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2021-08-19

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2021-08-14

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Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote>

2021-08-12

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Alphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet和巴菲特：为什么他后悔以及为什么他从未购买</blockquote>

2021-08-10

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2021-08-07

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2021-08-06

Nice

Virgin Galactic posted Q2 results and reopened ticket sales<blockquote>维珍银河公布第二季度业绩并重新开放机票销售</blockquote>

2021-08-06

Nice. Like pls

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2021-08-05

Nice. Like pls

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2021-08-04

Like and comment pls

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2021-08-04

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2021-08-03

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2021-08-03

Hmmmm... Buy.

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2021-08-02

Nice. Please like

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2021-07-30

Please like

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2021-07-28

Like please . To the mokn

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2021-07-27

Like pls

Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>

2021-07-26

Good.. please like thanks

Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>

2021-07-24

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Tesla Earnings Are Coming. Here’s the One Number That Matters.<blockquote>特斯拉财报即将发布。这是一个重要的数字。</blockquote>

2021-07-22

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2021-07-21

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Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</blockquote>

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and comment[微笑]&nbsp;","listText":"Like and comment[微笑]&nbsp;","text":"Like and comment[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838106410","repostId":"1148698240","repostType":4,"isVote":1,"tweetType":1,"viewCount":2175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":897348690,"gmtCreate":1628895437510,"gmtModify":1631891649583,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like and comment[笑哭]&nbsp;","listText":"Like and comment[笑哭]&nbsp;","text":"Like and comment[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897348690","repostId":"2159721520","repostType":2,"repost":{"id":"2159721520","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1628887162,"share":"https://www.laohu8.com/m/news/2159721520?lang=zh_CN&edition=full","pubTime":"2021-08-14 04:39","market":"hk","language":"en","title":"Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159721520","media":"T-Reuters","summary":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil V","content":"<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向Sec提交的文件中为23,760美元。特斯拉公司表示，硬币大师兼首席财务官Zachary Kirkhorn 2020年的总薪酬为4660万美元，而2019年为2120万美元。进一步的公司报道：Tsla.O。（（Reuters.Briefs@Thomsonreuters.Com；））。</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-08-14 04:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向Sec提交的文件中为23,760美元。特斯拉公司表示，硬币大师兼首席财务官Zachary Kirkhorn 2020年的总薪酬为4660万美元，而2019年为2120万美元。进一步的公司报道：Tsla.O。（（Reuters.Briefs@Thomsonreuters.Com；））。</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LHDX":"Lucira Health, Inc.","TSS":"Total System Services","TSLA":"特斯拉","CGEM":"Cullinan Therapeutics","SANA":"Sana Biotechnology, Inc.","LABP":"Landos Biopharma, Inc."},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159721520","content_text":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"LHDX":1,"APR":1,"SANA":1,"TSLA":1,"LABP":1,"TSS":1,"CGEM":1}},"isVote":1,"tweetType":1,"viewCount":3599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":895344043,"gmtCreate":1628726479682,"gmtModify":1631891649584,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895344043","repostId":"1164396246","repostType":4,"repost":{"id":"1164396246","kind":"news","pubTimestamp":1628726291,"share":"https://www.laohu8.com/m/news/1164396246?lang=zh_CN&edition=full","pubTime":"2021-08-12 07:58","market":"us","language":"en","title":"Alphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet和巴菲特：为什么他后悔以及为什么他从未购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164396246","media":"Seeking Alpha","summary":"Summary\n\nWarren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li>  <li>This article analyzes the reasons for his regrets – the wide moat, the autonomous growth prospects, and the incredible high and consistent ROCE that he missed.</li>  <li>The results show that GOOG still offers potential return close to double digits in the long term even with the current elevated valuation.</li>  <li>And finally, we will reflect on this investment regret, which seems to offer more insights on the business of GOOG and value investing than some of his investment success.</li> </ul> <img src=\"https://static.tigerbbs.com/5dc8d6cf86e99572d606fdc2326cc2de\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\">Prykhodov/iStock Editorial via Getty Images</p><p><blockquote><ul><li>Warren Buffett在2019年承认，他没有购买谷歌（现在被称为<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li><li>本文分析了他遗憾的原因——宽阔的护城河、自主的增长前景以及他错过的令人难以置信的高且持续的ROCE。</li><li>结果显示，即使目前估值较高，从长远来看，GOOG仍能提供接近两位数的潜在回报。</li><li>最后，我们将反思这次投资遗憾，这似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。</li></ul>Prykhodov/iStock社论来自Getty Images</blockquote></p><p> <h3><b>Thesis and Background</b></h3> Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>. He regrets not having \"some insights into certain businesses\" especially given Google was making \"a lot of money\" at the time of its IPO from Geico. This article analyzes the reasons for his regrets - the wide moat, the autonomous growth prospects, and the incredibly high and consistent ROCE that GOOG enjoys and he missed. And his investment regrets seem to offer more insights on the business of GOOG and value investing than some of his investment success. Lastly, this article also shares my thoughts on why he never bought GOOG after he had those insights, and my reflections on its implications of value investing under the current market.</p><p><blockquote><h3><b>论文和背景</b></h3>Warren Buffett在2019年承认，他没有购买谷歌（现在被称为<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>他后悔没有“对某些业务有一些见解”，特别是考虑到谷歌在GEICO IPO时赚了“很多钱”。本文分析了他遗憾的原因——宽阔的护城河、自主增长前景，以及谷歌享受但他错过的令人难以置信的高且持续的ROCE。他的投资遗憾似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。最后，本文还分享了我对他为什么在有了这些见解后从未购买GOOG的想法，以及我对其在当前市场下对价值投资的影响的思考。</blockquote></p><p> <h3><b>The moat and the network effects</b></h3> Google derives more than 80% of its revenue from advertising, but it is not an advertising company. Its true moat is in its \"free\" search services, where it totally dominates, as seen in the chart below. As seen, Google has been maintaining nearly 90% market share of the global search traffic - and it has been maintaining such dominance for OVER A DECADE!</p><p><blockquote><h3><b>护城河与网络效应</b></h3>谷歌80%以上的收入来自广告，但它不是一家广告公司。其真正的护城河在于其“免费”搜索服务，在该服务中它完全占据主导地位，如下图所示。正如所见，谷歌一直保持着全球搜索流量近90%的市场份额——而且它已经保持了十多年的主导地位！</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce762e8d299e63677d69af4856189893\" tg-width=\"640\" tg-height=\"394\" width=\"100%\" height=\"auto\">Source:&nbsp;Statista</p><p><blockquote>资料来源：斯塔蒂斯塔</blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use it. In other words, certain networks become increasingly more valuable or it becomes bigger. Not every network enjoy this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return - i.e., the additional return decreases as the network becomes bigger. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非任何重大监管或反托拉斯法发生变化）。网络效应是指某些产品或服务的价值随着更多的人使用而增加。换句话说，某些网络变得越来越有价值或者变得越来越大。并不是每个网络都享受这种神奇的功能，事实上，大多数网络的边际回报率都在递减——也就是说，随着网络变大，额外的回报会减少。连锁餐厅网络就是一个例子。随着网络变得更大，节点开始相互竞争客户，回报减少。</blockquote></p><p> But certain networks, like the search services Google provides, enjoys this magic trait - the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但某些网络，如谷歌提供的搜索服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同的特征：a）网络变得越大，它变得越有价值（当连接城市A和B的一段铁路也连接到连接其他城市的其他铁路时，它的价值要高得多）；B）网络越大，交换成本就越高（如果每个人都使用传真机，而你不想使用传真机，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established - for whatever the reason, smart AI algorithms, advanced ML algorithms, or just dumb luck (GOOG certainly had benefited from all three) - the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的威力。一旦建立了领先优势——不管出于什么原因，智能人工智能算法、先进的ML算法，或者只是运气不好（谷歌肯定从这三者中受益）——网络效应就会开始发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more relevant and accurate search results will be, which will make the network lead to an even better and more valuable for the users, which will attract more new users to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将导致更相关和更准确的搜索结果，这将使网络对用户来说更好和更有价值，这将吸引更多的新用户加入，并使现有用户更难离开，这将再次导致更多的用户和更大的网络。</blockquote></p><p> <h3><b>The perpetual growth prospects</b></h3> If you, like this author, are a long-term investor who subscribes to Buffett's concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p><p><blockquote><h3><b>持续增长前景</b></h3>如果你和这位作者一样，是一个长期投资者，认同巴菲特的所有者收益、永久增长率和股权债券的概念，那么长期回报就更简单了。它“简单地”是所有者收益收益率（“OEY”）和永久增长率（“PGR”）的总和，即，</blockquote></p><p> Longer-Term ROI = OEY + PGR</p><p><blockquote>长期ROI=OEY+PGR</blockquote></p><p></p><p> Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earning (payout as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as GOOG has done in the past), it will be reflected as a return to the business owner.</p><p><blockquote>因为从长期来看，估值的所有波动都被平均掉了（最后所有的运气都被平均掉了）。企业如何使用收益（作为股息支付、保留在银行账户中或回购股票）并不重要。只要明智地使用（就像GOOG过去所做的那样），它就会体现为对企业主的回报。</blockquote></p><p> OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earning - the real economic earning of the business, not the nominal accounting earning. Here is a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earning. It is conservative in the sense that rigorously speaking, the owner's earning should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~3.2% for GOOG (~31.6x price to FCF - no cheap at all, but wait for the PGR part).</p><p><blockquote>OEY是所有者的收入除以入场价格。所有的复杂性都在于对所有者收入的估计——企业的实际经济收入，而不是名义上的会计收入。这是一个粗略而保守的估计，我将使用自由现金流（“FCF”）作为所有者的收入。它是保守的，因为严格来说，所有者的收入应该是自由现金流加上用于推动增长的资本支出部分（即增长资本支出）。按照目前的价格水平，GOOG的OEY约为3.2%（FCF价格约为31.6倍-一点也不便宜，但请等待PGR部分）。</blockquote></p><p> The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like GOOG, I consider the following items capital actually employed:</p><p><blockquote>下一个也是更重要的项目是PGR。为了理解和估计它，我们需要首先估计已用资本回报率（“ROCE”）。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业需要投资多少额外资本才能获得给定的额外收入——这是估计PGR的关键。对于像GOOG这样的企业，我认为以下项目是实际使用的资本：</blockquote></p><p> 1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p><p><blockquote>1、营运资金，包括应付账款、应收账款、存货。这些是其业务日常运营所需的资本。</blockquote></p><p> 2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p><p><blockquote>2.不动产、厂房和设备总额。这些是实际开展业务和制造产品所需的资本。</blockquote></p><p> 3. Research and development expenses are also considered as a capital investment for such a business.</p><p><blockquote>3.研发费用也被认为是此类业务的资本投资。</blockquote></p><p> Based on the above considerations, the ROCE of GOOG over the past decade is shown below. As seen, GOOG was able to maintain a remarkably high and stable ROCE over the long term: on average 55% for the past decade. Thanks to such ultra-high ROCE, it only requires a bit of reinvestment to fuel future growth, as elaborated in the next section.</p><p><blockquote>基于上述考虑，GOOG过去十年的ROCE如下所示。可以看出，GOOG能够长期保持非常高且稳定的ROCE：过去十年平均为55%。由于如此超高的ROCE，它只需要一点再投资就可以推动未来的增长，如下一节所述。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3789be736d72b1083205f654bae2bc4d\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>The financial flexibility</b></h3> Buffett said multiple times that there are businesses which, at the end of the day, point to a bunch of depreciated properties and equipment and tell the investors, \"these are our profits.\" He hates his business.</p><p><blockquote><h3><b>财务灵活性</b></h3>巴菲特多次表示，有些企业最终会指着一堆折旧的财产和设备告诉投资者，“这些是我们的利润。”他讨厌他的生意。</blockquote></p><p> GOOG is the exact opposite of such businesses - it generates plenty of cash and at the same time only needs a very low level of reinvestment to fuel further growth. First, GOOG is essential debt-free. Interest expenses are negligible compared to profits. Then as seen in the chart below, the business generates so much cash that it has so much financial flexibility in terms of capital allocation. As seen, in recent years, GOOG only needs 18% of its operation cash (\"OPC\") to cover the maintenance CAPEx. GOOG does not pay a dividend (even though it can easily afford it).</p><p><blockquote>GOOG与此类业务完全相反——它产生大量现金，同时只需要非常低水平的再投资即可推动进一步增长。首先，GOOG基本上是无债务的。与利润相比，利息支出可以忽略不计。如下图所示，该企业产生了如此多的现金，以至于在资本配置方面具有如此大的财务灵活性。可以看出，近年来，GOOG只需要18%的运营现金（“OPC”）来支付维护资本支出。GOOG不支付股息（尽管它很容易负担得起）。</blockquote></p><p> So this leaves awhopping 72% of the OPC to be dispensable cash, and the company can choose what to do with it: reinvest to fuel further growth, retain it to the bank account, pay a dividend, pay down debt, buy back shares, et al. It obviously makes total sense to reinvest all of it to fuel further growth given its 55% ROCE. At this ROCE, $1 reinvested would be fuel $0.55 of additional earning! But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, GOOG has been allocating a large part of the remaining earning, on average 37% in recent years, to buy back shares. Such repurchases, besides reflecting the confidence of the management in their own business and the cash generation capability, again also signals the lack of good reinvestment opportunities that could move the needle.</p><p><blockquote>因此，这使得OPC的72%成为可有可无的现金，公司可以选择如何处理它：再投资以推动进一步增长、将其保留在银行账户中、支付股息、偿还债务、回购股票等。鉴于其55%的ROCE，将所有资金进行再投资以推动进一步增长显然是完全有意义的。在这个ROCE，1美元的再投资将带来0.55美元的额外收入！但问题是，对于这种规模的企业来说，将收益进行再投资的机会并不多。因此，GOOG一直将剩余收益的很大一部分（近年来平均为37%）用于回购股票。此类回购除了反映管理层对自身业务和现金产生能力的信心外，也再次表明缺乏可以推动变革的良好再投资机会。</blockquote></p><p> But all things considered, with 55% ROCE, GOOG does not need that much reinvestment to grow. My estimation is that GOOG has been reinvesting about 10% of its earnings to fuel future growth. With a 55% ROCE, it could maintain a 5.5% PGR (PGR = ROCE * fraction of earning reinvested = 55% * 10% = 5.5%).</p><p><blockquote>但综合考虑，凭借55%的ROCE，GOOG不需要那么多再投资来实现增长。我估计，GOOG一直将其收益的10%左右进行再投资，以推动未来的增长。在55%的ROCE下，它可以保持5.5%的PGR（PGR=ROCE*再投资收益比例=55%*10%=5.5%）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3ce10644f6a839cad98e8bb2073a5259\" tg-width=\"640\" tg-height=\"313\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p></p><p> Now we have both pieces of the puzzle in place to estimate the long-term return, as shown in the next chart. At its current price levels, the OEY is again estimated to be ~3.2%, and the PGR is about 5.5% as mentioned above. So the total return in the long term at the current valuation is about 8.7%, pretty decent even with the current relatively expensive valuation.</p><p><blockquote>现在，我们已经有了估计长期回报的两块拼图，如下图所示。按照目前的价格水平，OEY估计约为3.2%，如上所述，PGR约为5.5%。因此，按照目前的估值，长期总回报率约为8.7%，即使在目前相对昂贵的估值下，也相当不错。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0c20f61c6521f8bf7c4a24c580fcf293\" tg-width=\"640\" tg-height=\"423\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>Then why he never bought GOOG (so far)?</b></h3> So in summary, here are my thoughts on why Buffett regrets on GOOG. It is a business that meets all his criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that.</p><p><blockquote><h3><b>那为什么他（到目前为止）从来没有买过谷歌？</b></h3>总而言之，以下是我对巴菲特为何对GOOG感到遗憾的想法。这是一家满足他的所有标准的企业——自主且永久的复合护城河、高转换成本、高ROCE、产生大量现金且只需要很少现金，以及在商业生态系统中的收费桥梁角色——而他错过了所有这些。</blockquote></p><p> Then the next interesting question for me was that - why he never bought it? The valuation was not that far from his typical entry zone as late as 2011 (when the PE was below 20x). But he never bought, why?</p><p><blockquote>对我来说，下一个有趣的问题是——为什么他从来不买？直到2011年（当时市盈率低于20倍），估值才与他的典型进入区域相差不远。但他从来没有买过，为什么？</blockquote></p><p> The short answer is of course I do not know. I can only stipulate. And I think one possible reason is that he found a better idea - <a href=\"https://laohu8.com/S/AAPL\">Apple</a> around that time he regretted GOOG. His AAPL investment was detailed in my&nbsp;other articleand I won't go into details here. In summary, he was able to purchase AAPL under what I call the Buffett's 10x Pretax Rule - the observation that many of his largest and best deals were purchase with a price below or near 10x pretax earning. Besides AAPL, the list also included <a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, <a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a>, Burlington Northern, and even his recent $25B&nbsp;repurchases of BRK.A&nbsp;as analyzed in my other article.</p><p><blockquote>简短的回答是我当然不知道。我只能规定。我认为一个可能的原因是他找到了一个更好的主意-<a href=\"https://laohu8.com/S/AAPL\">苹果</a>大约在那个时候，他后悔了谷歌。他对AAPL的投资在我的另一篇文章中有详细介绍，我不会在这里详细介绍。总之，他能够根据我看涨期权巴菲特的10倍税前规则购买苹果公司——巴菲特的许多最大和最好的交易都是以低于或接近10倍税前收益的价格购买的。除AAPL外，该名单还包括<a href=\"https://laohu8.com/S/KO\">可口可乐</a>,<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/WFC\">富国银行</a>,<a href=\"https://laohu8.com/S/WMT\">沃尔玛</a>、Burlington Northern，甚至他最近以250亿美元回购BRK.A，正如我在另一篇文章中所分析的那样。</blockquote></p><p> As seen from the chart below, he was able to purchase AAPL around 10x pretax earning around 2016~2107. And AAPL features an even higher ROCE than GOOG. As a result, it was no-brainer and he must felt more comfortable with the AAPL idea - judging from the fact more than 1/3 of BRK's book value is in AAPL stocks currently.</p><p><blockquote>如下图所示，他能够在2016年至2107年左右以税前收益的10倍左右购买AAPL。AAPL的ROCE甚至高于GOOG。因此，这是显而易见的，他一定对AAPL的想法感到更满意——从目前BRK账面价值的1/3以上是AAPL股票这一事实来看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84025fb81cb58b014a81ed7374eab50d\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p> It is also interesting to look at the following chart, comparing the PE vs ROCE of a few large positions in Buffett's BRK portfolio together with GOOG. This chart shows three of the large BRK holdings that I have written about recently ([[V]], [[AAPL]], and [[ABBV]]). The ROC data are directly pulled from my previous analyses, and in case you want to see the details of how I got these numbers, you can look up recent articles under these tickers. I am not sure what the picture will look like as we add more data points on it (I do plan to organize my notes on his other major holdings and add more data points onto this plot).</p><p><blockquote>看看下面的图表也很有趣，它比较了巴菲特BRK投资组合中几个大头寸与GOOG的PE与ROCE。这张图表显示了我最近写的三只大型BRK持股（[[V]]、[[AAPL]]和[[ABBV]]）。ROC数据直接来自我之前的分析，如果您想了解我如何获得这些数字的详细信息，您可以在这些股票代码下查找最近的文章。我不确定随着我们在上面添加更多数据点，图片会是什么样子（我确实计划整理我对他其他主要持股的笔记，并在这张图上添加更多数据点）。</blockquote></p><p> But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking ABBV and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off to just invest in ABBV and AAPL.</p><p><blockquote>但凭借我现在掌握的几个数据点，我忍不住画出/看到了绿线——我看涨期权的巴菲特价值线。它是连接ABBV和AAPL的一条线——物美价廉的好业务和高价的高质量业务。因此，从价值投资者的角度来看，只有沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表了质量和价格之间的权衡，相当于或优于ABBV或AAPL。投资高于这条线是没有意义的，因为高于这条线的任何东西都代表着质量和价格之间的劣质权衡——我们最好只投资ABBV和AAPL。</blockquote></p><p> So this Buffett value line really is my other stipulation why he does buy into GOOG. As good as the business this, it is at least not better than other investments that he saw/sees.</p><p><blockquote>因此，巴菲特的这条价值线确实是我为什么买入谷歌的另一个规定。尽管这笔生意很好，但至少不比他看到的其他投资好。</blockquote></p><p> Finally, if you are wondering about why he is still holding V given it is far above the value line, the answer is again I really do not know. There are so many aspects that need to be considered with a position of V's size in his portfolio - tax liabilities, alternative investment candidates, opportunity cost, et al. I know I would trade V for ABBV and/or AAPL myself under current conditions. But I simply do not know what his considerations are.</p><p><blockquote>最后，如果你想知道为什么他仍然持有V，因为它远远高于价值线，答案是我真的不知道。V在其投资组合中的地位需要考虑很多方面——纳税义务、另类投资候选人、机会成本等。我知道在目前的情况下，我会用V换ABBV和/或AAPL。但我根本不知道他的考虑是什么。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/381b3149493c4a406c9faa82348300f7\" tg-width=\"640\" tg-height=\"411\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p></p><p> <h3><b>Conclusion and final thoughts</b></h3> This article analyzes Buffett's regrets for not buying GOOG earlier. Indeed, GOOG is a business that meets all of Buffett's criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high and consistent ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that. The analyses show that GOOG still offers potential return close to double digits (about 9%) in the long term even with the current elevated valuation.</p><p><blockquote><h3><b>结论和最后的想法</b></h3>本文分析了巴菲特没有早点买入GOOG的遗憾。事实上，GOOG是一家满足巴菲特所有标准的企业，即自主且永久的复合护城河、高转换成本、高且一致的ROCE、产生大量现金且只需要少量现金，以及在商业生态系统中的收费桥梁角色——他错过了这一切。分析显示，即使目前估值较高，从长远来看，GOOG仍能提供接近两位数（约9%）的潜在回报。</blockquote></p><p> And finally, this article shared my reflections/stipulations on this investment regret of his, which seems to offer more insights on the business of GOOG and value investing than some of his investment success. Underlying all his decisions is the same value-driven philosophy and long-term thinking.</p><p><blockquote>最后，这篇文章分享了我对他的投资遗憾的思考/规定，这似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。他所有决策的背后都是同样的价值驱动理念和长期思考。</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>Alphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet和巴菲特：为什么他后悔以及为什么他从未购买</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\">\nAlphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet和巴菲特：为什么他后悔以及为什么他从未购买</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-12 07:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li>  <li>This article analyzes the reasons for his regrets – the wide moat, the autonomous growth prospects, and the incredible high and consistent ROCE that he missed.</li>  <li>The results show that GOOG still offers potential return close to double digits in the long term even with the current elevated valuation.</li>  <li>And finally, we will reflect on this investment regret, which seems to offer more insights on the business of GOOG and value investing than some of his investment success.</li> </ul> <img src=\"https://static.tigerbbs.com/5dc8d6cf86e99572d606fdc2326cc2de\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\">Prykhodov/iStock Editorial via Getty Images</p><p><blockquote><ul><li>Warren Buffett在2019年承认，他没有购买谷歌（现在被称为<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li><li>本文分析了他遗憾的原因——宽阔的护城河、自主的增长前景以及他错过的令人难以置信的高且持续的ROCE。</li><li>结果显示，即使目前估值较高，从长远来看，GOOG仍能提供接近两位数的潜在回报。</li><li>最后，我们将反思这次投资遗憾，这似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。</li></ul>Prykhodov/iStock社论来自Getty Images</blockquote></p><p> <h3><b>Thesis and Background</b></h3> Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>. He regrets not having \"some insights into certain businesses\" especially given Google was making \"a lot of money\" at the time of its IPO from Geico. This article analyzes the reasons for his regrets - the wide moat, the autonomous growth prospects, and the incredibly high and consistent ROCE that GOOG enjoys and he missed. And his investment regrets seem to offer more insights on the business of GOOG and value investing than some of his investment success. Lastly, this article also shares my thoughts on why he never bought GOOG after he had those insights, and my reflections on its implications of value investing under the current market.</p><p><blockquote><h3><b>论文和背景</b></h3>Warren Buffett在2019年承认，他没有购买谷歌（现在被称为<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>他后悔没有“对某些业务有一些见解”，特别是考虑到谷歌在GEICO IPO时赚了“很多钱”。本文分析了他遗憾的原因——宽阔的护城河、自主增长前景，以及谷歌享受但他错过的令人难以置信的高且持续的ROCE。他的投资遗憾似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。最后，本文还分享了我对他为什么在有了这些见解后从未购买GOOG的想法，以及我对其在当前市场下对价值投资的影响的思考。</blockquote></p><p> <h3><b>The moat and the network effects</b></h3> Google derives more than 80% of its revenue from advertising, but it is not an advertising company. Its true moat is in its \"free\" search services, where it totally dominates, as seen in the chart below. As seen, Google has been maintaining nearly 90% market share of the global search traffic - and it has been maintaining such dominance for OVER A DECADE!</p><p><blockquote><h3><b>护城河与网络效应</b></h3>谷歌80%以上的收入来自广告，但它不是一家广告公司。其真正的护城河在于其“免费”搜索服务，在该服务中它完全占据主导地位，如下图所示。正如所见，谷歌一直保持着全球搜索流量近90%的市场份额——而且它已经保持了十多年的主导地位！</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce762e8d299e63677d69af4856189893\" tg-width=\"640\" tg-height=\"394\" width=\"100%\" height=\"auto\">Source:&nbsp;Statista</p><p><blockquote>资料来源：斯塔蒂斯塔</blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use it. In other words, certain networks become increasingly more valuable or it becomes bigger. Not every network enjoy this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return - i.e., the additional return decreases as the network becomes bigger. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非任何重大监管或反托拉斯法发生变化）。网络效应是指某些产品或服务的价值随着更多的人使用而增加。换句话说，某些网络变得越来越有价值或者变得越来越大。并不是每个网络都享受这种神奇的功能，事实上，大多数网络的边际回报率都在递减——也就是说，随着网络变大，额外的回报会减少。连锁餐厅网络就是一个例子。随着网络变得更大，节点开始相互竞争客户，回报减少。</blockquote></p><p> But certain networks, like the search services Google provides, enjoys this magic trait - the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但某些网络，如谷歌提供的搜索服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同的特征：a）网络变得越大，它变得越有价值（当连接城市A和B的一段铁路也连接到连接其他城市的其他铁路时，它的价值要高得多）；B）网络越大，交换成本就越高（如果每个人都使用传真机，而你不想使用传真机，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established - for whatever the reason, smart AI algorithms, advanced ML algorithms, or just dumb luck (GOOG certainly had benefited from all three) - the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的威力。一旦建立了领先优势——不管出于什么原因，智能人工智能算法、先进的ML算法，或者只是运气不好（谷歌肯定从这三者中受益）——网络效应就会开始发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more relevant and accurate search results will be, which will make the network lead to an even better and more valuable for the users, which will attract more new users to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将导致更相关和更准确的搜索结果，这将使网络对用户来说更好和更有价值，这将吸引更多的新用户加入，并使现有用户更难离开，这将再次导致更多的用户和更大的网络。</blockquote></p><p> <h3><b>The perpetual growth prospects</b></h3> If you, like this author, are a long-term investor who subscribes to Buffett's concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p><p><blockquote><h3><b>持续增长前景</b></h3>如果你和这位作者一样，是一个长期投资者，认同巴菲特的所有者收益、永久增长率和股权债券的概念，那么长期回报就更简单了。它“简单地”是所有者收益收益率（“OEY”）和永久增长率（“PGR”）的总和，即，</blockquote></p><p> Longer-Term ROI = OEY + PGR</p><p><blockquote>长期ROI=OEY+PGR</blockquote></p><p></p><p> Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earning (payout as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as GOOG has done in the past), it will be reflected as a return to the business owner.</p><p><blockquote>因为从长期来看，估值的所有波动都被平均掉了（最后所有的运气都被平均掉了）。企业如何使用收益（作为股息支付、保留在银行账户中或回购股票）并不重要。只要明智地使用（就像GOOG过去所做的那样），它就会体现为对企业主的回报。</blockquote></p><p> OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earning - the real economic earning of the business, not the nominal accounting earning. Here is a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earning. It is conservative in the sense that rigorously speaking, the owner's earning should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~3.2% for GOOG (~31.6x price to FCF - no cheap at all, but wait for the PGR part).</p><p><blockquote>OEY是所有者的收入除以入场价格。所有的复杂性都在于对所有者收入的估计——企业的实际经济收入，而不是名义上的会计收入。这是一个粗略而保守的估计，我将使用自由现金流（“FCF”）作为所有者的收入。它是保守的，因为严格来说，所有者的收入应该是自由现金流加上用于推动增长的资本支出部分（即增长资本支出）。按照目前的价格水平，GOOG的OEY约为3.2%（FCF价格约为31.6倍-一点也不便宜，但请等待PGR部分）。</blockquote></p><p> The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like GOOG, I consider the following items capital actually employed:</p><p><blockquote>下一个也是更重要的项目是PGR。为了理解和估计它，我们需要首先估计已用资本回报率（“ROCE”）。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业需要投资多少额外资本才能获得给定的额外收入——这是估计PGR的关键。对于像GOOG这样的企业，我认为以下项目是实际使用的资本：</blockquote></p><p> 1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p><p><blockquote>1、营运资金，包括应付账款、应收账款、存货。这些是其业务日常运营所需的资本。</blockquote></p><p> 2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p><p><blockquote>2.不动产、厂房和设备总额。这些是实际开展业务和制造产品所需的资本。</blockquote></p><p> 3. Research and development expenses are also considered as a capital investment for such a business.</p><p><blockquote>3.研发费用也被认为是此类业务的资本投资。</blockquote></p><p> Based on the above considerations, the ROCE of GOOG over the past decade is shown below. As seen, GOOG was able to maintain a remarkably high and stable ROCE over the long term: on average 55% for the past decade. Thanks to such ultra-high ROCE, it only requires a bit of reinvestment to fuel future growth, as elaborated in the next section.</p><p><blockquote>基于上述考虑，GOOG过去十年的ROCE如下所示。可以看出，GOOG能够长期保持非常高且稳定的ROCE：过去十年平均为55%。由于如此超高的ROCE，它只需要一点再投资就可以推动未来的增长，如下一节所述。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3789be736d72b1083205f654bae2bc4d\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>The financial flexibility</b></h3> Buffett said multiple times that there are businesses which, at the end of the day, point to a bunch of depreciated properties and equipment and tell the investors, \"these are our profits.\" He hates his business.</p><p><blockquote><h3><b>财务灵活性</b></h3>巴菲特多次表示，有些企业最终会指着一堆折旧的财产和设备告诉投资者，“这些是我们的利润。”他讨厌他的生意。</blockquote></p><p> GOOG is the exact opposite of such businesses - it generates plenty of cash and at the same time only needs a very low level of reinvestment to fuel further growth. First, GOOG is essential debt-free. Interest expenses are negligible compared to profits. Then as seen in the chart below, the business generates so much cash that it has so much financial flexibility in terms of capital allocation. As seen, in recent years, GOOG only needs 18% of its operation cash (\"OPC\") to cover the maintenance CAPEx. GOOG does not pay a dividend (even though it can easily afford it).</p><p><blockquote>GOOG与此类业务完全相反——它产生大量现金，同时只需要非常低水平的再投资即可推动进一步增长。首先，GOOG基本上是无债务的。与利润相比，利息支出可以忽略不计。如下图所示，该企业产生了如此多的现金，以至于在资本配置方面具有如此大的财务灵活性。可以看出，近年来，GOOG只需要18%的运营现金（“OPC”）来支付维护资本支出。GOOG不支付股息（尽管它很容易负担得起）。</blockquote></p><p> So this leaves awhopping 72% of the OPC to be dispensable cash, and the company can choose what to do with it: reinvest to fuel further growth, retain it to the bank account, pay a dividend, pay down debt, buy back shares, et al. It obviously makes total sense to reinvest all of it to fuel further growth given its 55% ROCE. At this ROCE, $1 reinvested would be fuel $0.55 of additional earning! But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, GOOG has been allocating a large part of the remaining earning, on average 37% in recent years, to buy back shares. Such repurchases, besides reflecting the confidence of the management in their own business and the cash generation capability, again also signals the lack of good reinvestment opportunities that could move the needle.</p><p><blockquote>因此，这使得OPC的72%成为可有可无的现金，公司可以选择如何处理它：再投资以推动进一步增长、将其保留在银行账户中、支付股息、偿还债务、回购股票等。鉴于其55%的ROCE，将所有资金进行再投资以推动进一步增长显然是完全有意义的。在这个ROCE，1美元的再投资将带来0.55美元的额外收入！但问题是，对于这种规模的企业来说，将收益进行再投资的机会并不多。因此，GOOG一直将剩余收益的很大一部分（近年来平均为37%）用于回购股票。此类回购除了反映管理层对自身业务和现金产生能力的信心外，也再次表明缺乏可以推动变革的良好再投资机会。</blockquote></p><p> But all things considered, with 55% ROCE, GOOG does not need that much reinvestment to grow. My estimation is that GOOG has been reinvesting about 10% of its earnings to fuel future growth. With a 55% ROCE, it could maintain a 5.5% PGR (PGR = ROCE * fraction of earning reinvested = 55% * 10% = 5.5%).</p><p><blockquote>但综合考虑，凭借55%的ROCE，GOOG不需要那么多再投资来实现增长。我估计，GOOG一直将其收益的10%左右进行再投资，以推动未来的增长。在55%的ROCE下，它可以保持5.5%的PGR（PGR=ROCE*再投资收益比例=55%*10%=5.5%）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3ce10644f6a839cad98e8bb2073a5259\" tg-width=\"640\" tg-height=\"313\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p></p><p> Now we have both pieces of the puzzle in place to estimate the long-term return, as shown in the next chart. At its current price levels, the OEY is again estimated to be ~3.2%, and the PGR is about 5.5% as mentioned above. So the total return in the long term at the current valuation is about 8.7%, pretty decent even with the current relatively expensive valuation.</p><p><blockquote>现在，我们已经有了估计长期回报的两块拼图，如下图所示。按照目前的价格水平，OEY估计约为3.2%，如上所述，PGR约为5.5%。因此，按照目前的估值，长期总回报率约为8.7%，即使在目前相对昂贵的估值下，也相当不错。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0c20f61c6521f8bf7c4a24c580fcf293\" tg-width=\"640\" tg-height=\"423\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>Then why he never bought GOOG (so far)?</b></h3> So in summary, here are my thoughts on why Buffett regrets on GOOG. It is a business that meets all his criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that.</p><p><blockquote><h3><b>那为什么他（到目前为止）从来没有买过谷歌？</b></h3>总而言之，以下是我对巴菲特为何对GOOG感到遗憾的想法。这是一家满足他的所有标准的企业——自主且永久的复合护城河、高转换成本、高ROCE、产生大量现金且只需要很少现金，以及在商业生态系统中的收费桥梁角色——而他错过了所有这些。</blockquote></p><p> Then the next interesting question for me was that - why he never bought it? The valuation was not that far from his typical entry zone as late as 2011 (when the PE was below 20x). But he never bought, why?</p><p><blockquote>对我来说，下一个有趣的问题是——为什么他从来不买？直到2011年（当时市盈率低于20倍），估值才与他的典型进入区域相差不远。但他从来没有买过，为什么？</blockquote></p><p> The short answer is of course I do not know. I can only stipulate. And I think one possible reason is that he found a better idea - <a href=\"https://laohu8.com/S/AAPL\">Apple</a> around that time he regretted GOOG. His AAPL investment was detailed in my&nbsp;other articleand I won't go into details here. In summary, he was able to purchase AAPL under what I call the Buffett's 10x Pretax Rule - the observation that many of his largest and best deals were purchase with a price below or near 10x pretax earning. Besides AAPL, the list also included <a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, <a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a>, Burlington Northern, and even his recent $25B&nbsp;repurchases of BRK.A&nbsp;as analyzed in my other article.</p><p><blockquote>简短的回答是我当然不知道。我只能规定。我认为一个可能的原因是他找到了一个更好的主意-<a href=\"https://laohu8.com/S/AAPL\">苹果</a>大约在那个时候，他后悔了谷歌。他对AAPL的投资在我的另一篇文章中有详细介绍，我不会在这里详细介绍。总之，他能够根据我看涨期权巴菲特的10倍税前规则购买苹果公司——巴菲特的许多最大和最好的交易都是以低于或接近10倍税前收益的价格购买的。除AAPL外，该名单还包括<a href=\"https://laohu8.com/S/KO\">可口可乐</a>,<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/WFC\">富国银行</a>,<a href=\"https://laohu8.com/S/WMT\">沃尔玛</a>、Burlington Northern，甚至他最近以250亿美元回购BRK.A，正如我在另一篇文章中所分析的那样。</blockquote></p><p> As seen from the chart below, he was able to purchase AAPL around 10x pretax earning around 2016~2107. And AAPL features an even higher ROCE than GOOG. As a result, it was no-brainer and he must felt more comfortable with the AAPL idea - judging from the fact more than 1/3 of BRK's book value is in AAPL stocks currently.</p><p><blockquote>如下图所示，他能够在2016年至2107年左右以税前收益的10倍左右购买AAPL。AAPL的ROCE甚至高于GOOG。因此，这是显而易见的，他一定对AAPL的想法感到更满意——从目前BRK账面价值的1/3以上是AAPL股票这一事实来看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84025fb81cb58b014a81ed7374eab50d\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p> It is also interesting to look at the following chart, comparing the PE vs ROCE of a few large positions in Buffett's BRK portfolio together with GOOG. This chart shows three of the large BRK holdings that I have written about recently ([[V]], [[AAPL]], and [[ABBV]]). The ROC data are directly pulled from my previous analyses, and in case you want to see the details of how I got these numbers, you can look up recent articles under these tickers. I am not sure what the picture will look like as we add more data points on it (I do plan to organize my notes on his other major holdings and add more data points onto this plot).</p><p><blockquote>看看下面的图表也很有趣，它比较了巴菲特BRK投资组合中几个大头寸与GOOG的PE与ROCE。这张图表显示了我最近写的三只大型BRK持股（[[V]]、[[AAPL]]和[[ABBV]]）。ROC数据直接来自我之前的分析，如果您想了解我如何获得这些数字的详细信息，您可以在这些股票代码下查找最近的文章。我不确定随着我们在上面添加更多数据点，图片会是什么样子（我确实计划整理我对他其他主要持股的笔记，并在这张图上添加更多数据点）。</blockquote></p><p> But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking ABBV and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off to just invest in ABBV and AAPL.</p><p><blockquote>但凭借我现在掌握的几个数据点，我忍不住画出/看到了绿线——我看涨期权的巴菲特价值线。它是连接ABBV和AAPL的一条线——物美价廉的好业务和高价的高质量业务。因此，从价值投资者的角度来看，只有沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表了质量和价格之间的权衡，相当于或优于ABBV或AAPL。投资高于这条线是没有意义的，因为高于这条线的任何东西都代表着质量和价格之间的劣质权衡——我们最好只投资ABBV和AAPL。</blockquote></p><p> So this Buffett value line really is my other stipulation why he does buy into GOOG. As good as the business this, it is at least not better than other investments that he saw/sees.</p><p><blockquote>因此，巴菲特的这条价值线确实是我为什么买入谷歌的另一个规定。尽管这笔生意很好，但至少不比他看到的其他投资好。</blockquote></p><p> Finally, if you are wondering about why he is still holding V given it is far above the value line, the answer is again I really do not know. There are so many aspects that need to be considered with a position of V's size in his portfolio - tax liabilities, alternative investment candidates, opportunity cost, et al. I know I would trade V for ABBV and/or AAPL myself under current conditions. But I simply do not know what his considerations are.</p><p><blockquote>最后，如果你想知道为什么他仍然持有V，因为它远远高于价值线，答案是我真的不知道。V在其投资组合中的地位需要考虑很多方面——纳税义务、另类投资候选人、机会成本等。我知道在目前的情况下，我会用V换ABBV和/或AAPL。但我根本不知道他的考虑是什么。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/381b3149493c4a406c9faa82348300f7\" tg-width=\"640\" tg-height=\"411\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p></p><p> <h3><b>Conclusion and final thoughts</b></h3> This article analyzes Buffett's regrets for not buying GOOG earlier. Indeed, GOOG is a business that meets all of Buffett's criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high and consistent ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that. The analyses show that GOOG still offers potential return close to double digits (about 9%) in the long term even with the current elevated valuation.</p><p><blockquote><h3><b>结论和最后的想法</b></h3>本文分析了巴菲特没有早点买入GOOG的遗憾。事实上，GOOG是一家满足巴菲特所有标准的企业，即自主且永久的复合护城河、高转换成本、高且一致的ROCE、产生大量现金且只需要少量现金，以及在商业生态系统中的收费桥梁角色——他错过了这一切。分析显示，即使目前估值较高，从长远来看，GOOG仍能提供接近两位数（约9%）的潜在回报。</blockquote></p><p> And finally, this article shared my reflections/stipulations on this investment regret of his, which seems to offer more insights on the business of GOOG and value investing than some of his investment success. Underlying all his decisions is the same value-driven philosophy and long-term thinking.</p><p><blockquote>最后，这篇文章分享了我对他的投资遗憾的思考/规定，这似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。他所有决策的背后都是同样的价值驱动理念和长期思考。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448281-alphabet-google-warren-buffett-regrets-never-bought\">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":{"GOOG":"谷歌"},"source_url":"https://seekingalpha.com/article/4448281-alphabet-google-warren-buffett-regrets-never-bought","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164396246","content_text":"Summary\n\nWarren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as Alphabet.\nThis article analyzes the reasons for his regrets – the wide moat, the autonomous growth prospects, and the incredible high and consistent ROCE that he missed.\nThe results show that GOOG still offers potential return close to double digits in the long term even with the current elevated valuation.\nAnd finally, we will reflect on this investment regret, which seems to offer more insights on the business of GOOG and value investing than some of his investment success.\n\nPrykhodov/iStock Editorial via Getty Images\nThesis and Background\nWarren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as Alphabet. He regrets not having \"some insights into certain businesses\" especially given Google was making \"a lot of money\" at the time of its IPO from Geico. This article analyzes the reasons for his regrets - the wide moat, the autonomous growth prospects, and the incredibly high and consistent ROCE that GOOG enjoys and he missed. And his investment regrets seem to offer more insights on the business of GOOG and value investing than some of his investment success. Lastly, this article also shares my thoughts on why he never bought GOOG after he had those insights, and my reflections on its implications of value investing under the current market.\nThe moat and the network effects\nGoogle derives more than 80% of its revenue from advertising, but it is not an advertising company. Its true moat is in its \"free\" search services, where it totally dominates, as seen in the chart below. As seen, Google has been maintaining nearly 90% market share of the global search traffic - and it has been maintaining such dominance for OVER A DECADE!\nSource: Statista\nFurthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use it. In other words, certain networks become increasingly more valuable or it becomes bigger. Not every network enjoy this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return - i.e., the additional return decreases as the network becomes bigger. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.\nBut certain networks, like the search services Google provides, enjoys this magic trait - the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established - for whatever the reason, smart AI algorithms, advanced ML algorithms, or just dumb luck (GOOG certainly had benefited from all three) - the network effects would just kick in, take over, and compound itself.\nIt is a self-sustaining positive feedback loop: more users in this network will lead to more relevant and accurate search results will be, which will make the network lead to an even better and more valuable for the users, which will attract more new users to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network.\nThe perpetual growth prospects\nIf you, like this author, are a long-term investor who subscribes to Buffett's concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,\nLonger-Term ROI = OEY + PGR\nBecause in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earning (payout as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as GOOG has done in the past), it will be reflected as a return to the business owner.\nOEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earning - the real economic earning of the business, not the nominal accounting earning. Here is a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earning. It is conservative in the sense that rigorously speaking, the owner's earning should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~3.2% for GOOG (~31.6x price to FCF - no cheap at all, but wait for the PGR part).\nThe next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like GOOG, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. Research and development expenses are also considered as a capital investment for such a business.\nBased on the above considerations, the ROCE of GOOG over the past decade is shown below. As seen, GOOG was able to maintain a remarkably high and stable ROCE over the long term: on average 55% for the past decade. Thanks to such ultra-high ROCE, it only requires a bit of reinvestment to fuel future growth, as elaborated in the next section.\nSource: author and Seeking Alpha\nThe financial flexibility\nBuffett said multiple times that there are businesses which, at the end of the day, point to a bunch of depreciated properties and equipment and tell the investors, \"these are our profits.\" He hates his business.\nGOOG is the exact opposite of such businesses - it generates plenty of cash and at the same time only needs a very low level of reinvestment to fuel further growth. First, GOOG is essential debt-free. Interest expenses are negligible compared to profits. Then as seen in the chart below, the business generates so much cash that it has so much financial flexibility in terms of capital allocation. As seen, in recent years, GOOG only needs 18% of its operation cash (\"OPC\") to cover the maintenance CAPEx. GOOG does not pay a dividend (even though it can easily afford it).\nSo this leaves awhopping 72% of the OPC to be dispensable cash, and the company can choose what to do with it: reinvest to fuel further growth, retain it to the bank account, pay a dividend, pay down debt, buy back shares, et al. It obviously makes total sense to reinvest all of it to fuel further growth given its 55% ROCE. At this ROCE, $1 reinvested would be fuel $0.55 of additional earning! But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, GOOG has been allocating a large part of the remaining earning, on average 37% in recent years, to buy back shares. Such repurchases, besides reflecting the confidence of the management in their own business and the cash generation capability, again also signals the lack of good reinvestment opportunities that could move the needle.\nBut all things considered, with 55% ROCE, GOOG does not need that much reinvestment to grow. My estimation is that GOOG has been reinvesting about 10% of its earnings to fuel future growth. With a 55% ROCE, it could maintain a 5.5% PGR (PGR = ROCE * fraction of earning reinvested = 55% * 10% = 5.5%).\nSource: author and Seeking Alpha\nNow we have both pieces of the puzzle in place to estimate the long-term return, as shown in the next chart. At its current price levels, the OEY is again estimated to be ~3.2%, and the PGR is about 5.5% as mentioned above. So the total return in the long term at the current valuation is about 8.7%, pretty decent even with the current relatively expensive valuation.\nSource: author and Seeking Alpha\nThen why he never bought GOOG (so far)?\nSo in summary, here are my thoughts on why Buffett regrets on GOOG. It is a business that meets all his criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that.\nThen the next interesting question for me was that - why he never bought it? The valuation was not that far from his typical entry zone as late as 2011 (when the PE was below 20x). But he never bought, why?\nThe short answer is of course I do not know. I can only stipulate. And I think one possible reason is that he found a better idea - Apple around that time he regretted GOOG. His AAPL investment was detailed in my other articleand I won't go into details here. In summary, he was able to purchase AAPL under what I call the Buffett's 10x Pretax Rule - the observation that many of his largest and best deals were purchase with a price below or near 10x pretax earning. Besides AAPL, the list also included Coca-Cola, American Express, Wells Fargo, Wal-Mart, Burlington Northern, and even his recent $25B repurchases of BRK.A as analyzed in my other article.\nAs seen from the chart below, he was able to purchase AAPL around 10x pretax earning around 2016~2107. And AAPL features an even higher ROCE than GOOG. As a result, it was no-brainer and he must felt more comfortable with the AAPL idea - judging from the fact more than 1/3 of BRK's book value is in AAPL stocks currently.\nSource: author and Seeking Alpha data\nIt is also interesting to look at the following chart, comparing the PE vs ROCE of a few large positions in Buffett's BRK portfolio together with GOOG. This chart shows three of the large BRK holdings that I have written about recently ([[V]], [[AAPL]], and [[ABBV]]). The ROC data are directly pulled from my previous analyses, and in case you want to see the details of how I got these numbers, you can look up recent articles under these tickers. I am not sure what the picture will look like as we add more data points on it (I do plan to organize my notes on his other major holdings and add more data points onto this plot).\nBut with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking ABBV and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off to just invest in ABBV and AAPL.\nSo this Buffett value line really is my other stipulation why he does buy into GOOG. As good as the business this, it is at least not better than other investments that he saw/sees.\nFinally, if you are wondering about why he is still holding V given it is far above the value line, the answer is again I really do not know. There are so many aspects that need to be considered with a position of V's size in his portfolio - tax liabilities, alternative investment candidates, opportunity cost, et al. I know I would trade V for ABBV and/or AAPL myself under current conditions. But I simply do not know what his considerations are.\nSource: author and Seeking Alpha data\nConclusion and final thoughts\nThis article analyzes Buffett's regrets for not buying GOOG earlier. Indeed, GOOG is a business that meets all of Buffett's criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high and consistent ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that. The analyses show that GOOG still offers potential return close to double digits (about 9%) in the long term even with the current elevated valuation.\nAnd finally, this article shared my reflections/stipulations on this investment regret of his, which seems to offer more insights on the business of GOOG and value investing than some of his investment success. Underlying all his decisions is the same value-driven philosophy and long-term thinking.","news_type":1,"symbols_score_info":{"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":2667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896763321,"gmtCreate":1628605881563,"gmtModify":1631891649596,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896763321","repostId":"2158479992","repostType":4,"isVote":1,"tweetType":1,"viewCount":1210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891073740,"gmtCreate":1628311559880,"gmtModify":1631891649596,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like pls[微笑]&nbsp;","listText":"Like pls[微笑]&nbsp;","text":"Like pls[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891073740","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":2025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":893109540,"gmtCreate":1628242279680,"gmtModify":1631891649595,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893109540","repostId":"1194369383","repostType":4,"repost":{"id":"1194369383","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":1628207565,"share":"https://www.laohu8.com/m/news/1194369383?lang=zh_CN&edition=full","pubTime":"2021-08-06 07:52","market":"us","language":"en","title":"Virgin Galactic posted Q2 results and reopened ticket sales<blockquote>维珍银河公布第二季度业绩并重新开放机票销售</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194369383","media":"Tiger Newspress","summary":"Virgin Galactic delivered second-quarter results after the market closed on Thursday and announced t","content":"<p>Virgin Galactic&nbsp;delivered second-quarter results after the market closed on Thursday and announced that it will reopen ticket sales, with pricing beginning at $450,000 per seat.</p><p><blockquote>维珍银河在周四收盘后公布了第二季度业绩，并宣布将重新开放门票销售，起价为每个座位45万美元。</blockquote></p><p> \"We have a purposeful range of product offerings in order to satisfy the different ways people will want to share this experience of private astronaut flights,\" Virgin Galactic CEO Michael Colglazier said during the company's second quarter conference call.</p><p><blockquote>维珍银河首席执行官Michael Colglazier在公司第二季度电话会议上表示：“我们有一系列有目的的产品，以满足人们分享私人宇航员飞行体验的不同方式。”</blockquote></p><p> The company also announced its next spaceflight test is targeting late September from Spaceport America in New Mexico, carrying members of the Italian Air Force.</p><p><blockquote>该公司还宣布，其下一次太空飞行测试将于9月下旬在新墨西哥州的美国航天港进行，搭载意大利空军成员。</blockquote></p><p> Shares of Virgin Galactic rose 5.1% in after-hours trading from its close of $31.53.</p><p><blockquote>维珍银河股价在盘后交易中较收盘价31.53美元上涨5.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4895fe47826635f1f7aa9ee76ebc69c5\" tg-width=\"899\" tg-height=\"637\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Virgin Galactic reported an adjusted EBITDA loss of $56 million in the second quarter, just above the loss of $55.9 million in the prior quarter. It generated $571,000 of revenue in the second quarter, coming from the scientific research experiments onboard its May spaceflight test.</p><p><blockquote>维珍银河公布第二季度调整后EBITDA亏损5600万美元，略高于上一季度5590万美元的亏损。该公司第二季度创造了571,000美元的收入，来自5月份太空飞行测试的科学研究实验。</blockquote></p><p> The company flew two spaceflight tests during the quarter, with&nbsp;the first marking its debut from Spaceport America in New Mexico. The second flight&nbsp;carried founder&nbsp;Richard Branson&nbsp;and three other mission specialists to test the vehicle's cabin.</p><p><blockquote>该公司在本季度进行了两次太空飞行测试，第一次是在新墨西哥州的美国航天港首次亮相。第二次飞行搭载了创始人理查德·布兰森和其他三名任务专家来测试飞行器的机舱。</blockquote></p><p> The company’s leadership previously announced that it would fly two more tests of spacecraft VSS Unity, with the first carrying another four “mission specialists” and the second flying members of the Italian Air Force. Branson had announced after his spaceflight that former Virgin Galactic CEO&nbsp;George Whitesides would fly on the company’s next spaceflight test, as CNBC reported last month. But that plan appears to have changed with the Italian spaceflight, designated as the Unity 23 flight, now scheduled next.</p><p><blockquote>该公司领导层此前宣布，将对航天器VSS Unity进行另外两次测试，第一次搭载另外四名“任务专家”，第二次搭载意大利空军成员。据CNBC上个月报道，布兰森在太空飞行后宣布，维珍银河前首席执行官乔治·怀特塞德斯将参加该公司的下一次太空飞行测试。但随着意大利的太空飞行，这一计划似乎已经改变，被指定为Unity 23飞行，现在计划下一次。</blockquote></p><p> Virgin Galactic will then pause spaceflight operations for a previously announced “enhancement period,” before then launching its Unity 24 spaceflight test. Then, with the Unity 25 flight, Virgin Galactic expects to begin commercial services with its first non-development flight.</p><p><blockquote>然后，维珍银河将在之前宣布的“增强期”暂停太空飞行操作，然后启动Unity 24太空飞行测试。然后，随着Unity 25的飞行，维珍银河预计将通过其首次非开发飞行开始商业服务。</blockquote></p><p> Colglazier said during the shareholder call that the enhancement period, which will focus on refurbishing and reinforcing its jet-powered carrier aircraft VMS Eve, will run from after Unity 23 in September until mid-2022. That pushes back the company’s beginning of commercial service, as Virgin Galactic was targeting early 2022 for its first private customer spaceflight.</p><p><blockquote>Colglazier在股东看涨期权上表示，增强期将从9月Unity 23之后一直持续到2022年中期，重点是翻新和加固其喷气动力舰载机VMS Eve。这推迟了该公司商业服务的开始，因为维珍银河的目标是在2022年初进行首次私人客户太空飞行。</blockquote></p><p> A Virgin Galactic spokesperson told CNBC that the Unity 25 mission is targeting late third quarter 2022.</p><p><blockquote>维珍银河发言人告诉CNBC，Unity 25任务的目标是2022年第三季度末。</blockquote></p><p> The space tourism company is conducting the spaceflight tests as the final step in developing its vehicle. The company has about 600 reservations for tickets on future flights, with those tickets sold largely between $200,000 and $250,000 each.</p><p><blockquote>这家太空旅游公司正在进行太空飞行测试，作为开发其飞行器的最后一步。该公司约有600张未来航班的机票预订，每张机票的售价大多在20万美元至25万美元之间。</blockquote></p><p> Virgin Galactic will have three different sales offerings, starting at $450,000 a seat, for space tourists: A single seat purchase, packaged seats for couples, friends or family, or opportunities to book entire flights. The company noted that sales will initially prioritize Virgin Galactic’s “significant list of early hand-raisers,” with a “follow-on priority list” to be opened for new customers.</p><p><blockquote>维珍银河将为太空游客提供三种不同的销售产品，每个座位起价45万美元：购买单人座位，为情侣、朋友或家人提供套餐座位，或预订整个航班的机会。该公司指出，销售最初将优先考虑维珍银河的“重要的早期举手名单”，并为新客户开放“后续优先名单”。</blockquote></p><p> Its spacecraft VSS Unity was designed to carry six passengers — in addition to two pilots — but the vehicle is now outfitted to carry four, with Virgin Galactic confirming that its spaceflight with Branson represented a “fully crewed” launch.</p><p><blockquote>其航天器VSS Unity设计可搭载六名乘客——此外还有两名飞行员——但该飞行器现在配备可搭载四名乘客，维珍银河证实其与布兰森的太空飞行代表着“全员”发射。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Virgin Galactic posted Q2 results and reopened ticket sales<blockquote>维珍银河公布第二季度业绩并重新开放机票销售</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVirgin Galactic posted Q2 results and reopened ticket sales<blockquote>维珍银河公布第二季度业绩并重新开放机票销售</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-06 07:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Virgin Galactic&nbsp;delivered second-quarter results after the market closed on Thursday and announced that it will reopen ticket sales, with pricing beginning at $450,000 per seat.</p><p><blockquote>维珍银河在周四收盘后公布了第二季度业绩，并宣布将重新开放门票销售，起价为每个座位45万美元。</blockquote></p><p> \"We have a purposeful range of product offerings in order to satisfy the different ways people will want to share this experience of private astronaut flights,\" Virgin Galactic CEO Michael Colglazier said during the company's second quarter conference call.</p><p><blockquote>维珍银河首席执行官Michael Colglazier在公司第二季度电话会议上表示：“我们有一系列有目的的产品，以满足人们分享私人宇航员飞行体验的不同方式。”</blockquote></p><p> The company also announced its next spaceflight test is targeting late September from Spaceport America in New Mexico, carrying members of the Italian Air Force.</p><p><blockquote>该公司还宣布，其下一次太空飞行测试将于9月下旬在新墨西哥州的美国航天港进行，搭载意大利空军成员。</blockquote></p><p> Shares of Virgin Galactic rose 5.1% in after-hours trading from its close of $31.53.</p><p><blockquote>维珍银河股价在盘后交易中较收盘价31.53美元上涨5.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4895fe47826635f1f7aa9ee76ebc69c5\" tg-width=\"899\" tg-height=\"637\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Virgin Galactic reported an adjusted EBITDA loss of $56 million in the second quarter, just above the loss of $55.9 million in the prior quarter. It generated $571,000 of revenue in the second quarter, coming from the scientific research experiments onboard its May spaceflight test.</p><p><blockquote>维珍银河公布第二季度调整后EBITDA亏损5600万美元，略高于上一季度5590万美元的亏损。该公司第二季度创造了571,000美元的收入，来自5月份太空飞行测试的科学研究实验。</blockquote></p><p> The company flew two spaceflight tests during the quarter, with&nbsp;the first marking its debut from Spaceport America in New Mexico. The second flight&nbsp;carried founder&nbsp;Richard Branson&nbsp;and three other mission specialists to test the vehicle's cabin.</p><p><blockquote>该公司在本季度进行了两次太空飞行测试，第一次是在新墨西哥州的美国航天港首次亮相。第二次飞行搭载了创始人理查德·布兰森和其他三名任务专家来测试飞行器的机舱。</blockquote></p><p> The company’s leadership previously announced that it would fly two more tests of spacecraft VSS Unity, with the first carrying another four “mission specialists” and the second flying members of the Italian Air Force. Branson had announced after his spaceflight that former Virgin Galactic CEO&nbsp;George Whitesides would fly on the company’s next spaceflight test, as CNBC reported last month. But that plan appears to have changed with the Italian spaceflight, designated as the Unity 23 flight, now scheduled next.</p><p><blockquote>该公司领导层此前宣布，将对航天器VSS Unity进行另外两次测试，第一次搭载另外四名“任务专家”，第二次搭载意大利空军成员。据CNBC上个月报道，布兰森在太空飞行后宣布，维珍银河前首席执行官乔治·怀特塞德斯将参加该公司的下一次太空飞行测试。但随着意大利的太空飞行，这一计划似乎已经改变，被指定为Unity 23飞行，现在计划下一次。</blockquote></p><p> Virgin Galactic will then pause spaceflight operations for a previously announced “enhancement period,” before then launching its Unity 24 spaceflight test. Then, with the Unity 25 flight, Virgin Galactic expects to begin commercial services with its first non-development flight.</p><p><blockquote>然后，维珍银河将在之前宣布的“增强期”暂停太空飞行操作，然后启动Unity 24太空飞行测试。然后，随着Unity 25的飞行，维珍银河预计将通过其首次非开发飞行开始商业服务。</blockquote></p><p> Colglazier said during the shareholder call that the enhancement period, which will focus on refurbishing and reinforcing its jet-powered carrier aircraft VMS Eve, will run from after Unity 23 in September until mid-2022. That pushes back the company’s beginning of commercial service, as Virgin Galactic was targeting early 2022 for its first private customer spaceflight.</p><p><blockquote>Colglazier在股东看涨期权上表示，增强期将从9月Unity 23之后一直持续到2022年中期，重点是翻新和加固其喷气动力舰载机VMS Eve。这推迟了该公司商业服务的开始，因为维珍银河的目标是在2022年初进行首次私人客户太空飞行。</blockquote></p><p> A Virgin Galactic spokesperson told CNBC that the Unity 25 mission is targeting late third quarter 2022.</p><p><blockquote>维珍银河发言人告诉CNBC，Unity 25任务的目标是2022年第三季度末。</blockquote></p><p> The space tourism company is conducting the spaceflight tests as the final step in developing its vehicle. The company has about 600 reservations for tickets on future flights, with those tickets sold largely between $200,000 and $250,000 each.</p><p><blockquote>这家太空旅游公司正在进行太空飞行测试，作为开发其飞行器的最后一步。该公司约有600张未来航班的机票预订，每张机票的售价大多在20万美元至25万美元之间。</blockquote></p><p> Virgin Galactic will have three different sales offerings, starting at $450,000 a seat, for space tourists: A single seat purchase, packaged seats for couples, friends or family, or opportunities to book entire flights. The company noted that sales will initially prioritize Virgin Galactic’s “significant list of early hand-raisers,” with a “follow-on priority list” to be opened for new customers.</p><p><blockquote>维珍银河将为太空游客提供三种不同的销售产品，每个座位起价45万美元：购买单人座位，为情侣、朋友或家人提供套餐座位，或预订整个航班的机会。该公司指出，销售最初将优先考虑维珍银河的“重要的早期举手名单”，并为新客户开放“后续优先名单”。</blockquote></p><p> Its spacecraft VSS Unity was designed to carry six passengers — in addition to two pilots — but the vehicle is now outfitted to carry four, with Virgin Galactic confirming that its spaceflight with Branson represented a “fully crewed” launch.</p><p><blockquote>其航天器VSS Unity设计可搭载六名乘客——此外还有两名飞行员——但该飞行器现在配备可搭载四名乘客，维珍银河证实其与布兰森的太空飞行代表着“全员”发射。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194369383","content_text":"Virgin Galactic delivered second-quarter results after the market closed on Thursday and announced that it will reopen ticket sales, with pricing beginning at $450,000 per seat.\n\"We have a purposeful range of product offerings in order to satisfy the different ways people will want to share this experience of private astronaut flights,\" Virgin Galactic CEO Michael Colglazier said during the company's second quarter conference call.\nThe company also announced its next spaceflight test is targeting late September from Spaceport America in New Mexico, carrying members of the Italian Air Force.\nShares of Virgin Galactic rose 5.1% in after-hours trading from its close of $31.53.\n\nVirgin Galactic reported an adjusted EBITDA loss of $56 million in the second quarter, just above the loss of $55.9 million in the prior quarter. It generated $571,000 of revenue in the second quarter, coming from the scientific research experiments onboard its May spaceflight test.\nThe company flew two spaceflight tests during the quarter, with the first marking its debut from Spaceport America in New Mexico. The second flight carried founder Richard Branson and three other mission specialists to test the vehicle's cabin.\nThe company’s leadership previously announced that it would fly two more tests of spacecraft VSS Unity, with the first carrying another four “mission specialists” and the second flying members of the Italian Air Force. Branson had announced after his spaceflight that former Virgin Galactic CEO George Whitesides would fly on the company’s next spaceflight test, as CNBC reported last month. But that plan appears to have changed with the Italian spaceflight, designated as the Unity 23 flight, now scheduled next.\nVirgin Galactic will then pause spaceflight operations for a previously announced “enhancement period,” before then launching its Unity 24 spaceflight test. Then, with the Unity 25 flight, Virgin Galactic expects to begin commercial services with its first non-development flight.\nColglazier said during the shareholder call that the enhancement period, which will focus on refurbishing and reinforcing its jet-powered carrier aircraft VMS Eve, will run from after Unity 23 in September until mid-2022. That pushes back the company’s beginning of commercial service, as Virgin Galactic was targeting early 2022 for its first private customer spaceflight.\nA Virgin Galactic spokesperson told CNBC that the Unity 25 mission is targeting late third quarter 2022.\nThe space tourism company is conducting the spaceflight tests as the final step in developing its vehicle. The company has about 600 reservations for tickets on future flights, with those tickets sold largely between $200,000 and $250,000 each.\nVirgin Galactic will have three different sales offerings, starting at $450,000 a seat, for space tourists: A single seat purchase, packaged seats for couples, friends or family, or opportunities to book entire flights. The company noted that sales will initially prioritize Virgin Galactic’s “significant list of early hand-raisers,” with a “follow-on priority list” to be opened for new customers.\nIts spacecraft VSS Unity was designed to carry six passengers — in addition to two pilots — but the vehicle is now outfitted to carry four, with Virgin Galactic confirming that its spaceflight with Branson represented a “fully crewed” launch.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":1457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893377425,"gmtCreate":1628242171567,"gmtModify":1631891649597,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Nice. Like pls","listText":"Nice. 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Buy.","listText":"Hmmmm... Buy.","text":"Hmmmm... Buy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804501516","repostId":"1147488941","repostType":4,"isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805658590,"gmtCreate":1627878334910,"gmtModify":1633755666522,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Nice. Please like","listText":"Nice. Please like","text":"Nice. Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805658590","repostId":"2156741169","repostType":4,"isVote":1,"tweetType":1,"viewCount":523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808297215,"gmtCreate":1627587306837,"gmtModify":1633758083336,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808297215","repostId":"2155188411","repostType":4,"isVote":1,"tweetType":1,"viewCount":340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801302132,"gmtCreate":1627481630326,"gmtModify":1633764586015,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like please . To the mokn<a href=\"https://laohu8.com/S/TSLA\"></a>","listText":"Like please . To the mokn<a href=\"https://laohu8.com/S/TSLA\"></a>","text":"Like please . To the mokn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801302132","repostId":"2154360923","repostType":4,"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809077940,"gmtCreate":1627342477980,"gmtModify":1633766023482,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809077940","repostId":"1153028059","repostType":4,"repost":{"id":"1153028059","kind":"news","pubTimestamp":1627340900,"share":"https://www.laohu8.com/m/news/1153028059?lang=zh_CN&edition=full","pubTime":"2021-07-27 07:08","market":"us","language":"en","title":"Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153028059","media":"Reuters","summary":" -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operati","content":"<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时能得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</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>Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-27 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时能得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153028059","content_text":"(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.\nTesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.\nFor the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.\nShares of the world’s most valuable automaker rose 1.5% in extended trade.\nIn a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.\n“The global chip shortage situation remains quite serious,” Musk said.\nStill, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.\nDespite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.\nThe carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.\nAnalysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.\nExcluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.\nTesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.\nTesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.\n“Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.\nCarmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.\nTesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.\nBut the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.\nIn an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800654498,"gmtCreate":1627300858914,"gmtModify":1633766389513,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Good.. please like thanks","listText":"Good.. please like thanks","text":"Good.. please like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800654498","repostId":"1151724613","repostType":4,"repost":{"id":"1151724613","kind":"news","pubTimestamp":1627292512,"share":"https://www.laohu8.com/m/news/1151724613?lang=zh_CN&edition=full","pubTime":"2021-07-26 17:41","market":"us","language":"en","title":"Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151724613","media":"Barrons","summary":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe ","content":"<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-26 17:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151724613","content_text":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.\nThere will be a lot of moving parts, however, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk.\nFactors that will contribute to bottom-line earnings include the global semiconductor shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.\n\nTesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.\nThe good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered more than 200,000 vehicles in a single quarter.\nAfter earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla beat earnings estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.\nThere is also the issue of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.\nInvestors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its charging network to other EVs down the road.\nThose topics and more should be discussed on the earnings conference call scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the S&P 500 and Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174627129,"gmtCreate":1627096526461,"gmtModify":1633767998153,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Please like and comment&nbsp;[微笑]&nbsp;","listText":"Please like and comment&nbsp;[微笑]&nbsp;","text":"Please like and comment [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174627129","repostId":"1191636755","repostType":4,"repost":{"id":"1191636755","kind":"news","pubTimestamp":1627084309,"share":"https://www.laohu8.com/m/news/1191636755?lang=zh_CN&edition=full","pubTime":"2021-07-24 07:51","market":"us","language":"en","title":"Tesla Earnings Are Coming. Here’s the One Number That Matters.<blockquote>特斯拉财报即将发布。这是一个重要的数字。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191636755","media":"Barrons","summary":"Tesla’s second-quarter earnings are just around the corner, and investors should gear up for a likel","content":"<p>Tesla’s second-quarter earnings are just around the corner, and investors should gear up for a likely very complicated report.</p><p><blockquote>特斯拉第二季度财报即将公布，投资者应该为一份可能非常复杂的报告做好准备。</blockquote></p><p> There are a lot of moving parts, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk. Figuring out if the stock will go up or down, however, shouldn’t be all that difficult.</p><p><blockquote>对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，有很多活动部件，甚至比平时还要多。然而，弄清楚股票是上涨还是下跌应该并不那么困难。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday,July 26. Wall Street is looking for&nbsp;Tesla to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There are plenty of factors that will contribute to bottom-line earnings—the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>有很多因素将影响底线收益——全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb9cfd5cbe6d36d06167f82af45447d1\" tg-width=\"869\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> All those topics and more should come up on the earningsconference callscheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of theS&amp;P 500andDow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>所有这些话题以及更多话题都应该出现在定于下午5:30举行的财报电话会议上。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Earnings Are Coming. Here’s the One Number That Matters.<blockquote>特斯拉财报即将发布。这是一个重要的数字。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Earnings Are Coming. Here’s the One Number That Matters.<blockquote>特斯拉财报即将发布。这是一个重要的数字。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-24 07:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla’s second-quarter earnings are just around the corner, and investors should gear up for a likely very complicated report.</p><p><blockquote>特斯拉第二季度财报即将公布，投资者应该为一份可能非常复杂的报告做好准备。</blockquote></p><p> There are a lot of moving parts, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk. Figuring out if the stock will go up or down, however, shouldn’t be all that difficult.</p><p><blockquote>对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，有很多活动部件，甚至比平时还要多。然而，弄清楚股票是上涨还是下跌应该并不那么困难。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday,July 26. Wall Street is looking for&nbsp;Tesla to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There are plenty of factors that will contribute to bottom-line earnings—the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>有很多因素将影响底线收益——全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb9cfd5cbe6d36d06167f82af45447d1\" tg-width=\"869\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> All those topics and more should come up on the earningsconference callscheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of theS&amp;P 500andDow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>所有这些话题以及更多话题都应该出现在定于下午5:30举行的财报电话会议上。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_DAY_Theme_2_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_DAY_Theme_2_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191636755","content_text":"Tesla’s second-quarter earnings are just around the corner, and investors should gear up for a likely very complicated report.\nThere are a lot of moving parts, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk. Figuring out if the stock will go up or down, however, shouldn’t be all that difficult.\nThe EV pioneer will report after the close of trading on Monday,July 26. Wall Street is looking for Tesla to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.\nThere are plenty of factors that will contribute to bottom-line earnings—the global semiconductor shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.\n\nTesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.\nThe good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered more than 200,000 vehicles in a single quarter.\nAfter earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla beat earnings estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.\nThere is also the issue of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.\nInvestors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its charging network to other EVs down the road.\nAll those topics and more should come up on the earningsconference callscheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of theS&P 500andDow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":172197475,"gmtCreate":1626942746097,"gmtModify":1633769529889,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Help like[微笑]&nbsp;","listText":"Help like[微笑]&nbsp;","text":"Help like[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172197475","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":1054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":176969932,"gmtCreate":1626855149826,"gmtModify":1633770385282,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176969932","repostId":"1183563723","repostType":4,"repost":{"id":"1183563723","kind":"news","pubTimestamp":1626853969,"share":"https://www.laohu8.com/m/news/1183563723?lang=zh_CN&edition=full","pubTime":"2021-07-21 15:52","market":"us","language":"en","title":"Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183563723","media":"zerohedge","summary":"Recent earnings reports from streaming giant $Netflix$ have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo qu","content":"<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>情况好坏参半：三个季度前，当该公司公布第一个完整的“后电晕”季度收益时，该股暴跌，并警告称<i>“增长放缓”，</i>在三个季度前再次暴跌之前，该公司报告每股收益和新潜艇均大幅下滑，为220万辆，并列过去五年来最糟糕的季度，同时还报告了本季度的前景差于预期。两个季度前，这种情况发生了逆转，当时Netflix报告订户数量井喷，并预计很快就会实现正现金流，导致其股价飙升至历史新高——即使只是短暂的，然后再次逆转，然后暴跌。上个季度，Netflix报告订户数量巨大，再次感到失望。错过并给出令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天紧张地想知道的不是该公司是否会超出或低于预期，而是首席执行官里德·黑斯廷斯警告的经济放缓是否是真的，并且由于新冠疫情而吸引了更多的订户？毕竟，Netflix几个月来一直警告称，与去年大流行封锁开始时惊人的注册率相比，2021年的增长将放缓。是的，准备好迎接巨大的基础效应吧：<i>2020年第二季度，该服务新增客户1000万，仅次于创纪录的2020年第一季度新增的1577万。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列时好时坏的情况，但该公司一直在乘着乐观情绪的浪潮，其股价在2021年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直徘徊不前，未能突破新高。尽管毫无疑问，在美国和世界大部分地区的Covid-19封锁期间，收视率激增，但也存在复杂情况：病毒导致电视和电影制作停止，随着时间的推移，这种情况对Netflix来说可能只会变得更加可怕。但最大的问题依然存在<b>covid为现在带来了多少未来的subs，与此相关的是，对Delta菌株的恐慌会导致未来几个季度用户的另一次小爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，市场普遍预计第二季度仅新增112万新用户，略高于该公司自己预测的100万新用户。收入预计为73.2亿美元，高于上季度的71.6亿美元，每股收益为3.36美元，略低于上季度的3.75美元。这是因为自疫情袭击以来，流媒体视频一直保持火爆势头。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博资讯(Bloomberg Intelligence)分析师Geetha Ranganathan和Amine Bensaid在预览季度业绩时警告称，Netflix 2020年的大规模增长将导致今年的订户增长更加疲软：Netflix, Inc.将继续感受到1H20超负荷的后遗症，需求将大幅拉动第二季度新增100万人的预期，这是自2011年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引的不确定性，尽管几部备受瞩目的游戏（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度至2022年订户增长正常化的明显催化剂。”</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners媒体分析师Rich Greenfield发表了他认为Netflix投资者在财报发布后应该向管理层提出的关键问题。其中包括Netflix的用户增长何时会正常化，印度是否可以成为盈利的有意义的驱动力，以及该公司在视频游戏领域看到了哪些机会。格林菲尔德问道：“目标是利用你为电视/电影创作的IP，还是创造可以用于电视/电影制作的原创视频游戏IP？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本陷入停滞，这抑制了随后几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>考虑到这一点，<a href=\"https://laohu8.com/S/QTWO\">Q2</a>这个季度最终会引发Netflix股票的另一次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，订户数量也超出预期，但该公司未能实现每股收益和<i>再一次</i>报告了另一份惨淡的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34 B，<i><b>殴打</b></i>估计数。$7.32 B</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>估计数。+1.12 m</li><li>营业利润率为25.2%，高于预期的25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益2.97美元，未达到共识预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>同样糟糕，<b>该公司报告称，美国/加拿大付费用户首次下降，减少43万至7395万。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>也就是说，在q2营收增长19%、营业收入增长36%的同时，<b>第三季度订户预测未达到预期后，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是第二季度美国/加拿大付费潜艇数量下降的潜艇的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN streaming付费净变化-430,000，估计+52,190</b></li><li>EMEA流媒体付费净变化+190,000，预估+429,335</li><li>LATAM streaming付费净变化+760,000，预估+128,719</li><li>亚太地区流媒体付费净变化+102万，预估+524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化+154万，预估+112万（彭博共识）</li></ul>视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员数量增长11%和平均每位会员收入(ARM)增长8%推动的。“新冠疫情给我们的会员增长带来了一些波动（2020年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了该公司盈利持续“波动”的原因：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“疫情给我们的增长带来了异常波动，并扭曲了同比比较，因为在新冠疫情爆发的最初几个月，每个成员家庭的收购和参与度激增。在21年第二季度，我们每个成员家庭的参与度正如预期的那样有所下降。这些前所未有的水平，但与更具可比性的2019年第二季度相比仍增长了17%。同样，尽管每位会员的平均收入在这两年期间增长了8%，但保留率仍然强劲，并且好于2019年第二季度新冠疫情爆发前的水平，这表明我们的会员对Netflix的重视程度以及我们改进我们的服务我们可以多收一点钱。”</i>NFLX还表示，第二季度付费会员数量增加了150万，“略高于我们100万的指导预测”<b>亚太地区约占本季度全球付费净增额的三分之二</b>同时，如上所述，<b>UCAN地区第二季度付费会员数量环比下降（付费净增-40万）：</b>\"<i>我们认为，我们在UCAN的庞大会员基础加上季节性较小的季度收购是这种动态的主要原因。这与我们在2019年第二季度经历的情况类似，当时我们的UCAN付费净增额为-0.1 M；从那时起，我们在UCAN中增加了近750万付费净添加量”</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情号推进了如此多的潜艇，以至于2021年将成为至少自2016年以来的第一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司正在与2019年而不是2020年竞争（由于惨淡的基数效应），Netflix敦促投资者将今年与2019年进行比较，而不是与一年前的同一季度（当时大流行促进了用户增长）进行比较。奇怪的是，当数字对其有利时，该公司在比较2020年和2019年时没有问题，但我们跑题了...该公司指出，与2020年“前所未有的水平”相比，第二季度每个成员家庭的用户参与度有所下降，但“与更具可比性的2019年第二季度相比”增长了17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>或许是为了转移人们对（缺乏）用户增长的注意力，Netflix表示，它正在兑现2016年的承诺，稳步提高营业利润率。这家流媒体巨头的目标是2021年营业利润率达到20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现利润率目标，我们的营业利润率将在过去五年中增长五倍，并且领先于年均三个百分点的速度。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅增长（尽管我们一直在大力投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>但是，尽管股东可能会原谅美国潜艇的下降，但他们对公司的整体指导并不满意，<b>目前第三季度新增潜艇数量仅为350万艘，远低于预期的586万艘。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix表示，由于新冠疫情，上半年的内容将会清淡。该公司现在正在迎头赶上，上半年在新电视节目和电影上的支出增长了41%，达到80亿美元。该公司今年的内容支出目标为120亿美元，增长12%，即：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至2021年上半年，我们已在内容上花费了80亿美元现金（同比增长41%，内容摊销是1.4倍）</b></i><i>我们预计全年内容摊销约为120亿美元（同比增长12%）。我们的第三季度名单将包括粉丝最爱的《La Casa de Papel》（又名《金钱大劫案》）、《性教育》、《处女河》和《从未有过我》的新一季，以及真人电影，包括《甜蜜的女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画故事片《Vivo》，其中收录了林·曼努尔·米兰达的全新歌曲。</i>Netflix offers分享了有关其即将进入游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“我们还处于进一步向游戏领域扩张的早期阶段，建立在我们早期围绕交互性（例如Black Mirror Bandersnatch）和Stranger Things游戏的基础上。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。</i><i><b>游戏将免费包含在会员的Netflix订阅中，类似于电影和连续剧</b></i><i>最初，我们将主要关注移动设备上的游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们所有现有内容类别的投资和增长将会有很长的路要走，但由于我们进军原创节目已近十年，我们认为是时候了解更多有关我们的会员如何重视游戏的信息了。”</i>在对竞争格局的粗略概述中，Netflix指出了像华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>，表示他们“不认为这次整合对我们的增长有太大影响，如果有的话。”该公司还指出，虽然它一直在评估合并机会：“我们不认为任何资产是‘必须拥有的’，而且我们还没有发现任何足以令人信服地采取行动的大规模资产。”</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX现金流方面有更多坏消息，继上季度激增后再次逆转，下降了1.75亿美元，而一年前现金流为正8.99亿美元。NFLX指出，“仍预计2021年全年自由现金流将接近收支平衡。”该公司还认为，不再需要筹集外部融资来为我们的日常运营提供资金。我们将看看至少这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他消息方面，第二季度，NFLX将其循环信贷额度（仍未提取）从7.5亿美元增加到10亿美元，并将期限从2024年延长至2026年。该公司还根据我们50亿美元的股票授权，以5亿美元（平均每股价格约为500美元）回购了100万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保留战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并不为所动，但情况可能会更糟：在最初短暂跌破500美元后，该股此后稳定下跌2%，约为515美元。在同情下跌的股票中，视频流媒体平台Roku下跌1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix在盘前交易中下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</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\">\nNetflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 15:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>情况好坏参半：三个季度前，当该公司公布第一个完整的“后电晕”季度收益时，该股暴跌，并警告称<i>“增长放缓”，</i>在三个季度前再次暴跌之前，该公司报告每股收益和新潜艇均大幅下滑，为220万辆，并列过去五年来最糟糕的季度，同时还报告了本季度的前景差于预期。两个季度前，这种情况发生了逆转，当时Netflix报告订户数量井喷，并预计很快就会实现正现金流，导致其股价飙升至历史新高——即使只是短暂的，然后再次逆转，然后暴跌。上个季度，Netflix报告订户数量巨大，再次感到失望。错过并给出令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天紧张地想知道的不是该公司是否会超出或低于预期，而是首席执行官里德·黑斯廷斯警告的经济放缓是否是真的，并且由于新冠疫情而吸引了更多的订户？毕竟，Netflix几个月来一直警告称，与去年大流行封锁开始时惊人的注册率相比，2021年的增长将放缓。是的，准备好迎接巨大的基础效应吧：<i>2020年第二季度，该服务新增客户1000万，仅次于创纪录的2020年第一季度新增的1577万。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列时好时坏的情况，但该公司一直在乘着乐观情绪的浪潮，其股价在2021年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直徘徊不前，未能突破新高。尽管毫无疑问，在美国和世界大部分地区的Covid-19封锁期间，收视率激增，但也存在复杂情况：病毒导致电视和电影制作停止，随着时间的推移，这种情况对Netflix来说可能只会变得更加可怕。但最大的问题依然存在<b>covid为现在带来了多少未来的subs，与此相关的是，对Delta菌株的恐慌会导致未来几个季度用户的另一次小爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，市场普遍预计第二季度仅新增112万新用户，略高于该公司自己预测的100万新用户。收入预计为73.2亿美元，高于上季度的71.6亿美元，每股收益为3.36美元，略低于上季度的3.75美元。这是因为自疫情袭击以来，流媒体视频一直保持火爆势头。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博资讯(Bloomberg Intelligence)分析师Geetha Ranganathan和Amine Bensaid在预览季度业绩时警告称，Netflix 2020年的大规模增长将导致今年的订户增长更加疲软：Netflix, Inc.将继续感受到1H20超负荷的后遗症，需求将大幅拉动第二季度新增100万人的预期，这是自2011年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引的不确定性，尽管几部备受瞩目的游戏（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度至2022年订户增长正常化的明显催化剂。”</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners媒体分析师Rich Greenfield发表了他认为Netflix投资者在财报发布后应该向管理层提出的关键问题。其中包括Netflix的用户增长何时会正常化，印度是否可以成为盈利的有意义的驱动力，以及该公司在视频游戏领域看到了哪些机会。格林菲尔德问道：“目标是利用你为电视/电影创作的IP，还是创造可以用于电视/电影制作的原创视频游戏IP？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本陷入停滞，这抑制了随后几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>考虑到这一点，<a href=\"https://laohu8.com/S/QTWO\">Q2</a>这个季度最终会引发Netflix股票的另一次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，订户数量也超出预期，但该公司未能实现每股收益和<i>再一次</i>报告了另一份惨淡的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34 B，<i><b>殴打</b></i>估计数。$7.32 B</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>估计数。+1.12 m</li><li>营业利润率为25.2%，高于预期的25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益2.97美元，未达到共识预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>同样糟糕，<b>该公司报告称，美国/加拿大付费用户首次下降，减少43万至7395万。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>也就是说，在q2营收增长19%、营业收入增长36%的同时，<b>第三季度订户预测未达到预期后，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是第二季度美国/加拿大付费潜艇数量下降的潜艇的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN streaming付费净变化-430,000，估计+52,190</b></li><li>EMEA流媒体付费净变化+190,000，预估+429,335</li><li>LATAM streaming付费净变化+760,000，预估+128,719</li><li>亚太地区流媒体付费净变化+102万，预估+524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化+154万，预估+112万（彭博共识）</li></ul>视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员数量增长11%和平均每位会员收入(ARM)增长8%推动的。“新冠疫情给我们的会员增长带来了一些波动（2020年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了该公司盈利持续“波动”的原因：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“疫情给我们的增长带来了异常波动，并扭曲了同比比较，因为在新冠疫情爆发的最初几个月，每个成员家庭的收购和参与度激增。在21年第二季度，我们每个成员家庭的参与度正如预期的那样有所下降。这些前所未有的水平，但与更具可比性的2019年第二季度相比仍增长了17%。同样，尽管每位会员的平均收入在这两年期间增长了8%，但保留率仍然强劲，并且好于2019年第二季度新冠疫情爆发前的水平，这表明我们的会员对Netflix的重视程度以及我们改进我们的服务我们可以多收一点钱。”</i>NFLX还表示，第二季度付费会员数量增加了150万，“略高于我们100万的指导预测”<b>亚太地区约占本季度全球付费净增额的三分之二</b>同时，如上所述，<b>UCAN地区第二季度付费会员数量环比下降（付费净增-40万）：</b>\"<i>我们认为，我们在UCAN的庞大会员基础加上季节性较小的季度收购是这种动态的主要原因。这与我们在2019年第二季度经历的情况类似，当时我们的UCAN付费净增额为-0.1 M；从那时起，我们在UCAN中增加了近750万付费净添加量”</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情号推进了如此多的潜艇，以至于2021年将成为至少自2016年以来的第一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司正在与2019年而不是2020年竞争（由于惨淡的基数效应），Netflix敦促投资者将今年与2019年进行比较，而不是与一年前的同一季度（当时大流行促进了用户增长）进行比较。奇怪的是，当数字对其有利时，该公司在比较2020年和2019年时没有问题，但我们跑题了...该公司指出，与2020年“前所未有的水平”相比，第二季度每个成员家庭的用户参与度有所下降，但“与更具可比性的2019年第二季度相比”增长了17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>或许是为了转移人们对（缺乏）用户增长的注意力，Netflix表示，它正在兑现2016年的承诺，稳步提高营业利润率。这家流媒体巨头的目标是2021年营业利润率达到20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现利润率目标，我们的营业利润率将在过去五年中增长五倍，并且领先于年均三个百分点的速度。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅增长（尽管我们一直在大力投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>但是，尽管股东可能会原谅美国潜艇的下降，但他们对公司的整体指导并不满意，<b>目前第三季度新增潜艇数量仅为350万艘，远低于预期的586万艘。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix表示，由于新冠疫情，上半年的内容将会清淡。该公司现在正在迎头赶上，上半年在新电视节目和电影上的支出增长了41%，达到80亿美元。该公司今年的内容支出目标为120亿美元，增长12%，即：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至2021年上半年，我们已在内容上花费了80亿美元现金（同比增长41%，内容摊销是1.4倍）</b></i><i>我们预计全年内容摊销约为120亿美元（同比增长12%）。我们的第三季度名单将包括粉丝最爱的《La Casa de Papel》（又名《金钱大劫案》）、《性教育》、《处女河》和《从未有过我》的新一季，以及真人电影，包括《甜蜜的女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画故事片《Vivo》，其中收录了林·曼努尔·米兰达的全新歌曲。</i>Netflix offers分享了有关其即将进入游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“我们还处于进一步向游戏领域扩张的早期阶段，建立在我们早期围绕交互性（例如Black Mirror Bandersnatch）和Stranger Things游戏的基础上。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。</i><i><b>游戏将免费包含在会员的Netflix订阅中，类似于电影和连续剧</b></i><i>最初，我们将主要关注移动设备上的游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们所有现有内容类别的投资和增长将会有很长的路要走，但由于我们进军原创节目已近十年，我们认为是时候了解更多有关我们的会员如何重视游戏的信息了。”</i>在对竞争格局的粗略概述中，Netflix指出了像华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>，表示他们“不认为这次整合对我们的增长有太大影响，如果有的话。”该公司还指出，虽然它一直在评估合并机会：“我们不认为任何资产是‘必须拥有的’，而且我们还没有发现任何足以令人信服地采取行动的大规模资产。”</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX现金流方面有更多坏消息，继上季度激增后再次逆转，下降了1.75亿美元，而一年前现金流为正8.99亿美元。NFLX指出，“仍预计2021年全年自由现金流将接近收支平衡。”该公司还认为，不再需要筹集外部融资来为我们的日常运营提供资金。我们将看看至少这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他消息方面，第二季度，NFLX将其循环信贷额度（仍未提取）从7.5亿美元增加到10亿美元，并将期限从2024年延长至2026年。该公司还根据我们50亿美元的股票授权，以5亿美元（平均每股价格约为500美元）回购了100万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保留战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并不为所动，但情况可能会更糟：在最初短暂跌破500美元后，该股此后稳定下跌2%，约为515美元。在同情下跌的股票中，视频流媒体平台Roku下跌1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix在盘前交易中下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates\">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":{"NFLX":"奈飞","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183563723","content_text":"Recent earnings reports from streaming giant Netflix have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.\nWhich brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.\nTo be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remainshow many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?\nIndicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.\nPreviewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"\nLightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”\nAnother thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.\n* * *\nSo with all that in mind, was Q2 the quarter that would finally unleash another repricing higher for Netflix stock?Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS andagainreported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).\nFirst, the good news:\n\nQ2 revenue $7.34B,beatingEst. $7.32B\nQ2 Streaming Paid Net Change +1.54M,beatingEst. +1.12M\nOperating margin of 25.2% came in on top of estiamtes of 25.2%\n\nAnd then the bad news:\n\nQ2 EPS $2.97 missing consensus Est. $3.14\nCompany sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M\n\nJust as bad,the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.\nIn other words, while q2 revenue rose 19% and operating income rose 36%,shares tumbled after its third-quarter subscriber forecast missed estimates.\nHere is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:\n\nUCAN streaming paid net change -430,000, estimate +52,190\nEMEA streaming paid net change +190,000, estimate +429,335\nLATAM streaming paid net change +760,000, estimate +128,719\nAPAC streaming paid net change +1.02 million, estimate +524,900\nTotal Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)\n\nAnd visually:\nCommenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”\nA more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:\n\n\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"\n\nNFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"with the APAC region representing about two-thirds of global paid net adds in the quarter. Meanwhile, as noted above,Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):\"We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"\nThis means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.\nUnderstandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”\nPerhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.\nSome more details here:\n\n“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..\n.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.\n\nBut while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.\n* * *\nLooking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:\n\nThrough the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)\nand we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.\n\nNetflix offers shared some more details on its upcoming entrance into the gaming arena:\n\n“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.\nGames will be included in members’ Netflix subscription at no additional cost, similar to films and series\n. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”\n\nIn its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/Discovery, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”\nThere was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.\nIn other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"\nAfter all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.\nNetflix Slides in premarket trading.","news_type":1,"symbols_score_info":{"GUID":0.9,"NFLX":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":148092139,"gmtCreate":1625897426621,"gmtModify":1633936237297,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/148092139","repostId":"1177397700","repostType":4,"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801302132,"gmtCreate":1627481630326,"gmtModify":1633764586015,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like please . To the mokn<a href=\"https://laohu8.com/S/TSLA\"></a>","listText":"Like please . To the mokn<a href=\"https://laohu8.com/S/TSLA\"></a>","text":"Like please . To the mokn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801302132","repostId":"2154360923","repostType":4,"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145823893,"gmtCreate":1626218257012,"gmtModify":1633929040403,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Please like and comment thanks 🙂","listText":"Please like and comment thanks 🙂","text":"Please like and comment thanks 🙂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/145823893","repostId":"2151560584","repostType":4,"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897348690,"gmtCreate":1628895437510,"gmtModify":1631891649583,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like and comment[笑哭]&nbsp;","listText":"Like and comment[笑哭]&nbsp;","text":"Like and comment[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897348690","repostId":"2159721520","repostType":2,"repost":{"id":"2159721520","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1628887162,"share":"https://www.laohu8.com/m/news/2159721520?lang=zh_CN&edition=full","pubTime":"2021-08-14 04:39","market":"hk","language":"en","title":"Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159721520","media":"T-Reuters","summary":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil V","content":"<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向Sec提交的文件中为23,760美元。特斯拉公司表示，硬币大师兼首席财务官Zachary Kirkhorn 2020年的总薪酬为4660万美元，而2019年为2120万美元。进一步的公司报道：Tsla.O。（（Reuters.Briefs@Thomsonreuters.Com；））。</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-08-14 04:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向Sec提交的文件中为23,760美元。特斯拉公司表示，硬币大师兼首席财务官Zachary Kirkhorn 2020年的总薪酬为4660万美元，而2019年为2120万美元。进一步的公司报道：Tsla.O。（（Reuters.Briefs@Thomsonreuters.Com；））。</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LHDX":"Lucira Health, Inc.","TSS":"Total System Services","TSLA":"特斯拉","CGEM":"Cullinan Therapeutics","SANA":"Sana Biotechnology, Inc.","LABP":"Landos Biopharma, Inc."},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159721520","content_text":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"LHDX":1,"APR":1,"SANA":1,"TSLA":1,"LABP":1,"TSS":1,"CGEM":1}},"isVote":1,"tweetType":1,"viewCount":3599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":893377425,"gmtCreate":1628242171567,"gmtModify":1631891649597,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Nice. Like pls","listText":"Nice. Like pls","text":"Nice. Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893377425","repostId":"1128779869","repostType":4,"isVote":1,"tweetType":1,"viewCount":3022,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805658590,"gmtCreate":1627878334910,"gmtModify":1633755666522,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Nice. Please like","listText":"Nice. Please like","text":"Nice. Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805658590","repostId":"2156741169","repostType":4,"isVote":1,"tweetType":1,"viewCount":523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809077940,"gmtCreate":1627342477980,"gmtModify":1633766023482,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809077940","repostId":"1153028059","repostType":4,"repost":{"id":"1153028059","kind":"news","pubTimestamp":1627340900,"share":"https://www.laohu8.com/m/news/1153028059?lang=zh_CN&edition=full","pubTime":"2021-07-27 07:08","market":"us","language":"en","title":"Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153028059","media":"Reuters","summary":" -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operati","content":"<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时能得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</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>Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-27 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时能得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153028059","content_text":"(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.\nTesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.\nFor the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.\nShares of the world’s most valuable automaker rose 1.5% in extended trade.\nIn a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.\n“The global chip shortage situation remains quite serious,” Musk said.\nStill, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.\nDespite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.\nThe carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.\nAnalysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.\nExcluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.\nTesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.\nTesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.\n“Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.\nCarmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.\nTesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.\nBut the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.\nIn an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176969932,"gmtCreate":1626855149826,"gmtModify":1633770385282,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176969932","repostId":"1183563723","repostType":4,"repost":{"id":"1183563723","kind":"news","pubTimestamp":1626853969,"share":"https://www.laohu8.com/m/news/1183563723?lang=zh_CN&edition=full","pubTime":"2021-07-21 15:52","market":"us","language":"en","title":"Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183563723","media":"zerohedge","summary":"Recent earnings reports from streaming giant $Netflix$ have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo qu","content":"<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>情况好坏参半：三个季度前，当该公司公布第一个完整的“后电晕”季度收益时，该股暴跌，并警告称<i>“增长放缓”，</i>在三个季度前再次暴跌之前，该公司报告每股收益和新潜艇均大幅下滑，为220万辆，并列过去五年来最糟糕的季度，同时还报告了本季度的前景差于预期。两个季度前，这种情况发生了逆转，当时Netflix报告订户数量井喷，并预计很快就会实现正现金流，导致其股价飙升至历史新高——即使只是短暂的，然后再次逆转，然后暴跌。上个季度，Netflix报告订户数量巨大，再次感到失望。错过并给出令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天紧张地想知道的不是该公司是否会超出或低于预期，而是首席执行官里德·黑斯廷斯警告的经济放缓是否是真的，并且由于新冠疫情而吸引了更多的订户？毕竟，Netflix几个月来一直警告称，与去年大流行封锁开始时惊人的注册率相比，2021年的增长将放缓。是的，准备好迎接巨大的基础效应吧：<i>2020年第二季度，该服务新增客户1000万，仅次于创纪录的2020年第一季度新增的1577万。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列时好时坏的情况，但该公司一直在乘着乐观情绪的浪潮，其股价在2021年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直徘徊不前，未能突破新高。尽管毫无疑问，在美国和世界大部分地区的Covid-19封锁期间，收视率激增，但也存在复杂情况：病毒导致电视和电影制作停止，随着时间的推移，这种情况对Netflix来说可能只会变得更加可怕。但最大的问题依然存在<b>covid为现在带来了多少未来的subs，与此相关的是，对Delta菌株的恐慌会导致未来几个季度用户的另一次小爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，市场普遍预计第二季度仅新增112万新用户，略高于该公司自己预测的100万新用户。收入预计为73.2亿美元，高于上季度的71.6亿美元，每股收益为3.36美元，略低于上季度的3.75美元。这是因为自疫情袭击以来，流媒体视频一直保持火爆势头。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博资讯(Bloomberg Intelligence)分析师Geetha Ranganathan和Amine Bensaid在预览季度业绩时警告称，Netflix 2020年的大规模增长将导致今年的订户增长更加疲软：Netflix, Inc.将继续感受到1H20超负荷的后遗症，需求将大幅拉动第二季度新增100万人的预期，这是自2011年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引的不确定性，尽管几部备受瞩目的游戏（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度至2022年订户增长正常化的明显催化剂。”</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners媒体分析师Rich Greenfield发表了他认为Netflix投资者在财报发布后应该向管理层提出的关键问题。其中包括Netflix的用户增长何时会正常化，印度是否可以成为盈利的有意义的驱动力，以及该公司在视频游戏领域看到了哪些机会。格林菲尔德问道：“目标是利用你为电视/电影创作的IP，还是创造可以用于电视/电影制作的原创视频游戏IP？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本陷入停滞，这抑制了随后几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>考虑到这一点，<a href=\"https://laohu8.com/S/QTWO\">Q2</a>这个季度最终会引发Netflix股票的另一次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，订户数量也超出预期，但该公司未能实现每股收益和<i>再一次</i>报告了另一份惨淡的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34 B，<i><b>殴打</b></i>估计数。$7.32 B</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>估计数。+1.12 m</li><li>营业利润率为25.2%，高于预期的25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益2.97美元，未达到共识预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>同样糟糕，<b>该公司报告称，美国/加拿大付费用户首次下降，减少43万至7395万。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>也就是说，在q2营收增长19%、营业收入增长36%的同时，<b>第三季度订户预测未达到预期后，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是第二季度美国/加拿大付费潜艇数量下降的潜艇的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN streaming付费净变化-430,000，估计+52,190</b></li><li>EMEA流媒体付费净变化+190,000，预估+429,335</li><li>LATAM streaming付费净变化+760,000，预估+128,719</li><li>亚太地区流媒体付费净变化+102万，预估+524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化+154万，预估+112万（彭博共识）</li></ul>视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员数量增长11%和平均每位会员收入(ARM)增长8%推动的。“新冠疫情给我们的会员增长带来了一些波动（2020年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了该公司盈利持续“波动”的原因：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“疫情给我们的增长带来了异常波动，并扭曲了同比比较，因为在新冠疫情爆发的最初几个月，每个成员家庭的收购和参与度激增。在21年第二季度，我们每个成员家庭的参与度正如预期的那样有所下降。这些前所未有的水平，但与更具可比性的2019年第二季度相比仍增长了17%。同样，尽管每位会员的平均收入在这两年期间增长了8%，但保留率仍然强劲，并且好于2019年第二季度新冠疫情爆发前的水平，这表明我们的会员对Netflix的重视程度以及我们改进我们的服务我们可以多收一点钱。”</i>NFLX还表示，第二季度付费会员数量增加了150万，“略高于我们100万的指导预测”<b>亚太地区约占本季度全球付费净增额的三分之二</b>同时，如上所述，<b>UCAN地区第二季度付费会员数量环比下降（付费净增-40万）：</b>\"<i>我们认为，我们在UCAN的庞大会员基础加上季节性较小的季度收购是这种动态的主要原因。这与我们在2019年第二季度经历的情况类似，当时我们的UCAN付费净增额为-0.1 M；从那时起，我们在UCAN中增加了近750万付费净添加量”</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情号推进了如此多的潜艇，以至于2021年将成为至少自2016年以来的第一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司正在与2019年而不是2020年竞争（由于惨淡的基数效应），Netflix敦促投资者将今年与2019年进行比较，而不是与一年前的同一季度（当时大流行促进了用户增长）进行比较。奇怪的是，当数字对其有利时，该公司在比较2020年和2019年时没有问题，但我们跑题了...该公司指出，与2020年“前所未有的水平”相比，第二季度每个成员家庭的用户参与度有所下降，但“与更具可比性的2019年第二季度相比”增长了17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>或许是为了转移人们对（缺乏）用户增长的注意力，Netflix表示，它正在兑现2016年的承诺，稳步提高营业利润率。这家流媒体巨头的目标是2021年营业利润率达到20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现利润率目标，我们的营业利润率将在过去五年中增长五倍，并且领先于年均三个百分点的速度。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅增长（尽管我们一直在大力投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>但是，尽管股东可能会原谅美国潜艇的下降，但他们对公司的整体指导并不满意，<b>目前第三季度新增潜艇数量仅为350万艘，远低于预期的586万艘。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix表示，由于新冠疫情，上半年的内容将会清淡。该公司现在正在迎头赶上，上半年在新电视节目和电影上的支出增长了41%，达到80亿美元。该公司今年的内容支出目标为120亿美元，增长12%，即：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至2021年上半年，我们已在内容上花费了80亿美元现金（同比增长41%，内容摊销是1.4倍）</b></i><i>我们预计全年内容摊销约为120亿美元（同比增长12%）。我们的第三季度名单将包括粉丝最爱的《La Casa de Papel》（又名《金钱大劫案》）、《性教育》、《处女河》和《从未有过我》的新一季，以及真人电影，包括《甜蜜的女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画故事片《Vivo》，其中收录了林·曼努尔·米兰达的全新歌曲。</i>Netflix offers分享了有关其即将进入游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“我们还处于进一步向游戏领域扩张的早期阶段，建立在我们早期围绕交互性（例如Black Mirror Bandersnatch）和Stranger Things游戏的基础上。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。</i><i><b>游戏将免费包含在会员的Netflix订阅中，类似于电影和连续剧</b></i><i>最初，我们将主要关注移动设备上的游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们所有现有内容类别的投资和增长将会有很长的路要走，但由于我们进军原创节目已近十年，我们认为是时候了解更多有关我们的会员如何重视游戏的信息了。”</i>在对竞争格局的粗略概述中，Netflix指出了像华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>，表示他们“不认为这次整合对我们的增长有太大影响，如果有的话。”该公司还指出，虽然它一直在评估合并机会：“我们不认为任何资产是‘必须拥有的’，而且我们还没有发现任何足以令人信服地采取行动的大规模资产。”</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX现金流方面有更多坏消息，继上季度激增后再次逆转，下降了1.75亿美元，而一年前现金流为正8.99亿美元。NFLX指出，“仍预计2021年全年自由现金流将接近收支平衡。”该公司还认为，不再需要筹集外部融资来为我们的日常运营提供资金。我们将看看至少这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他消息方面，第二季度，NFLX将其循环信贷额度（仍未提取）从7.5亿美元增加到10亿美元，并将期限从2024年延长至2026年。该公司还根据我们50亿美元的股票授权，以5亿美元（平均每股价格约为500美元）回购了100万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保留战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并不为所动，但情况可能会更糟：在最初短暂跌破500美元后，该股此后稳定下跌2%，约为515美元。在同情下跌的股票中，视频流媒体平台Roku下跌1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix在盘前交易中下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</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\">\nNetflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 15:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>情况好坏参半：三个季度前，当该公司公布第一个完整的“后电晕”季度收益时，该股暴跌，并警告称<i>“增长放缓”，</i>在三个季度前再次暴跌之前，该公司报告每股收益和新潜艇均大幅下滑，为220万辆，并列过去五年来最糟糕的季度，同时还报告了本季度的前景差于预期。两个季度前，这种情况发生了逆转，当时Netflix报告订户数量井喷，并预计很快就会实现正现金流，导致其股价飙升至历史新高——即使只是短暂的，然后再次逆转，然后暴跌。上个季度，Netflix报告订户数量巨大，再次感到失望。错过并给出令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天紧张地想知道的不是该公司是否会超出或低于预期，而是首席执行官里德·黑斯廷斯警告的经济放缓是否是真的，并且由于新冠疫情而吸引了更多的订户？毕竟，Netflix几个月来一直警告称，与去年大流行封锁开始时惊人的注册率相比，2021年的增长将放缓。是的，准备好迎接巨大的基础效应吧：<i>2020年第二季度，该服务新增客户1000万，仅次于创纪录的2020年第一季度新增的1577万。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列时好时坏的情况，但该公司一直在乘着乐观情绪的浪潮，其股价在2021年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直徘徊不前，未能突破新高。尽管毫无疑问，在美国和世界大部分地区的Covid-19封锁期间，收视率激增，但也存在复杂情况：病毒导致电视和电影制作停止，随着时间的推移，这种情况对Netflix来说可能只会变得更加可怕。但最大的问题依然存在<b>covid为现在带来了多少未来的subs，与此相关的是，对Delta菌株的恐慌会导致未来几个季度用户的另一次小爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，市场普遍预计第二季度仅新增112万新用户，略高于该公司自己预测的100万新用户。收入预计为73.2亿美元，高于上季度的71.6亿美元，每股收益为3.36美元，略低于上季度的3.75美元。这是因为自疫情袭击以来，流媒体视频一直保持火爆势头。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博资讯(Bloomberg Intelligence)分析师Geetha Ranganathan和Amine Bensaid在预览季度业绩时警告称，Netflix 2020年的大规模增长将导致今年的订户增长更加疲软：Netflix, Inc.将继续感受到1H20超负荷的后遗症，需求将大幅拉动第二季度新增100万人的预期，这是自2011年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引的不确定性，尽管几部备受瞩目的游戏（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度至2022年订户增长正常化的明显催化剂。”</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners媒体分析师Rich Greenfield发表了他认为Netflix投资者在财报发布后应该向管理层提出的关键问题。其中包括Netflix的用户增长何时会正常化，印度是否可以成为盈利的有意义的驱动力，以及该公司在视频游戏领域看到了哪些机会。格林菲尔德问道：“目标是利用你为电视/电影创作的IP，还是创造可以用于电视/电影制作的原创视频游戏IP？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本陷入停滞，这抑制了随后几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>考虑到这一点，<a href=\"https://laohu8.com/S/QTWO\">Q2</a>这个季度最终会引发Netflix股票的另一次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，订户数量也超出预期，但该公司未能实现每股收益和<i>再一次</i>报告了另一份惨淡的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34 B，<i><b>殴打</b></i>估计数。$7.32 B</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>估计数。+1.12 m</li><li>营业利润率为25.2%，高于预期的25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益2.97美元，未达到共识预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>同样糟糕，<b>该公司报告称，美国/加拿大付费用户首次下降，减少43万至7395万。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>也就是说，在q2营收增长19%、营业收入增长36%的同时，<b>第三季度订户预测未达到预期后，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是第二季度美国/加拿大付费潜艇数量下降的潜艇的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN streaming付费净变化-430,000，估计+52,190</b></li><li>EMEA流媒体付费净变化+190,000，预估+429,335</li><li>LATAM streaming付费净变化+760,000，预估+128,719</li><li>亚太地区流媒体付费净变化+102万，预估+524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化+154万，预估+112万（彭博共识）</li></ul>视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员数量增长11%和平均每位会员收入(ARM)增长8%推动的。“新冠疫情给我们的会员增长带来了一些波动（2020年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了该公司盈利持续“波动”的原因：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“疫情给我们的增长带来了异常波动，并扭曲了同比比较，因为在新冠疫情爆发的最初几个月，每个成员家庭的收购和参与度激增。在21年第二季度，我们每个成员家庭的参与度正如预期的那样有所下降。这些前所未有的水平，但与更具可比性的2019年第二季度相比仍增长了17%。同样，尽管每位会员的平均收入在这两年期间增长了8%，但保留率仍然强劲，并且好于2019年第二季度新冠疫情爆发前的水平，这表明我们的会员对Netflix的重视程度以及我们改进我们的服务我们可以多收一点钱。”</i>NFLX还表示，第二季度付费会员数量增加了150万，“略高于我们100万的指导预测”<b>亚太地区约占本季度全球付费净增额的三分之二</b>同时，如上所述，<b>UCAN地区第二季度付费会员数量环比下降（付费净增-40万）：</b>\"<i>我们认为，我们在UCAN的庞大会员基础加上季节性较小的季度收购是这种动态的主要原因。这与我们在2019年第二季度经历的情况类似，当时我们的UCAN付费净增额为-0.1 M；从那时起，我们在UCAN中增加了近750万付费净添加量”</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情号推进了如此多的潜艇，以至于2021年将成为至少自2016年以来的第一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司正在与2019年而不是2020年竞争（由于惨淡的基数效应），Netflix敦促投资者将今年与2019年进行比较，而不是与一年前的同一季度（当时大流行促进了用户增长）进行比较。奇怪的是，当数字对其有利时，该公司在比较2020年和2019年时没有问题，但我们跑题了...该公司指出，与2020年“前所未有的水平”相比，第二季度每个成员家庭的用户参与度有所下降，但“与更具可比性的2019年第二季度相比”增长了17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>或许是为了转移人们对（缺乏）用户增长的注意力，Netflix表示，它正在兑现2016年的承诺，稳步提高营业利润率。这家流媒体巨头的目标是2021年营业利润率达到20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现利润率目标，我们的营业利润率将在过去五年中增长五倍，并且领先于年均三个百分点的速度。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅增长（尽管我们一直在大力投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>但是，尽管股东可能会原谅美国潜艇的下降，但他们对公司的整体指导并不满意，<b>目前第三季度新增潜艇数量仅为350万艘，远低于预期的586万艘。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix表示，由于新冠疫情，上半年的内容将会清淡。该公司现在正在迎头赶上，上半年在新电视节目和电影上的支出增长了41%，达到80亿美元。该公司今年的内容支出目标为120亿美元，增长12%，即：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至2021年上半年，我们已在内容上花费了80亿美元现金（同比增长41%，内容摊销是1.4倍）</b></i><i>我们预计全年内容摊销约为120亿美元（同比增长12%）。我们的第三季度名单将包括粉丝最爱的《La Casa de Papel》（又名《金钱大劫案》）、《性教育》、《处女河》和《从未有过我》的新一季，以及真人电影，包括《甜蜜的女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画故事片《Vivo》，其中收录了林·曼努尔·米兰达的全新歌曲。</i>Netflix offers分享了有关其即将进入游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“我们还处于进一步向游戏领域扩张的早期阶段，建立在我们早期围绕交互性（例如Black Mirror Bandersnatch）和Stranger Things游戏的基础上。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。</i><i><b>游戏将免费包含在会员的Netflix订阅中，类似于电影和连续剧</b></i><i>最初，我们将主要关注移动设备上的游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们所有现有内容类别的投资和增长将会有很长的路要走，但由于我们进军原创节目已近十年，我们认为是时候了解更多有关我们的会员如何重视游戏的信息了。”</i>在对竞争格局的粗略概述中，Netflix指出了像华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>，表示他们“不认为这次整合对我们的增长有太大影响，如果有的话。”该公司还指出，虽然它一直在评估合并机会：“我们不认为任何资产是‘必须拥有的’，而且我们还没有发现任何足以令人信服地采取行动的大规模资产。”</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX现金流方面有更多坏消息，继上季度激增后再次逆转，下降了1.75亿美元，而一年前现金流为正8.99亿美元。NFLX指出，“仍预计2021年全年自由现金流将接近收支平衡。”该公司还认为，不再需要筹集外部融资来为我们的日常运营提供资金。我们将看看至少这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他消息方面，第二季度，NFLX将其循环信贷额度（仍未提取）从7.5亿美元增加到10亿美元，并将期限从2024年延长至2026年。该公司还根据我们50亿美元的股票授权，以5亿美元（平均每股价格约为500美元）回购了100万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保留战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并不为所动，但情况可能会更糟：在最初短暂跌破500美元后，该股此后稳定下跌2%，约为515美元。在同情下跌的股票中，视频流媒体平台Roku下跌1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix在盘前交易中下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates\">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":{"NFLX":"奈飞","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183563723","content_text":"Recent earnings reports from streaming giant Netflix have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.\nWhich brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.\nTo be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remainshow many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?\nIndicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.\nPreviewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"\nLightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”\nAnother thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.\n* * *\nSo with all that in mind, was Q2 the quarter that would finally unleash another repricing higher for Netflix stock?Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS andagainreported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).\nFirst, the good news:\n\nQ2 revenue $7.34B,beatingEst. $7.32B\nQ2 Streaming Paid Net Change +1.54M,beatingEst. +1.12M\nOperating margin of 25.2% came in on top of estiamtes of 25.2%\n\nAnd then the bad news:\n\nQ2 EPS $2.97 missing consensus Est. $3.14\nCompany sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M\n\nJust as bad,the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.\nIn other words, while q2 revenue rose 19% and operating income rose 36%,shares tumbled after its third-quarter subscriber forecast missed estimates.\nHere is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:\n\nUCAN streaming paid net change -430,000, estimate +52,190\nEMEA streaming paid net change +190,000, estimate +429,335\nLATAM streaming paid net change +760,000, estimate +128,719\nAPAC streaming paid net change +1.02 million, estimate +524,900\nTotal Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)\n\nAnd visually:\nCommenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”\nA more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:\n\n\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"\n\nNFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"with the APAC region representing about two-thirds of global paid net adds in the quarter. Meanwhile, as noted above,Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):\"We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"\nThis means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.\nUnderstandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”\nPerhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.\nSome more details here:\n\n“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..\n.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.\n\nBut while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.\n* * *\nLooking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:\n\nThrough the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)\nand we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.\n\nNetflix offers shared some more details on its upcoming entrance into the gaming arena:\n\n“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.\nGames will be included in members’ Netflix subscription at no additional cost, similar to films and series\n. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”\n\nIn its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/Discovery, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”\nThere was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.\nIn other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"\nAfter all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.\nNetflix Slides in premarket trading.","news_type":1,"symbols_score_info":{"GUID":0.9,"NFLX":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171615648,"gmtCreate":1626741756584,"gmtModify":1633771546403,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like and comment thanks","listText":"Like and comment thanks","text":"Like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/171615648","repostId":"2152652683","repostType":4,"isVote":1,"tweetType":1,"viewCount":270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142289735,"gmtCreate":1626152484627,"gmtModify":1633929583524,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142289735","repostId":"1101566017","repostType":4,"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895344043,"gmtCreate":1628726479682,"gmtModify":1631891649584,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895344043","repostId":"1164396246","repostType":4,"repost":{"id":"1164396246","kind":"news","pubTimestamp":1628726291,"share":"https://www.laohu8.com/m/news/1164396246?lang=zh_CN&edition=full","pubTime":"2021-08-12 07:58","market":"us","language":"en","title":"Alphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet和巴菲特：为什么他后悔以及为什么他从未购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164396246","media":"Seeking Alpha","summary":"Summary\n\nWarren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li>  <li>This article analyzes the reasons for his regrets – the wide moat, the autonomous growth prospects, and the incredible high and consistent ROCE that he missed.</li>  <li>The results show that GOOG still offers potential return close to double digits in the long term even with the current elevated valuation.</li>  <li>And finally, we will reflect on this investment regret, which seems to offer more insights on the business of GOOG and value investing than some of his investment success.</li> </ul> <img src=\"https://static.tigerbbs.com/5dc8d6cf86e99572d606fdc2326cc2de\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\">Prykhodov/iStock Editorial via Getty Images</p><p><blockquote><ul><li>Warren Buffett在2019年承认，他没有购买谷歌（现在被称为<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li><li>本文分析了他遗憾的原因——宽阔的护城河、自主的增长前景以及他错过的令人难以置信的高且持续的ROCE。</li><li>结果显示，即使目前估值较高，从长远来看，GOOG仍能提供接近两位数的潜在回报。</li><li>最后，我们将反思这次投资遗憾，这似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。</li></ul>Prykhodov/iStock社论来自Getty Images</blockquote></p><p> <h3><b>Thesis and Background</b></h3> Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>. He regrets not having \"some insights into certain businesses\" especially given Google was making \"a lot of money\" at the time of its IPO from Geico. This article analyzes the reasons for his regrets - the wide moat, the autonomous growth prospects, and the incredibly high and consistent ROCE that GOOG enjoys and he missed. And his investment regrets seem to offer more insights on the business of GOOG and value investing than some of his investment success. Lastly, this article also shares my thoughts on why he never bought GOOG after he had those insights, and my reflections on its implications of value investing under the current market.</p><p><blockquote><h3><b>论文和背景</b></h3>Warren Buffett在2019年承认，他没有购买谷歌（现在被称为<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>他后悔没有“对某些业务有一些见解”，特别是考虑到谷歌在GEICO IPO时赚了“很多钱”。本文分析了他遗憾的原因——宽阔的护城河、自主增长前景，以及谷歌享受但他错过的令人难以置信的高且持续的ROCE。他的投资遗憾似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。最后，本文还分享了我对他为什么在有了这些见解后从未购买GOOG的想法，以及我对其在当前市场下对价值投资的影响的思考。</blockquote></p><p> <h3><b>The moat and the network effects</b></h3> Google derives more than 80% of its revenue from advertising, but it is not an advertising company. Its true moat is in its \"free\" search services, where it totally dominates, as seen in the chart below. As seen, Google has been maintaining nearly 90% market share of the global search traffic - and it has been maintaining such dominance for OVER A DECADE!</p><p><blockquote><h3><b>护城河与网络效应</b></h3>谷歌80%以上的收入来自广告，但它不是一家广告公司。其真正的护城河在于其“免费”搜索服务，在该服务中它完全占据主导地位，如下图所示。正如所见，谷歌一直保持着全球搜索流量近90%的市场份额——而且它已经保持了十多年的主导地位！</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce762e8d299e63677d69af4856189893\" tg-width=\"640\" tg-height=\"394\" width=\"100%\" height=\"auto\">Source:&nbsp;Statista</p><p><blockquote>资料来源：斯塔蒂斯塔</blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use it. In other words, certain networks become increasingly more valuable or it becomes bigger. Not every network enjoy this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return - i.e., the additional return decreases as the network becomes bigger. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非任何重大监管或反托拉斯法发生变化）。网络效应是指某些产品或服务的价值随着更多的人使用而增加。换句话说，某些网络变得越来越有价值或者变得越来越大。并不是每个网络都享受这种神奇的功能，事实上，大多数网络的边际回报率都在递减——也就是说，随着网络变大，额外的回报会减少。连锁餐厅网络就是一个例子。随着网络变得更大，节点开始相互竞争客户，回报减少。</blockquote></p><p> But certain networks, like the search services Google provides, enjoys this magic trait - the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但某些网络，如谷歌提供的搜索服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同的特征：a）网络变得越大，它变得越有价值（当连接城市A和B的一段铁路也连接到连接其他城市的其他铁路时，它的价值要高得多）；B）网络越大，交换成本就越高（如果每个人都使用传真机，而你不想使用传真机，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established - for whatever the reason, smart AI algorithms, advanced ML algorithms, or just dumb luck (GOOG certainly had benefited from all three) - the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的威力。一旦建立了领先优势——不管出于什么原因，智能人工智能算法、先进的ML算法，或者只是运气不好（谷歌肯定从这三者中受益）——网络效应就会开始发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more relevant and accurate search results will be, which will make the network lead to an even better and more valuable for the users, which will attract more new users to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将导致更相关和更准确的搜索结果，这将使网络对用户来说更好和更有价值，这将吸引更多的新用户加入，并使现有用户更难离开，这将再次导致更多的用户和更大的网络。</blockquote></p><p> <h3><b>The perpetual growth prospects</b></h3> If you, like this author, are a long-term investor who subscribes to Buffett's concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p><p><blockquote><h3><b>持续增长前景</b></h3>如果你和这位作者一样，是一个长期投资者，认同巴菲特的所有者收益、永久增长率和股权债券的概念，那么长期回报就更简单了。它“简单地”是所有者收益收益率（“OEY”）和永久增长率（“PGR”）的总和，即，</blockquote></p><p> Longer-Term ROI = OEY + PGR</p><p><blockquote>长期ROI=OEY+PGR</blockquote></p><p></p><p> Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earning (payout as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as GOOG has done in the past), it will be reflected as a return to the business owner.</p><p><blockquote>因为从长期来看，估值的所有波动都被平均掉了（最后所有的运气都被平均掉了）。企业如何使用收益（作为股息支付、保留在银行账户中或回购股票）并不重要。只要明智地使用（就像GOOG过去所做的那样），它就会体现为对企业主的回报。</blockquote></p><p> OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earning - the real economic earning of the business, not the nominal accounting earning. Here is a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earning. It is conservative in the sense that rigorously speaking, the owner's earning should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~3.2% for GOOG (~31.6x price to FCF - no cheap at all, but wait for the PGR part).</p><p><blockquote>OEY是所有者的收入除以入场价格。所有的复杂性都在于对所有者收入的估计——企业的实际经济收入，而不是名义上的会计收入。这是一个粗略而保守的估计，我将使用自由现金流（“FCF”）作为所有者的收入。它是保守的，因为严格来说，所有者的收入应该是自由现金流加上用于推动增长的资本支出部分（即增长资本支出）。按照目前的价格水平，GOOG的OEY约为3.2%（FCF价格约为31.6倍-一点也不便宜，但请等待PGR部分）。</blockquote></p><p> The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like GOOG, I consider the following items capital actually employed:</p><p><blockquote>下一个也是更重要的项目是PGR。为了理解和估计它，我们需要首先估计已用资本回报率（“ROCE”）。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业需要投资多少额外资本才能获得给定的额外收入——这是估计PGR的关键。对于像GOOG这样的企业，我认为以下项目是实际使用的资本：</blockquote></p><p> 1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p><p><blockquote>1、营运资金，包括应付账款、应收账款、存货。这些是其业务日常运营所需的资本。</blockquote></p><p> 2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p><p><blockquote>2.不动产、厂房和设备总额。这些是实际开展业务和制造产品所需的资本。</blockquote></p><p> 3. Research and development expenses are also considered as a capital investment for such a business.</p><p><blockquote>3.研发费用也被认为是此类业务的资本投资。</blockquote></p><p> Based on the above considerations, the ROCE of GOOG over the past decade is shown below. As seen, GOOG was able to maintain a remarkably high and stable ROCE over the long term: on average 55% for the past decade. Thanks to such ultra-high ROCE, it only requires a bit of reinvestment to fuel future growth, as elaborated in the next section.</p><p><blockquote>基于上述考虑，GOOG过去十年的ROCE如下所示。可以看出，GOOG能够长期保持非常高且稳定的ROCE：过去十年平均为55%。由于如此超高的ROCE，它只需要一点再投资就可以推动未来的增长，如下一节所述。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3789be736d72b1083205f654bae2bc4d\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>The financial flexibility</b></h3> Buffett said multiple times that there are businesses which, at the end of the day, point to a bunch of depreciated properties and equipment and tell the investors, \"these are our profits.\" He hates his business.</p><p><blockquote><h3><b>财务灵活性</b></h3>巴菲特多次表示，有些企业最终会指着一堆折旧的财产和设备告诉投资者，“这些是我们的利润。”他讨厌他的生意。</blockquote></p><p> GOOG is the exact opposite of such businesses - it generates plenty of cash and at the same time only needs a very low level of reinvestment to fuel further growth. First, GOOG is essential debt-free. Interest expenses are negligible compared to profits. Then as seen in the chart below, the business generates so much cash that it has so much financial flexibility in terms of capital allocation. As seen, in recent years, GOOG only needs 18% of its operation cash (\"OPC\") to cover the maintenance CAPEx. GOOG does not pay a dividend (even though it can easily afford it).</p><p><blockquote>GOOG与此类业务完全相反——它产生大量现金，同时只需要非常低水平的再投资即可推动进一步增长。首先，GOOG基本上是无债务的。与利润相比，利息支出可以忽略不计。如下图所示，该企业产生了如此多的现金，以至于在资本配置方面具有如此大的财务灵活性。可以看出，近年来，GOOG只需要18%的运营现金（“OPC”）来支付维护资本支出。GOOG不支付股息（尽管它很容易负担得起）。</blockquote></p><p> So this leaves awhopping 72% of the OPC to be dispensable cash, and the company can choose what to do with it: reinvest to fuel further growth, retain it to the bank account, pay a dividend, pay down debt, buy back shares, et al. It obviously makes total sense to reinvest all of it to fuel further growth given its 55% ROCE. At this ROCE, $1 reinvested would be fuel $0.55 of additional earning! But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, GOOG has been allocating a large part of the remaining earning, on average 37% in recent years, to buy back shares. Such repurchases, besides reflecting the confidence of the management in their own business and the cash generation capability, again also signals the lack of good reinvestment opportunities that could move the needle.</p><p><blockquote>因此，这使得OPC的72%成为可有可无的现金，公司可以选择如何处理它：再投资以推动进一步增长、将其保留在银行账户中、支付股息、偿还债务、回购股票等。鉴于其55%的ROCE，将所有资金进行再投资以推动进一步增长显然是完全有意义的。在这个ROCE，1美元的再投资将带来0.55美元的额外收入！但问题是，对于这种规模的企业来说，将收益进行再投资的机会并不多。因此，GOOG一直将剩余收益的很大一部分（近年来平均为37%）用于回购股票。此类回购除了反映管理层对自身业务和现金产生能力的信心外，也再次表明缺乏可以推动变革的良好再投资机会。</blockquote></p><p> But all things considered, with 55% ROCE, GOOG does not need that much reinvestment to grow. My estimation is that GOOG has been reinvesting about 10% of its earnings to fuel future growth. With a 55% ROCE, it could maintain a 5.5% PGR (PGR = ROCE * fraction of earning reinvested = 55% * 10% = 5.5%).</p><p><blockquote>但综合考虑，凭借55%的ROCE，GOOG不需要那么多再投资来实现增长。我估计，GOOG一直将其收益的10%左右进行再投资，以推动未来的增长。在55%的ROCE下，它可以保持5.5%的PGR（PGR=ROCE*再投资收益比例=55%*10%=5.5%）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3ce10644f6a839cad98e8bb2073a5259\" tg-width=\"640\" tg-height=\"313\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p></p><p> Now we have both pieces of the puzzle in place to estimate the long-term return, as shown in the next chart. At its current price levels, the OEY is again estimated to be ~3.2%, and the PGR is about 5.5% as mentioned above. So the total return in the long term at the current valuation is about 8.7%, pretty decent even with the current relatively expensive valuation.</p><p><blockquote>现在，我们已经有了估计长期回报的两块拼图，如下图所示。按照目前的价格水平，OEY估计约为3.2%，如上所述，PGR约为5.5%。因此，按照目前的估值，长期总回报率约为8.7%，即使在目前相对昂贵的估值下，也相当不错。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0c20f61c6521f8bf7c4a24c580fcf293\" tg-width=\"640\" tg-height=\"423\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>Then why he never bought GOOG (so far)?</b></h3> So in summary, here are my thoughts on why Buffett regrets on GOOG. It is a business that meets all his criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that.</p><p><blockquote><h3><b>那为什么他（到目前为止）从来没有买过谷歌？</b></h3>总而言之，以下是我对巴菲特为何对GOOG感到遗憾的想法。这是一家满足他的所有标准的企业——自主且永久的复合护城河、高转换成本、高ROCE、产生大量现金且只需要很少现金，以及在商业生态系统中的收费桥梁角色——而他错过了所有这些。</blockquote></p><p> Then the next interesting question for me was that - why he never bought it? The valuation was not that far from his typical entry zone as late as 2011 (when the PE was below 20x). But he never bought, why?</p><p><blockquote>对我来说，下一个有趣的问题是——为什么他从来不买？直到2011年（当时市盈率低于20倍），估值才与他的典型进入区域相差不远。但他从来没有买过，为什么？</blockquote></p><p> The short answer is of course I do not know. I can only stipulate. And I think one possible reason is that he found a better idea - <a href=\"https://laohu8.com/S/AAPL\">Apple</a> around that time he regretted GOOG. His AAPL investment was detailed in my&nbsp;other articleand I won't go into details here. In summary, he was able to purchase AAPL under what I call the Buffett's 10x Pretax Rule - the observation that many of his largest and best deals were purchase with a price below or near 10x pretax earning. Besides AAPL, the list also included <a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, <a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a>, Burlington Northern, and even his recent $25B&nbsp;repurchases of BRK.A&nbsp;as analyzed in my other article.</p><p><blockquote>简短的回答是我当然不知道。我只能规定。我认为一个可能的原因是他找到了一个更好的主意-<a href=\"https://laohu8.com/S/AAPL\">苹果</a>大约在那个时候，他后悔了谷歌。他对AAPL的投资在我的另一篇文章中有详细介绍，我不会在这里详细介绍。总之，他能够根据我看涨期权巴菲特的10倍税前规则购买苹果公司——巴菲特的许多最大和最好的交易都是以低于或接近10倍税前收益的价格购买的。除AAPL外，该名单还包括<a href=\"https://laohu8.com/S/KO\">可口可乐</a>,<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/WFC\">富国银行</a>,<a href=\"https://laohu8.com/S/WMT\">沃尔玛</a>、Burlington Northern，甚至他最近以250亿美元回购BRK.A，正如我在另一篇文章中所分析的那样。</blockquote></p><p> As seen from the chart below, he was able to purchase AAPL around 10x pretax earning around 2016~2107. And AAPL features an even higher ROCE than GOOG. As a result, it was no-brainer and he must felt more comfortable with the AAPL idea - judging from the fact more than 1/3 of BRK's book value is in AAPL stocks currently.</p><p><blockquote>如下图所示，他能够在2016年至2107年左右以税前收益的10倍左右购买AAPL。AAPL的ROCE甚至高于GOOG。因此，这是显而易见的，他一定对AAPL的想法感到更满意——从目前BRK账面价值的1/3以上是AAPL股票这一事实来看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84025fb81cb58b014a81ed7374eab50d\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p> It is also interesting to look at the following chart, comparing the PE vs ROCE of a few large positions in Buffett's BRK portfolio together with GOOG. This chart shows three of the large BRK holdings that I have written about recently ([[V]], [[AAPL]], and [[ABBV]]). The ROC data are directly pulled from my previous analyses, and in case you want to see the details of how I got these numbers, you can look up recent articles under these tickers. I am not sure what the picture will look like as we add more data points on it (I do plan to organize my notes on his other major holdings and add more data points onto this plot).</p><p><blockquote>看看下面的图表也很有趣，它比较了巴菲特BRK投资组合中几个大头寸与GOOG的PE与ROCE。这张图表显示了我最近写的三只大型BRK持股（[[V]]、[[AAPL]]和[[ABBV]]）。ROC数据直接来自我之前的分析，如果您想了解我如何获得这些数字的详细信息，您可以在这些股票代码下查找最近的文章。我不确定随着我们在上面添加更多数据点，图片会是什么样子（我确实计划整理我对他其他主要持股的笔记，并在这张图上添加更多数据点）。</blockquote></p><p> But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking ABBV and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off to just invest in ABBV and AAPL.</p><p><blockquote>但凭借我现在掌握的几个数据点，我忍不住画出/看到了绿线——我看涨期权的巴菲特价值线。它是连接ABBV和AAPL的一条线——物美价廉的好业务和高价的高质量业务。因此，从价值投资者的角度来看，只有沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表了质量和价格之间的权衡，相当于或优于ABBV或AAPL。投资高于这条线是没有意义的，因为高于这条线的任何东西都代表着质量和价格之间的劣质权衡——我们最好只投资ABBV和AAPL。</blockquote></p><p> So this Buffett value line really is my other stipulation why he does buy into GOOG. As good as the business this, it is at least not better than other investments that he saw/sees.</p><p><blockquote>因此，巴菲特的这条价值线确实是我为什么买入谷歌的另一个规定。尽管这笔生意很好，但至少不比他看到的其他投资好。</blockquote></p><p> Finally, if you are wondering about why he is still holding V given it is far above the value line, the answer is again I really do not know. There are so many aspects that need to be considered with a position of V's size in his portfolio - tax liabilities, alternative investment candidates, opportunity cost, et al. I know I would trade V for ABBV and/or AAPL myself under current conditions. But I simply do not know what his considerations are.</p><p><blockquote>最后，如果你想知道为什么他仍然持有V，因为它远远高于价值线，答案是我真的不知道。V在其投资组合中的地位需要考虑很多方面——纳税义务、另类投资候选人、机会成本等。我知道在目前的情况下，我会用V换ABBV和/或AAPL。但我根本不知道他的考虑是什么。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/381b3149493c4a406c9faa82348300f7\" tg-width=\"640\" tg-height=\"411\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p></p><p> <h3><b>Conclusion and final thoughts</b></h3> This article analyzes Buffett's regrets for not buying GOOG earlier. Indeed, GOOG is a business that meets all of Buffett's criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high and consistent ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that. The analyses show that GOOG still offers potential return close to double digits (about 9%) in the long term even with the current elevated valuation.</p><p><blockquote><h3><b>结论和最后的想法</b></h3>本文分析了巴菲特没有早点买入GOOG的遗憾。事实上，GOOG是一家满足巴菲特所有标准的企业，即自主且永久的复合护城河、高转换成本、高且一致的ROCE、产生大量现金且只需要少量现金，以及在商业生态系统中的收费桥梁角色——他错过了这一切。分析显示，即使目前估值较高，从长远来看，GOOG仍能提供接近两位数（约9%）的潜在回报。</blockquote></p><p> And finally, this article shared my reflections/stipulations on this investment regret of his, which seems to offer more insights on the business of GOOG and value investing than some of his investment success. Underlying all his decisions is the same value-driven philosophy and long-term thinking.</p><p><blockquote>最后，这篇文章分享了我对他的投资遗憾的思考/规定，这似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。他所有决策的背后都是同样的价值驱动理念和长期思考。</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>Alphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet和巴菲特：为什么他后悔以及为什么他从未购买</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\">\nAlphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet和巴菲特：为什么他后悔以及为什么他从未购买</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-12 07:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li>  <li>This article analyzes the reasons for his regrets – the wide moat, the autonomous growth prospects, and the incredible high and consistent ROCE that he missed.</li>  <li>The results show that GOOG still offers potential return close to double digits in the long term even with the current elevated valuation.</li>  <li>And finally, we will reflect on this investment regret, which seems to offer more insights on the business of GOOG and value investing than some of his investment success.</li> </ul> <img src=\"https://static.tigerbbs.com/5dc8d6cf86e99572d606fdc2326cc2de\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\">Prykhodov/iStock Editorial via Getty Images</p><p><blockquote><ul><li>Warren Buffett在2019年承认，他没有购买谷歌（现在被称为<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li><li>本文分析了他遗憾的原因——宽阔的护城河、自主的增长前景以及他错过的令人难以置信的高且持续的ROCE。</li><li>结果显示，即使目前估值较高，从长远来看，GOOG仍能提供接近两位数的潜在回报。</li><li>最后，我们将反思这次投资遗憾，这似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。</li></ul>Prykhodov/iStock社论来自Getty Images</blockquote></p><p> <h3><b>Thesis and Background</b></h3> Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>. He regrets not having \"some insights into certain businesses\" especially given Google was making \"a lot of money\" at the time of its IPO from Geico. This article analyzes the reasons for his regrets - the wide moat, the autonomous growth prospects, and the incredibly high and consistent ROCE that GOOG enjoys and he missed. And his investment regrets seem to offer more insights on the business of GOOG and value investing than some of his investment success. Lastly, this article also shares my thoughts on why he never bought GOOG after he had those insights, and my reflections on its implications of value investing under the current market.</p><p><blockquote><h3><b>论文和背景</b></h3>Warren Buffett在2019年承认，他没有购买谷歌（现在被称为<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>他后悔没有“对某些业务有一些见解”，特别是考虑到谷歌在GEICO IPO时赚了“很多钱”。本文分析了他遗憾的原因——宽阔的护城河、自主增长前景，以及谷歌享受但他错过的令人难以置信的高且持续的ROCE。他的投资遗憾似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。最后，本文还分享了我对他为什么在有了这些见解后从未购买GOOG的想法，以及我对其在当前市场下对价值投资的影响的思考。</blockquote></p><p> <h3><b>The moat and the network effects</b></h3> Google derives more than 80% of its revenue from advertising, but it is not an advertising company. Its true moat is in its \"free\" search services, where it totally dominates, as seen in the chart below. As seen, Google has been maintaining nearly 90% market share of the global search traffic - and it has been maintaining such dominance for OVER A DECADE!</p><p><blockquote><h3><b>护城河与网络效应</b></h3>谷歌80%以上的收入来自广告，但它不是一家广告公司。其真正的护城河在于其“免费”搜索服务，在该服务中它完全占据主导地位，如下图所示。正如所见，谷歌一直保持着全球搜索流量近90%的市场份额——而且它已经保持了十多年的主导地位！</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce762e8d299e63677d69af4856189893\" tg-width=\"640\" tg-height=\"394\" width=\"100%\" height=\"auto\">Source:&nbsp;Statista</p><p><blockquote>资料来源：斯塔蒂斯塔</blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use it. In other words, certain networks become increasingly more valuable or it becomes bigger. Not every network enjoy this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return - i.e., the additional return decreases as the network becomes bigger. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非任何重大监管或反托拉斯法发生变化）。网络效应是指某些产品或服务的价值随着更多的人使用而增加。换句话说，某些网络变得越来越有价值或者变得越来越大。并不是每个网络都享受这种神奇的功能，事实上，大多数网络的边际回报率都在递减——也就是说，随着网络变大，额外的回报会减少。连锁餐厅网络就是一个例子。随着网络变得更大，节点开始相互竞争客户，回报减少。</blockquote></p><p> But certain networks, like the search services Google provides, enjoys this magic trait - the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但某些网络，如谷歌提供的搜索服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同的特征：a）网络变得越大，它变得越有价值（当连接城市A和B的一段铁路也连接到连接其他城市的其他铁路时，它的价值要高得多）；B）网络越大，交换成本就越高（如果每个人都使用传真机，而你不想使用传真机，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established - for whatever the reason, smart AI algorithms, advanced ML algorithms, or just dumb luck (GOOG certainly had benefited from all three) - the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的威力。一旦建立了领先优势——不管出于什么原因，智能人工智能算法、先进的ML算法，或者只是运气不好（谷歌肯定从这三者中受益）——网络效应就会开始发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more relevant and accurate search results will be, which will make the network lead to an even better and more valuable for the users, which will attract more new users to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将导致更相关和更准确的搜索结果，这将使网络对用户来说更好和更有价值，这将吸引更多的新用户加入，并使现有用户更难离开，这将再次导致更多的用户和更大的网络。</blockquote></p><p> <h3><b>The perpetual growth prospects</b></h3> If you, like this author, are a long-term investor who subscribes to Buffett's concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p><p><blockquote><h3><b>持续增长前景</b></h3>如果你和这位作者一样，是一个长期投资者，认同巴菲特的所有者收益、永久增长率和股权债券的概念，那么长期回报就更简单了。它“简单地”是所有者收益收益率（“OEY”）和永久增长率（“PGR”）的总和，即，</blockquote></p><p> Longer-Term ROI = OEY + PGR</p><p><blockquote>长期ROI=OEY+PGR</blockquote></p><p></p><p> Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earning (payout as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as GOOG has done in the past), it will be reflected as a return to the business owner.</p><p><blockquote>因为从长期来看，估值的所有波动都被平均掉了（最后所有的运气都被平均掉了）。企业如何使用收益（作为股息支付、保留在银行账户中或回购股票）并不重要。只要明智地使用（就像GOOG过去所做的那样），它就会体现为对企业主的回报。</blockquote></p><p> OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earning - the real economic earning of the business, not the nominal accounting earning. Here is a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earning. It is conservative in the sense that rigorously speaking, the owner's earning should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~3.2% for GOOG (~31.6x price to FCF - no cheap at all, but wait for the PGR part).</p><p><blockquote>OEY是所有者的收入除以入场价格。所有的复杂性都在于对所有者收入的估计——企业的实际经济收入，而不是名义上的会计收入。这是一个粗略而保守的估计，我将使用自由现金流（“FCF”）作为所有者的收入。它是保守的，因为严格来说，所有者的收入应该是自由现金流加上用于推动增长的资本支出部分（即增长资本支出）。按照目前的价格水平，GOOG的OEY约为3.2%（FCF价格约为31.6倍-一点也不便宜，但请等待PGR部分）。</blockquote></p><p> The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like GOOG, I consider the following items capital actually employed:</p><p><blockquote>下一个也是更重要的项目是PGR。为了理解和估计它，我们需要首先估计已用资本回报率（“ROCE”）。请注意，ROCE不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报，因此可以深入了解企业需要投资多少额外资本才能获得给定的额外收入——这是估计PGR的关键。对于像GOOG这样的企业，我认为以下项目是实际使用的资本：</blockquote></p><p> 1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p><p><blockquote>1、营运资金，包括应付账款、应收账款、存货。这些是其业务日常运营所需的资本。</blockquote></p><p> 2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p><p><blockquote>2.不动产、厂房和设备总额。这些是实际开展业务和制造产品所需的资本。</blockquote></p><p> 3. Research and development expenses are also considered as a capital investment for such a business.</p><p><blockquote>3.研发费用也被认为是此类业务的资本投资。</blockquote></p><p> Based on the above considerations, the ROCE of GOOG over the past decade is shown below. As seen, GOOG was able to maintain a remarkably high and stable ROCE over the long term: on average 55% for the past decade. Thanks to such ultra-high ROCE, it only requires a bit of reinvestment to fuel future growth, as elaborated in the next section.</p><p><blockquote>基于上述考虑，GOOG过去十年的ROCE如下所示。可以看出，GOOG能够长期保持非常高且稳定的ROCE：过去十年平均为55%。由于如此超高的ROCE，它只需要一点再投资就可以推动未来的增长，如下一节所述。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3789be736d72b1083205f654bae2bc4d\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>The financial flexibility</b></h3> Buffett said multiple times that there are businesses which, at the end of the day, point to a bunch of depreciated properties and equipment and tell the investors, \"these are our profits.\" He hates his business.</p><p><blockquote><h3><b>财务灵活性</b></h3>巴菲特多次表示，有些企业最终会指着一堆折旧的财产和设备告诉投资者，“这些是我们的利润。”他讨厌他的生意。</blockquote></p><p> GOOG is the exact opposite of such businesses - it generates plenty of cash and at the same time only needs a very low level of reinvestment to fuel further growth. First, GOOG is essential debt-free. Interest expenses are negligible compared to profits. Then as seen in the chart below, the business generates so much cash that it has so much financial flexibility in terms of capital allocation. As seen, in recent years, GOOG only needs 18% of its operation cash (\"OPC\") to cover the maintenance CAPEx. GOOG does not pay a dividend (even though it can easily afford it).</p><p><blockquote>GOOG与此类业务完全相反——它产生大量现金，同时只需要非常低水平的再投资即可推动进一步增长。首先，GOOG基本上是无债务的。与利润相比，利息支出可以忽略不计。如下图所示，该企业产生了如此多的现金，以至于在资本配置方面具有如此大的财务灵活性。可以看出，近年来，GOOG只需要18%的运营现金（“OPC”）来支付维护资本支出。GOOG不支付股息（尽管它很容易负担得起）。</blockquote></p><p> So this leaves awhopping 72% of the OPC to be dispensable cash, and the company can choose what to do with it: reinvest to fuel further growth, retain it to the bank account, pay a dividend, pay down debt, buy back shares, et al. It obviously makes total sense to reinvest all of it to fuel further growth given its 55% ROCE. At this ROCE, $1 reinvested would be fuel $0.55 of additional earning! But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, GOOG has been allocating a large part of the remaining earning, on average 37% in recent years, to buy back shares. Such repurchases, besides reflecting the confidence of the management in their own business and the cash generation capability, again also signals the lack of good reinvestment opportunities that could move the needle.</p><p><blockquote>因此，这使得OPC的72%成为可有可无的现金，公司可以选择如何处理它：再投资以推动进一步增长、将其保留在银行账户中、支付股息、偿还债务、回购股票等。鉴于其55%的ROCE，将所有资金进行再投资以推动进一步增长显然是完全有意义的。在这个ROCE，1美元的再投资将带来0.55美元的额外收入！但问题是，对于这种规模的企业来说，将收益进行再投资的机会并不多。因此，GOOG一直将剩余收益的很大一部分（近年来平均为37%）用于回购股票。此类回购除了反映管理层对自身业务和现金产生能力的信心外，也再次表明缺乏可以推动变革的良好再投资机会。</blockquote></p><p> But all things considered, with 55% ROCE, GOOG does not need that much reinvestment to grow. My estimation is that GOOG has been reinvesting about 10% of its earnings to fuel future growth. With a 55% ROCE, it could maintain a 5.5% PGR (PGR = ROCE * fraction of earning reinvested = 55% * 10% = 5.5%).</p><p><blockquote>但综合考虑，凭借55%的ROCE，GOOG不需要那么多再投资来实现增长。我估计，GOOG一直将其收益的10%左右进行再投资，以推动未来的增长。在55%的ROCE下，它可以保持5.5%的PGR（PGR=ROCE*再投资收益比例=55%*10%=5.5%）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3ce10644f6a839cad98e8bb2073a5259\" tg-width=\"640\" tg-height=\"313\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p></p><p> Now we have both pieces of the puzzle in place to estimate the long-term return, as shown in the next chart. At its current price levels, the OEY is again estimated to be ~3.2%, and the PGR is about 5.5% as mentioned above. So the total return in the long term at the current valuation is about 8.7%, pretty decent even with the current relatively expensive valuation.</p><p><blockquote>现在，我们已经有了估计长期回报的两块拼图，如下图所示。按照目前的价格水平，OEY估计约为3.2%，如上所述，PGR约为5.5%。因此，按照目前的估值，长期总回报率约为8.7%，即使在目前相对昂贵的估值下，也相当不错。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0c20f61c6521f8bf7c4a24c580fcf293\" tg-width=\"640\" tg-height=\"423\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>Then why he never bought GOOG (so far)?</b></h3> So in summary, here are my thoughts on why Buffett regrets on GOOG. It is a business that meets all his criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that.</p><p><blockquote><h3><b>那为什么他（到目前为止）从来没有买过谷歌？</b></h3>总而言之，以下是我对巴菲特为何对GOOG感到遗憾的想法。这是一家满足他的所有标准的企业——自主且永久的复合护城河、高转换成本、高ROCE、产生大量现金且只需要很少现金，以及在商业生态系统中的收费桥梁角色——而他错过了所有这些。</blockquote></p><p> Then the next interesting question for me was that - why he never bought it? The valuation was not that far from his typical entry zone as late as 2011 (when the PE was below 20x). But he never bought, why?</p><p><blockquote>对我来说，下一个有趣的问题是——为什么他从来不买？直到2011年（当时市盈率低于20倍），估值才与他的典型进入区域相差不远。但他从来没有买过，为什么？</blockquote></p><p> The short answer is of course I do not know. I can only stipulate. And I think one possible reason is that he found a better idea - <a href=\"https://laohu8.com/S/AAPL\">Apple</a> around that time he regretted GOOG. His AAPL investment was detailed in my&nbsp;other articleand I won't go into details here. In summary, he was able to purchase AAPL under what I call the Buffett's 10x Pretax Rule - the observation that many of his largest and best deals were purchase with a price below or near 10x pretax earning. Besides AAPL, the list also included <a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, <a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a>, Burlington Northern, and even his recent $25B&nbsp;repurchases of BRK.A&nbsp;as analyzed in my other article.</p><p><blockquote>简短的回答是我当然不知道。我只能规定。我认为一个可能的原因是他找到了一个更好的主意-<a href=\"https://laohu8.com/S/AAPL\">苹果</a>大约在那个时候，他后悔了谷歌。他对AAPL的投资在我的另一篇文章中有详细介绍，我不会在这里详细介绍。总之，他能够根据我看涨期权巴菲特的10倍税前规则购买苹果公司——巴菲特的许多最大和最好的交易都是以低于或接近10倍税前收益的价格购买的。除AAPL外，该名单还包括<a href=\"https://laohu8.com/S/KO\">可口可乐</a>,<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/WFC\">富国银行</a>,<a href=\"https://laohu8.com/S/WMT\">沃尔玛</a>、Burlington Northern，甚至他最近以250亿美元回购BRK.A，正如我在另一篇文章中所分析的那样。</blockquote></p><p> As seen from the chart below, he was able to purchase AAPL around 10x pretax earning around 2016~2107. And AAPL features an even higher ROCE than GOOG. As a result, it was no-brainer and he must felt more comfortable with the AAPL idea - judging from the fact more than 1/3 of BRK's book value is in AAPL stocks currently.</p><p><blockquote>如下图所示，他能够在2016年至2107年左右以税前收益的10倍左右购买AAPL。AAPL的ROCE甚至高于GOOG。因此，这是显而易见的，他一定对AAPL的想法感到更满意——从目前BRK账面价值的1/3以上是AAPL股票这一事实来看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84025fb81cb58b014a81ed7374eab50d\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p> It is also interesting to look at the following chart, comparing the PE vs ROCE of a few large positions in Buffett's BRK portfolio together with GOOG. This chart shows three of the large BRK holdings that I have written about recently ([[V]], [[AAPL]], and [[ABBV]]). The ROC data are directly pulled from my previous analyses, and in case you want to see the details of how I got these numbers, you can look up recent articles under these tickers. I am not sure what the picture will look like as we add more data points on it (I do plan to organize my notes on his other major holdings and add more data points onto this plot).</p><p><blockquote>看看下面的图表也很有趣，它比较了巴菲特BRK投资组合中几个大头寸与GOOG的PE与ROCE。这张图表显示了我最近写的三只大型BRK持股（[[V]]、[[AAPL]]和[[ABBV]]）。ROC数据直接来自我之前的分析，如果您想了解我如何获得这些数字的详细信息，您可以在这些股票代码下查找最近的文章。我不确定随着我们在上面添加更多数据点，图片会是什么样子（我确实计划整理我对他其他主要持股的笔记，并在这张图上添加更多数据点）。</blockquote></p><p> But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking ABBV and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off to just invest in ABBV and AAPL.</p><p><blockquote>但凭借我现在掌握的几个数据点，我忍不住画出/看到了绿线——我看涨期权的巴菲特价值线。它是连接ABBV和AAPL的一条线——物美价廉的好业务和高价的高质量业务。因此，从价值投资者的角度来看，只有沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表了质量和价格之间的权衡，相当于或优于ABBV或AAPL。投资高于这条线是没有意义的，因为高于这条线的任何东西都代表着质量和价格之间的劣质权衡——我们最好只投资ABBV和AAPL。</blockquote></p><p> So this Buffett value line really is my other stipulation why he does buy into GOOG. As good as the business this, it is at least not better than other investments that he saw/sees.</p><p><blockquote>因此，巴菲特的这条价值线确实是我为什么买入谷歌的另一个规定。尽管这笔生意很好，但至少不比他看到的其他投资好。</blockquote></p><p> Finally, if you are wondering about why he is still holding V given it is far above the value line, the answer is again I really do not know. There are so many aspects that need to be considered with a position of V's size in his portfolio - tax liabilities, alternative investment candidates, opportunity cost, et al. I know I would trade V for ABBV and/or AAPL myself under current conditions. But I simply do not know what his considerations are.</p><p><blockquote>最后，如果你想知道为什么他仍然持有V，因为它远远高于价值线，答案是我真的不知道。V在其投资组合中的地位需要考虑很多方面——纳税义务、另类投资候选人、机会成本等。我知道在目前的情况下，我会用V换ABBV和/或AAPL。但我根本不知道他的考虑是什么。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/381b3149493c4a406c9faa82348300f7\" tg-width=\"640\" tg-height=\"411\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p></p><p> <h3><b>Conclusion and final thoughts</b></h3> This article analyzes Buffett's regrets for not buying GOOG earlier. Indeed, GOOG is a business that meets all of Buffett's criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high and consistent ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that. The analyses show that GOOG still offers potential return close to double digits (about 9%) in the long term even with the current elevated valuation.</p><p><blockquote><h3><b>结论和最后的想法</b></h3>本文分析了巴菲特没有早点买入GOOG的遗憾。事实上，GOOG是一家满足巴菲特所有标准的企业，即自主且永久的复合护城河、高转换成本、高且一致的ROCE、产生大量现金且只需要少量现金，以及在商业生态系统中的收费桥梁角色——他错过了这一切。分析显示，即使目前估值较高，从长远来看，GOOG仍能提供接近两位数（约9%）的潜在回报。</blockquote></p><p> And finally, this article shared my reflections/stipulations on this investment regret of his, which seems to offer more insights on the business of GOOG and value investing than some of his investment success. Underlying all his decisions is the same value-driven philosophy and long-term thinking.</p><p><blockquote>最后，这篇文章分享了我对他的投资遗憾的思考/规定，这似乎比他的一些投资成功更能提供对GOOG业务和价值投资的见解。他所有决策的背后都是同样的价值驱动理念和长期思考。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448281-alphabet-google-warren-buffett-regrets-never-bought\">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":{"GOOG":"谷歌"},"source_url":"https://seekingalpha.com/article/4448281-alphabet-google-warren-buffett-regrets-never-bought","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164396246","content_text":"Summary\n\nWarren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as Alphabet.\nThis article analyzes the reasons for his regrets – the wide moat, the autonomous growth prospects, and the incredible high and consistent ROCE that he missed.\nThe results show that GOOG still offers potential return close to double digits in the long term even with the current elevated valuation.\nAnd finally, we will reflect on this investment regret, which seems to offer more insights on the business of GOOG and value investing than some of his investment success.\n\nPrykhodov/iStock Editorial via Getty Images\nThesis and Background\nWarren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as Alphabet. He regrets not having \"some insights into certain businesses\" especially given Google was making \"a lot of money\" at the time of its IPO from Geico. This article analyzes the reasons for his regrets - the wide moat, the autonomous growth prospects, and the incredibly high and consistent ROCE that GOOG enjoys and he missed. And his investment regrets seem to offer more insights on the business of GOOG and value investing than some of his investment success. Lastly, this article also shares my thoughts on why he never bought GOOG after he had those insights, and my reflections on its implications of value investing under the current market.\nThe moat and the network effects\nGoogle derives more than 80% of its revenue from advertising, but it is not an advertising company. Its true moat is in its \"free\" search services, where it totally dominates, as seen in the chart below. As seen, Google has been maintaining nearly 90% market share of the global search traffic - and it has been maintaining such dominance for OVER A DECADE!\nSource: Statista\nFurthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use it. In other words, certain networks become increasingly more valuable or it becomes bigger. Not every network enjoy this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return - i.e., the additional return decreases as the network becomes bigger. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.\nBut certain networks, like the search services Google provides, enjoys this magic trait - the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established - for whatever the reason, smart AI algorithms, advanced ML algorithms, or just dumb luck (GOOG certainly had benefited from all three) - the network effects would just kick in, take over, and compound itself.\nIt is a self-sustaining positive feedback loop: more users in this network will lead to more relevant and accurate search results will be, which will make the network lead to an even better and more valuable for the users, which will attract more new users to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network.\nThe perpetual growth prospects\nIf you, like this author, are a long-term investor who subscribes to Buffett's concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,\nLonger-Term ROI = OEY + PGR\nBecause in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earning (payout as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as GOOG has done in the past), it will be reflected as a return to the business owner.\nOEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earning - the real economic earning of the business, not the nominal accounting earning. Here is a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earning. It is conservative in the sense that rigorously speaking, the owner's earning should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~3.2% for GOOG (~31.6x price to FCF - no cheap at all, but wait for the PGR part).\nThe next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like GOOG, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. Research and development expenses are also considered as a capital investment for such a business.\nBased on the above considerations, the ROCE of GOOG over the past decade is shown below. As seen, GOOG was able to maintain a remarkably high and stable ROCE over the long term: on average 55% for the past decade. Thanks to such ultra-high ROCE, it only requires a bit of reinvestment to fuel future growth, as elaborated in the next section.\nSource: author and Seeking Alpha\nThe financial flexibility\nBuffett said multiple times that there are businesses which, at the end of the day, point to a bunch of depreciated properties and equipment and tell the investors, \"these are our profits.\" He hates his business.\nGOOG is the exact opposite of such businesses - it generates plenty of cash and at the same time only needs a very low level of reinvestment to fuel further growth. First, GOOG is essential debt-free. Interest expenses are negligible compared to profits. Then as seen in the chart below, the business generates so much cash that it has so much financial flexibility in terms of capital allocation. As seen, in recent years, GOOG only needs 18% of its operation cash (\"OPC\") to cover the maintenance CAPEx. GOOG does not pay a dividend (even though it can easily afford it).\nSo this leaves awhopping 72% of the OPC to be dispensable cash, and the company can choose what to do with it: reinvest to fuel further growth, retain it to the bank account, pay a dividend, pay down debt, buy back shares, et al. It obviously makes total sense to reinvest all of it to fuel further growth given its 55% ROCE. At this ROCE, $1 reinvested would be fuel $0.55 of additional earning! But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, GOOG has been allocating a large part of the remaining earning, on average 37% in recent years, to buy back shares. Such repurchases, besides reflecting the confidence of the management in their own business and the cash generation capability, again also signals the lack of good reinvestment opportunities that could move the needle.\nBut all things considered, with 55% ROCE, GOOG does not need that much reinvestment to grow. My estimation is that GOOG has been reinvesting about 10% of its earnings to fuel future growth. With a 55% ROCE, it could maintain a 5.5% PGR (PGR = ROCE * fraction of earning reinvested = 55% * 10% = 5.5%).\nSource: author and Seeking Alpha\nNow we have both pieces of the puzzle in place to estimate the long-term return, as shown in the next chart. At its current price levels, the OEY is again estimated to be ~3.2%, and the PGR is about 5.5% as mentioned above. So the total return in the long term at the current valuation is about 8.7%, pretty decent even with the current relatively expensive valuation.\nSource: author and Seeking Alpha\nThen why he never bought GOOG (so far)?\nSo in summary, here are my thoughts on why Buffett regrets on GOOG. It is a business that meets all his criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that.\nThen the next interesting question for me was that - why he never bought it? The valuation was not that far from his typical entry zone as late as 2011 (when the PE was below 20x). But he never bought, why?\nThe short answer is of course I do not know. I can only stipulate. And I think one possible reason is that he found a better idea - Apple around that time he regretted GOOG. His AAPL investment was detailed in my other articleand I won't go into details here. In summary, he was able to purchase AAPL under what I call the Buffett's 10x Pretax Rule - the observation that many of his largest and best deals were purchase with a price below or near 10x pretax earning. Besides AAPL, the list also included Coca-Cola, American Express, Wells Fargo, Wal-Mart, Burlington Northern, and even his recent $25B repurchases of BRK.A as analyzed in my other article.\nAs seen from the chart below, he was able to purchase AAPL around 10x pretax earning around 2016~2107. And AAPL features an even higher ROCE than GOOG. As a result, it was no-brainer and he must felt more comfortable with the AAPL idea - judging from the fact more than 1/3 of BRK's book value is in AAPL stocks currently.\nSource: author and Seeking Alpha data\nIt is also interesting to look at the following chart, comparing the PE vs ROCE of a few large positions in Buffett's BRK portfolio together with GOOG. This chart shows three of the large BRK holdings that I have written about recently ([[V]], [[AAPL]], and [[ABBV]]). The ROC data are directly pulled from my previous analyses, and in case you want to see the details of how I got these numbers, you can look up recent articles under these tickers. I am not sure what the picture will look like as we add more data points on it (I do plan to organize my notes on his other major holdings and add more data points onto this plot).\nBut with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking ABBV and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off to just invest in ABBV and AAPL.\nSo this Buffett value line really is my other stipulation why he does buy into GOOG. As good as the business this, it is at least not better than other investments that he saw/sees.\nFinally, if you are wondering about why he is still holding V given it is far above the value line, the answer is again I really do not know. There are so many aspects that need to be considered with a position of V's size in his portfolio - tax liabilities, alternative investment candidates, opportunity cost, et al. I know I would trade V for ABBV and/or AAPL myself under current conditions. But I simply do not know what his considerations are.\nSource: author and Seeking Alpha data\nConclusion and final thoughts\nThis article analyzes Buffett's regrets for not buying GOOG earlier. Indeed, GOOG is a business that meets all of Buffett's criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high and consistent ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that. The analyses show that GOOG still offers potential return close to double digits (about 9%) in the long term even with the current elevated valuation.\nAnd finally, this article shared my reflections/stipulations on this investment regret of his, which seems to offer more insights on the business of GOOG and value investing than some of his investment success. Underlying all his decisions is the same value-driven philosophy and long-term thinking.","news_type":1,"symbols_score_info":{"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":2667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896763321,"gmtCreate":1628605881563,"gmtModify":1631891649596,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like 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like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808297215","repostId":"2155188411","repostType":4,"isVote":1,"tweetType":1,"viewCount":340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142280707,"gmtCreate":1626152436109,"gmtModify":1633929583994,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/142280707","repostId":"1119839711","repostType":4,"repost":{"id":"1119839711","kind":"news","pubTimestamp":1626126339,"share":"https://www.laohu8.com/m/news/1119839711?lang=zh_CN&edition=full","pubTime":"2021-07-13 05:45","market":"us","language":"en","title":"Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数首次收于35,000点，但所有3个股指均在银行财报公布前连续创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119839711","media":"MarketWatch","summary":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq C","content":"<p>  <b>Dow ends just shy of 35,000 milestone.</b>  The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p><p><blockquote><b>道琼斯指数收盘略低于35,000点的里程碑。</b>道琼斯工业平均指数、标普500指数和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>周一综合指数连续创下纪录，以上周结束的方式开始了本周。</blockquote></p><p> The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p><p><blockquote>创纪录的收官之际，投资者正在等待美联储主席杰罗姆的半年度证词<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>从周三开始，一批经济报告贯穿整个星期，企业季度业绩的非正式开始。</blockquote></p><p> <b>How did stock benchmarks end?</b></p><p><blockquote><b>股票基准是如何结束的？</b></blockquote></p><p> <ul>  <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>  <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>  <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li> </ul> On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p><p><blockquote><ul><li>道琼斯工业平均指数上涨126.02点，涨幅0.4%，收于创纪录的34,996.18点。</li><li>标普500指数SPX,+0.35%上涨15.08点，涨幅0.4%，收于创纪录的4,384.63点，此前触及盘中高点4,386.68点。</li><li>纳斯达克综合指数COMP,+0.21%上涨31.32点，即0.2%，收于创纪录的14,733.24点，此前盘中创下历史新高14,761.08点。</li></ul>周五，道琼斯指数和标普500指数收于历史新高，周涨幅分别约为0.2%和0.4%。纳斯达克综合指数本周收盘创下历史新高，周涨幅为0.4%。</blockquote></p><p> <b>What drove the market?</b></p><p><blockquote><b>是什么推动了市场？</b></blockquote></p><p> Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p><p><blockquote>周一，主要股指连续上涨至收盘纪录。此次上涨发生在本周晚些时候可能成为催化剂的一些关键事件之前，包括财报季的非正式开始，<b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>&amp;Co</b>鲍威尔将于周二在国会大厦作证，摩根大通+1.43%<a href=\"https://laohu8.com/S/HIL\">山丘</a>，以及有关通货膨胀的最新读数。</blockquote></p><p> “People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p><p><blockquote>“人们认为盈利将会强劲，这可能会推动市场走高，”<a href=\"https://laohu8.com/S/EQR\">公平</a>Amundi U.S.的收入，并补充说，目前，盈利已经掩盖了<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>超过计划的基础设施支出和可能更高的公司税。</blockquote></p><p> “Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p><p><blockquote>凯里对MarketWatch表示：“大多数人似乎都关注经济实力以及更好的盈利来支撑股价的可能性，而股价肯定处于高位。”</blockquote></p><p> Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p><p><blockquote>股市上周经历了一轮动荡，随后以繁荣告终，部分原因是美国国债收益率下降。政府债务利率的下调引发了人们对美国经济从疫情复苏的前景的质疑。COVID-19德尔塔变异毒株的蔓延已成为一个令人担忧的问题，但某些细分市场的高估值也是一个令人担忧的问题。</blockquote></p><p> Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p><p><blockquote>面对越来越多的通胀渗透证据，人们对美联储货币政策的质疑也被指责为部分交易不稳定的原因。</blockquote></p><p> Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p><p><blockquote>周一，10年期国债收益率MUBMUSD10Y, 1.365%小幅上涨不到一个基点至1.362%，而30年期国债收益率MUBMUSD30Y, 2.000%上涨1.2个基点至1.993%，接近2月份的低点。</blockquote></p><p> Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p><p><blockquote>纽约联邦储备银行行长约翰<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>周一对记者表示，缩减每月1200亿美元债券购买刺激计划的条件尚未满足。</blockquote></p><p> Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p><p><blockquote>尽管通胀和增长峰值的担忧继续渗透并令美国家庭担忧，但一些策略师表示，这些担忧对市场来说可能被“过度炒作”。</blockquote></p><p> “Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p><p><blockquote>由杰森·普莱德和迈克尔·雷诺兹领导的格伦梅德团队在周一的一份报告中写道：“之前的通胀担忧和当前的增长峰值担忧都可能是对近期趋势的过度推断，不会持续下去。”</blockquote></p><p> “Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p><p><blockquote>“在从大流行中持续复苏的过程中，市场试图适应快速变化的信息流，可能会保持波动”，但这些因素“不应对市场造成长期破坏”。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>也一直在关注delta驱动的COVID感染。美国以3385万例COVID病例和607156例死亡位居世界第一。安东尼·福奇博士周一表示，目前不需要加强剂，但周日CNN inview表示，看到保守派为低疫苗接种率欢呼是“令人震惊的”，并指责“意识形态僵化”阻碍了抗击疫情的斗争。</blockquote></p><p> “We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p><p><blockquote>“我们长期以来一直警告说，疫苗接种不太可能引发向正常状态的平稳过渡，”本·梅说，<a href=\"https://laohu8.com/S/OXM\">牛津大学</a>经济学全球宏观研究总监周一写道。</blockquote></p><p> No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p><p><blockquote>在经济报告繁忙的一周之前，周一没有关键数据公布，首先是周二的消费者价格数据。</blockquote></p><p> Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p><p><blockquote>另外，投资者还关注20国集团财长之间的讨论，他们正试图评估全球最低税提案的潜在影响。</blockquote></p><p></p><p> “We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p><p><blockquote>“我们需要可持续的收入来源，而不是依赖于进一步对工人工资征税和加剧我们都致力于缩小的经济差距，”美国财政部长珍妮特·耶伦在向欧盟国家发表的关于修改国际企业税法的讲话中表示。</blockquote></p><p> “We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p><p><blockquote>她说：“我们需要制止企业将资本收入转移到低税收管辖区，以及让他们逃避支付公平份额的会计噱头。”</blockquote></p><p> <b>Which companies were in focus?</b></p><p><blockquote><b>哪些公司成为焦点？</b></blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>  <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>  <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>  <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>  <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>  <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>  <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li> </ul> <b>How did other assets trade?</b></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>Inc</b>.AVGO,+1.16%据《华尔街日报》报道，这家芯片和软件公司正在就收购SAS Institute Inc.进行谈判，这笔交易的估值可能达到150亿至200亿美元，周一股价上涨1.2%。</li><li><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc</b>特拉华联邦法官驳回了Blix Inc.的诉讼，称该诉讼未能证明苹果如何损害了移动操作系统市场的竞争，该公司股价一天下跌0.4%。</li><li><b><a href=\"https://laohu8.com/S/LB\">L品牌公司</a></b>LB表示，从8月3日开始，该公司将分拆为两家上市公司，维多利亚的秘密(Victoria's Secret&amp;Co.)的内衣部门将更名为“VSCO”，而Bath&amp;BodyWorks Inc.的子公司将更名为“BBWI”。</li><li><b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>Inc</b>.GME,-1.04%周一，Ascendiant Capital Markets将其12个月目标价从10美元上调至25美元，但仍远未接近该公司周一189.25美元的收盘价。</li><li>户外烤架制造商韦伯(Weber)已申请上市，距其标志性的圆顶状烤架问世已近50年。股票将于<a href=\"https://laohu8.com/S/NWY\">纽约</a>证券交易所，股票代码为WEBR。</li><li>本公司之股份<b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a>.</b>SPCEskid周一下跌17.3%，这是自2020年3月16日以来的最大单日跌幅，此前一天创始人理查德·布兰森(Richard Branson)和五名机组人员乘坐该公司的VSS成功飞入亚轨道空间<a href=\"https://laohu8.com/S/UNTY\">团结</a>火箭动力太空飞机。</li><li><b>沙发基地公司</b>企业应用数据库提供商.BASE周一设定了首次公开募股的条款，计划发行700万股，每股定价20至23美元。该公司已申请在纳斯达克上市，股票代码为“BASE”。</li><li>本公司之股份<b>现代公司</b>.MRNA周一上涨2.8%，此前该公司表示将向阿根廷供应2000万剂COVID-19疫苗。</li><li>本公司之股份<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds公司</a>.</b>尽管这家信息技术基础设施管理软件公司提供了乐观的第二季度收入前景，但SWI周一仍下跌1.8%。</li></ul><b>其他资产是如何交易的？</b></blockquote></p><p> <ul>  <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>  <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>  <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>  <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li> </ul></p><p><blockquote><ul><li>衡量美元兑六个主要竞争对手的ICE美元指数DXY上涨0.1%。</li><li>石油期货周一收低，美国基准Cl 00 Cl.1,-0.51%下跌0.6%，收于每桶74.10美元。黄金GC 00收跌0.3%，报每盎司1805.90美元。</li><li>欧洲股市方面，斯托克欧洲600指数收盘上涨0.7%，而伦敦股市收盘上涨0.7%<a href=\"https://laohu8.com/S/.100.UK\">富时100</a>UKX周一收盘上涨0.05%。</li><li>在<a href=\"https://laohu8.com/S/00662\">亚洲</a>周一，上证综指上涨0.7%，恒生指数恒生指数上涨0.6%，日经225指数上涨2.3%。</li></ul></blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数首次收于35,000点，但所有3个股指均在银行财报公布前连续创下历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数首次收于35,000点，但所有3个股指均在银行财报公布前连续创下历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-13 05:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Dow ends just shy of 35,000 milestone.</b>  The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p><p><blockquote><b>道琼斯指数收盘略低于35,000点的里程碑。</b>道琼斯工业平均指数、标普500指数和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>周一综合指数连续创下纪录，以上周结束的方式开始了本周。</blockquote></p><p> The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p><p><blockquote>创纪录的收官之际，投资者正在等待美联储主席杰罗姆的半年度证词<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>从周三开始，一批经济报告贯穿整个星期，企业季度业绩的非正式开始。</blockquote></p><p> <b>How did stock benchmarks end?</b></p><p><blockquote><b>股票基准是如何结束的？</b></blockquote></p><p> <ul>  <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>  <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>  <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li> </ul> On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p><p><blockquote><ul><li>道琼斯工业平均指数上涨126.02点，涨幅0.4%，收于创纪录的34,996.18点。</li><li>标普500指数SPX,+0.35%上涨15.08点，涨幅0.4%，收于创纪录的4,384.63点，此前触及盘中高点4,386.68点。</li><li>纳斯达克综合指数COMP,+0.21%上涨31.32点，即0.2%，收于创纪录的14,733.24点，此前盘中创下历史新高14,761.08点。</li></ul>周五，道琼斯指数和标普500指数收于历史新高，周涨幅分别约为0.2%和0.4%。纳斯达克综合指数本周收盘创下历史新高，周涨幅为0.4%。</blockquote></p><p> <b>What drove the market?</b></p><p><blockquote><b>是什么推动了市场？</b></blockquote></p><p> Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p><p><blockquote>周一，主要股指连续上涨至收盘纪录。此次上涨发生在本周晚些时候可能成为催化剂的一些关键事件之前，包括财报季的非正式开始，<b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>&amp;Co</b>鲍威尔将于周二在国会大厦作证，摩根大通+1.43%<a href=\"https://laohu8.com/S/HIL\">山丘</a>，以及有关通货膨胀的最新读数。</blockquote></p><p> “People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p><p><blockquote>“人们认为盈利将会强劲，这可能会推动市场走高，”<a href=\"https://laohu8.com/S/EQR\">公平</a>Amundi U.S.的收入，并补充说，目前，盈利已经掩盖了<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>超过计划的基础设施支出和可能更高的公司税。</blockquote></p><p> “Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p><p><blockquote>凯里对MarketWatch表示：“大多数人似乎都关注经济实力以及更好的盈利来支撑股价的可能性，而股价肯定处于高位。”</blockquote></p><p> Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p><p><blockquote>股市上周经历了一轮动荡，随后以繁荣告终，部分原因是美国国债收益率下降。政府债务利率的下调引发了人们对美国经济从疫情复苏的前景的质疑。COVID-19德尔塔变异毒株的蔓延已成为一个令人担忧的问题，但某些细分市场的高估值也是一个令人担忧的问题。</blockquote></p><p> Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p><p><blockquote>面对越来越多的通胀渗透证据，人们对美联储货币政策的质疑也被指责为部分交易不稳定的原因。</blockquote></p><p> Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p><p><blockquote>周一，10年期国债收益率MUBMUSD10Y, 1.365%小幅上涨不到一个基点至1.362%，而30年期国债收益率MUBMUSD30Y, 2.000%上涨1.2个基点至1.993%，接近2月份的低点。</blockquote></p><p> Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p><p><blockquote>纽约联邦储备银行行长约翰<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>周一对记者表示，缩减每月1200亿美元债券购买刺激计划的条件尚未满足。</blockquote></p><p> Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p><p><blockquote>尽管通胀和增长峰值的担忧继续渗透并令美国家庭担忧，但一些策略师表示，这些担忧对市场来说可能被“过度炒作”。</blockquote></p><p> “Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p><p><blockquote>由杰森·普莱德和迈克尔·雷诺兹领导的格伦梅德团队在周一的一份报告中写道：“之前的通胀担忧和当前的增长峰值担忧都可能是对近期趋势的过度推断，不会持续下去。”</blockquote></p><p> “Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p><p><blockquote>“在从大流行中持续复苏的过程中，市场试图适应快速变化的信息流，可能会保持波动”，但这些因素“不应对市场造成长期破坏”。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>也一直在关注delta驱动的COVID感染。美国以3385万例COVID病例和607156例死亡位居世界第一。安东尼·福奇博士周一表示，目前不需要加强剂，但周日CNN inview表示，看到保守派为低疫苗接种率欢呼是“令人震惊的”，并指责“意识形态僵化”阻碍了抗击疫情的斗争。</blockquote></p><p> “We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p><p><blockquote>“我们长期以来一直警告说，疫苗接种不太可能引发向正常状态的平稳过渡，”本·梅说，<a href=\"https://laohu8.com/S/OXM\">牛津大学</a>经济学全球宏观研究总监周一写道。</blockquote></p><p> No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p><p><blockquote>在经济报告繁忙的一周之前，周一没有关键数据公布，首先是周二的消费者价格数据。</blockquote></p><p> Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p><p><blockquote>另外，投资者还关注20国集团财长之间的讨论，他们正试图评估全球最低税提案的潜在影响。</blockquote></p><p></p><p> “We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p><p><blockquote>“我们需要可持续的收入来源，而不是依赖于进一步对工人工资征税和加剧我们都致力于缩小的经济差距，”美国财政部长珍妮特·耶伦在向欧盟国家发表的关于修改国际企业税法的讲话中表示。</blockquote></p><p> “We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p><p><blockquote>她说：“我们需要制止企业将资本收入转移到低税收管辖区，以及让他们逃避支付公平份额的会计噱头。”</blockquote></p><p> <b>Which companies were in focus?</b></p><p><blockquote><b>哪些公司成为焦点？</b></blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>  <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>  <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>  <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>  <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>  <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>  <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li> </ul> <b>How did other assets trade?</b></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>Inc</b>.AVGO,+1.16%据《华尔街日报》报道，这家芯片和软件公司正在就收购SAS Institute Inc.进行谈判，这笔交易的估值可能达到150亿至200亿美元，周一股价上涨1.2%。</li><li><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc</b>特拉华联邦法官驳回了Blix Inc.的诉讼，称该诉讼未能证明苹果如何损害了移动操作系统市场的竞争，该公司股价一天下跌0.4%。</li><li><b><a href=\"https://laohu8.com/S/LB\">L品牌公司</a></b>LB表示，从8月3日开始，该公司将分拆为两家上市公司，维多利亚的秘密(Victoria's Secret&amp;Co.)的内衣部门将更名为“VSCO”，而Bath&amp;BodyWorks Inc.的子公司将更名为“BBWI”。</li><li><b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>Inc</b>.GME,-1.04%周一，Ascendiant Capital Markets将其12个月目标价从10美元上调至25美元，但仍远未接近该公司周一189.25美元的收盘价。</li><li>户外烤架制造商韦伯(Weber)已申请上市，距其标志性的圆顶状烤架问世已近50年。股票将于<a href=\"https://laohu8.com/S/NWY\">纽约</a>证券交易所，股票代码为WEBR。</li><li>本公司之股份<b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a>.</b>SPCEskid周一下跌17.3%，这是自2020年3月16日以来的最大单日跌幅，此前一天创始人理查德·布兰森(Richard Branson)和五名机组人员乘坐该公司的VSS成功飞入亚轨道空间<a href=\"https://laohu8.com/S/UNTY\">团结</a>火箭动力太空飞机。</li><li><b>沙发基地公司</b>企业应用数据库提供商.BASE周一设定了首次公开募股的条款，计划发行700万股，每股定价20至23美元。该公司已申请在纳斯达克上市，股票代码为“BASE”。</li><li>本公司之股份<b>现代公司</b>.MRNA周一上涨2.8%，此前该公司表示将向阿根廷供应2000万剂COVID-19疫苗。</li><li>本公司之股份<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds公司</a>.</b>尽管这家信息技术基础设施管理软件公司提供了乐观的第二季度收入前景，但SWI周一仍下跌1.8%。</li></ul><b>其他资产是如何交易的？</b></blockquote></p><p> <ul>  <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>  <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>  <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>  <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li> </ul></p><p><blockquote><ul><li>衡量美元兑六个主要竞争对手的ICE美元指数DXY上涨0.1%。</li><li>石油期货周一收低，美国基准Cl 00 Cl.1,-0.51%下跌0.6%，收于每桶74.10美元。黄金GC 00收跌0.3%，报每盎司1805.90美元。</li><li>欧洲股市方面，斯托克欧洲600指数收盘上涨0.7%，而伦敦股市收盘上涨0.7%<a href=\"https://laohu8.com/S/.100.UK\">富时100</a>UKX周一收盘上涨0.05%。</li><li>在<a href=\"https://laohu8.com/S/00662\">亚洲</a>周一，上证综指上涨0.7%，恒生指数恒生指数上涨0.6%，日经225指数上涨2.3%。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119839711","content_text":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.\nThe record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome Powell beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.\nHow did stock benchmarks end?\n\nThe Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.\nS&P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.\nNasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.\n\nOn Friday, the Dow and S&P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.\nWhat drove the market?\nMajor stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, whichJPMorgan Chase & Co.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol Hill, and fresh readings on inflation.\n“People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of Equity Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in Washington over planned infrastructure spending and potentially higher corporate taxes.\n“Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.\nEquity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.\nQuestions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.\nYields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.\nFederal Reserve Bank ofNew York President John Williams told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.\nAlthough inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.\n“Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.\n“Markets may remain volatile as they attempt to adjust to the rapidly evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”\nInvestors also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.\n“We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, Oxford Economics’ director of global macro research wrote Monday.\nNo key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.\nSeparately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.\n“We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.\n“We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.\nWhich companies were in focus?\n\nBroadcom Inc.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.\nApple Inc.AAPL,-0.42% shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.\nL Brands Inc.LB,+4.16% said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret & Co.‘s underwear unit as “VSCO,” while the Bath & BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.\nGameStop Inc.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.\nWeber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to trade on the New York Stock Exchange under the ticker WEBR.\nShares ofVirgin Galactic Holdings Inc. SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into suborbital space on the company’s VSS Unity rocket-powered spaceplane.\nCouchbase Inc. BASE, a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’\nShares ofModerna Inc. MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.\nShares ofSolarWinds Corp. SWI were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.\n\nHow did other assets trade?\n\nThe ICE U.S. Dollar Index DXY, a measure of the currency against six major rivals, was up 0.1%.\nOil futures closed lower Monday, with the U.S. benchmark CL00 CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold GC00 settled 0.3% lower at $1,805.90 an ounce.\nIn European equities, the Stoxx Europe 600 SXXP closed 0.7% higher, while London’s FTSE 100 UKX finished up 0.05% on Monday.\nIn Asia, the Shanghai Composite SHCOMP gained 0.7%, Hong Kong’s Hang Seng Index HSI rose 0.6% on the session and Japan’s Nikkei 225 NIK rallied 2.3% on Monday.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800654498,"gmtCreate":1627300858914,"gmtModify":1633766389513,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Good.. please like thanks","listText":"Good.. please like thanks","text":"Good.. please like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800654498","repostId":"1151724613","repostType":4,"repost":{"id":"1151724613","kind":"news","pubTimestamp":1627292512,"share":"https://www.laohu8.com/m/news/1151724613?lang=zh_CN&edition=full","pubTime":"2021-07-26 17:41","market":"us","language":"en","title":"Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151724613","media":"Barrons","summary":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe ","content":"<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-26 17:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151724613","content_text":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.\nThere will be a lot of moving parts, however, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk.\nFactors that will contribute to bottom-line earnings include the global semiconductor shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.\n\nTesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.\nThe good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered more than 200,000 vehicles in a single quarter.\nAfter earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla beat earnings estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.\nThere is also the issue of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.\nInvestors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its charging network to other EVs down the road.\nThose topics and more should be discussed on the earnings conference call scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the S&P 500 and Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179103453,"gmtCreate":1626490043672,"gmtModify":1633926291135,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like and share&nbsp;[龇牙]&nbsp;","listText":"Like and share&nbsp;[龇牙]&nbsp;","text":"Like and share [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/179103453","repostId":"1159574501","repostType":4,"repost":{"id":"1159574501","kind":"news","pubTimestamp":1626484131,"share":"https://www.laohu8.com/m/news/1159574501?lang=zh_CN&edition=full","pubTime":"2021-07-17 09:08","market":"us","language":"en","title":"'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159574501","media":"Benzinga","summary":"Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took ","content":"<p><div> Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took a beating this week, with GameStop on track to finish the week down 9% and AMC set to lose 20.9% in ...</p><p><blockquote><div>社交媒体meme股票游戏驿站公司（纽约证券交易所代码：GME）和AMC院线控股公司（纽约证券交易所代码：AMC）本周遭受重创，游戏驿站本周将下跌9%，AMC将下跌20.9%。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-17 09:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took a beating this week, with GameStop on track to finish the week down 9% and AMC set to lose 20.9% in ...</p><p><blockquote><div>社交媒体meme股票游戏驿站公司（纽约证券交易所代码：GME）和AMC院线控股公司（纽约证券交易所代码：AMC）本周遭受重创，游戏驿站本周将下跌9%，AMC将下跌20.9%。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","GME":"游戏驿站","TLRY":"Tilray Inc."},"source_url":"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159574501","content_text":"Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took a beating this week, with GameStop on track to finish the week down 9% and AMC set to lose 20.9% in Friday afternoon trading.\nDataTrek Research co-founder Nicholas Colas said this week there is an ominous sign the meme stock phenomenon may be dying a slow death.\nRetail Trading Boom:DataTrek has been periodically tracking the boom in retail traders triggered during the pandemic in 2020 and 2021 by monitoring U.S. Google search volume for the keywords “invest” and “buy stock.” Colas said these basic search terms are a broad way to gauge marginal retail investor interest in the stock market.\nThe image below shows how search volume for those key phrases has changed since the beginning of 2020.\n\nColas said the search volume data clearly indicates the retail stock trading fad is completely over at this point, a “very bad omen” for AMC and GameStop. In fact, Google search volume is now back down to where it was before the pandemic started in early 2020.\nIn addition, search volumes are now down 75% from their peak levels during the initial short squeezes in AMC and GameStop back in January 2021.\nColas said meme stocks like AMC need new retail stock traders to join in the buying to support their stock prices else they could be headed for more volatility like they have experienced this week.\n“Bubbles need fresh money, or they deflate. Quickly,” Colas wrote. “Every craze needs new adherents (i.e., not just the same crowd) to keep it relevant, and the Google chart shows those are in increasingly short supply.”\nPMP Weighs In:Benzinga PreMarket Prep co-host Dennis Dick said a good story can carry a stock a long way, and some stocks can even become so hot that they become temporarily disconnected from the company’s underlying fundamentals.\n“We have seen that in a number of meme stocks this year. Story can drive price in the short run but stocks almost always return back to their fundamental value in the long run,” Dick said.\nThe type of disconnect between share price and underlying value that AMC and GameStop have experienced in 2021 is certainly nothing new. Canadian cannabis stock Tilray Inc(NASDAQ:TLRY) experienced a similar disconnect back in 2018 when a retail stock mania sent the stock skyrocketing up to $300. Today, Tilray is trading back down at around $13.90.\n“As the stock price begins to fall, momentum traders who have been chasing the hot story will begin to exit. But if the stock trades at an extreme valuation, there may be very few traders willing to buy. This is what we are starting to see in many meme stocks today,” Dick said.\nBenzinga's Take:If the story begins to get hot again, the stock prices of overvalued story stocks can always recover once again. But without any underlying fundamentals to support the valuation, these types of stocks need a constant stream of new buyers and an increasingly bullish story to generate fresh enthusiasm.","news_type":1,"symbols_score_info":{"TLRY":0.9,"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":170209292,"gmtCreate":1626432216616,"gmtModify":1633926811828,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Like and share","listText":"Like and share","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170209292","repostId":"1188067627","repostType":4,"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156277561,"gmtCreate":1625228097653,"gmtModify":1633942345529,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156277561","repostId":"2148725958","repostType":4,"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890775504,"gmtCreate":1628138548408,"gmtModify":1631891649600,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"htmlText":"Nice. Like pls","listText":"Nice. Like pls","text":"Nice. Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890775504","repostId":"1169931259","repostType":4,"isVote":1,"tweetType":1,"viewCount":1581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}