>周三，巴里克黄金公司、Booking Holdings、通用汽车、PayPal控股公司和优步科技公司发布财报。百威英博、Moderna、再生元制药、Square和维亚康姆哥伦比亚广播公司将于周四上市。最后，信诺将于周五结束本周。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e1a866fbe5118566e68842053d76e2b9\" tg-width=\"1382\" tg-height=\"750\"></p><p><blockquote></blockquote></p><p>On the economic calendar this week, the&nbsp;main event will jobs Friday.&nbsp;The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.</p><p><blockquote>在本周的经济日历上，主要事件将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预测，4月份非农就业人数将增加97.5万人，失业率为5.8%，低于一个月前的6%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its&nbsp;Services equivalent on Wednesday.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会 (Institute for Supply Management) 4 月份制造业采购经理人指数和周三公布的服务业指数。</blockquote></p><p>Enterprise Products Partners&nbsp;and Estée Lauder release earnings.</p><p><blockquote>企业产品合作伙伴和雅诗兰黛发布收益。</blockquote></p><p>Merck and&nbsp;Public Storage&nbsp;hold virtual investor days.</p><p><blockquote>默克和公共存储举办虚拟投资者日。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.</p><p><blockquote><b>人口普查局</b>报告三月份建筑支出数据。普遍估计，经季节性调整后的年增长率为 1.53 万亿美元，建筑支出环比增长 0.6%。</blockquote></p><p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.</p><p><blockquote><b>供应研究所</b>管理层发布4月份制造业采购经理人指数。经济学家预测读数为65，与3月份的数字大致持平。3月份的读数是该指数自1983年12月以来的最高水平。</blockquote></p><p><b>Tuesday 5/4</b></p><p><blockquote><b>星期二 5/4</b></blockquote></p><p>Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.</p><p><blockquote>动视暴雪、康菲石油公司、康明斯、CVS Health、Dominion Energy、杜邦、伊顿、辉瑞、思科和 T-Mobile US 报告季度业绩。</blockquote></p><p>Eli Lilly&nbsp;holds a conference call to discuss its sustainability initiatives.</p><p><blockquote>礼来公司召开电话会议讨论其可持续发展举措。</blockquote></p><p>Union Pacific&nbsp;holds its 2021 virtual investor day.</p><p><blockquote>联合太平洋举办 2021 年虚拟投资者日。</blockquote></p><p><b>Wednesday 5/5</b></p><p><blockquote><b>星期三 5/5</b></blockquote></p><p>Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.</p><p><blockquote>Barrick Gold、Booking Holdings、博格华纳、艾默生电气、通用汽车、希尔顿全球控股公司、诺和诺德、PayPal Holdings 和 Uber Technologies 发布财报。</blockquote></p><p><b>ADP releases</b>&nbsp;its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.</p><p><blockquote><b>ADP释放</b>其4月份的全国就业报告。继 3 月份增加 517,000 个就业岗位后，预计私营部门就业岗位将增加 762,500 个。</blockquote></p><p><b>ISM releases</b>&nbsp;its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.</p><p><blockquote><b>ISM版本</b>其4月份服务业采购经理人指数。普遍看涨期权为 64.6，比 3 月份的数据高出一个档次。三月份的读数是该指数的历史新高。</blockquote></p><p><b>Thursday 5/6</b></p><p><blockquote><b>星期四 5/6</b></blockquote></p><p>Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and&nbsp;Zoetishold conference calls to discuss quarterly results.</p><p><blockquote>百威英博、Becton Dickinson、Expedia Group、富达国家信息服务、家乐氏、林德、大都会人寿、Moderna、再生元制药、Square、ViacomCBS 和 Zoetis 在评级举行会议讨论季度业绩。</blockquote></p><p><b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.</p><p><blockquote><b>劳工部</b>报告截至 5 月 1 日当周的首次申请失业救济人数。4月份首次申请失业救济人数平均每周为611,750人，处于去年3月以来的最低水平。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.</p><p><blockquote><b>劳工局</b>统计数据报告了第一季度的劳动力成本和生产率。预计经季节性调整后的生产率年增长率为 2.2%，而 2020 年第四季度为下降 4.2%。单位劳动力成本在此前上涨 6% 后下降 0.4%。</blockquote></p><p><b>Friday 5/7</b></p><p><blockquote><b>5/7星期五</b></blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.</p><p><blockquote><b>劳工局</b>统计局发布了4月份的就业报告。经济学家预测非农就业人数将增加97.5万人。失业率预计将从6%小幅降至5.8%。</blockquote></p><p>Cigna and&nbsp;<b>Liberty Media</b>&nbsp;report earnings.</p><p><blockquote>信诺和<b>自由媒体</b>报告收益。</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>Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、维亚康姆哥伦比亚广播公司、通用汽车等投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、维亚康姆哥伦比亚广播公司、通用汽车等投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-03 07:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s another packed week of earnings reports, with 130 S&amp;P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday:&nbsp;Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.</p><p><blockquote>又是财报密集的一周，标普500有 130 家公司即将发布第一季度业绩。雅诗兰黛是周一的亮点之一，周二的情况有所好转： 动视暴雪、CVS Health、杜邦、辉瑞和 T-Mobile US 均有报道。</blockquote></p><p>On Wednesday,&nbsp;Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings.&nbsp;Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on&nbsp;Friday.</p><p><blockquote>周三，巴里克黄金公司、Booking Holdings、通用汽车、PayPal控股公司和优步科技公司发布财报。百威英博、Moderna、再生元制药、Square和维亚康姆哥伦比亚广播公司将于周四上市。最后，信诺将于周五结束本周。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e1a866fbe5118566e68842053d76e2b9\" tg-width=\"1382\" tg-height=\"750\"></p><p><blockquote></blockquote></p><p>On the economic calendar this week, the&nbsp;main event will jobs Friday.&nbsp;The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.</p><p><blockquote>在本周的经济日历上，主要事件将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预测，4月份非农就业人数将增加97.5万人，失业率为5.8%，低于一个月前的6%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its&nbsp;Services equivalent on Wednesday.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会 (Institute for Supply Management) 4 月份制造业采购经理人指数和周三公布的服务业指数。</blockquote></p><p>Enterprise Products Partners&nbsp;and Estée Lauder release earnings.</p><p><blockquote>企业产品合作伙伴和雅诗兰黛发布收益。</blockquote></p><p>Merck and&nbsp;Public Storage&nbsp;hold virtual investor days.</p><p><blockquote>默克和公共存储举办虚拟投资者日。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.</p><p><blockquote><b>人口普查局</b>报告三月份建筑支出数据。普遍估计，经季节性调整后的年增长率为 1.53 万亿美元，建筑支出环比增长 0.6%。</blockquote></p><p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.</p><p><blockquote><b>供应研究所</b>管理层发布4月份制造业采购经理人指数。经济学家预测读数为65，与3月份的数字大致持平。3月份的读数是该指数自1983年12月以来的最高水平。</blockquote></p><p><b>Tuesday 5/4</b></p><p><blockquote><b>星期二 5/4</b></blockquote></p><p>Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.</p><p><blockquote>动视暴雪、康菲石油公司、康明斯、CVS Health、Dominion Energy、杜邦、伊顿、辉瑞、思科和 T-Mobile US 报告季度业绩。</blockquote></p><p>Eli Lilly&nbsp;holds a conference call to discuss its sustainability initiatives.</p><p><blockquote>礼来公司召开电话会议讨论其可持续发展举措。</blockquote></p><p>Union Pacific&nbsp;holds its 2021 virtual investor day.</p><p><blockquote>联合太平洋举办 2021 年虚拟投资者日。</blockquote></p><p><b>Wednesday 5/5</b></p><p><blockquote><b>星期三 5/5</b></blockquote></p><p>Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.</p><p><blockquote>Barrick Gold、Booking Holdings、博格华纳、艾默生电气、通用汽车、希尔顿全球控股公司、诺和诺德、PayPal Holdings 和 Uber Technologies 发布财报。</blockquote></p><p><b>ADP releases</b>&nbsp;its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.</p><p><blockquote><b>ADP释放</b>其4月份的全国就业报告。继 3 月份增加 517,000 个就业岗位后，预计私营部门就业岗位将增加 762,500 个。</blockquote></p><p><b>ISM releases</b>&nbsp;its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.</p><p><blockquote><b>ISM版本</b>其4月份服务业采购经理人指数。普遍看涨期权为 64.6，比 3 月份的数据高出一个档次。三月份的读数是该指数的历史新高。</blockquote></p><p><b>Thursday 5/6</b></p><p><blockquote><b>星期四 5/6</b></blockquote></p><p>Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and&nbsp;Zoetishold conference calls to discuss quarterly results.</p><p><blockquote>百威英博、Becton Dickinson、Expedia Group、富达国家信息服务、家乐氏、林德、大都会人寿、Moderna、再生元制药、Square、ViacomCBS 和 Zoetis 在评级举行会议讨论季度业绩。</blockquote></p><p><b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.</p><p><blockquote><b>劳工部</b>报告截至 5 月 1 日当周的首次申请失业救济人数。4月份首次申请失业救济人数平均每周为611,750人，处于去年3月以来的最低水平。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.</p><p><blockquote><b>劳工局</b>统计数据报告了第一季度的劳动力成本和生产率。预计经季节性调整后的生产率年增长率为 2.2%，而 2020 年第四季度为下降 4.2%。单位劳动力成本在此前上涨 6% 后下降 0.4%。</blockquote></p><p><b>Friday 5/7</b></p><p><blockquote><b>5/7星期五</b></blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.</p><p><blockquote><b>劳工局</b>统计局发布了4月份的就业报告。经济学家预测非农就业人数将增加97.5万人。失业率预计将从6%小幅降至5.8%。</blockquote></p><p>Cigna and&nbsp;<b>Liberty Media</b>&nbsp;report earnings.</p><p><blockquote>信诺和<b>自由媒体</b>报告收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","PYPL":"PayPal","TMUS":"T-Mobile US Inc","GM":"通用汽车",".SPX":"S&P 500 Index","UBER":"优步","PFE":"辉瑞",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135819410","content_text":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday: Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.On Wednesday, Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings. Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on Friday.On the economic calendar this week, the main event will jobs Friday. The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its Services equivalent on Wednesday.Enterprise Products Partners and Estée Lauder release earnings.Merck and Public Storage hold virtual investor days.The Census Bureau reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.The Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.Tuesday 5/4Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.Eli Lilly holds a conference call to discuss its sustainability initiatives.Union Pacific holds its 2021 virtual investor day.Wednesday 5/5Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.ADP releases its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.ISM releases its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.Thursday 5/6Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and Zoetishold conference calls to discuss quarterly results.The Department of Labor reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.The Bureau of Labor Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.Friday 5/7The Bureau of Labor Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.Cigna and Liberty Media report earnings.","news_type":1,"symbols_score_info":{".IXIC":0.9,"PFE":0.9,"TMUS":0.9,"PYPL":0.9,".SPX":0.9,".DJI":0.9,"VIACP":0.9,"UBER":0.9,"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":1075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108515407,"gmtCreate":1620040545709,"gmtModify":1634208324131,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Stocks heavily reliant on chips will likely suffer selldowns in coming earnings due to shortages:- Unable to meet demand due to supply pressures- lower forward guidances due to ⬆️ uncertainty- delays in rolling out new products (affects forward rev)","listText":"Stocks heavily reliant on chips will likely suffer selldowns in coming earnings due to shortages:- Unable to meet demand due to supply pressures- lower forward guidances due to ⬆️ uncertainty- delays in rolling out new products (affects forward rev)","text":"Stocks heavily reliant on chips will likely suffer selldowns in coming earnings due to shortages:- Unable to meet demand due to supply pressures- lower forward guidances due to ⬆️ uncertainty- delays in rolling out new products (affects forward rev)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/108515407","repostId":"2132359636","repostType":4,"isVote":1,"tweetType":1,"viewCount":1177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103093018,"gmtCreate":1619737588934,"gmtModify":1634210388808,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Watch $IPA&nbsp;","listText":"Watch $IPA&nbsp;","text":"Watch $IPA","images":[{"img":"https://static.tigerbbs.com/38f5894c4a70fd60fbf7891f08ed6a5d","width":"750","height":"1677"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103093018","isVote":1,"tweetType":1,"viewCount":1001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":103007839,"gmtCreate":1619737471121,"gmtModify":1631885931892,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMRS\">$Amyris(AMRS)$</a>sell down today hurts!","listText":"<a href=\"https://laohu8.com/S/AMRS\">$Amyris(AMRS)$</a>sell down today hurts!","text":"$Amyris(AMRS)$sell down today hurts!","images":[{"img":"https://static.tigerbbs.com/4f8ddce2822b6d0839660477be591b87","width":"750","height":"1068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/103007839","isVote":1,"tweetType":1,"viewCount":1131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":102275144,"gmtCreate":1620221847988,"gmtModify":1634206885479,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Pls like and commment!","listText":"Pls like and commment!","text":"Pls like and commment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/102275144","repostId":"1115203133","repostType":4,"repost":{"id":"1115203133","kind":"news","pubTimestamp":1620178775,"share":"https://www.laohunote.com/m/news/1115203133?lang=zh_CN&edition=full","pubTime":"2021-05-05 09:39","market":"us","language":"en","title":"Why is dogecoin’s price spiking? The crypto has surged 11,000% in 2021<blockquote>狗狗币的价格为何飙升？2021 年加密货币飙升 11,000%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115203133","media":"Market Wacth","summary":"Every dog has its day…but a whole year?Indeed, dogecoin, the meme cryptocurrency linked to an image ","content":"<p>Every dog has its day…but a whole year?</p><p><blockquote>每只狗都有它的一天…但是一整年呢？</blockquote></p><p>Indeed, dogecoin, the meme cryptocurrency linked to an image of a Shiba Inu dog, has been enjoying one of the best years for cryptocurrency in recent memory, boasting year-to-date gains of more than 11,000% and putting it in the top 10 of the most highly valued digital assets this year.</p><p><blockquote>事实上，狗狗币（dogecoin）是一种与柴犬狗图像相关的迷因加密货币，它正在享受近年来加密货币最好的一年之一，今年迄今为止的涨幅超过11,000%，并跻身今年最有价值的十大数字资产之列。</blockquote></p><p>At last check, dogecoinDOGEUSD,+8.26%was changing hands at 54 cents, up more than 23% in the past 24 hours and up around 11,210% so far in 2021, according to CoinDesk.</p><p><blockquote>根据 CoinDesk 的数据，在上次检查时，dogecoinDOGEUSD,+8.26% 的易手价格为 54 美分，在过去 24 小时内上涨超过 23%，2021 年迄今为止上涨了约 11,210%。</blockquote></p><p>That parabolic rise is drawing both applause and apprehension as its supporters aim to drive the parody coin to a value near $1, with critics warning that the asset bears all the hallmarks of an asset bubble that is bound to pop and leave carnage in its wake.</p><p><blockquote>这种抛物线般的上涨吸引了掌声和担忧，因为其支持者的目标是将模仿硬币的价值推至接近 1 美元，批评者警告说，这种资产具有资产泡沫的所有特征，注定会破裂并留下大屠杀。</blockquote></p><p>Only, don’t tell that to those cheerleading the crypto, or risk being met with this common refrain: “enjoy being poor.”<img src=\"https://static.tigerbbs.com/7c7201d3eb982c0d5d636bf8ff4a1ca7\" tg-width=\"505\" tg-height=\"367\" referrerpolicy=\"no-referrer\">So why is dogecoin, pronounced “dōj-coin,”&nbsp;on such a monumental tear that has outstripped crypto considered more serious representatives of the age of digital assets and blockchain? Here are a few reasons:</p><p><blockquote>只是，不要把这句话告诉那些为加密货币欢呼的人，否则可能会听到这句常见的话： “享受贫穷吧”。那么，为什么发音为 “dōj-coin ”的狗狗币会遭受如此巨大的冲击，甚至超过了被认为是数字资产和区块链时代更严肃的代表的加密货币呢？以下是几个原因：</blockquote></p><p>Its biggest booster set to guest host ‘SNL’</p><p><blockquote>其最大的助推器将是嘉宾主持《周六夜现场》</blockquote></p><p>Elon Musk, CEO of Tesla Inc. and SpaceX, will host “Saturday Night Live” this weekend, which has already drawn&nbsp;cheers and jeers&nbsp;for the technologist. He has become one of the most prominent and vocal champions of dogecoin this year and some speculate that he could do something to promote doge.</p><p><blockquote>特斯拉公司和 SpaceX 的首席执行官埃隆-马斯克（Elon Musk）将于本周末主持《周六夜现场》（Saturday Night Live），该节目已经为这位技术专家赢得了欢呼和嘲笑。他已经成为今年狗狗币最突出、最直言不讳的冠军之一，一些人猜测他可以做些什么来推广doge。</blockquote></p><p>Musk did refer to himself as the “dogefather” in one recent tweet ahead of his “Saturday Night Live” gig.</p><p><blockquote>在《周六夜现场》演出之前，马斯克在最近的一条推特上确实称自己为 “狗爹”。</blockquote></p><p><img src=\"https://static.tigerbbs.com/54a1a1602240507ad985c5efcb2571f5\" tg-width=\"501\" tg-height=\"177\" referrerpolicy=\"no-referrer\">Brokerages trade dogecoin</p><p><blockquote>经纪商交易狗狗币</blockquote></p><p>A number of new venues have announced that they will trade dogecoin on their exchanges in recent days and weeks.</p><p><blockquote>一些新的场所已经宣布，他们将在最近几天和几周内在他们的交易所交易狗狗币。</blockquote></p><p>Crypto exchange Geminion Tuesdayannounced trading and custody support for the coin. Trading platform&nbsp;eToro also made dogecoin&nbsp;available for trading on its platform.Webullallowed its users to purchase dogecoin back on April 20.</p><p><blockquote>加密货币交易所 Geminion 周二宣布支持该硬币的交易和托管。交易平台 eToro 也允许狗狗币在其平台上进行交易。webull 于 4 月 20 日允许其用户购买狗狗币。</blockquote></p><p>FOMO</p><p><blockquote>福莫</blockquote></p><p>Fear of missing out also is said to be behind the surge. Some crypto participants speculate that the rise in dogecoin is being supported by retail traders who see the parody coin as more accessible investment (or trade) than, say, bitcoinBTCUSD,-0.16%,which was changing hands at $54,000, at last check on CoinDesk.</p><p><blockquote>据说，对错过的恐惧也是激增的背后原因。一些加密货币参与者推测，dogecoin 的上涨得到了零售交易者的支持，他们认为这种模仿币比 bitcoinBTCUSD（-0.16%）更容易获得投资（或交易），bitcoinBTCUSD 在最后一次检查时以 54,000 美元易手CoinDesk。</blockquote></p><p>“Dogecoin&nbsp;is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live,’” wrote Edward Moya, senior market analyst at Oanda, in a daily note.</p><p><blockquote>“Oanda 高级市场分析师爱德华-莫亚（Edward Moya）在每日报告中写道：”狗狗币之所以飙升，是因为许多加密货币交易者不想错过埃隆-马斯克（Elon Musk）主持《周六夜现场》（Saturday Night Live）节目所带来的任何热点。</blockquote></p><p>Gains in traditional assets also might seem more pedestrian. By comparison, gold futuresGC00,0.17%are down 6% so far this year, the Dow Jones Industrial AverageDJIA,+0.06%and the S&amp;P 500 indexSPX,-0.67%are up by at least 10% in 2021, while the Nasdaq Composite IndexCOMP,-1.88%has gained over 5%.</p><p><blockquote>传统资产的收益似乎也更加平淡无奇。相比之下，黄金期货GC00,0.17%今年迄今已下跌6%，道琼斯工业平均指数JIA,+0.06%和标普500指数SPX,-0.67%在2021年至少上涨10%，而纳斯达克综合指数COMP,-1.88%涨幅超过5%。</blockquote></p><p>Accessibility</p><p><blockquote>可访问性</blockquote></p><p>Konstantin Boyko-Romanovsky, CEO of&nbsp;Allnodes, via an emailed message, said he viewed support from Musk and fellow billionaire Mark Cuban as central to the bull thesis for dogecoin, but also said that some may perceive the crypto as more accessible compared against bitcoin, which hit a recent peak above $60,000 before cooling.</p><p><blockquote>Allnodes 首席执行官康斯坦丁·博伊科-罗曼诺夫斯基 (Konstantin Boyko-Romanovsky) 通过电子邮件表示，他认为马斯克和亿万富翁马克·库班 (Mark Cuban) 的支持是狗狗币牛市论点的核心，但他也表示，有些人可能认为与比特币相比，这种加密货币更容易获得，最近在降温前达到了 6 万美元以上的峰值。</blockquote></p><p>“It appeals more to the general public because it costs so little. $60,000 for a single bitcoin may be intimidating to some. In a way, doge then is more like a USD but in a digital form,” he wrote.</p><p><blockquote>“它对普通大众更有吸引力，因为它的成本非常低。一个比特币 6 万美元可能会让一些人望而生畏。在某种程度上，doge 更像是美元，但却是数字形式，”他写道。</blockquote></p><p>Bubbles &amp; manias</p><p><blockquote>泡沫与狂热</blockquote></p><p>Moya wrote that the dogecoin bubble should have “popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.”</p><p><blockquote>莫亚写道，狗狗币泡沫 “现在应该已经破裂了，但机构兴趣正试图利用这一势头，这可能会支撑狗狗币再次走高”。</blockquote></p><p>Many skeptics warn that dogecoin could leave a lot of newbie investors hemorrhaging losses if they wade into the asset imprudently.</p><p><blockquote>许多怀疑论者警告说，如果狗狗币不谨慎地涉足该资产，可能会让许多新手投资者蒙受损失。</blockquote></p><p></p>","source":"lsy1604288433698","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 is dogecoin’s price spiking? The crypto has surged 11,000% in 2021<blockquote>狗狗币的价格为何飙升？2021 年加密货币飙升 11,000%</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 is dogecoin’s price spiking? The crypto has surged 11,000% in 2021<blockquote>狗狗币的价格为何飙升？2021 年加密货币飙升 11,000%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-05-05 09:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Every dog has its day…but a whole year?</p><p><blockquote>每只狗都有它的一天…但是一整年呢？</blockquote></p><p>Indeed, dogecoin, the meme cryptocurrency linked to an image of a Shiba Inu dog, has been enjoying one of the best years for cryptocurrency in recent memory, boasting year-to-date gains of more than 11,000% and putting it in the top 10 of the most highly valued digital assets this year.</p><p><blockquote>事实上，狗狗币（dogecoin）是一种与柴犬狗图像相关的迷因加密货币，它正在享受近年来加密货币最好的一年之一，今年迄今为止的涨幅超过11,000%，并跻身今年最有价值的十大数字资产之列。</blockquote></p><p>At last check, dogecoinDOGEUSD,+8.26%was changing hands at 54 cents, up more than 23% in the past 24 hours and up around 11,210% so far in 2021, according to CoinDesk.</p><p><blockquote>根据 CoinDesk 的数据，在上次检查时，dogecoinDOGEUSD,+8.26% 的易手价格为 54 美分，在过去 24 小时内上涨超过 23%，2021 年迄今为止上涨了约 11,210%。</blockquote></p><p>That parabolic rise is drawing both applause and apprehension as its supporters aim to drive the parody coin to a value near $1, with critics warning that the asset bears all the hallmarks of an asset bubble that is bound to pop and leave carnage in its wake.</p><p><blockquote>这种抛物线般的上涨吸引了掌声和担忧，因为其支持者的目标是将模仿硬币的价值推至接近 1 美元，批评者警告说，这种资产具有资产泡沫的所有特征，注定会破裂并留下大屠杀。</blockquote></p><p>Only, don’t tell that to those cheerleading the crypto, or risk being met with this common refrain: “enjoy being poor.”<img src=\"https://static.tigerbbs.com/7c7201d3eb982c0d5d636bf8ff4a1ca7\" tg-width=\"505\" tg-height=\"367\" referrerpolicy=\"no-referrer\">So why is dogecoin, pronounced “dōj-coin,”&nbsp;on such a monumental tear that has outstripped crypto considered more serious representatives of the age of digital assets and blockchain? Here are a few reasons:</p><p><blockquote>只是，不要把这句话告诉那些为加密货币欢呼的人，否则可能会听到这句常见的话： “享受贫穷吧”。那么，为什么发音为 “dōj-coin ”的狗狗币会遭受如此巨大的冲击，甚至超过了被认为是数字资产和区块链时代更严肃的代表的加密货币呢？以下是几个原因：</blockquote></p><p>Its biggest booster set to guest host ‘SNL’</p><p><blockquote>其最大的助推器将是嘉宾主持《周六夜现场》</blockquote></p><p>Elon Musk, CEO of Tesla Inc. and SpaceX, will host “Saturday Night Live” this weekend, which has already drawn&nbsp;cheers and jeers&nbsp;for the technologist. He has become one of the most prominent and vocal champions of dogecoin this year and some speculate that he could do something to promote doge.</p><p><blockquote>特斯拉公司和 SpaceX 的首席执行官埃隆-马斯克（Elon Musk）将于本周末主持《周六夜现场》（Saturday Night Live），该节目已经为这位技术专家赢得了欢呼和嘲笑。他已经成为今年狗狗币最突出、最直言不讳的冠军之一，一些人猜测他可以做些什么来推广doge。</blockquote></p><p>Musk did refer to himself as the “dogefather” in one recent tweet ahead of his “Saturday Night Live” gig.</p><p><blockquote>在《周六夜现场》演出之前，马斯克在最近的一条推特上确实称自己为 “狗爹”。</blockquote></p><p><img src=\"https://static.tigerbbs.com/54a1a1602240507ad985c5efcb2571f5\" tg-width=\"501\" tg-height=\"177\" referrerpolicy=\"no-referrer\">Brokerages trade dogecoin</p><p><blockquote>经纪商交易狗狗币</blockquote></p><p>A number of new venues have announced that they will trade dogecoin on their exchanges in recent days and weeks.</p><p><blockquote>一些新的场所已经宣布，他们将在最近几天和几周内在他们的交易所交易狗狗币。</blockquote></p><p>Crypto exchange Geminion Tuesdayannounced trading and custody support for the coin. Trading platform&nbsp;eToro also made dogecoin&nbsp;available for trading on its platform.Webullallowed its users to purchase dogecoin back on April 20.</p><p><blockquote>加密货币交易所 Geminion 周二宣布支持该硬币的交易和托管。交易平台 eToro 也允许狗狗币在其平台上进行交易。webull 于 4 月 20 日允许其用户购买狗狗币。</blockquote></p><p>FOMO</p><p><blockquote>福莫</blockquote></p><p>Fear of missing out also is said to be behind the surge. Some crypto participants speculate that the rise in dogecoin is being supported by retail traders who see the parody coin as more accessible investment (or trade) than, say, bitcoinBTCUSD,-0.16%,which was changing hands at $54,000, at last check on CoinDesk.</p><p><blockquote>据说，对错过的恐惧也是激增的背后原因。一些加密货币参与者推测，dogecoin 的上涨得到了零售交易者的支持，他们认为这种模仿币比 bitcoinBTCUSD（-0.16%）更容易获得投资（或交易），bitcoinBTCUSD 在最后一次检查时以 54,000 美元易手CoinDesk。</blockquote></p><p>“Dogecoin&nbsp;is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live,’” wrote Edward Moya, senior market analyst at Oanda, in a daily note.</p><p><blockquote>“Oanda 高级市场分析师爱德华-莫亚（Edward Moya）在每日报告中写道：”狗狗币之所以飙升，是因为许多加密货币交易者不想错过埃隆-马斯克（Elon Musk）主持《周六夜现场》（Saturday Night Live）节目所带来的任何热点。</blockquote></p><p>Gains in traditional assets also might seem more pedestrian. By comparison, gold futuresGC00,0.17%are down 6% so far this year, the Dow Jones Industrial AverageDJIA,+0.06%and the S&amp;P 500 indexSPX,-0.67%are up by at least 10% in 2021, while the Nasdaq Composite IndexCOMP,-1.88%has gained over 5%.</p><p><blockquote>传统资产的收益似乎也更加平淡无奇。相比之下，黄金期货GC00,0.17%今年迄今已下跌6%，道琼斯工业平均指数JIA,+0.06%和标普500指数SPX,-0.67%在2021年至少上涨10%，而纳斯达克综合指数COMP,-1.88%涨幅超过5%。</blockquote></p><p>Accessibility</p><p><blockquote>可访问性</blockquote></p><p>Konstantin Boyko-Romanovsky, CEO of&nbsp;Allnodes, via an emailed message, said he viewed support from Musk and fellow billionaire Mark Cuban as central to the bull thesis for dogecoin, but also said that some may perceive the crypto as more accessible compared against bitcoin, which hit a recent peak above $60,000 before cooling.</p><p><blockquote>Allnodes 首席执行官康斯坦丁·博伊科-罗曼诺夫斯基 (Konstantin Boyko-Romanovsky) 通过电子邮件表示，他认为马斯克和亿万富翁马克·库班 (Mark Cuban) 的支持是狗狗币牛市论点的核心，但他也表示，有些人可能认为与比特币相比，这种加密货币更容易获得，最近在降温前达到了 6 万美元以上的峰值。</blockquote></p><p>“It appeals more to the general public because it costs so little. $60,000 for a single bitcoin may be intimidating to some. In a way, doge then is more like a USD but in a digital form,” he wrote.</p><p><blockquote>“它对普通大众更有吸引力，因为它的成本非常低。一个比特币 6 万美元可能会让一些人望而生畏。在某种程度上，doge 更像是美元，但却是数字形式，”他写道。</blockquote></p><p>Bubbles &amp; manias</p><p><blockquote>泡沫与狂热</blockquote></p><p>Moya wrote that the dogecoin bubble should have “popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.”</p><p><blockquote>莫亚写道，狗狗币泡沫 “现在应该已经破裂了，但机构兴趣正试图利用这一势头，这可能会支撑狗狗币再次走高”。</blockquote></p><p>Many skeptics warn that dogecoin could leave a lot of newbie investors hemorrhaging losses if they wade into the asset imprudently.</p><p><blockquote>许多怀疑论者警告说，如果狗狗币不谨慎地涉足该资产，可能会让许多新手投资者蒙受损失。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-is-dogecoins-price-spiking-the-crypto-has-surged-11-000-in-2021-11620151738?mod=home-page\">Market Wacth</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/why-is-dogecoins-price-spiking-the-crypto-has-surged-11-000-in-2021-11620151738?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115203133","content_text":"Every dog has its day…but a whole year?Indeed, dogecoin, the meme cryptocurrency linked to an image of a Shiba Inu dog, has been enjoying one of the best years for cryptocurrency in recent memory, boasting year-to-date gains of more than 11,000% and putting it in the top 10 of the most highly valued digital assets this year.At last check, dogecoinDOGEUSD,+8.26%was changing hands at 54 cents, up more than 23% in the past 24 hours and up around 11,210% so far in 2021, according to CoinDesk.That parabolic rise is drawing both applause and apprehension as its supporters aim to drive the parody coin to a value near $1, with critics warning that the asset bears all the hallmarks of an asset bubble that is bound to pop and leave carnage in its wake.Only, don’t tell that to those cheerleading the crypto, or risk being met with this common refrain: “enjoy being poor.”So why is dogecoin, pronounced “dōj-coin,” on such a monumental tear that has outstripped crypto considered more serious representatives of the age of digital assets and blockchain? Here are a few reasons:Its biggest booster set to guest host ‘SNL’Elon Musk, CEO of Tesla Inc. and SpaceX, will host “Saturday Night Live” this weekend, which has already drawn cheers and jeers for the technologist. He has become one of the most prominent and vocal champions of dogecoin this year and some speculate that he could do something to promote doge.Musk did refer to himself as the “dogefather” in one recent tweet ahead of his “Saturday Night Live” gig.Brokerages trade dogecoinA number of new venues have announced that they will trade dogecoin on their exchanges in recent days and weeks.Crypto exchange Geminion Tuesdayannounced trading and custody support for the coin. Trading platform eToro also made dogecoin available for trading on its platform.Webullallowed its users to purchase dogecoin back on April 20.FOMOFear of missing out also is said to be behind the surge. Some crypto participants speculate that the rise in dogecoin is being supported by retail traders who see the parody coin as more accessible investment (or trade) than, say, bitcoinBTCUSD,-0.16%,which was changing hands at $54,000, at last check on CoinDesk.“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live,’” wrote Edward Moya, senior market analyst at Oanda, in a daily note.Gains in traditional assets also might seem more pedestrian. By comparison, gold futuresGC00,0.17%are down 6% so far this year, the Dow Jones Industrial AverageDJIA,+0.06%and the S&P 500 indexSPX,-0.67%are up by at least 10% in 2021, while the Nasdaq Composite IndexCOMP,-1.88%has gained over 5%.AccessibilityKonstantin Boyko-Romanovsky, CEO of Allnodes, via an emailed message, said he viewed support from Musk and fellow billionaire Mark Cuban as central to the bull thesis for dogecoin, but also said that some may perceive the crypto as more accessible compared against bitcoin, which hit a recent peak above $60,000 before cooling.“It appeals more to the general public because it costs so little. $60,000 for a single bitcoin may be intimidating to some. In a way, doge then is more like a USD but in a digital form,” he wrote.Bubbles & maniasMoya wrote that the dogecoin bubble should have “popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.”Many skeptics warn that dogecoin could leave a lot of newbie investors hemorrhaging losses if they wade into the asset imprudently.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108780277,"gmtCreate":1620054537799,"gmtModify":1634208177693,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Pls comment and like! Thanks in advance!","listText":"Pls comment and like! Thanks in advance!","text":"Pls comment and like! Thanks in advance!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/108780277","repostId":"1194616315","repostType":4,"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109352274,"gmtCreate":1619667320498,"gmtModify":1634210863494,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"What I can’t understand is all my friends saythey are off $FB but yet they are still doing so well!?","listText":"What I can’t understand is all my friends saythey are off $FB but yet they are still doing so well!?","text":"What I can’t understand is all my friends saythey are off $FB but yet they are still doing so well!?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/109352274","repostId":"1132578048","repostType":4,"isVote":1,"tweetType":1,"viewCount":979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109359523,"gmtCreate":1619666840662,"gmtModify":1634210866662,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Please like and comment!","listText":"Please like and comment!","text":"Please like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/109359523","repostId":"1137964402","repostType":4,"repost":{"id":"1137964402","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":1619651546,"share":"https://www.laohunote.com/m/news/1137964402?lang=zh_CN&edition=full","pubTime":"2021-04-29 07:12","market":"us","language":"en","title":"Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137964402","media":"Tiger Newspress","summary":"Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</li><li>苹果没有就截至 6 月份的季度预期发布官方指引。</li><li>苹果授权900亿美元股票回购。</li></ul>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过 4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线 iPhone 比去年增长了 65.5%。其 Mac 和 iPad 销量表现更好，电脑销量同比增长 70.1%，iPad 销量同比增长近 79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高 7%，达到每股 0.22 美元，并授权回购 900 亿美元的股票，大大高于去年的 500 亿美元支出和 2019 年的 750 亿美元支出。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果的表现与路孚特的估计：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>每股收益</b>：1.40美元对比。估计 0.99 美元</li><li><b>收入</b>：895.8 亿美元 vs.预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元 vs.预计414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169.0 亿美元 vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收入</b>：78.3 亿美元 vs.预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元 vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78 亿美元 vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5% vs. 估计值39.8%</li></ul>苹果没有就截至 6 月份的季度预期发布官方指引。自大流行病开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度所有产品类别都实现两位数增长。苹果首席财务官卢卡-马埃斯特里（Luca Maestri）告诉分析师，该公司预计 6 月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果近几个月来表示，随着消费者和企业购买电脑在家工作和娱乐，疫情提振了其业务。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆-库克（Tim Cook）在一份声明中所说： “本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对我们所有人未来更美好的日子感到乐观”。</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac 销量增长了 70%，库克说，这一结果 “得益于 ”该公司推出的 Mac 笔记本电脑使用自己的 M1 芯片，而不是英特尔销售的处理器，从而延长了电池寿命。iPad 销量同比增长近 79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这些结果都不包括该公司 3 月份宣布的 iPad Pro 或 iMac 型号，预计这将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>“库克告诉 CNBC 的乔希-利普顿（Josh Lipton）：”我们看到 Mac 的首次购买者强劲.它的购买率继续徘徊在 50% 以下。“在中国，这一比例甚至更高.三分之二左右。这说明人们更喜欢在 Mac 上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的 iPhone 本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了采用全新外观设计和 5G 支持的 iPhone，许多投资者认为这可能会引发一次重大升级周期，本季度的业绩也表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括中国大陆、中国香港和台湾地区在内的大中华区，苹果的收入同比增长超过 87%，达到 177.3 亿美元，但与去年的一个季度相比，去年中国在大流行病初期基本上处于停摆状态。包括美洲和欧洲在内的所有其他地区的收入也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括 iCloud、App Store 和苹果音乐等订阅服务，也实现了 26.7% 的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果一号等自己的订阅，还包括通过其应用商店的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>“库克告诉 CNBC：”我们现在平台上所有服务的付费订阅量超过 6.6 亿，比上一季度增加了 4000 万，比上一季度的 3500 万有所加快。</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的 App Store 一直受到立法者和公司的质疑，他们认为它成本太高，权力太大。备受关注的堡垒之夜制造商Epic Games关于应用商店政策的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store 是一个经济奇迹。据估计，去年有超过 5 万亿美元的经济活动因为 App Store 而产生。因此，这不仅改变了美国的经济游戏规则，也改变了世界上几个国家的经济游戏规则。我们将走进去讲述我们的故事。我们拭目以待。但是，我们很有信心，”库克告诉 CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在 38% 至 39% 之间，但在截至 3 月份的季度，苹果报告的利润率为 42.5%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</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\">2021-04-29 07:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</li><li>苹果没有就截至 6 月份的季度预期发布官方指引。</li><li>苹果授权900亿美元股票回购。</li></ul>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过 4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线 iPhone 比去年增长了 65.5%。其 Mac 和 iPad 销量表现更好，电脑销量同比增长 70.1%，iPad 销量同比增长近 79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高 7%，达到每股 0.22 美元，并授权回购 900 亿美元的股票，大大高于去年的 500 亿美元支出和 2019 年的 750 亿美元支出。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果的表现与路孚特的估计：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>每股收益</b>：1.40美元对比。估计 0.99 美元</li><li><b>收入</b>：895.8 亿美元 vs.预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元 vs.预计414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169.0 亿美元 vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收入</b>：78.3 亿美元 vs.预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元 vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78 亿美元 vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5% vs. 估计值39.8%</li></ul>苹果没有就截至 6 月份的季度预期发布官方指引。自大流行病开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度所有产品类别都实现两位数增长。苹果首席财务官卢卡-马埃斯特里（Luca Maestri）告诉分析师，该公司预计 6 月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果近几个月来表示，随着消费者和企业购买电脑在家工作和娱乐，疫情提振了其业务。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆-库克（Tim Cook）在一份声明中所说： “本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对我们所有人未来更美好的日子感到乐观”。</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac 销量增长了 70%，库克说，这一结果 “得益于 ”该公司推出的 Mac 笔记本电脑使用自己的 M1 芯片，而不是英特尔销售的处理器，从而延长了电池寿命。iPad 销量同比增长近 79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这些结果都不包括该公司 3 月份宣布的 iPad Pro 或 iMac 型号，预计这将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>“库克告诉 CNBC 的乔希-利普顿（Josh Lipton）：”我们看到 Mac 的首次购买者强劲.它的购买率继续徘徊在 50% 以下。“在中国，这一比例甚至更高.三分之二左右。这说明人们更喜欢在 Mac 上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的 iPhone 本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了采用全新外观设计和 5G 支持的 iPhone，许多投资者认为这可能会引发一次重大升级周期，本季度的业绩也表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括中国大陆、中国香港和台湾地区在内的大中华区，苹果的收入同比增长超过 87%，达到 177.3 亿美元，但与去年的一个季度相比，去年中国在大流行病初期基本上处于停摆状态。包括美洲和欧洲在内的所有其他地区的收入也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括 iCloud、App Store 和苹果音乐等订阅服务，也实现了 26.7% 的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果一号等自己的订阅，还包括通过其应用商店的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>“库克告诉 CNBC：”我们现在平台上所有服务的付费订阅量超过 6.6 亿，比上一季度增加了 4000 万，比上一季度的 3500 万有所加快。</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的 App Store 一直受到立法者和公司的质疑，他们认为它成本太高，权力太大。备受关注的堡垒之夜制造商Epic Games关于应用商店政策的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store 是一个经济奇迹。据估计，去年有超过 5 万亿美元的经济活动因为 App Store 而产生。因此，这不仅改变了美国的经济游戏规则，也改变了世界上几个国家的经济游戏规则。我们将走进去讲述我们的故事。我们拭目以待。但是，我们很有信心，”库克告诉 CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在 38% 至 39% 之间，但在截至 3 月份的季度，苹果报告的利润率为 42.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137964402","content_text":"KEY POINTSApple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales did better, with its computers up 70.1% and iPad sales growing nearly 79% on an annual basis.Apple said it would increase its dividend by 7% to $0.22 per share and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay and 2019′s $75 billion.Here’s how Apple did versus Refinitiv estimates:EPS: $1.40 vs. $0.99 estimatedRevenue: $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-yeariPhone revenue: $47.94 billion vs. $41.43 billion estimated, up 65.5% year-over-yearServices revenue: $16.90 billion vs. $15.57 billion estimated, up 26.7% year over yearOther Products revenue: $7.83 billion vs. $7.79 billion estimated, up 24% year-over-yearMac revenue: $9.10 billion vs. $6.86 billion estimated, up 70.1% year-over-yeariPad revenue: $7.80 billion vs. $5.58 billion estimated, up 78.9% year-over-yearGross margin: 42.5% vs. 39.8% estimatedApple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty. This is Apple’s second quarter in a row with double-digit growth in all product categories. Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.Apple has said in the past months that its business has been boosted by the pandemic as consumers and businesses bought computers to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies open up.Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.”Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac laptops that used its own M1 chips for longer battery life, instead of processors sold by Intel. iPad sales were up nearly 79% year-over-year.Neither of those results include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.“We’re seeing strong first-time buyers on the Mac … it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that … it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.In greater China, which includes the mainland, Hong Kong, and Taiwan, Apple’s revenue increased over 87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic. Every other geographical category, including the Americas and Europe, were also up on an annual basis.Apple’s high-margin services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104206571,"gmtCreate":1620391144593,"gmtModify":1634205586346,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Comment pls","listText":"Comment pls","text":"Comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/104206571","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohunote.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103008297,"gmtCreate":1619737230219,"gmtModify":1634210395800,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Even central banks have changed. Allan Greenspan would have called it irrational exuberance!","listText":"Even central banks have changed. Allan Greenspan would have called it irrational exuberance!","text":"Even central banks have changed. Allan Greenspan would have called it irrational exuberance!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/103008297","repostId":"1148135171","repostType":4,"repost":{"id":"1148135171","kind":"news","pubTimestamp":1619709572,"share":"https://www.laohunote.com/m/news/1148135171?lang=zh_CN&edition=full","pubTime":"2021-04-29 23:19","market":"us","language":"en","title":"Powell: Financial system not threatened by 'frothy' asset valuations<blockquote>鲍威尔：金融体系不会受到“泡沫”资产估值的威胁</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148135171","media":"Yahoo","summary":"Theretail-driven run-upinGamestopand thememeificationofcryptocurrency Dogecoinare not of concern to ","content":"<p>Theretail-driven run-upinGamestopand thememeificationofcryptocurrency Dogecoinare not of concern to the nation’s central bank, its chief said Wednesday.</p><p><blockquote>美国央行行长周三表示，美国央行并不关心零售驱动的游戏和加密货币狗狗币的主题化。</blockquote></p><p> Federal Reserve Chairman Jerome Powell told reporters some asset valuations appear “frothy,” but did not see any risks that may hurt the financial system.</p><p><blockquote>美联储主席杰罗姆-鲍威尔（Jerome Powell）告诉记者，一些资产估值似乎 “泡沫化”，但没有看到任何可能损害金融体系的风险。</blockquote></p><p> “The overall financial stability picture is mixed, but on balance it’s manageable,” Powell said Wednesday in response to a question from Yahoo Finance.</p><p><blockquote>“鲍威尔周三在回答雅虎财经提问时说：”总体金融稳定情况好坏参半，但总体而言是可控的。</blockquote></p><p> Powell added that the broad run-up in market prices may be linked in part to the central bank’s easy money policies, but said optimism over getting to a post-pandemic world is the main driver.</p><p><blockquote>鲍威尔补充说，市场价格的普遍上涨可能部分与央行的宽松货币政策有关，但他表示，对进入大流行后世界的乐观态度是主要驱动因素。</blockquote></p><p> “It has a tremendous amount to do with vaccination and re-opening of the economy — that's really what has been moving markets a lot in the last few months,” Powell said.</p><p><blockquote>“鲍威尔说：”这与疫苗接种和经济重新开放有很大关系--这确实是过去几个月来推动市场发展的因素。</blockquote></p><p> Asked about the meme stock phenomenon in late-January, Powell similarly declined to speak to specific markets but said that asset values were broadly being driven by rising economic optimism.</p><p><blockquote>当被问及一月底的模因股票现象时，鲍威尔同样拒绝就具体市场发表讲话，但表示资产价值普遍受到经济乐观情绪上升的推动。</blockquote></p><p> Year-to-date, the S&amp;P 500 and the Dow Jones Industrial Average have gained more than 10% each, repeatedly breaking through new all-time highs.</p><p><blockquote>今年迄今为止，标普500和道琼斯工业平均指数均上涨超过10%，多次突破历史新高。</blockquote></p><p> <b>Other risks</b></p><p><blockquote><b>其他风险</b></blockquote></p><p> Powell’s remarks make it clear that the central bank feels comfortable running with its aggressively accommodative monetary policy. In addition to near-zero short-term interest rates, the Fed has also been absorbing $120 billion a month in U.S. Treasuries and agency mortgage-backed securities.</p><p><blockquote>鲍威尔的讲话清楚地表明，央行对其积极宽松的货币政策感到满意。除了接近于零的短期利率外，美联储每月还吸收 1200 亿美元的美国国债和机构抵押贷款支持证券。</blockquote></p><p> The policy-setting Federal Open Market Committee on Wednesdaykept both of those policy measures unchanged. Powell told reporters in the afternoon that the Fed remains a “long way” from raising rates.</p><p><blockquote>制定政策的联邦公开市场委员会周三维持这两项政策措施不变。鲍威尔下午对记者说，美联储距离加息还有 “很长的路要走”。</blockquote></p><p> Powell said the central bank is still keeping an eye on some financial stability risks, adding that rising home prices are catching some attention.</p><p><blockquote>鲍威尔表示，央行仍在关注一些金融稳定风险，并补充说，房价上涨引起了一些关注。</blockquote></p><p> The S&amp;P CoreLogic Case-Shiller national home price indexreached a 15-year high in February, according to data released Tuesday.</p><p><blockquote>周二公布的数据显示，S&amp;P CoreLogic Case-Shiller 全国房价指数 2 月份创下 15 年来新高。</blockquote></p><p> Powell said the higher prices are due to constraints on supply, with homebuilders unable to keep up with demand. He added that he does not see financial stability concerns in those prices, despite their history with triggering previous crises in the U.S.</p><p><blockquote>鲍威尔表示，价格上涨是由于供应限制，房屋建筑商无法满足需求。他补充说，尽管这些价格曾引发美国之前的危机，但他并不认为这些价格存在金融稳定问题。</blockquote></p><p> “We really don’t see that here,” Powell said Wednesday. “We don’t see bad loans and unsustainable prices and that kind of thing.”</p><p><blockquote>“鲍威尔周三说：”我们在这里真的看不到这一点。“我们看不到不良贷款、不可持续的价格之类的事情”。</blockquote></p><p></p>","source":"lsy1584348713084","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>Powell: Financial system not threatened by 'frothy' asset valuations<blockquote>鲍威尔：金融体系不会受到“泡沫”资产估值的威胁</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\">\nPowell: Financial system not threatened by 'frothy' asset valuations<blockquote>鲍威尔：金融体系不会受到“泡沫”资产估值的威胁</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-29 23:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Theretail-driven run-upinGamestopand thememeificationofcryptocurrency Dogecoinare not of concern to the nation’s central bank, its chief said Wednesday.</p><p><blockquote>美国央行行长周三表示，美国央行并不关心零售驱动的游戏和加密货币狗狗币的主题化。</blockquote></p><p> Federal Reserve Chairman Jerome Powell told reporters some asset valuations appear “frothy,” but did not see any risks that may hurt the financial system.</p><p><blockquote>美联储主席杰罗姆-鲍威尔（Jerome Powell）告诉记者，一些资产估值似乎 “泡沫化”，但没有看到任何可能损害金融体系的风险。</blockquote></p><p> “The overall financial stability picture is mixed, but on balance it’s manageable,” Powell said Wednesday in response to a question from Yahoo Finance.</p><p><blockquote>“鲍威尔周三在回答雅虎财经提问时说：”总体金融稳定情况好坏参半，但总体而言是可控的。</blockquote></p><p> Powell added that the broad run-up in market prices may be linked in part to the central bank’s easy money policies, but said optimism over getting to a post-pandemic world is the main driver.</p><p><blockquote>鲍威尔补充说，市场价格的普遍上涨可能部分与央行的宽松货币政策有关，但他表示，对进入大流行后世界的乐观态度是主要驱动因素。</blockquote></p><p> “It has a tremendous amount to do with vaccination and re-opening of the economy — that's really what has been moving markets a lot in the last few months,” Powell said.</p><p><blockquote>“鲍威尔说：”这与疫苗接种和经济重新开放有很大关系--这确实是过去几个月来推动市场发展的因素。</blockquote></p><p> Asked about the meme stock phenomenon in late-January, Powell similarly declined to speak to specific markets but said that asset values were broadly being driven by rising economic optimism.</p><p><blockquote>当被问及一月底的模因股票现象时，鲍威尔同样拒绝就具体市场发表讲话，但表示资产价值普遍受到经济乐观情绪上升的推动。</blockquote></p><p> Year-to-date, the S&amp;P 500 and the Dow Jones Industrial Average have gained more than 10% each, repeatedly breaking through new all-time highs.</p><p><blockquote>今年迄今为止，标普500和道琼斯工业平均指数均上涨超过10%，多次突破历史新高。</blockquote></p><p> <b>Other risks</b></p><p><blockquote><b>其他风险</b></blockquote></p><p> Powell’s remarks make it clear that the central bank feels comfortable running with its aggressively accommodative monetary policy. In addition to near-zero short-term interest rates, the Fed has also been absorbing $120 billion a month in U.S. Treasuries and agency mortgage-backed securities.</p><p><blockquote>鲍威尔的讲话清楚地表明，央行对其积极宽松的货币政策感到满意。除了接近于零的短期利率外，美联储每月还吸收 1200 亿美元的美国国债和机构抵押贷款支持证券。</blockquote></p><p> The policy-setting Federal Open Market Committee on Wednesdaykept both of those policy measures unchanged. Powell told reporters in the afternoon that the Fed remains a “long way” from raising rates.</p><p><blockquote>制定政策的联邦公开市场委员会周三维持这两项政策措施不变。鲍威尔下午对记者说，美联储距离加息还有 “很长的路要走”。</blockquote></p><p> Powell said the central bank is still keeping an eye on some financial stability risks, adding that rising home prices are catching some attention.</p><p><blockquote>鲍威尔表示，央行仍在关注一些金融稳定风险，并补充说，房价上涨引起了一些关注。</blockquote></p><p> The S&amp;P CoreLogic Case-Shiller national home price indexreached a 15-year high in February, according to data released Tuesday.</p><p><blockquote>周二公布的数据显示，S&amp;P CoreLogic Case-Shiller 全国房价指数 2 月份创下 15 年来新高。</blockquote></p><p> Powell said the higher prices are due to constraints on supply, with homebuilders unable to keep up with demand. He added that he does not see financial stability concerns in those prices, despite their history with triggering previous crises in the U.S.</p><p><blockquote>鲍威尔表示，价格上涨是由于供应限制，房屋建筑商无法满足需求。他补充说，尽管这些价格曾引发美国之前的危机，但他并不认为这些价格存在金融稳定问题。</blockquote></p><p> “We really don’t see that here,” Powell said Wednesday. “We don’t see bad loans and unsustainable prices and that kind of thing.”</p><p><blockquote>“鲍威尔周三说：”我们在这里真的看不到这一点。“我们看不到不良贷款、不可持续的价格之类的事情”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/powell-financial-system-not-threatened-by-frothy-asset-valuations-205533333.html\">Yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/powell-financial-system-not-threatened-by-frothy-asset-valuations-205533333.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148135171","content_text":"Theretail-driven run-upinGamestopand thememeificationofcryptocurrency Dogecoinare not of concern to the nation’s central bank, its chief said Wednesday.\nFederal Reserve Chairman Jerome Powell told reporters some asset valuations appear “frothy,” but did not see any risks that may hurt the financial system.\n“The overall financial stability picture is mixed, but on balance it’s manageable,” Powell said Wednesday in response to a question from Yahoo Finance.\nPowell added that the broad run-up in market prices may be linked in part to the central bank’s easy money policies, but said optimism over getting to a post-pandemic world is the main driver.\n“It has a tremendous amount to do with vaccination and re-opening of the economy — that's really what has been moving markets a lot in the last few months,” Powell said.\nAsked about the meme stock phenomenon in late-January, Powell similarly declined to speak to specific markets but said that asset values were broadly being driven by rising economic optimism.\nYear-to-date, the S&P 500 and the Dow Jones Industrial Average have gained more than 10% each, repeatedly breaking through new all-time highs.\nOther risks\nPowell’s remarks make it clear that the central bank feels comfortable running with its aggressively accommodative monetary policy. In addition to near-zero short-term interest rates, the Fed has also been absorbing $120 billion a month in U.S. Treasuries and agency mortgage-backed securities.\nThe policy-setting Federal Open Market Committee on Wednesdaykept both of those policy measures unchanged. Powell told reporters in the afternoon that the Fed remains a “long way” from raising rates.\nPowell said the central bank is still keeping an eye on some financial stability risks, adding that rising home prices are catching some attention.\nThe S&P CoreLogic Case-Shiller national home price indexreached a 15-year high in February, according to data released Tuesday.\nPowell said the higher prices are due to constraints on supply, with homebuilders unable to keep up with demand. He added that he does not see financial stability concerns in those prices, despite their history with triggering previous crises in the U.S.\n“We really don’t see that here,” Powell said Wednesday. “We don’t see bad loans and unsustainable prices and that kind of thing.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103007839,"gmtCreate":1619737471121,"gmtModify":1631885931892,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMRS\">$Amyris(AMRS)$</a>sell down today hurts!","listText":"<a href=\"https://laohu8.com/S/AMRS\">$Amyris(AMRS)$</a>sell down today hurts!","text":"$Amyris(AMRS)$sell down today hurts!","images":[{"img":"https://static.tigerbbs.com/4f8ddce2822b6d0839660477be591b87","width":"750","height":"1068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/103007839","isVote":1,"tweetType":1,"viewCount":1131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":104208431,"gmtCreate":1620391092723,"gmtModify":1634205586808,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"It is probably the most boring company&nbsp;","listText":"It is probably the most boring company&nbsp;","text":"It is probably the most boring company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/104208431","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohunote.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于 DCF 的亚马逊股价目标表明有 30% 的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上一季度的业绩介绍了我对亚马逊 (AMZN) 的全面分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1 价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，让我们评估一下我们是否可以从统计数据上说明亚马逊的增长在上一季度是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”细分市场的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了近乎线性的趋势。现在，它已经成倍增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场 - 加速依然存在，上一季度的业绩好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）分部也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘亚马逊网络服务’的增长趋势有所放缓，但从上个季度的业绩来看，有逐渐恢复到之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的收入也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计学上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键分部</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去的10年里，亚马逊的资本化与其收入一直处于定性的线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>大家可以看到，首先，这个模型表明公司目前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%的增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2 比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一节中，我根据收入模拟了亚马逊的平衡价格。值得注意的是，如果我们对公司使用倍数的比较估值应用同样的方法，我们将失败。至少我还没有找到一个基于收入的倍数，可以成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3 贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：Seeking Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我还从分析师对该公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，营业利润率在最后一年逐步增加到8%是一个非常现实的场景。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用股票风险溢价（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。对于最后一年，我使用了等于1的Beta。</li><li>为了计算债务成本，我使用了2019年和2020年的利息支出除以同年的债务价值。</li></ul>这是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>基于 DCF 的亚马逊股票目标价为 4,280 美元，上涨空间为 29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至尚未进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段，并不意味着其资本化不断被低估。但在这种情况下，根据公司的资本和收入参数之间的模式，我们可以得出结论，该公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的 DCF 模型分析师表明估值被低估了 30%。今年年初，一个类似的模型表明估值被低估了 20%。</li><li>当你看到亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106608919,"gmtCreate":1620106745331,"gmtModify":1634207748610,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Like and comment please!","listText":"Like and comment please!","text":"Like and comment please!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/106608919","repostId":"1147234999","repostType":4,"isVote":1,"tweetType":1,"viewCount":1070,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108780190,"gmtCreate":1620054511310,"gmtModify":1634208178055,"author":{"id":"3581990975957849","authorId":"3581990975957849","name":"seanfoo83","avatar":"https://static.tigerbbs.com/afce65f198b2276ef805609276bf14ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581990975957849","authorIdStr":"3581990975957849"},"themes":[],"title":"","htmlText":"Pls comment!","listText":"Pls comment!","text":"Pls comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/108780190","repostId":"1135819410","repostType":4,"repost":{"id":"1135819410","kind":"news","pubTimestamp":1619999342,"share":"https://www.laohunote.com/m/news/1135819410?lang=zh_CN&edition=full","pubTime":"2021-05-03 07:49","market":"us","language":"en","title":"Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、维亚康姆哥伦比亚广播公司、通用汽车等投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135819410","media":"Barrons","summary":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their fi","content":"<p>It’s another packed week of earnings reports, with 130 S&amp;P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday:&nbsp;Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.</p><p><blockquote>又是财报密集的一周，标普500有 130 家公司即将发布第一季度业绩。雅诗兰黛是周一的亮点之一，周二的情况有所好转： 动视暴雪、CVS Health、杜邦、辉瑞和 T-Mobile US 均有报道。</blockquote></p><p>On Wednesday,&nbsp;Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings.&nbsp;Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on&nbsp;Friday.</p><p><blockquote>周三，巴里克黄金公司、Booking Holdings、通用汽车、PayPal控股公司和优步科技公司发布财报。百威英博、Moderna、再生元制药、Square和维亚康姆哥伦比亚广播公司将于周四上市。最后，信诺将于周五结束本周。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e1a866fbe5118566e68842053d76e2b9\" tg-width=\"1382\" tg-height=\"750\"></p><p><blockquote></blockquote></p><p>On the economic calendar this week, the&nbsp;main event will jobs Friday.&nbsp;The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.</p><p><blockquote>在本周的经济日历上，主要事件将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预测，4月份非农就业人数将增加97.5万人，失业率为5.8%，低于一个月前的6%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its&nbsp;Services equivalent on Wednesday.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会 (Institute for Supply Management) 4 月份制造业采购经理人指数和周三公布的服务业指数。</blockquote></p><p>Enterprise Products Partners&nbsp;and Estée Lauder release earnings.</p><p><blockquote>企业产品合作伙伴和雅诗兰黛发布收益。</blockquote></p><p>Merck and&nbsp;Public Storage&nbsp;hold virtual investor days.</p><p><blockquote>默克和公共存储举办虚拟投资者日。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.</p><p><blockquote><b>人口普查局</b>报告三月份建筑支出数据。普遍估计，经季节性调整后的年增长率为 1.53 万亿美元，建筑支出环比增长 0.6%。</blockquote></p><p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.</p><p><blockquote><b>供应研究所</b>管理层发布4月份制造业采购经理人指数。经济学家预测读数为65，与3月份的数字大致持平。3月份的读数是该指数自1983年12月以来的最高水平。</blockquote></p><p><b>Tuesday 5/4</b></p><p><blockquote><b>星期二 5/4</b></blockquote></p><p>Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.</p><p><blockquote>动视暴雪、康菲石油公司、康明斯、CVS Health、Dominion Energy、杜邦、伊顿、辉瑞、思科和 T-Mobile US 报告季度业绩。</blockquote></p><p>Eli Lilly&nbsp;holds a conference call to discuss its sustainability initiatives.</p><p><blockquote>礼来公司召开电话会议讨论其可持续发展举措。</blockquote></p><p>Union Pacific&nbsp;holds its 2021 virtual investor day.</p><p><blockquote>联合太平洋举办 2021 年虚拟投资者日。</blockquote></p><p><b>Wednesday 5/5</b></p><p><blockquote><b>星期三 5/5</b></blockquote></p><p>Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.</p><p><blockquote>Barrick Gold、Booking Holdings、博格华纳、艾默生电气、通用汽车、希尔顿全球控股公司、诺和诺德、PayPal Holdings 和 Uber Technologies 发布财报。</blockquote></p><p><b>ADP releases</b>&nbsp;its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.</p><p><blockquote><b>ADP释放</b>其4月份的全国就业报告。继 3 月份增加 517,000 个就业岗位后，预计私营部门就业岗位将增加 762,500 个。</blockquote></p><p><b>ISM releases</b>&nbsp;its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.</p><p><blockquote><b>ISM版本</b>其4月份服务业采购经理人指数。普遍看涨期权为 64.6，比 3 月份的数据高出一个档次。三月份的读数是该指数的历史新高。</blockquote></p><p><b>Thursday 5/6</b></p><p><blockquote><b>星期四 5/6</b></blockquote></p><p>Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and&nbsp;Zoetishold conference calls to discuss quarterly results.</p><p><blockquote>百威英博、Becton Dickinson、Expedia Group、富达国家信息服务、家乐氏、林德、大都会人寿、Moderna、再生元制药、Square、ViacomCBS 和 Zoetis 在评级举行会议讨论季度业绩。</blockquote></p><p><b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.</p><p><blockquote><b>劳工部</b>报告截至 5 月 1 日当周的首次申请失业救济人数。4月份首次申请失业救济人数平均每周为611,750人，处于去年3月以来的最低水平。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.</p><p><blockquote><b>劳工局</b>统计数据报告了第一季度的劳动力成本和生产率。预计经季节性调整后的生产率年增长率为 2.2%，而 2020 年第四季度为下降 4.2%。单位劳动力成本在此前上涨 6% 后下降 0.4%。</blockquote></p><p><b>Friday 5/7</b></p><p><blockquote><b>5/7星期五</b></blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.</p><p><blockquote><b>劳工局</b>统计局发布了4月份的就业报告。经济学家预测非农就业人数将增加97.5万人。失业率预计将从6%小幅降至5.8%。</blockquote></p><p>Cigna and&nbsp;<b>Liberty Media</b>&nbsp;report earnings.</p><p><blockquote>信诺和<b>自由媒体</b>报告收益。</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>Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、维亚康姆哥伦比亚广播公司、通用汽车等投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、维亚康姆哥伦比亚广播公司、通用汽车等投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-03 07:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s another packed week of earnings reports, with 130 S&amp;P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday:&nbsp;Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.</p><p><blockquote>又是财报密集的一周，标普500有 130 家公司即将发布第一季度业绩。雅诗兰黛是周一的亮点之一，周二的情况有所好转： 动视暴雪、CVS Health、杜邦、辉瑞和 T-Mobile US 均有报道。</blockquote></p><p>On Wednesday,&nbsp;Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings.&nbsp;Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on&nbsp;Friday.</p><p><blockquote>周三，巴里克黄金公司、Booking Holdings、通用汽车、PayPal控股公司和优步科技公司发布财报。百威英博、Moderna、再生元制药、Square和维亚康姆哥伦比亚广播公司将于周四上市。最后，信诺将于周五结束本周。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e1a866fbe5118566e68842053d76e2b9\" tg-width=\"1382\" tg-height=\"750\"></p><p><blockquote></blockquote></p><p>On the economic calendar this week, the&nbsp;main event will jobs Friday.&nbsp;The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.</p><p><blockquote>在本周的经济日历上，主要事件将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预测，4月份非农就业人数将增加97.5万人，失业率为5.8%，低于一个月前的6%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its&nbsp;Services equivalent on Wednesday.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会 (Institute for Supply Management) 4 月份制造业采购经理人指数和周三公布的服务业指数。</blockquote></p><p>Enterprise Products Partners&nbsp;and Estée Lauder release earnings.</p><p><blockquote>企业产品合作伙伴和雅诗兰黛发布收益。</blockquote></p><p>Merck and&nbsp;Public Storage&nbsp;hold virtual investor days.</p><p><blockquote>默克和公共存储举办虚拟投资者日。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.</p><p><blockquote><b>人口普查局</b>报告三月份建筑支出数据。普遍估计，经季节性调整后的年增长率为 1.53 万亿美元，建筑支出环比增长 0.6%。</blockquote></p><p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.</p><p><blockquote><b>供应研究所</b>管理层发布4月份制造业采购经理人指数。经济学家预测读数为65，与3月份的数字大致持平。3月份的读数是该指数自1983年12月以来的最高水平。</blockquote></p><p><b>Tuesday 5/4</b></p><p><blockquote><b>星期二 5/4</b></blockquote></p><p>Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.</p><p><blockquote>动视暴雪、康菲石油公司、康明斯、CVS Health、Dominion Energy、杜邦、伊顿、辉瑞、思科和 T-Mobile US 报告季度业绩。</blockquote></p><p>Eli Lilly&nbsp;holds a conference call to discuss its sustainability initiatives.</p><p><blockquote>礼来公司召开电话会议讨论其可持续发展举措。</blockquote></p><p>Union Pacific&nbsp;holds its 2021 virtual investor day.</p><p><blockquote>联合太平洋举办 2021 年虚拟投资者日。</blockquote></p><p><b>Wednesday 5/5</b></p><p><blockquote><b>星期三 5/5</b></blockquote></p><p>Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.</p><p><blockquote>Barrick Gold、Booking Holdings、博格华纳、艾默生电气、通用汽车、希尔顿全球控股公司、诺和诺德、PayPal Holdings 和 Uber Technologies 发布财报。</blockquote></p><p><b>ADP releases</b>&nbsp;its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.</p><p><blockquote><b>ADP释放</b>其4月份的全国就业报告。继 3 月份增加 517,000 个就业岗位后，预计私营部门就业岗位将增加 762,500 个。</blockquote></p><p><b>ISM releases</b>&nbsp;its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.</p><p><blockquote><b>ISM版本</b>其4月份服务业采购经理人指数。普遍看涨期权为 64.6，比 3 月份的数据高出一个档次。三月份的读数是该指数的历史新高。</blockquote></p><p><b>Thursday 5/6</b></p><p><blockquote><b>星期四 5/6</b></blockquote></p><p>Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and&nbsp;Zoetishold conference calls to discuss quarterly results.</p><p><blockquote>百威英博、Becton Dickinson、Expedia Group、富达国家信息服务、家乐氏、林德、大都会人寿、Moderna、再生元制药、Square、ViacomCBS 和 Zoetis 在评级举行会议讨论季度业绩。</blockquote></p><p><b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.</p><p><blockquote><b>劳工部</b>报告截至 5 月 1 日当周的首次申请失业救济人数。4月份首次申请失业救济人数平均每周为611,750人，处于去年3月以来的最低水平。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.</p><p><blockquote><b>劳工局</b>统计数据报告了第一季度的劳动力成本和生产率。预计经季节性调整后的生产率年增长率为 2.2%，而 2020 年第四季度为下降 4.2%。单位劳动力成本在此前上涨 6% 后下降 0.4%。</blockquote></p><p><b>Friday 5/7</b></p><p><blockquote><b>5/7星期五</b></blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.</p><p><blockquote><b>劳工局</b>统计局发布了4月份的就业报告。经济学家预测非农就业人数将增加97.5万人。失业率预计将从6%小幅降至5.8%。</blockquote></p><p>Cigna and&nbsp;<b>Liberty Media</b>&nbsp;report earnings.</p><p><blockquote>信诺和<b>自由媒体</b>报告收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","PYPL":"PayPal","TMUS":"T-Mobile US Inc","GM":"通用汽车",".SPX":"S&P 500 Index","UBER":"优步","PFE":"辉瑞",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135819410","content_text":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday: Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.On Wednesday, Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings. Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on Friday.On the economic calendar this week, the main event will jobs Friday. The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its Services equivalent on Wednesday.Enterprise Products Partners and Estée Lauder release earnings.Merck and Public Storage hold virtual investor days.The Census Bureau reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.The Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.Tuesday 5/4Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.Eli Lilly holds a conference call to discuss its sustainability initiatives.Union Pacific holds its 2021 virtual investor day.Wednesday 5/5Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.ADP releases its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.ISM releases its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.Thursday 5/6Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and Zoetishold conference calls to discuss quarterly results.The Department of Labor reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.The Bureau of Labor Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.Friday 5/7The Bureau of Labor Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.Cigna and Liberty Media report earnings.","news_type":1,"symbols_score_info":{".IXIC":0.9,"PFE":0.9,"TMUS":0.9,"PYPL":0.9,".SPX":0.9,".DJI":0.9,"VIACP":0.9,"UBER":0.9,"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":1075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}