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2021-06-14

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2021-05-27

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2021-06-06

Wow

U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>

2021-05-04

What happenes between them... 27 years love story gone

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2021-07-09

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2021-05-27

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2021-06-25

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2021-08-27

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2021-07-20

[流泪]

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2021-06-03

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sector.</p><p><blockquote><b>苹果公司</b>它在进入的任何行业都具有颠覆性潜力，正在大力进军流媒体行业。</blockquote></p><p> Apple plans to increase the number of new TV shows and movies to at least one a week on its Apple TV+ streaming service, the Information reported, citing people familiar with the matter.</p><p><blockquote>据Information援引知情人士的话报道，苹果计划将其苹果TV+流媒体服务上的新电视节目和电影数量增加到每周至少一部。</blockquote></p><p> The company is also reportedly planning to increase its marketing spend on Apple TV+ to more than&nbsp;$500 million in 2021.</p><p><blockquote>据报道，该公司还计划在2021年将苹果TV+的营销支出增加到5亿美元以上。</blockquote></p><p> Apple is planning to set aside some of the budget to bring a dedicated Apple TV+ button to remotes from other manufacturers, similar to its arrangement with&nbsp;<b>Roku, Inc.</b>, the report said.</p><p><blockquote>苹果计划拨出部分预算，为其他制造商的遥控器引入专用的苹果电视+按钮，类似于其与<b>Roku公司。</b>报道称。</blockquote></p><p> Cupertino launched&nbsp;Apple TV+,an ad-free subscription video-on-demand streaming service,&nbsp;in November&nbsp;2019. The content of the service can be viewed through the company's website as well as through the Apple TV+ app.</p><p><blockquote>库比蒂诺于2019年11月推出了苹果电视+，这是一项无广告订阅视频点播流媒体服务。该服务的内容可以通过该公司的网站以及苹果电视+应用程序查看。</blockquote></p><p> Apple TV+ subscriptions at the end of 2020 were around 40 million, the report said. About half of them were paying subscribers, while the others were on some sort of free trials, the report added.</p><p><blockquote>报告称，截至2020年底，苹果TV+的订阅量约为4000万。报告补充说，其中大约一半是付费订阅者，而其他人则进行某种免费试用。</blockquote></p><p> The company had also considered introducing a low-cost Apple TV+&nbsp; hardware dongle accessory but had eventually decided against it.</p><p><blockquote>该公司还考虑推出低成本的苹果电视+硬件加密狗配件，但最终决定反对。</blockquote></p><p> <b>Why It's Important:</b>Apple's competitive positioning in streaming is not very attractive.</p><p><blockquote><b>为什么重要：</b>苹果在流媒体领域的竞争定位并不是很有吸引力。</blockquote></p><p> <b>Walt Disney Co.'s</b>,which was launched around the same time as Apple&nbsp;TV+, had about 116 million subscribers as of July 3.</p><p><blockquote><b>华特迪士尼公司</b>截至 7 月 3 日，该服务与苹果 TV+ 大约同时推出，拥有约 1.16 亿用户。</blockquote></p><p> Streaming giant&nbsp;<b>Netflix&nbsp;Inc</b>&nbsp;had 209 million subscribers at the end of the second quarter.<b>Amazon.com,&nbsp;Inc.</b>&nbsp;<b>Prime</b>&nbsp;subscriptions, which also include access to the e-commerce giant's Prime Video streaming service, hit 200 million globally in April.</p><p><blockquote>流媒体巨头<b>网飞公司</b>第二季度末拥有 2.09 亿订户。<b>亚马逊公司。</b> <b>主要的</b>4 月份，全球订阅量达到 2 亿，其中还包括访问这家电子商务巨头的 Prime 视频流媒体服务。</blockquote></p><p> Apple has priced its Apple TV+ competitively to the established players in the industry. An Apple TV+ subscription comes free of cost for seven&nbsp;days and then goes up to&nbsp;$4.99 per month. Alternatively, a subscriber buying an eligible Apple device gets three&nbsp;months of free viewing.</p><p><blockquote>苹果对其苹果TV+的定价与业内老牌企业相比具有竞争力。苹果TV+订阅免费7天，然后每月涨到4.99美元。或者，购买符合条件的苹果设备的用户可以获得三个月的免费观看时间。</blockquote></p><p> Netflix's basic plan is priced at $8.99 per month and Disney Plus comes for $7.99 a month, or $79.99 for a year's service.</p><p><blockquote>Netflix 的基本套餐价格为每月 8.99 美元，Disney Plus 的价格为每月 7.99 美元，一年的服务价格为 79.99 美元。</blockquote></p><p> As Apple trails the rest in the streaming industry, the speculated moves make sense in order for Cupertino to stay alive and thriving.</p><p><blockquote>由于苹果在流媒体行业落后于其他国家，为了让库比蒂诺保持活力和繁荣，这些猜测的举措是有意义的。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Charts Big Plans For Apple TV+, Including Taking On Netflix, Disney+ and Amazon Prime<blockquote>苹果制定了苹果 TV+ 的宏伟计划，包括与 Netflix、Disney+ 和 Amazon Prime 展开较量</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\">\nApple Charts Big Plans For Apple TV+, Including Taking On Netflix, Disney+ and Amazon Prime<blockquote>苹果制定了苹果 TV+ 的宏伟计划，包括与 Netflix、Disney+ 和 Amazon Prime 展开较量</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-11 09:33</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Apple&nbsp;Inc</b>, which possesses disruptive potential in any sector it moves&nbsp;into, is making a big push into the streaming sector.</p><p><blockquote><b>苹果公司</b>它在进入的任何行业都具有颠覆性潜力，正在大力进军流媒体行业。</blockquote></p><p> Apple plans to increase the number of new TV shows and movies to at least one a week on its Apple TV+ streaming service, the Information reported, citing people familiar with the matter.</p><p><blockquote>据Information援引知情人士的话报道，苹果计划将其苹果TV+流媒体服务上的新电视节目和电影数量增加到每周至少一部。</blockquote></p><p> The company is also reportedly planning to increase its marketing spend on Apple TV+ to more than&nbsp;$500 million in 2021.</p><p><blockquote>据报道，该公司还计划在2021年将苹果TV+的营销支出增加到5亿美元以上。</blockquote></p><p> Apple is planning to set aside some of the budget to bring a dedicated Apple TV+ button to remotes from other manufacturers, similar to its arrangement with&nbsp;<b>Roku, Inc.</b>, the report said.</p><p><blockquote>苹果计划拨出部分预算，为其他制造商的遥控器引入专用的苹果电视+按钮，类似于其与<b>Roku公司。</b>报道称。</blockquote></p><p> Cupertino launched&nbsp;Apple TV+,an ad-free subscription video-on-demand streaming service,&nbsp;in November&nbsp;2019. The content of the service can be viewed through the company's website as well as through the Apple TV+ app.</p><p><blockquote>库比蒂诺于2019年11月推出了苹果电视+，这是一项无广告订阅视频点播流媒体服务。该服务的内容可以通过该公司的网站以及苹果电视+应用程序查看。</blockquote></p><p> Apple TV+ subscriptions at the end of 2020 were around 40 million, the report said. About half of them were paying subscribers, while the others were on some sort of free trials, the report added.</p><p><blockquote>报告称，截至2020年底，苹果TV+的订阅量约为4000万。报告补充说，其中大约一半是付费订阅者，而其他人则进行某种免费试用。</blockquote></p><p> The company had also considered introducing a low-cost Apple TV+&nbsp; hardware dongle accessory but had eventually decided against it.</p><p><blockquote>该公司还考虑推出低成本的苹果电视+硬件加密狗配件，但最终决定反对。</blockquote></p><p> <b>Why It's Important:</b>Apple's competitive positioning in streaming is not very attractive.</p><p><blockquote><b>为什么重要：</b>苹果在流媒体领域的竞争定位并不是很有吸引力。</blockquote></p><p> <b>Walt Disney Co.'s</b>,which was launched around the same time as Apple&nbsp;TV+, had about 116 million subscribers as of July 3.</p><p><blockquote><b>华特迪士尼公司</b>截至 7 月 3 日，该服务与苹果 TV+ 大约同时推出，拥有约 1.16 亿用户。</blockquote></p><p> Streaming giant&nbsp;<b>Netflix&nbsp;Inc</b>&nbsp;had 209 million subscribers at the end of the second quarter.<b>Amazon.com,&nbsp;Inc.</b>&nbsp;<b>Prime</b>&nbsp;subscriptions, which also include access to the e-commerce giant's Prime Video streaming service, hit 200 million globally in April.</p><p><blockquote>流媒体巨头<b>网飞公司</b>第二季度末拥有 2.09 亿订户。<b>亚马逊公司。</b> <b>主要的</b>4 月份，全球订阅量达到 2 亿，其中还包括访问这家电子商务巨头的 Prime 视频流媒体服务。</blockquote></p><p> Apple has priced its Apple TV+ competitively to the established players in the industry. An Apple TV+ subscription comes free of cost for seven&nbsp;days and then goes up to&nbsp;$4.99 per month. Alternatively, a subscriber buying an eligible Apple device gets three&nbsp;months of free viewing.</p><p><blockquote>苹果对其苹果TV+的定价与业内老牌企业相比具有竞争力。苹果TV+订阅免费7天，然后每月涨到4.99美元。或者，购买符合条件的苹果设备的用户可以获得三个月的免费观看时间。</blockquote></p><p> Netflix's basic plan is priced at $8.99 per month and Disney Plus comes for $7.99 a month, or $79.99 for a year's service.</p><p><blockquote>Netflix 的基本套餐价格为每月 8.99 美元，Disney Plus 的价格为每月 7.99 美元，一年的服务价格为 79.99 美元。</blockquote></p><p> As Apple trails the rest in the streaming industry, the speculated moves make sense in order for Cupertino to stay alive and thriving.</p><p><blockquote>由于苹果在流媒体行业落后于其他国家，为了让库比蒂诺保持活力和繁荣，这些猜测的举措是有意义的。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151643560","content_text":"Apple Inc, which possesses disruptive potential in any sector it moves into, is making a big push into the streaming sector.\nApple plans to increase the number of new TV shows and movies to at least one a week on its Apple TV+ streaming service, the Information reported, citing people familiar with the matter.\nThe company is also reportedly planning to increase its marketing spend on Apple TV+ to more than $500 million in 2021.\nApple is planning to set aside some of the budget to bring a dedicated Apple TV+ button to remotes from other manufacturers, similar to its arrangement with Roku, Inc., the report said.\nCupertino launched Apple TV+,an ad-free subscription video-on-demand streaming service, in November 2019. The content of the service can be viewed through the company's website as well as through the Apple TV+ app.\nApple TV+ subscriptions at the end of 2020 were around 40 million, the report said. About half of them were paying subscribers, while the others were on some sort of free trials, the report added.\nThe company had also considered introducing a low-cost Apple TV+  hardware dongle accessory but had eventually decided against it.\nWhy It's Important:Apple's competitive positioning in streaming is not very attractive.\nWalt Disney Co.'s,which was launched around the same time as Apple TV+, had about 116 million subscribers as of July 3.\nStreaming giant Netflix Inc had 209 million subscribers at the end of the second quarter.Amazon.com, Inc. Prime subscriptions, which also include access to the e-commerce giant's Prime Video streaming service, hit 200 million globally in April.\nApple has priced its Apple TV+ competitively to the established players in the industry. An Apple TV+ subscription comes free of cost for seven days and then goes up to $4.99 per month. Alternatively, a subscriber buying an eligible Apple device gets three months of free viewing.\nNetflix's basic plan is priced at $8.99 per month and Disney Plus comes for $7.99 a month, or $79.99 for a year's service.\nAs Apple trails the rest in the streaming industry, the speculated moves make sense in order for Cupertino to stay alive and thriving.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881673447,"gmtCreate":1631335921289,"gmtModify":1631891106705,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881673447","repostId":"2166711943","repostType":4,"isVote":1,"tweetType":1,"viewCount":3249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883669904,"gmtCreate":1631238254008,"gmtModify":1631891106715,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Tiger up up up pls","listText":"Tiger up up up pls","text":"Tiger up up up pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883669904","repostId":"2166426123","repostType":4,"isVote":1,"tweetType":1,"viewCount":2233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883687776,"gmtCreate":1631238191495,"gmtModify":1631891106727,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"[笑哭]&nbsp;","listText":"[笑哭]&nbsp;","text":"[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883687776","repostId":"2166344336","repostType":4,"repost":{"id":"2166344336","kind":"highlight","pubTimestamp":1631236802,"share":"https://www.laohunote.com/m/news/2166344336?lang=zh_CN&edition=full","pubTime":"2021-09-10 09:20","market":"us","language":"en","title":"With inflation mentions 'skyrocketing' on earnings calls, stock investors favored these three sectors, says BofA<blockquote>美国银行表示，随着盈利评级中提到通胀“飙升”，股票投资者青睐这三个行业</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2166344336","media":"MarketWatch","summary":"BofA clients were net sellers of U.S. stocks last week for the first time in three weeks\nEquity inve","content":"<p>BofA clients were net sellers of U.S. stocks last week for the first time in three weeks</p><p><blockquote>美国银行客户上周三周来首次净卖出美国股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09ea1bd398bacb5bc75531009d0c7a96\" tg-width=\"700\" tg-height=\"463\" referrerpolicy=\"no-referrer\"><span>Equity investors have moved capital into the real-estate sector amid concern over inflation, BofA finds</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国银行发现，由于对通胀的担忧，股票投资者已将资本转移到房地产行业</span></p></blockquote></p><p> Investors have favored three sectors since companies began reporting in July the results of their earnings for the second quarter, moving capital into areas poised to benefit from higher inflation, according to BofA Global Research.</p><p><blockquote>美国银行全球研究公司表示，自公司 7 月份开始报告第二季度盈利结果以来，投资者青睐三个行业，将资本转移到有望从通胀上升中受益的领域。</blockquote></p><p> \"Amid skyrocketing mentions of inflation on earnings calls,\" BofA Global Research strategists said in a report this week that \"clients have been buyers of equities in just three sectors: energy, materials and real estate.\"</p><p><blockquote>美国银行全球研究策略师在本周的一份报告中表示：“在盈利评级上不断提及通胀的情况下，客户只购买了三个行业的股票：能源、材料和房地产。”</blockquote></p><p> The strategists tracked BofA client capital flowing into and out of exchange-traded funds and single stocks, finding total inflows in few of the S&amp;P 500's 11 sectors. Energy attracted the most inflows, while technology saw the biggest outflows as clients bailed on single stocks during second-quarter earnings season, according to a chart in their Wednesday night report.</p><p><blockquote>策略师跟踪了美国银行客户资本进出交易所交易基金和个股的情况，发现标准普尔 500 指数 11 个板块中很少有板块出现了总流入。根据周三晚间报告中的图表，能源吸引了最多的资金流入，而科技股的资金流出最大，因为客户在第二季度财报季抛售了单只股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0cf45897e17e78a87cd137af32e93721\" tg-width=\"700\" tg-height=\"339\" referrerpolicy=\"no-referrer\"><span>BOFA GLOBAL RESEARCH REPORT DATED SEPT. 8</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国银行全球研究报告日期为 9 月。8</span></p></blockquote></p><p> \"Energy and financials saw the biggest inflows last week, though the latter was entirely driven by buybacks,\" the BofA strategists said in the report. Excluding buybacks, they said that energy and real estate led.</p><p><blockquote>美国银行策略师在报告中表示：“上周能源和金融股的资金流入最大，尽管后者完全是由回购推动的。”他们表示，不包括回购，能源和房地产领涨。</blockquote></p><p> The energy sector of the S&amp;P 500 index is down about 12% this quarter, according to FactSet data Thursday afternoon. In contrast, real estate has jumped almost 8% since the end of June, while the materials sector had advanced almost 2% in the third quarter, the data show.</p><p><blockquote>FactSet 周四下午的数据显示，标普500指数的能源板块本季度下跌约 12%。数据显示，相比之下，房地产自 6 月底以来上涨了近 8%，而材料行业在第三季度上涨了近 2%。</blockquote></p><p> Meanwhile, the S&amp;P 500 index , which is up almost 5% this quarter, was edging lower Thursday afternoon. The index has slipped in the last three days of trading, including Friday before Labor Day weekend.</p><p><blockquote>与此同时，本季度上涨近 5% 的标普500指数周四下午小幅走低。该指数在过去三个交易日中下滑，包括劳动节周末前的周五。</blockquote></p><p> BofA clients, including hedge funds, institutional and retail, were net sellers of U.S. equities last week for the first time in three weeks, according to the report. The net selling was led by outflows from single stocks while passive investing remained \"in vogue,\" the strategists said.</p><p><blockquote>报告称，包括对冲基金、机构和零售在内的美国银行客户上周成为美国股票的净卖家，这是三周来的首次。策略师表示，净抛售是由个股资金流出推动的，而被动投资仍然“流行”。</blockquote></p><p> \"Clients continued to buy ETFs last week despite outflows from single stocks, with flows into both equity and fixed income ETFs,\" they wrote. They've \"still been big cumulative buyers of ETFs\" this year.</p><p><blockquote>他们写道：“尽管个股资金流出，但客户上周仍继续购买 ETF，资金流入股票和固定收益 ETF。”今年他们“仍然是 ETF 的大累计买家”。</blockquote></p><p> The three sectors of the S&amp;P 500 favored by investors as inflation mentions spiked during earnings season for the second quarter have put up big returns in 2021.</p><p><blockquote>由于第二季度财报季期间通胀提及飙升，标普500的三个行业受到投资者青睐，这些行业在 2021 年获得了丰厚的回报。</blockquote></p><p> <a href=\"https://laohu8.com/S/XLRE\">The Real Estate Select Sector SPDR Fund</a> (XLRE) has soared nearly 31% this year, while the Energy Select Sector SPDR Fund XLE has risen about 26%, according to FactSet data, at last check. The Materials Select Sector SPDR Fund is up about 16%.</p><p><blockquote><a href=\"https://laohu8.com/S/XLRE\">房地产精选行业 SPDR 基金</a>根据 FactSet 的最新数据，(XLRE) 今年已飙升近 31%，而能源精选行业 SPDR 基金 XLE 则上涨了约 26%。材料精选行业 SPDR 基金上涨约 16%。</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>With inflation mentions 'skyrocketing' on earnings calls, stock investors favored these three sectors, says BofA<blockquote>美国银行表示，随着盈利评级中提到通胀“飙升”，股票投资者青睐这三个行业</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\">\nWith inflation mentions 'skyrocketing' on earnings calls, stock investors favored these three sectors, says BofA<blockquote>美国银行表示，随着盈利评级中提到通胀“飙升”，股票投资者青睐这三个行业</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-10 09:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>BofA clients were net sellers of U.S. stocks last week for the first time in three weeks</p><p><blockquote>美国银行客户上周三周来首次净卖出美国股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09ea1bd398bacb5bc75531009d0c7a96\" tg-width=\"700\" tg-height=\"463\" referrerpolicy=\"no-referrer\"><span>Equity investors have moved capital into the real-estate sector amid concern over inflation, BofA finds</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国银行发现，由于对通胀的担忧，股票投资者已将资本转移到房地产行业</span></p></blockquote></p><p> Investors have favored three sectors since companies began reporting in July the results of their earnings for the second quarter, moving capital into areas poised to benefit from higher inflation, according to BofA Global Research.</p><p><blockquote>美国银行全球研究公司表示，自公司 7 月份开始报告第二季度盈利结果以来，投资者青睐三个行业，将资本转移到有望从通胀上升中受益的领域。</blockquote></p><p> \"Amid skyrocketing mentions of inflation on earnings calls,\" BofA Global Research strategists said in a report this week that \"clients have been buyers of equities in just three sectors: energy, materials and real estate.\"</p><p><blockquote>美国银行全球研究策略师在本周的一份报告中表示：“在盈利评级上不断提及通胀的情况下，客户只购买了三个行业的股票：能源、材料和房地产。”</blockquote></p><p> The strategists tracked BofA client capital flowing into and out of exchange-traded funds and single stocks, finding total inflows in few of the S&amp;P 500's 11 sectors. Energy attracted the most inflows, while technology saw the biggest outflows as clients bailed on single stocks during second-quarter earnings season, according to a chart in their Wednesday night report.</p><p><blockquote>策略师跟踪了美国银行客户资本进出交易所交易基金和个股的情况，发现标准普尔 500 指数 11 个板块中很少有板块出现了总流入。根据周三晚间报告中的图表，能源吸引了最多的资金流入，而科技股的资金流出最大，因为客户在第二季度财报季抛售了单只股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0cf45897e17e78a87cd137af32e93721\" tg-width=\"700\" tg-height=\"339\" referrerpolicy=\"no-referrer\"><span>BOFA GLOBAL RESEARCH REPORT DATED SEPT. 8</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国银行全球研究报告日期为 9 月。8</span></p></blockquote></p><p> \"Energy and financials saw the biggest inflows last week, though the latter was entirely driven by buybacks,\" the BofA strategists said in the report. Excluding buybacks, they said that energy and real estate led.</p><p><blockquote>美国银行策略师在报告中表示：“上周能源和金融股的资金流入最大，尽管后者完全是由回购推动的。”他们表示，不包括回购，能源和房地产领涨。</blockquote></p><p> The energy sector of the S&amp;P 500 index is down about 12% this quarter, according to FactSet data Thursday afternoon. In contrast, real estate has jumped almost 8% since the end of June, while the materials sector had advanced almost 2% in the third quarter, the data show.</p><p><blockquote>FactSet 周四下午的数据显示，标普500指数的能源板块本季度下跌约 12%。数据显示，相比之下，房地产自 6 月底以来上涨了近 8%，而材料行业在第三季度上涨了近 2%。</blockquote></p><p> Meanwhile, the S&amp;P 500 index , which is up almost 5% this quarter, was edging lower Thursday afternoon. The index has slipped in the last three days of trading, including Friday before Labor Day weekend.</p><p><blockquote>与此同时，本季度上涨近 5% 的标普500指数周四下午小幅走低。该指数在过去三个交易日中下滑，包括劳动节周末前的周五。</blockquote></p><p> BofA clients, including hedge funds, institutional and retail, were net sellers of U.S. equities last week for the first time in three weeks, according to the report. The net selling was led by outflows from single stocks while passive investing remained \"in vogue,\" the strategists said.</p><p><blockquote>报告称，包括对冲基金、机构和零售在内的美国银行客户上周成为美国股票的净卖家，这是三周来的首次。策略师表示，净抛售是由个股资金流出推动的，而被动投资仍然“流行”。</blockquote></p><p> \"Clients continued to buy ETFs last week despite outflows from single stocks, with flows into both equity and fixed income ETFs,\" they wrote. They've \"still been big cumulative buyers of ETFs\" this year.</p><p><blockquote>他们写道：“尽管个股资金流出，但客户上周仍继续购买 ETF，资金流入股票和固定收益 ETF。”今年他们“仍然是 ETF 的大累计买家”。</blockquote></p><p> The three sectors of the S&amp;P 500 favored by investors as inflation mentions spiked during earnings season for the second quarter have put up big returns in 2021.</p><p><blockquote>由于第二季度财报季期间通胀提及飙升，标普500的三个行业受到投资者青睐，这些行业在 2021 年获得了丰厚的回报。</blockquote></p><p> <a href=\"https://laohu8.com/S/XLRE\">The Real Estate Select Sector SPDR Fund</a> (XLRE) has soared nearly 31% this year, while the Energy Select Sector SPDR Fund XLE has risen about 26%, according to FactSet data, at last check. The Materials Select Sector SPDR Fund is up about 16%.</p><p><blockquote><a href=\"https://laohu8.com/S/XLRE\">房地产精选行业 SPDR 基金</a>根据 FactSet 的最新数据，(XLRE) 今年已飙升近 31%，而能源精选行业 SPDR 基金 XLE 则上涨了约 26%。材料精选行业 SPDR 基金上涨约 16%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/with-inflation-mentions-skyrocketing-on-earnings-calls-stock-investors-favored-these-three-sectors-says-bofa-11631212591?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SSO":"2倍做多标普500ETF-ProShares","OEX":"标普100","SH":"做空标普500-Proshares","OEF":"标普100指数ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","IVV":"标普500ETF-iShares"},"source_url":"https://www.marketwatch.com/story/with-inflation-mentions-skyrocketing-on-earnings-calls-stock-investors-favored-these-three-sectors-says-bofa-11631212591?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2166344336","content_text":"BofA clients were net sellers of U.S. stocks last week for the first time in three weeks\nEquity investors have moved capital into the real-estate sector amid concern over inflation, BofA finds\nInvestors have favored three sectors since companies began reporting in July the results of their earnings for the second quarter, moving capital into areas poised to benefit from higher inflation, according to BofA Global Research.\n\"Amid skyrocketing mentions of inflation on earnings calls,\" BofA Global Research strategists said in a report this week that \"clients have been buyers of equities in just three sectors: energy, materials and real estate.\"\nThe strategists tracked BofA client capital flowing into and out of exchange-traded funds and single stocks, finding total inflows in few of the S&P 500's 11 sectors. Energy attracted the most inflows, while technology saw the biggest outflows as clients bailed on single stocks during second-quarter earnings season, according to a chart in their Wednesday night report.\nBOFA GLOBAL RESEARCH REPORT DATED SEPT. 8\n\"Energy and financials saw the biggest inflows last week, though the latter was entirely driven by buybacks,\" the BofA strategists said in the report. Excluding buybacks, they said that energy and real estate led.\nThe energy sector of the S&P 500 index is down about 12% this quarter, according to FactSet data Thursday afternoon. In contrast, real estate has jumped almost 8% since the end of June, while the materials sector had advanced almost 2% in the third quarter, the data show.\nMeanwhile, the S&P 500 index , which is up almost 5% this quarter, was edging lower Thursday afternoon. The index has slipped in the last three days of trading, including Friday before Labor Day weekend.\nBofA clients, including hedge funds, institutional and retail, were net sellers of U.S. equities last week for the first time in three weeks, according to the report. The net selling was led by outflows from single stocks while passive investing remained \"in vogue,\" the strategists said.\n\"Clients continued to buy ETFs last week despite outflows from single stocks, with flows into both equity and fixed income ETFs,\" they wrote. They've \"still been big cumulative buyers of ETFs\" this year.\nThe three sectors of the S&P 500 favored by investors as inflation mentions spiked during earnings season for the second quarter have put up big returns in 2021.\nThe Real Estate Select Sector SPDR Fund (XLRE) has soared nearly 31% this year, while the Energy Select Sector SPDR Fund XLE has risen about 26%, according to FactSet data, at last check. The Materials Select Sector SPDR Fund is up about 16%.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"OEF":0.9,"UPRO":0.9,"SSO":0.9,".SPX":0.9,".DJI":0.9,"SDS":0.9,"IVV":0.9,"OEX":0.9,"SPXU":0.9,"ESmain":0.9,".IXIC":0.9,"SH":0.9}},"isVote":1,"tweetType":1,"viewCount":3233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":880474382,"gmtCreate":1631077269746,"gmtModify":1631891106741,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Really","listText":"Really","text":"Really","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880474382","repostId":"1120889633","repostType":4,"repost":{"id":"1120889633","kind":"news","pubTimestamp":1631068652,"share":"https://www.laohunote.com/m/news/1120889633?lang=zh_CN&edition=full","pubTime":"2021-09-08 10:37","market":"us","language":"en","title":"Is Sea Limited Stock A Good Buy For The Long-Term?<blockquote>从长远来看，Sea Limited 股票值得购买吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120889633","media":"Seeking Alpha","summary":"Summary\n\nSea Limited is a very high-quality growth stock that surprisingly receives less attention t","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited is a very high-quality growth stock that surprisingly receives less attention than Alibaba, MercadoLibre, and Amazon, even though it has outperformed all of them, hands down.</li>  <li>We help investors understand the key metrics in a useful analytical framework to evaluate Sea Limited's growth opportunities and whether it is worthy of a long-term position.</li>  <li>Lastly, we present our valuation argument to help our readers to decide whether they should add Sea Limited stock right now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6050b357f1df083177d9ed6c9d848071\" tg-width=\"1536\" tg-height=\"1163\" width=\"100%\" height=\"auto\"><span>nuttapong/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一只非常高质量的成长型股票，令人惊讶的是，它受到的关注度低于阿里巴巴-SW、MercadoLibre 和亚马逊，尽管它的表现无疑优于所有这些公司。</li><li>我们帮助投资者了解有用的分析框架中的关键指标，以评估 Sea Limited 的增长机会以及它是否值得长期持仓。</li><li>最后，我们提出了我们的估值论点，以帮助我们的读者决定是否应该立即添加 Sea Limited 股票。</li></ul><p class=\"t-img-caption\"><span>nuttapong/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Sea Limited(NYSE:SE)is one of our core holdings in our growth portfolio and one that we have taken the opportunity to add on major dips in the uptrend over the last year as the stock's incredible momentum saw it easily outperforming its e-commerce peers and mobile gaming peers.</p><p><blockquote>Sea Limited（纽约证券交易所股票代码：SE）是我们增长投资组合中的核心持股之一，我们借此机会在去年的上升趋势中增加了该投资组合，因为该股令人难以置信的势头使其表现轻松优于其电子商务同行和移动游戏同行。</blockquote></p><p> For growth investors, Sea's incredible growth trajectory has been truly phenomenal, coupled with it being free of Beijing's oversights that saw its Chinese peers fall like dominoes, stunning even institutional investors with the pace of the government's \"rectification\" adjustments.</p><p><blockquote>对于成长型投资者来说，Sea令人难以置信的增长轨迹确实是非凡的，再加上它没有北京的疏忽，中国同行像多米诺骨牌一样倒下，甚至连机构投资者都对政府“整顿”调整的步伐感到震惊。</blockquote></p><p> Sea's ascent has also been somewhat of a conundrum for value investors, as they don't get how an unprofitable company can be trading at such sky-high valuations without consequences.</p><p><blockquote>Sea 的崛起对于价值投资者来说也有些难题，因为他们不明白一家无利可图的公司如何能够以如此高的估值进行交易而不产生后果。</blockquote></p><p> Therefore, to answer whether Sea Limited stock is a good long-term buy for investors, we will show our readers how to apply the appropriate analytical framework and valuation treatment to the company, based on its performance and its projections moving forward, so that investors can make meaningful decisions on whether they think Sea Limited is a worthy long-term addition to their portfolio now.</p><p><blockquote>因此，为了回答 Sea Limited 股票是否适合投资者长期购买，我们将根据公司的业绩和未来的预测，向读者展示如何对公司应用适当的分析框架和估值处理，以便投资者可以做出有意义的决定他们认为 Sea Limited 现在是否值得长期添加到其投资组合中。</blockquote></p><p> For investors who are new to Sea Limited, we have recently written several articles on the company, which you can refer to them as a preamble.</p><p><blockquote>对于刚接触Sea Limited的投资者，我们最近写了几篇关于该公司的文章，您可以将其作为序言。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0396874197381d0fc087a864425a26d9\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>Sea &amp; Peers' stock YTD performance (as of 3 Sep 21)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea &amp; Peers 股票年初至今表现（截至 21 年 9 月 3 日）</span></p></blockquote></p><p> This year, Sea has been one of our portfolio's leading performers as the stock raced to an 83% YTD lead that easily outperformed all its peers and SPDR S&amp;P 500 ETF(NYSEARCA:SPY). This performance is even more incredible because it came off an outstanding 2020, where it also outperformed with a 392% return.</p><p><blockquote>今年，Sea 一直是我们投资组合中表现领先的股票之一，该股年初至今领先 83%，轻松优于所有同行和 SPDR 标普500 ETF(NYSEARCA:SPY)。这一表现更加令人难以置信，因为它在 2020 年表现出色，回报率也达到了 392%。</blockquote></p><p> While the rest of its American and Chinese peers often received more coverage than this Singapore-headquartered company, it has been Sea which has been quietly delivering. It has been executing, expanding its Garena gaming ecosystem, and reaching new milestones. It's been scaling its e-commerce footprint to LatAm and demonstrating to Amazon(NASDAQ:AMZN)&nbsp;that they are not experiencing any reopening headwinds. This is in contrast to what&nbsp;Amazon indicated&nbsp;in its recent earnings. The company is also growing its Sea Money footprint, especially through the Shopee/Shopee Pay flywheel, as the company stakes its FinTech leadership ambitions against Southeast Asia's FinTech leader Grab(NASDAQ:AGC).</p><p><blockquote>虽然它的其他美国和中国同行往往比这家总部位于新加坡的公司获得了更多的报道，但Sea一直在悄悄地交付。它一直在执行，扩展其Garena游戏生态系统，并达到新的里程碑。该公司一直在将其电子商务足迹扩展到拉丁美洲，并向亚马逊（纳斯达克股票代码：AMZN）证明他们没有遇到任何重新开业的阻力。这与亚马逊在最近的财报中所表明的形成鲜明对比。该公司还在扩大其 Sea Money 足迹，特别是通过 Shopee/Shopee Pay 飞轮，因为该公司将其金融科技领导雄心与东南亚金融科技领导者 Grab（纳斯达克股票代码：AGC）进行竞争。</blockquote></p><p> As a result of Sea Limited's incredible success, the group's China-born CEO&nbsp;Forrest Li&nbsp;is also now Singapore's richest man with a net worth of $20.3B.</p><p><blockquote>由于 Sea Limited 取得了令人难以置信的成功，该集团出生于中国的首席执行官 Forrest Li 现在也是新加坡首富，净资产达 203 亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1620f0a51f5f3cdb4a59c482df5ec1f1\" tg-width=\"380\" tg-height=\"236\" width=\"100%\" height=\"auto\"><span>SE quant rating (momentum). Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE量化评级（动量）。资料来源：Seeking Alpha Premium</span></p></blockquote></p><p> We have always reminded investors that Sea stock is one that you should never bet against even if you are bearish on its long-term prognosis. The stock has made one of the strongest upside moves we have seen for stocks in our growth portfolio. This is also corroborated by Seeking Alpha's proprietary quant momentum rating, giving it the best possible A+ grade on its most recent performance.</p><p><blockquote>我们一直提醒投资者，即使您看跌 Sea stock 的长期前景，也不应该做空它。该股票是我们在成长投资组合中见过的最强劲的上涨趋势之一。Seeking Alpha 专有的量化动量评级也证实了这一点，该评级为其最近的表现提供了最好的 A+ 评级。</blockquote></p><p> Given the company and the stock's stupendous performances so far, we think it's only apt that investors ask whether SE's future optimism has been largely priced in, which is especially important for new investors who have yet to add its stock, where we will highlight the analytical framework on how investors can use to consider the company's prospects moving forward.</p><p><blockquote>鉴于该公司和该股迄今为止的出色表现，我们认为投资者询问 SE 未来的乐观情绪是否已在很大程度上得到定价是合适的，这对于尚未增持其股票的新投资者来说尤其重要，我们将重点介绍投资者如何使用分析框架来考虑公司的未来前景。</blockquote></p><p> <b>Monitor Its Revenue Growth Closely</b></p><p><blockquote><b>密切监控其收入增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e796ddaf599085b7ad02d64a84dd3b87\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Sea Limited quarterly revenue. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 季度收入。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f6ddcbf7578338f88c00c9432ab58f23\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Sea Limited quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 季度收入同比增长。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Sea Limited impressed with another awesome quarter of topline growth as total revenue grew 159% YoY on revenue of $2.28B. Its QoQ performance was also remarkable with a 29% QoQ growth, as the company shows that its gangbusters growth knows \"no limit.\"</p><p><blockquote>Sea Limited 对另一个令人敬畏的季度营收增长印象深刻，总收入同比增长 159%，收入为 $2.28B。其环比表现也十分出色，环比增长了 29%，因为该公司表明其重磅炸弹的增长“无限”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60c7db30aeda80ea916ef8aa2816c93e\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Sea Limited GAAP quarterly operating margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited GAAP 季度营业利润率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> For companies like Sea, whose strategy is still focused very much on topline growth and building scale efficiencies in the process, we should not be too concerned with its negative operating margins, as long as the company clearly demonstrated that it could grow rapidly like in Sea's case, and also achieve economies of scale through ramping revenue as it seeks out its \"blue oceans.\" We also articulated this point in a recent article on Snowflake(NYSE:SNOW), which operates in a huge market with a massive opportunity to expand, and the firm has shown that it can execute its strategies very well to capture those revenue opportunities&nbsp;despite having negative operating margins right now.</p><p><blockquote>对于像 Sea 这样的公司来说，其战略仍然非常注重营收增长和在此过程中建立规模效率，我们不应该过于担心其负营业利润率，只要该公司清楚地证明它可以像 Sea 一样快速增长，并在寻找“蓝海”时通过增加收入来实现规模经济。我们还在最近一篇关于 Snowflake（纽约证券交易所股票代码：SNOW）的文章中阐明了这一点，该公司在一个拥有巨大扩张机会的巨大市场中运营，并且该公司已经表明，尽管目前营业利润率为负，但它可以很好地执行其战略来抓住这些收入机会。</blockquote></p><p> Therefore, Sea Limited has certainly struck the right notes here, and we see no cause for concern so far. What matters for investors now is whether the company is still expected to grow this rapidly moving forward.</p><p><blockquote>因此，Sea Limited 无疑在这里指出了正确的观点，到目前为止，我们认为没有理由担心。现在对投资者来说重要的是，该公司是否仍有望在这种快速增长的过程中实现增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f1bb9296424b15e07d5536227010fd4\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Sea Limited revenue mean consensus estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 收入平均值共识估计。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5efed61b23216e709291326ae9eac3b\" tg-width=\"640\" tg-height=\"291\" width=\"100%\" height=\"auto\"><span>Sea Limited consensus revenue estimates revision trend. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 共识收入预测修正趋势。资料来源：Seeking Alpha Premium</span></p></blockquote></p><p> Readers should easily glean that the Street upgraded revenue forecasts for the company after Q2's earnings release from what they projected post Q1 earnings. For example, revenue projection for FY21 has been increased by 11.5% to reflect the improved guidance from the company. Even though projections for FY24 to FY25 look rather tepid, readers should note that only three analysts covered the FY24 projections, while only two covered for FY25, compared to the 18-21 analysts who covered FY21 to FY23 numbers. As a result, we will also focus our discussion up to FY23 numbers to keep them meaningful.</p><p><blockquote>读者应该很容易发现，在第二季度财报发布后，华尔街从第一季度财报后的预测上调了对该公司的收入预测。例如，21财年的收入预测增加了11.5%，以反映公司改进的指导。尽管 24 财年至 25 财年的预测看起来相当不温不火，但读者应该注意，只有三名分析师涵盖了 24 财年的预测，而只有两名分析师涵盖了 25 财年，而 18-21 名分析师涵盖了 21 财年至2023财年的数据。因此，我们也将把讨论的重点放在2023财年的数字上，以保持它们的意义。</blockquote></p><p> The expected revenue CAGR from FY20 to FY23 is 59.1%, while it reads 40.1% from FY21 to FY23. Therefore, the market is still expecting Sea Limited to deliver remarkable topline growth rates moving forward.At the same time, we are cautiously optimistic about Sea Limited's future, under the skillful stewardship of Group CEO Forrest Li and his management team. The team includes his two very competent business unit chiefs&nbsp;Chris Feng&nbsp;and Terry Zhao. Feng was born in China and leads Shopee and Sea Money. He is a Stanford alumnus like Li and he was recruited from Lazada(NYSE:BABA)by Li in 2014. Feng is said to be a “very, very smart and very, very confident” person who “reacts quickly and has excellent abilities of recall.” Zhao is the president of Garena. Li has kept Zhao by his side since the company's inception. Li is unlike Alibaba's Jack Ma and prefers to keep a&nbsp;modest&nbsp;profile. Still, his team's execution has been nothing short of outstanding, and we see no reason to think otherwise moving forward for this founder-led company.</p><p><blockquote>2020 财年至2023财年的预期收入复合年增长率为 59.1%，而 2021 财年至2023财年的预期收入复合年增长率为 40.1%。因此，市场仍然预计 Sea Limited 未来将实现显着的营收增长率。与此同时，在集团行政总裁李福及其管理团队的娴熟管理下，我们对Sea Limited的未来持谨慎乐观态度。该团队包括他的两位非常能干的业务部门主管克里斯·冯和特里·赵。冯出生于中国，领导着Shopee和Sea Money。他和李一样都是斯坦福校友，2014年被李从Lazada（纽约证券交易所股票代码：BABA）招募。据说冯是一个 “非常非常聪明、非常非常自信 ”的人，“反应迅速，回忆能力出色”。赵是Garena的总裁。自公司成立以来，李就一直把赵留在他身边。李克强与阿里巴巴的马云不同，他更喜欢保持低调。尽管如此，他的团队的执行力仍然非常出色，我们认为没有理由认为这家由创始人领导的公司会有不同的发展。</blockquote></p><p> <b>Keep a Close Watch on Shopee's Adj. EBITDA</b></p><p><blockquote><b>密切关注 Shopee 调整后的 EBITDA</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/070f4ed8c5f05a52744d9e20681865ce\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Quarterly Adj. EBITDA. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>季度调整后 EBITDA。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a03828e68bf8d41a26be65d7ac633670\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Quarterly Adj. EBITDA by segments. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>季度调整后。按部门划分的 EBITDA。数据来源：公司文件</span></p></blockquote></p><p> Of particular concern, though, is that the company's Adj. EBITDA turned negative for the first time since Q2'20 as the increase in Adj. EBITDA losses from Shopee were greater than what Garena could cover in Q2'21. Investors should be able to glean from the second chart where it shows that Shopee's Adj. EBITDA losses increased to $679.77M in Q2'21, representing a 64.8% QoQ increase, while Garena's Adj. EBITDA only managed a 3.3% QoQ increase in Q2'21.</p><p><blockquote>不过，特别令人担忧的是，该公司的调整后 EBITDA 自 2020 年第二季度以来首次转为负值，因为 Shopee 的调整后 EBITDA 损失超过了 Garena 在 2021 年第二季度所能弥补的损失。投资者应该能够从第二张图表中了解到，该图显示 Shopee 的调整后 EBITDA 亏损在 21 年第二季度增至 6.7977 亿美元，环比增长 64.8%，而 Garena 的调整后 EBITDA 在 21 年第二季度仅环比增长 3.3%。</blockquote></p><p></p><p> Despite this observation, the company highlighted that its Malaysia market had turned Adj. EBITDA profitable, joining its Taiwan market. Therefore, we believe the huge increase in burn rate for Shopee is likely in its largest markets by gross merchandise value (GMV), such as Indonesia and Thailand. The company also alluded to this in its earnings call as it emphasized:</p><p><blockquote>尽管如此，该公司还是强调其马来西亚市场已实现调整后的 EBITDA 盈利，加入了台湾市场。因此，我们认为，按商品总价值 (GMV) 计算，Shopee 的燃烧率可能会大幅增长，例如印度尼西亚和泰国。该公司还在其盈利看涨期权中提到了这一点，并强调：</blockquote></p><p>   And in terms of sales and marketing&nbsp;and related to competitive dynamics, I think we are -- again, as we discussed it before, given our strong market leadership, we're in a good position now that our sales and marketing is more driven by our view about the efficiency of investment into various markets at various points of time, for example, any shopping event season, any particular opportunities to promote the brand, et cetera...  <i>And in terms of the cash burn...as we look at the market opportunities, the timing of the market, for example, in Q2, we have Ramadan season in our several largest markets including Indonesia.</i>And this is a time where investment into the growth and to promote e-commerce adoption is very efficient. We have increased our buy frequency overall to more than 6x a month.  <i>And in Indonesia, it has exceeded 7x per month, which we believe is very healthy for a marketplace platform.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3151acc225456e4078f859b16c1cb114\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Shopee Indonesia 76th Independence Day poster (Shopee ada untuk Indonesia: Shopee is for Indonesia). Source: Shopee Indonesia LinkedIn</span></p><p><blockquote>在销售和营销以及与竞争动态相关的方面，我认为我们——再次，正如我们之前讨论过的那样，鉴于我们强大的市场领导地位，我们现在处于有利地位，因为我们的销售和营销更多地受到我们对不同时间点不同市场投资效率的看法的驱动，例如，任何购物活动季节、任何推广品牌的特定机会等等……<i>就现金消耗而言……当我们审视市场机会和市场时机时，例如，在第二季度，我们在包括印度尼西亚在内的几个最大市场都有斋月季节。</i>这是一个投资增长和促进电子商务采用非常有效的时期。我们已经将购买频率提高到每月6次以上。<i>在印度尼西亚，它已经超过了每月7倍，我们认为这对于一个市场平台来说是非常健康的。</i><p class=\"t-img-caption\"><span>Shopee 印度尼西亚第 76 个独立日海报（Shopee 是为了印度尼西亚：Shopee 是为了印度尼西亚）。资料来源：Shopee Indonesia LinkedIn</span></p></blockquote></p><p> Now, we emphasized Ramadan (which is not exclusive to Indonesia per se) because it's a massive annual event in Indonesia. We had a sojourn in Jakarta, Indonesia, for a year, and we can tell you it's one of the most important highlights in Indonesia's annual calendar. Therefore, we cannot further underscore the opportunities to boost sales during this important event. It shows that Shopee's management clearly understands its most important market very well, and Shopee also aligned its progress with Indonesia's progress as the country celebrated its 76th Independence Day on 17 Aug 21, as Shopee Indonesia reminded Indonesians that<i>\"Shopee is for Indonesia.\"</i></p><p><blockquote>现在，我们强调斋月（这不是印度尼西亚独有的），因为它是印度尼西亚一年一度的大型活动。我们在印度尼西亚雅加达呆了一年，我们可以告诉你，这是印度尼西亚年历中最重要的亮点之一。因此，我们无法进一步强调在这一重要事件中促进销售的机会。这表明 Shopee 的管理层显然非常了解其最重要的市场，并且在印度尼西亚于 8 月 17 日庆祝第 76 个独立日之际，Shopee 也将其进展与印度尼西亚的进展保持一致，正如 Shopee Indonesia 提醒印度尼西亚人<i>“Shopee 适用于印度尼西亚。”</i></blockquote></p><p> Shopee Indonesia has quickly moved onto its next big 9.9 shopping event, and this time around, they recruited well-known Indonesian actor and martial artist Joe Taslim, who starred in the recent Mortal Kombat film as Sub-Zero. For readers familiar with Shopee's advertising strategy, the company often stars well-known local artists in its promotional campaigns. The ads are often quirky and dramatic, which helps capture the users' attention very easily and is often memorable. This recipe has served Shopee very well, and somehow its keen regional competitors such as Lazada and Tokopedia have found it difficult to emulate. We encourage investors and readers to continue keeping a close watch on Shopee's most important market moving forward.</p><p><blockquote>Shopee Indonesia 迅速进入了下一个大型 9.9 购物活动，这一次，他们招募了印度尼西亚著名演员兼武术家乔·塔斯利姆 (Joe Taslim)，他在最近的《真人快打》电影中饰演零度以下。对于熟悉Shopee广告策略的读者来说，该公司经常在其促销活动中启用当地知名艺术家。广告通常是古怪和戏剧性的，这有助于非常容易地抓住用户的注意力，并且通常令人难忘。这个配方对 Shopee 来说非常有效，但不知何故，Lazada 和 Tokopedia 等热情的区域竞争对手发现很难效仿。我们鼓励投资者和读者继续密切关注 Shopee 最重要的市场。</blockquote></p><p> Therefore, while observing quarterly Adj. EBITDA moving back into negative territory wasn't exactly a welcome development; we need to consider the context. In Shopee's case, it was certainly an opportunity that they needed to undertake to take full advantage of the opportunity to boost sales during the important Ramadan festival which is mainly celebrated in Indonesia, Malaysia, and Singapore. Therefore, we wouldn't be too concerned over a quarter's development and start to be worried, but instead, we should continue to monitor Shopee's Adj. EBITDA's development over the next few quarters, and give the company some space to execute its e-commerce strategies.</p><p><blockquote>因此，在观察季度调整时。 EBITDA 回到负值区域并不是一个受欢迎的发展；我们需要考虑背景。就 Shopee 而言，这无疑是他们需要抓住的机会，以便在主要在印度尼西亚、马来西亚和新加坡庆祝的重要斋月节日期间充分利用这个机会来促进销售。因此，我们不会过于担心一个季度的发展而开始担忧，而是应该继续监测Shopee未来几个季度的调整后EBITDA的发展，并给公司一些空间来执行其电子商务战略。</blockquote></p><p> <b>Watch for Advertising's Share of Revenue</b></p><p><blockquote><b>关注广告收入份额</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aad9a6a626381510c8e2399b70a4d7ea\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Shopee Adj. EBITDA per order. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopee 调整。每个订单的 EBITDA。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72fa0e85e8eb2ba3d4eb65c68e2f68f3\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Shopee quarterly take rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopee季度收费。数据来源：公司文件</span></p></blockquote></p><p> As a result of Shoppe's increased Adj. EBITDA losses due to its heavier burn rate for Q2'21, we observed Shopee's Adj. EBITDA loss per order regressed to $0.41, from $0.38 in Q1'21. However, readers should note that this only represented a 7.9% QoQ increase, which is certainly much lower than the 64.8% QoQ increase in total Adj. EBITDA losses. This clearly shows that Shopee is benefiting from greater scale efficiencies, despite the larger burn rate due to the heavier investments in the quarter. In addition, the Adj. EBITDA loss per order was also not \"that bad,\" as it was still in line with Q4'20's metric. Moreover, we have certainly seen worse days, and this was nothing spectacular.</p><p><blockquote>由于 Shopee 的调整后 EBITDA 损失增加，由于其 2021 年第二季度的燃烧率较高，我们观察到 Shopee 的调整后 EBITDA 损失从 2021 年第一季度的 0.38 美元回落至 0.41 美元。然而，读者应该注意，这仅代表环比增长 7.9%，这肯定远低于调整后 EBITDA 总亏损的 64.8% 环比增幅。这清楚地表明，Shopee 正在受益于更高的规模效率，尽管由于本季度的投资较大，燃烧率较高。此外，调整后的每个订单 EBITDA 损失也没有“那么糟糕”，因为它仍然符合 2020 年第四季度的指标。此外，我们当然见过更糟糕的日子，这没什么了不起的。</blockquote></p><p></p><p> Importantly, we noticed a marked and consistent improvement in Shopee's take rate for Q2'21 as it improved to 6.7% compared to 6.1% in Q1'21. Sea Limited was very clear on its earnings call where this improvement was mainly attributed to as it emphasized: \"This deepening monetization was driven mainly by<i>growing merchant investments in marketing and advertisement on the Shopee platform</i>to attract better and serve buyers.\"</p><p><blockquote>重要的是，我们注意到 Shopee 在 21 年第二季度的接受率有了显着且持续的改善，从 21 年第一季度的 6.1% 提高到 6.7%。Sea Limited 非常清楚其盈利看涨期权，这一改善主要归因于该公司强调：“这种深化的货币化主要是由<i>商家在 Shopee 平台上的营销和广告投资不断增长</i>更好地吸引和服务买家。”</blockquote></p><p> We think this is a critical development in Shopee's progress as it continues to scale rapidly. For example, in our recent Amazon article, we showed just how massive the advertising opportunity is for the company as it's now Amazon's fastest-growing revenue driver, and 90% of its ad revenue is centered on its e-commerce marketplace.</p><p><blockquote>我们认为这是 Shopee 发展中的一个关键发展，因为它将继续快速扩张。例如，在我们最近的亚马逊文章中，我们展示了该公司的广告机会有多大，因为它现在是亚马逊增长最快的收入驱动力，其90%的广告收入集中在其电子商务市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0d892ee4f3fa12a1d7c862ecf56cf3b\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Shopee quarterly sales &amp; marketing (S&amp;M) margin. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopee季度销售和营销（S&amp;M）利润率。数据来源：公司文件</span></p></blockquote></p><p> Therefore, even though we saw a marked increase in Shopee's S&amp;M margin from 49% in Q1'21 to 56.2% in Q2'21 (14.7% QoQ increase), we encourage investors to consider the company's overall Adj. EBITDA per order, which shows that the company has tremendous leverage to engage in aggressive marketing activities through better monetization in Shopee's platform.</p><p><blockquote>因此，尽管我们看到 Shopee 的 S&amp;M 利润率从 21 年第一季度的 49% 显着增长到 21 年第二季度的 56.2%（环比增长 14.7%），但我们鼓励投资者考虑公司的总体调整后。每个订单的 EBITDA，这表明该公司拥有巨大的影响力通过在 Shopee 平台上更好的货币化来参与积极的营销活动。</blockquote></p><p> <b>Garena's Bookings Growth Seems to Be Slowing Down</b></p><p><blockquote><b>Garena 的预订增长似乎正在放缓</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1b13b4908d9a6b7a2ebd889cf4fc198\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Garena bookings. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Garena预订。数据来源：公司文件</span></p></blockquote></p><p> The company reported a fantastic quarter for Garena again as it topped several charts. Sea highlighted that Garena's Free Fire continues to maintain incredible momentum in Southeast Asia, LatAm, and India as the highest-grossing game. In the US, Free Fire was \"ranked the highest-grossing mobile battle royale game for the past two quarters based on App Annie. Additionally, Free Fire was the second highest-grossing mobile game in the U.S. on Google Play across all games categories in the second quarter as well.\"</p><p><blockquote>该公司报告称，Garena 的季度表现非常出色，在多个排行榜上名列前茅。Sea强调，Garena的Free Fire继续在东南亚、拉丁美洲和印度保持令人难以置信的势头，成为票房最高的游戏。在美国，《Free Fire》“根据 App Annie 的数据，被评为过去两个季度票房最高的手机大逃杀游戏。此外，《Free Fire》在第二季度也是美国 Google Play 上所有游戏类别中票房第二高的手机游戏。”</blockquote></p><p> While this is certainly impressive, we prefer to look at the global perspective on how Free Fire has performed against its peers. According to&nbsp;Sensor Tower&nbsp;data for H1'21, while Free Fire is the #2 top gross gaming app behind Moon Active's Coin Master on Google Play, it ranked only #8 in overall revenue when we included the App Store's top-grossing gaming apps such as Tencent's(OTCPK:TCEHY)Honor of Kings (#1 overall) and PUBG Mobile battle-royale game (#2 overall), and also Roblox (#4 overall)(NYSE:RBLX). Therefore, while Free Fire has been doing well in markets where the Android operating system (OS) is dominant, it hasn't performed quite as well in North America, where iOS is the leading OS (as we showed in our Digital Turbine(NASDAQ:APPS)article appendedhere). The US is the largest and the most important mobile gaming market, as it accounted for28%of the mobile gaming market share in 2020. Garena has never been a strong performer on iOS, and if the company can improve its performance in the App Store, the boost could be tremendous to Garena.</p><p><blockquote>虽然这确实令人印象深刻，但我们更愿意从全球角度来看待 Free Fire 与同行的表现。根据 2021 年上半年的 Sensor Tower 数据，虽然 Free Fire 在 Google Play 上排名第二，仅次于 Moon Active 的 Coin Master，但当我们将 App Store 收入最高的游戏应用（例如腾讯（OTCPK：TCEHY）王者荣耀（总体排名第一）和 PUBG Mobile battle-royale game（总体排名第二）以及 Roblox（总体排名第四）（纽约证券交易所股票代码：RBLX））纳入其中时，它的总收入仅排名第八。因此，虽然 Free Fire 在 Android 操作系统 (OS) 占主导地位的市场表现良好，但在 iOS 是领先操作系统的北美，它的表现却不太好（正如我们在 Digital Turbine（纳斯达克股票代码：APPS）文章附件中所展示的那样）。美国是最大和最重要的移动游戏市场，2020年占移动游戏市场份额的28%。Garena在iOS上的表现从来都不是一个强劲的公司，如果该公司能够提高其在App Store中的表现，这对Garena来说可能是巨大的。</blockquote></p><p> While the company's bookings for Q2'21 remain strong as it posted a QoQ increase of 9.1% to $1.2B from $1.1B in Q1'21, the company only raised the guidance from $4.5B to $4.7B in bookings for FY21. When we consider H1'21's collective bookings of $2.3B, the company is therefore expecting H2'21 bookings to come in at $2.3B, which means they aren't expecting any material growth in bookings for the rest of the year as compared to H1'21. This was also picked up by one of the analysts on the conference call, and Group Chief Corporate Officer Yanjun Wang reminded:</p><p><blockquote>虽然该公司 21 财年第二季度的预订量仍然强劲，从 21 财年第一季度的 $1.1B 环比增长 9.1% 至 $1.2B，但该公司仅将 21 财年的预订量指引从 $4.5B 上调至 $4.7B。因此，当我们考虑到 H1’21 的总预订量为 $2.3B 时，该公司预计 H2’21 的预订量将达到 $2.3B，这意味着与 H1’21 相比，他们预计今年剩余时间的预订量不会有任何实质性增长。电话会议的一位分析师也注意到了这一点，集团首席企业官王彦军提醒道：</blockquote></p><p>   We believe the overall guidance showed a more than 40% year-on-year growth compared to last year, which is also a record year for us with the commencement of lockdown. And I think this is a very strong performance already. And our focus, as you can tell from game and the metrics we have indicated as well as our views in terms of how to grow our gaming platform,  <i>is to continue to first and foremost to grow our user base and also pay user base</i>across the various markets in the world as we continue to see strong potential growth. (from Q2'21 earnings call)  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e708cd17fe0c5aaf6c51772d63f48fd\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Quarter paying users (QPU) / Quarterly active users (QAU). Data source: Company filings</span></p><p><blockquote>我们认为，与去年相比，整体指引显示同比增长超过40%，这也是我们封锁开始后创纪录的一年。我认为这已经是一个非常强劲的表现了。正如您从游戏和我们指出的指标以及我们对如何发展游戏平台的看法中可以看出的那样，<i>是继续扩大我们的用户群和付费用户群</i>在全球各个市场，我们继续看到强劲的潜在增长。（摘自 21 年第二季度盈利看涨期权）<p class=\"t-img-caption\"><span>季度付费用户（QPU）/季度活跃用户（QAU）。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5f5b4c4cef797d04f34591d7cb7ea08\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Average Booking Per User (ABPU) and Average Booking Per Paying User (ABPPU)). Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>每用户平均预订量（ABPU）和每付费用户平均预订量（ABPPU））。数据来源：公司文件</span></p></blockquote></p><p></p><p> The company's bookings trends can certainly be observed on a per-user or per paying user basis. The ABPPU has certainly been trending down, which reflects a drop in monetization per paying user, which is important as paying users are the ones that generate revenue for Garena. However, we didn't really observe a meaningful drop in the ABPU trend, despite the drop in ABPPU. This shows that even though there is \"less meat\" per paying user, newly minted paying users have been supporting the bookings, which we can certainly observe from the first chart where the QPU / QAU ratio has been consistently increasing, indicating that Garena has been getting better at converting and monetizing its huge non-paying users base. We think this is of huge significance when we consider that only 12.7% of users are paying users as of Q2'21, leaving the company massive opportunities to continue \"working its magic\" on monetizing the non-paying users. On this matter, Sea Limited was unabashed as it emphasized: \"...Our past track record has shown that we're generally good at commercialization in even markets that are known to be difficult for commercialization. So we don't really worry about not being able to commercialize the content down the road. But our focus continues to be growing the user base and making this an even larger platform that allows us to really tap on into it to build a stronger game ecosystem with very strong social elements in it.\"</p><p><blockquote>该公司的预订趋势当然可以在每个用户或每个付费用户的基础上观察到。ABPPU 肯定一直呈下降趋势，这反映了每个付费用户货币化的下降，这很重要，因为付费用户是 Garena 创收的人。然而，尽管 ABPPU 有所下降，但我们并没有真正观察到 ABPU 趋势有意义的下降。这表明，尽管每个付费用户的肉“更少”，但新成立的付费用户一直在支持预订，我们当然可以从第一张图表中观察到这一点，其中QPU/QAU比率一直在持续增加，这表明Garena在转化其庞大的非付费用户群和货币化方面越来越好。考虑到截至 2021 年第二季度只有 12.7% 的用户是付费用户，我们认为这一点非常重要，这为公司提供了继续“施展魔法”将非付费用户货币化的巨大机会。对于此事，Sea Limited 毫不掩饰地强调：“……我们过去的业绩表明，即使在众所周知难以商业化的市场，我们通常也擅长商业化。因此，我们并不担心未来无法将内容商业化。但我们的重点仍然是扩大用户群，并将其打造成一个更大的平台，让我们能够真正利用它来构建一个更强大的游戏生态系统，其中包含非常强大的社交元素。”</blockquote></p><p> <b>Building up eSports as a Social Platform</b></p><p><blockquote><b>将电子竞技打造为社交平台</b></blockquote></p><p> We shared in our previous deep dive on Garena (link to the article is appendedhere), where Garena's ambitions are beyond just a mobile gaming app. The company has huge ambitions, and they have already been using eSports as the basis to build the community for its gamers and developing it into a social platform that perhaps is similar to what Roblox has advanced. Garena has already highlighted previously its ambitions on building this cohesive and broad social community as it emphasized:</p><p><blockquote>我们分享了之前对Garena的深入探讨（此处附有文章链接），Garena的雄心不仅仅是一个移动游戏应用程序。该公司有着巨大的野心，他们已经将电子竞技作为基础，为其游戏玩家建立社区，并将其发展成为一个社交平台，这可能类似于Roblox所推进的。Garena 此前已经强调了其建立这个有凝聚力和广泛的社交社区的雄心，因为它强调：</blockquote></p><p>   <i>...developingit into a social platform</i>where people not only come to play the core gameplay, but also enjoy other modes: hangout, listen to music, social lives… So our focus is to continue to promote a massive-based online platform and online community and provide them with content and opportunities for socializing engagement, try out different modes of games, try out different characters, avatars or having different ways of playing.  The revenue in global eSports is not that significant as it's only expected to reach $1.62B by 2024, as we highlighted in our Garena article. Still, the whole strategic intent is to build the all-encompassing social platform that will drive incredible engagement, platform stickiness beyond what a typical gaming app can do. Importantly, the company is also headquartered in Singapore, where the Singapore government is focused on building the global hub for eSports, as Southeast Asia is expected to be the fastest-growing region for eSports, and the city-state recently opened a huge 12,000-sqft eSports experience center, as the Singapore Tourism Board emphasized:</p><p><blockquote><i>把它发展成一个社交平台</i>人们不仅来玩核心游戏，还享受其他模式：闲逛、听音乐、社交生活……因此，我们的重点是继续推广一个基于大规模的在线平台和在线社区，并为他们提供社交参与的内容和机会，尝试不同的游戏模式，尝试不同的角色、头像或拥有不同的游戏方式。正如我们在 Garena 文章中强调的那样，全球电子竞技的收入并不那么重要，预计到 2024 年只能达到 $16.2B。尽管如此，整个战略意图是建立一个包罗万象的社交平台，这将推动令人难以置信的参与度，平台粘性超出了典型的游戏应用程序所能做到的。重要的是，该公司的总部也设在新加坡，新加坡政府正致力于在新加坡建设全球电子竞技中心，因为东南亚有望成为电子竞技发展最快的地区，而这个城市国家最近开设了一个巨大的 12,000 平方英尺的电子竞技体验中心，正如新加坡旅游局强调的那样：</blockquote></p><p>   Our world-class events&nbsp;and digital infrastructure have also made Singapore an attractive location for the industry to hold gaming and e-sports events here. The government will continue to support companies as they push boundaries through experimenting with new and immersive content formats and business models, as well as level up the quality of our local talent to become leading creators of world-class content.  Garena also recently brought in \"globally renowned DJs&nbsp;Dimitri Vegas &amp; Like Mike, Alok, and KSHMR for Free Fire’s 4th-anniversary theme song, ‘Reunion,’\" following successful strategies adopted by Roblox in its metaverse development, and we think Garena is really still very early in its opportunity to develop its own metaverse.</p><p><blockquote>我们的世界级赛事和数字基础设施也使新加坡成为行业在此举办游戏和电子竞技赛事的有吸引力的地点。政府将继续支持公司通过尝试新的沉浸式内容格式和商业模式来突破界限，以及提升本地人才的质素，成为世界级内容的领先创作者。继 Roblox 在元宇宙开发过程中采取的成功策略之后，Garena 最近还邀请了 “全球知名 DJ Dimitri Vegas &amp; Like Mike、Alok 和 KSHMR 为 Free Fire 的四周年纪念主题曲《Reunion》演唱”，我们认为 Garena 开发自己元宇宙的机会还处于早期阶段。</blockquote></p><p> <b>Sea Limited Stakes Its Claim On MercadoLibre's LatAm Leadership</b></p><p><blockquote><b>Sea Limited 声称拥有 MercadoLibre 在拉丁美洲的领导地位</b></blockquote></p><p></p><p> Without a doubt, the one that generates the most interest is the company's foray into LatAm, which Sea Limited recently updated that it has seen tremendous progress. We did a deep dive recently on this topic, and we encourage you to refer to our articlehere. While we think MercadoLibre(NASDAQ:MELI)is the undisputed e-commerce and FinTech leader in LatAm, especially in LatAm's most important market: Brazil, Shopee's progress has been truly remarkable as it's now the #2 ranked e-commerce app in downloads in Brazil according to App Annie. However, although Shopee is surely making meaningful headway in Brazil, MELI is a different competitor than Tokopedia and Lazada. MELI understands LatAm's e-commerce space comprehensively and has a very impressive logistics and fulfillment network that is second to none in LatAm's notoriously challenging logistics infrastructure. Sea Limited also noted this, but the company thinks that it will be able to overcome these difficulties as it continues to invest in LatAm, which will help these third-party logistics providers to improve their efficiencies and competencies over time and close the gap with MELI as SE emphasized:</p><p><blockquote>毫无疑问，最受关注的是该公司进军拉丁美洲，Sea Limited 最近更新称，该公司已取得巨大进展。我们最近对这个话题进行了深入探讨，我们鼓励您在这里参考我们的文章。虽然我们认为MercadoLibre（纳斯达克股票代码：MELI）是拉丁美洲无可争议的电子商务和金融科技领导者，尤其是在拉丁美洲最重要的市场：巴西，但Shopee的进步确实令人瞩目，因为它现在是巴西下载量排名第二的电子商务应用程序根据App Annie的数据。然而，尽管Shopee在巴西肯定取得了有意义的进展，但MELI是一个不同于Tokopedia和Lazada的竞争对手。MELI全面了解LatAm的电子商务领域，并拥有令人印象深刻的物流和履行网络，在LatAm臭名昭著的具有挑战性的物流基础设施中首屈一指。Sea Limited 也注意到了这一点，但该公司认为，随着它继续在拉丁美洲投资，它将能够克服这些困难，这将帮助这些第三方物流提供商随着时间的推移提高效率和能力，并缩小与 MELI 的差距。 SE 强调：</blockquote></p><p>   ...There hasn't been a lot of volume or traffic broadly generated across different platforms, then probably there is also a lack of initial growth opportunity for logistics. But on the one hand, we are also hopeful that with the growing e-commerce scene in the region and more focus of our global investors into the growth opportunities in the region, we may also see similar trends in those markets. And this is hopefully some contribution we can make to the market in terms of bringing more opportunities, bringing more digitization as well as e-commerce ecosystem that helps not just growth of Shopee but also growth of the surrounding services, including 3PLs within the region. And we've been partnering with 3PLs in our region very successfully in growing the e-commerce ecosystem. And at the same time, these third-party partners also enjoy the very strong growth on their end as well and the close partnership with Shopee. We are very happy to continue to adopt that model going forward in Brazil or the new markets as well. (from Q2'21 earnings call)  We have indeed seen this great partnership between Shopee and its logistics partners in Southeast Asia, so much so that one of its key logistics partners in Indonesia:J&amp;T Express, is on track for its own IPO either in Hong Kong or the US. Therefore, while MELI certainly has the important lead in logistics right now, we believe it's only a matter of time the logistics infrastructure in LatAm improves with Shopee's involvement if it is willing to adopt the aggressiveness of its approach with Southeast Asia.</p><p><blockquote>...由于不同平台上没有广泛产生大量的交易量或流量，因此物流可能也缺乏初始增长机会。但另一方面，我们亦希望，随著该地区电子商务场景的不断增长，以及我们的全球投资者更加关注该地区的增长机会，我们可能也会在该等市场看到类似的趋势。希望这是我们可以为市场做出的一些贡献，带来更多的机会，带来更多的数字化和电子商务生态系统，这不仅有助于Shopee的发展，还有助于周边服务的发展，包括该地区的第三方物流。我们已经与我们地区的3PLs合作，非常成功地发展了电子商务生态系统。与此同时，这些第三方合作伙伴也享有非常强劲的增长以及与Shopee的密切合作关系。我们很高兴在巴西或新市场继续采用这种模式。（摘自 2021 年第二季度收益看涨期权）我们确实看到了 Shopee 与其东南亚物流合作伙伴之间的良好合作伙伴关系，以至于其在印度尼西亚的主要物流合作伙伴之一：J&amp;T Express 正在走上正轨在香港或美国进行 IPO。因此，虽然 MELI 目前在物流领域确实处于重要领先地位，但我们相信，如果 Shopee 愿意在东南亚采取积极主动的做法，拉丁美洲的物流基础设施在 Shopee 的参与下得到改善只是时间问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4b58c9691ecea1beaa8e7bbec9861713\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>MELI Commerce Take Rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>梅利商业采取利率。数据来源：公司文件</span></p></blockquote></p><p> If we consider MELI's commerce take rate as compared to Shopee's take rate, readers can easily observe the incredible monetization opportunities that are available in LatAm, and we can easily understand why Sea Limited is so keen to carve out MercadoLibre's leadership there because it's just so attractive. We think as Sea Limited gets more aggressive in its marketing in LatAm, MercadoLibre will start to feel the pressure to rein in its lucrative take rate to compete with Shopee's aggressive marketing tactics.</p><p><blockquote>如果我们将 MELI 的商业采用率与 Shopee 的采用率进行比较，读者可以很容易地观察到拉丁美洲令人难以置信的货币化机会，我们也可以很容易地理解为什么 Sea Limited 如此热衷于剥夺 MercadoLibre 在那里的领导地位，因为它太有吸引力了。我们认为，随着 Sea Limited 在拉丁美洲的营销变得更加积极，MercadoLibre 将开始感受到压力，需要控制其利润丰厚的上座率，以与 Shopee 积极的营销策略竞争。</blockquote></p><p> Shopee has engaged international film star Jackie Chan for its global 9.9 campaign, and its Brazilian version (see above) has received even more views (3.3M) than some of its Asian counterparts that we last surveyed: Indonesia (1.2M views) and Singapore (1.6M views). We think Shopee has the potential to inflict huge damage to MELI's highly lucrative take rate as its Southeast Asian operations have achieved significant scale, and we think they are ready to take on LatAm's e-commerce leader with confidence. Readers should note that Shopee's e-commerce operations are way larger than MELI as Shopee boasts an LTM GMV of $48.8B as compared to MELI LTM GMV of $25.6B.</p><p><blockquote>Shopee 已聘请国际影星成龙参与其全球 9.9 活动，其巴西版本（见上文）的浏览量（330 万次）甚至超过了我们上次调查的一些亚洲版本：印度尼西亚（120 万次浏览量）和新加坡（160 万次浏览量）。我们认为 Shopee 有可能对 MELI 高利润的接受率造成巨大损害，因为其东南亚业务已达到相当大的规模，我们认为他们已准备好充满信心地与拉丁美洲的电子商务领导者展开竞争。读者应该注意到，Shopee的电子商务业务比MELI大得多，因为Shopee的LTM GMV为$48.8B，而MELI的LTM GMV为$25.6B。</blockquote></p><p> <b>Valuations Are Never Going to be Cheap</b></p><p><blockquote><b>估值永远不会便宜</b></blockquote></p><p> We used a blended comps valuation comprising its EV/Fwd Rev multiples and its EV/Fwd EBITDA multiples using the following companies in the comps set: Amazon, Tencent, Roblox, MercadoLibre, and Square(NYSE:SQ).</p><p><blockquote>我们使用了混合 comps 估值，包括其 EV/Fwd Rev 倍数和 EV/Fwd EBITDA 倍数，使用 comps 集中的以下公司：亚马逊、腾讯控股、Roblox、MercadoLibre 和 Square（纽约证券交易所股票代码：SQ）。</blockquote></p><p> Using an aggressive valuation approach based on FY23 consensus estimates of EBITDA and Revenue, we arrived at an implied fair value of about $336.19 (mid-point) under the EBITDA multiples approach and $352.62 (mid-point) under the Revenue approach. Averaging out those fair values will give us a blended fair value of $344.41, which indicates a potential downside of about 2.5% from its last closing price of $353.36.</p><p><blockquote>使用基于2023财年对 EBITDA 和收入共识估计的积极估值方法，我们得出 EBITDA 倍数方法下的隐含公允价值约为 336.19 美元（中点），收入方法下的隐含公允价值约为 352.62 美元（中点）。将这些公允价值平均后，我们将得出混合公允价值为 344.41 美元，这表明较最后收盘价 353.36 美元可能下跌约 2.5%。</blockquote></p><p></p><p> Readers should also note that we have used an aggressive approach and have not considered a reasonable margin of safety. So, in essence, SE stock looks expensive right now, even though we don't expect it to be cheap for a high-quality growth stock like Sea Limited.</p><p><blockquote>读者还应注意，我们采用了激进的方法，没有考虑合理的安全边际。因此，从本质上讲，SE 股票现在看起来很昂贵，尽管我们预计对于像 Sea Limited 这样的优质成长型股票来说它并不便宜。</blockquote></p><p> <b>SE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SE股票价格走势及趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd66ba3ffcdaf31167f72ad7ac24d34c\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>SE stock price action (weekly).</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE股票价格走势（每周）。</span></p></blockquote></p><p> The rapid ascent of SE stock has left price action investors with little opportunities to add more exposure. However, we have still taken the opportunities in May to add more exposure to our portfolio and haven't added anymore since.</p><p><blockquote>SE 股票的快速上涨使得价格行为投资者几乎没有机会增加更多敞口。然而，我们仍然抓住了五月份的机会，增加了我们投资组合的更多敞口，此后就没有再增加过。</blockquote></p><p> While we have not witnessed any indication of a momentum shift in SE stock, we seriously don't think we will even consider adding exposure at this price level, as our aggressive valuation approach has shown us that quite a bit of the optimism has already been priced in. The stock is also starting to show flashes of flush-up price action that are indicative of potential bull-trap scenarios. While the price action has not been resolved yet, we are still monitoring for opportunities to perhaps enter cash-secured puts at more reasonable strike prices relative to the expected premium collected to try and take advantage of SE stock's incredible momentum.</p><p><blockquote>虽然我们没有看到 SE 股票势头转变的任何迹象，但我们认真认为我们甚至不会考虑在这个价格水平增加敞口，因为我们积极的估值方法已经向我们表明，相当多的乐观情绪已经被定价。该股还开始出现冲高价格走势，这表明潜在的牛市陷阱情景。虽然价格走势尚未解决，但我们仍在关注是否有机会以相对于预期溢价更合理的执行价格进入现金担保看跌期权，以试图利用 SE 股票令人难以置信的势头。</blockquote></p><p> Hence, we hope that we have demonstrated in our earlier sections that Sea Limited is definitely in the early innings of its market opportunity. Still, the level of optimism in the stock will need some leveling off first so that long-term investors can add exposure at a more reasonable price level.</p><p><blockquote>因此，我们希望我们已经在前面的章节中证明了Sea Limited肯定处于其市场机会的早期阶段。尽管如此，该股的乐观情绪仍需首先趋于平稳，以便长期投资者能够以更合理的价格水平增加风险敞口。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Sea Limited Stock A Good Buy For The Long-Term?<blockquote>从长远来看，Sea Limited 股票值得购买吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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\">\nIs Sea Limited Stock A Good Buy For The Long-Term?<blockquote>从长远来看，Sea Limited 股票值得购买吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-08 10:37</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>Sea Limited is a very high-quality growth stock that surprisingly receives less attention than Alibaba, MercadoLibre, and Amazon, even though it has outperformed all of them, hands down.</li>  <li>We help investors understand the key metrics in a useful analytical framework to evaluate Sea Limited's growth opportunities and whether it is worthy of a long-term position.</li>  <li>Lastly, we present our valuation argument to help our readers to decide whether they should add Sea Limited stock right now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6050b357f1df083177d9ed6c9d848071\" tg-width=\"1536\" tg-height=\"1163\" width=\"100%\" height=\"auto\"><span>nuttapong/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一只非常高质量的成长型股票，令人惊讶的是，它受到的关注度低于阿里巴巴-SW、MercadoLibre 和亚马逊，尽管它的表现无疑优于所有这些公司。</li><li>我们帮助投资者了解有用的分析框架中的关键指标，以评估 Sea Limited 的增长机会以及它是否值得长期持仓。</li><li>最后，我们提出了我们的估值论点，以帮助我们的读者决定是否应该立即添加 Sea Limited 股票。</li></ul><p class=\"t-img-caption\"><span>nuttapong/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Sea Limited(NYSE:SE)is one of our core holdings in our growth portfolio and one that we have taken the opportunity to add on major dips in the uptrend over the last year as the stock's incredible momentum saw it easily outperforming its e-commerce peers and mobile gaming peers.</p><p><blockquote>Sea Limited（纽约证券交易所股票代码：SE）是我们增长投资组合中的核心持股之一，我们借此机会在去年的上升趋势中增加了该投资组合，因为该股令人难以置信的势头使其表现轻松优于其电子商务同行和移动游戏同行。</blockquote></p><p> For growth investors, Sea's incredible growth trajectory has been truly phenomenal, coupled with it being free of Beijing's oversights that saw its Chinese peers fall like dominoes, stunning even institutional investors with the pace of the government's \"rectification\" adjustments.</p><p><blockquote>对于成长型投资者来说，Sea令人难以置信的增长轨迹确实是非凡的，再加上它没有北京的疏忽，中国同行像多米诺骨牌一样倒下，甚至连机构投资者都对政府“整顿”调整的步伐感到震惊。</blockquote></p><p> Sea's ascent has also been somewhat of a conundrum for value investors, as they don't get how an unprofitable company can be trading at such sky-high valuations without consequences.</p><p><blockquote>Sea 的崛起对于价值投资者来说也有些难题，因为他们不明白一家无利可图的公司如何能够以如此高的估值进行交易而不产生后果。</blockquote></p><p> Therefore, to answer whether Sea Limited stock is a good long-term buy for investors, we will show our readers how to apply the appropriate analytical framework and valuation treatment to the company, based on its performance and its projections moving forward, so that investors can make meaningful decisions on whether they think Sea Limited is a worthy long-term addition to their portfolio now.</p><p><blockquote>因此，为了回答 Sea Limited 股票是否适合投资者长期购买，我们将根据公司的业绩和未来的预测，向读者展示如何对公司应用适当的分析框架和估值处理，以便投资者可以做出有意义的决定他们认为 Sea Limited 现在是否值得长期添加到其投资组合中。</blockquote></p><p> For investors who are new to Sea Limited, we have recently written several articles on the company, which you can refer to them as a preamble.</p><p><blockquote>对于刚接触Sea Limited的投资者，我们最近写了几篇关于该公司的文章，您可以将其作为序言。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0396874197381d0fc087a864425a26d9\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>Sea &amp; Peers' stock YTD performance (as of 3 Sep 21)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea &amp; Peers 股票年初至今表现（截至 21 年 9 月 3 日）</span></p></blockquote></p><p> This year, Sea has been one of our portfolio's leading performers as the stock raced to an 83% YTD lead that easily outperformed all its peers and SPDR S&amp;P 500 ETF(NYSEARCA:SPY). This performance is even more incredible because it came off an outstanding 2020, where it also outperformed with a 392% return.</p><p><blockquote>今年，Sea 一直是我们投资组合中表现领先的股票之一，该股年初至今领先 83%，轻松优于所有同行和 SPDR 标普500 ETF(NYSEARCA:SPY)。这一表现更加令人难以置信，因为它在 2020 年表现出色，回报率也达到了 392%。</blockquote></p><p> While the rest of its American and Chinese peers often received more coverage than this Singapore-headquartered company, it has been Sea which has been quietly delivering. It has been executing, expanding its Garena gaming ecosystem, and reaching new milestones. It's been scaling its e-commerce footprint to LatAm and demonstrating to Amazon(NASDAQ:AMZN)&nbsp;that they are not experiencing any reopening headwinds. This is in contrast to what&nbsp;Amazon indicated&nbsp;in its recent earnings. The company is also growing its Sea Money footprint, especially through the Shopee/Shopee Pay flywheel, as the company stakes its FinTech leadership ambitions against Southeast Asia's FinTech leader Grab(NASDAQ:AGC).</p><p><blockquote>虽然它的其他美国和中国同行往往比这家总部位于新加坡的公司获得了更多的报道，但Sea一直在悄悄地交付。它一直在执行，扩展其Garena游戏生态系统，并达到新的里程碑。该公司一直在将其电子商务足迹扩展到拉丁美洲，并向亚马逊（纳斯达克股票代码：AMZN）证明他们没有遇到任何重新开业的阻力。这与亚马逊在最近的财报中所表明的形成鲜明对比。该公司还在扩大其 Sea Money 足迹，特别是通过 Shopee/Shopee Pay 飞轮，因为该公司将其金融科技领导雄心与东南亚金融科技领导者 Grab（纳斯达克股票代码：AGC）进行竞争。</blockquote></p><p> As a result of Sea Limited's incredible success, the group's China-born CEO&nbsp;Forrest Li&nbsp;is also now Singapore's richest man with a net worth of $20.3B.</p><p><blockquote>由于 Sea Limited 取得了令人难以置信的成功，该集团出生于中国的首席执行官 Forrest Li 现在也是新加坡首富，净资产达 203 亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1620f0a51f5f3cdb4a59c482df5ec1f1\" tg-width=\"380\" tg-height=\"236\" width=\"100%\" height=\"auto\"><span>SE quant rating (momentum). Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE量化评级（动量）。资料来源：Seeking Alpha Premium</span></p></blockquote></p><p> We have always reminded investors that Sea stock is one that you should never bet against even if you are bearish on its long-term prognosis. The stock has made one of the strongest upside moves we have seen for stocks in our growth portfolio. This is also corroborated by Seeking Alpha's proprietary quant momentum rating, giving it the best possible A+ grade on its most recent performance.</p><p><blockquote>我们一直提醒投资者，即使您看跌 Sea stock 的长期前景，也不应该做空它。该股票是我们在成长投资组合中见过的最强劲的上涨趋势之一。Seeking Alpha 专有的量化动量评级也证实了这一点，该评级为其最近的表现提供了最好的 A+ 评级。</blockquote></p><p> Given the company and the stock's stupendous performances so far, we think it's only apt that investors ask whether SE's future optimism has been largely priced in, which is especially important for new investors who have yet to add its stock, where we will highlight the analytical framework on how investors can use to consider the company's prospects moving forward.</p><p><blockquote>鉴于该公司和该股迄今为止的出色表现，我们认为投资者询问 SE 未来的乐观情绪是否已在很大程度上得到定价是合适的，这对于尚未增持其股票的新投资者来说尤其重要，我们将重点介绍投资者如何使用分析框架来考虑公司的未来前景。</blockquote></p><p> <b>Monitor Its Revenue Growth Closely</b></p><p><blockquote><b>密切监控其收入增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e796ddaf599085b7ad02d64a84dd3b87\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Sea Limited quarterly revenue. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 季度收入。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f6ddcbf7578338f88c00c9432ab58f23\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Sea Limited quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 季度收入同比增长。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Sea Limited impressed with another awesome quarter of topline growth as total revenue grew 159% YoY on revenue of $2.28B. Its QoQ performance was also remarkable with a 29% QoQ growth, as the company shows that its gangbusters growth knows \"no limit.\"</p><p><blockquote>Sea Limited 对另一个令人敬畏的季度营收增长印象深刻，总收入同比增长 159%，收入为 $2.28B。其环比表现也十分出色，环比增长了 29%，因为该公司表明其重磅炸弹的增长“无限”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60c7db30aeda80ea916ef8aa2816c93e\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Sea Limited GAAP quarterly operating margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited GAAP 季度营业利润率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> For companies like Sea, whose strategy is still focused very much on topline growth and building scale efficiencies in the process, we should not be too concerned with its negative operating margins, as long as the company clearly demonstrated that it could grow rapidly like in Sea's case, and also achieve economies of scale through ramping revenue as it seeks out its \"blue oceans.\" We also articulated this point in a recent article on Snowflake(NYSE:SNOW), which operates in a huge market with a massive opportunity to expand, and the firm has shown that it can execute its strategies very well to capture those revenue opportunities&nbsp;despite having negative operating margins right now.</p><p><blockquote>对于像 Sea 这样的公司来说，其战略仍然非常注重营收增长和在此过程中建立规模效率，我们不应该过于担心其负营业利润率，只要该公司清楚地证明它可以像 Sea 一样快速增长，并在寻找“蓝海”时通过增加收入来实现规模经济。我们还在最近一篇关于 Snowflake（纽约证券交易所股票代码：SNOW）的文章中阐明了这一点，该公司在一个拥有巨大扩张机会的巨大市场中运营，并且该公司已经表明，尽管目前营业利润率为负，但它可以很好地执行其战略来抓住这些收入机会。</blockquote></p><p> Therefore, Sea Limited has certainly struck the right notes here, and we see no cause for concern so far. What matters for investors now is whether the company is still expected to grow this rapidly moving forward.</p><p><blockquote>因此，Sea Limited 无疑在这里指出了正确的观点，到目前为止，我们认为没有理由担心。现在对投资者来说重要的是，该公司是否仍有望在这种快速增长的过程中实现增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f1bb9296424b15e07d5536227010fd4\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Sea Limited revenue mean consensus estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 收入平均值共识估计。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5efed61b23216e709291326ae9eac3b\" tg-width=\"640\" tg-height=\"291\" width=\"100%\" height=\"auto\"><span>Sea Limited consensus revenue estimates revision trend. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited 共识收入预测修正趋势。资料来源：Seeking Alpha Premium</span></p></blockquote></p><p> Readers should easily glean that the Street upgraded revenue forecasts for the company after Q2's earnings release from what they projected post Q1 earnings. For example, revenue projection for FY21 has been increased by 11.5% to reflect the improved guidance from the company. Even though projections for FY24 to FY25 look rather tepid, readers should note that only three analysts covered the FY24 projections, while only two covered for FY25, compared to the 18-21 analysts who covered FY21 to FY23 numbers. As a result, we will also focus our discussion up to FY23 numbers to keep them meaningful.</p><p><blockquote>读者应该很容易发现，在第二季度财报发布后，华尔街从第一季度财报后的预测上调了对该公司的收入预测。例如，21财年的收入预测增加了11.5%，以反映公司改进的指导。尽管 24 财年至 25 财年的预测看起来相当不温不火，但读者应该注意，只有三名分析师涵盖了 24 财年的预测，而只有两名分析师涵盖了 25 财年，而 18-21 名分析师涵盖了 21 财年至2023财年的数据。因此，我们也将把讨论的重点放在2023财年的数字上，以保持它们的意义。</blockquote></p><p> The expected revenue CAGR from FY20 to FY23 is 59.1%, while it reads 40.1% from FY21 to FY23. Therefore, the market is still expecting Sea Limited to deliver remarkable topline growth rates moving forward.At the same time, we are cautiously optimistic about Sea Limited's future, under the skillful stewardship of Group CEO Forrest Li and his management team. The team includes his two very competent business unit chiefs&nbsp;Chris Feng&nbsp;and Terry Zhao. Feng was born in China and leads Shopee and Sea Money. He is a Stanford alumnus like Li and he was recruited from Lazada(NYSE:BABA)by Li in 2014. Feng is said to be a “very, very smart and very, very confident” person who “reacts quickly and has excellent abilities of recall.” Zhao is the president of Garena. Li has kept Zhao by his side since the company's inception. Li is unlike Alibaba's Jack Ma and prefers to keep a&nbsp;modest&nbsp;profile. Still, his team's execution has been nothing short of outstanding, and we see no reason to think otherwise moving forward for this founder-led company.</p><p><blockquote>2020 财年至2023财年的预期收入复合年增长率为 59.1%，而 2021 财年至2023财年的预期收入复合年增长率为 40.1%。因此，市场仍然预计 Sea Limited 未来将实现显着的营收增长率。与此同时，在集团行政总裁李福及其管理团队的娴熟管理下，我们对Sea Limited的未来持谨慎乐观态度。该团队包括他的两位非常能干的业务部门主管克里斯·冯和特里·赵。冯出生于中国，领导着Shopee和Sea Money。他和李一样都是斯坦福校友，2014年被李从Lazada（纽约证券交易所股票代码：BABA）招募。据说冯是一个 “非常非常聪明、非常非常自信 ”的人，“反应迅速，回忆能力出色”。赵是Garena的总裁。自公司成立以来，李就一直把赵留在他身边。李克强与阿里巴巴的马云不同，他更喜欢保持低调。尽管如此，他的团队的执行力仍然非常出色，我们认为没有理由认为这家由创始人领导的公司会有不同的发展。</blockquote></p><p> <b>Keep a Close Watch on Shopee's Adj. EBITDA</b></p><p><blockquote><b>密切关注 Shopee 调整后的 EBITDA</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/070f4ed8c5f05a52744d9e20681865ce\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Quarterly Adj. EBITDA. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>季度调整后 EBITDA。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a03828e68bf8d41a26be65d7ac633670\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Quarterly Adj. EBITDA by segments. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>季度调整后。按部门划分的 EBITDA。数据来源：公司文件</span></p></blockquote></p><p> Of particular concern, though, is that the company's Adj. EBITDA turned negative for the first time since Q2'20 as the increase in Adj. EBITDA losses from Shopee were greater than what Garena could cover in Q2'21. Investors should be able to glean from the second chart where it shows that Shopee's Adj. EBITDA losses increased to $679.77M in Q2'21, representing a 64.8% QoQ increase, while Garena's Adj. EBITDA only managed a 3.3% QoQ increase in Q2'21.</p><p><blockquote>不过，特别令人担忧的是，该公司的调整后 EBITDA 自 2020 年第二季度以来首次转为负值，因为 Shopee 的调整后 EBITDA 损失超过了 Garena 在 2021 年第二季度所能弥补的损失。投资者应该能够从第二张图表中了解到，该图显示 Shopee 的调整后 EBITDA 亏损在 21 年第二季度增至 6.7977 亿美元，环比增长 64.8%，而 Garena 的调整后 EBITDA 在 21 年第二季度仅环比增长 3.3%。</blockquote></p><p></p><p> Despite this observation, the company highlighted that its Malaysia market had turned Adj. EBITDA profitable, joining its Taiwan market. Therefore, we believe the huge increase in burn rate for Shopee is likely in its largest markets by gross merchandise value (GMV), such as Indonesia and Thailand. The company also alluded to this in its earnings call as it emphasized:</p><p><blockquote>尽管如此，该公司还是强调其马来西亚市场已实现调整后的 EBITDA 盈利，加入了台湾市场。因此，我们认为，按商品总价值 (GMV) 计算，Shopee 的燃烧率可能会大幅增长，例如印度尼西亚和泰国。该公司还在其盈利看涨期权中提到了这一点，并强调：</blockquote></p><p>   And in terms of sales and marketing&nbsp;and related to competitive dynamics, I think we are -- again, as we discussed it before, given our strong market leadership, we're in a good position now that our sales and marketing is more driven by our view about the efficiency of investment into various markets at various points of time, for example, any shopping event season, any particular opportunities to promote the brand, et cetera...  <i>And in terms of the cash burn...as we look at the market opportunities, the timing of the market, for example, in Q2, we have Ramadan season in our several largest markets including Indonesia.</i>And this is a time where investment into the growth and to promote e-commerce adoption is very efficient. We have increased our buy frequency overall to more than 6x a month.  <i>And in Indonesia, it has exceeded 7x per month, which we believe is very healthy for a marketplace platform.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3151acc225456e4078f859b16c1cb114\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Shopee Indonesia 76th Independence Day poster (Shopee ada untuk Indonesia: Shopee is for Indonesia). Source: Shopee Indonesia LinkedIn</span></p><p><blockquote>在销售和营销以及与竞争动态相关的方面，我认为我们——再次，正如我们之前讨论过的那样，鉴于我们强大的市场领导地位，我们现在处于有利地位，因为我们的销售和营销更多地受到我们对不同时间点不同市场投资效率的看法的驱动，例如，任何购物活动季节、任何推广品牌的特定机会等等……<i>就现金消耗而言……当我们审视市场机会和市场时机时，例如，在第二季度，我们在包括印度尼西亚在内的几个最大市场都有斋月季节。</i>这是一个投资增长和促进电子商务采用非常有效的时期。我们已经将购买频率提高到每月6次以上。<i>在印度尼西亚，它已经超过了每月7倍，我们认为这对于一个市场平台来说是非常健康的。</i><p class=\"t-img-caption\"><span>Shopee 印度尼西亚第 76 个独立日海报（Shopee 是为了印度尼西亚：Shopee 是为了印度尼西亚）。资料来源：Shopee Indonesia LinkedIn</span></p></blockquote></p><p> Now, we emphasized Ramadan (which is not exclusive to Indonesia per se) because it's a massive annual event in Indonesia. We had a sojourn in Jakarta, Indonesia, for a year, and we can tell you it's one of the most important highlights in Indonesia's annual calendar. Therefore, we cannot further underscore the opportunities to boost sales during this important event. It shows that Shopee's management clearly understands its most important market very well, and Shopee also aligned its progress with Indonesia's progress as the country celebrated its 76th Independence Day on 17 Aug 21, as Shopee Indonesia reminded Indonesians that<i>\"Shopee is for Indonesia.\"</i></p><p><blockquote>现在，我们强调斋月（这不是印度尼西亚独有的），因为它是印度尼西亚一年一度的大型活动。我们在印度尼西亚雅加达呆了一年，我们可以告诉你，这是印度尼西亚年历中最重要的亮点之一。因此，我们无法进一步强调在这一重要事件中促进销售的机会。这表明 Shopee 的管理层显然非常了解其最重要的市场，并且在印度尼西亚于 8 月 17 日庆祝第 76 个独立日之际，Shopee 也将其进展与印度尼西亚的进展保持一致，正如 Shopee Indonesia 提醒印度尼西亚人<i>“Shopee 适用于印度尼西亚。”</i></blockquote></p><p> Shopee Indonesia has quickly moved onto its next big 9.9 shopping event, and this time around, they recruited well-known Indonesian actor and martial artist Joe Taslim, who starred in the recent Mortal Kombat film as Sub-Zero. For readers familiar with Shopee's advertising strategy, the company often stars well-known local artists in its promotional campaigns. The ads are often quirky and dramatic, which helps capture the users' attention very easily and is often memorable. This recipe has served Shopee very well, and somehow its keen regional competitors such as Lazada and Tokopedia have found it difficult to emulate. We encourage investors and readers to continue keeping a close watch on Shopee's most important market moving forward.</p><p><blockquote>Shopee Indonesia 迅速进入了下一个大型 9.9 购物活动，这一次，他们招募了印度尼西亚著名演员兼武术家乔·塔斯利姆 (Joe Taslim)，他在最近的《真人快打》电影中饰演零度以下。对于熟悉Shopee广告策略的读者来说，该公司经常在其促销活动中启用当地知名艺术家。广告通常是古怪和戏剧性的，这有助于非常容易地抓住用户的注意力，并且通常令人难忘。这个配方对 Shopee 来说非常有效，但不知何故，Lazada 和 Tokopedia 等热情的区域竞争对手发现很难效仿。我们鼓励投资者和读者继续密切关注 Shopee 最重要的市场。</blockquote></p><p> Therefore, while observing quarterly Adj. EBITDA moving back into negative territory wasn't exactly a welcome development; we need to consider the context. In Shopee's case, it was certainly an opportunity that they needed to undertake to take full advantage of the opportunity to boost sales during the important Ramadan festival which is mainly celebrated in Indonesia, Malaysia, and Singapore. Therefore, we wouldn't be too concerned over a quarter's development and start to be worried, but instead, we should continue to monitor Shopee's Adj. EBITDA's development over the next few quarters, and give the company some space to execute its e-commerce strategies.</p><p><blockquote>因此，在观察季度调整时。 EBITDA 回到负值区域并不是一个受欢迎的发展；我们需要考虑背景。就 Shopee 而言，这无疑是他们需要抓住的机会，以便在主要在印度尼西亚、马来西亚和新加坡庆祝的重要斋月节日期间充分利用这个机会来促进销售。因此，我们不会过于担心一个季度的发展而开始担忧，而是应该继续监测Shopee未来几个季度的调整后EBITDA的发展，并给公司一些空间来执行其电子商务战略。</blockquote></p><p> <b>Watch for Advertising's Share of Revenue</b></p><p><blockquote><b>关注广告收入份额</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aad9a6a626381510c8e2399b70a4d7ea\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Shopee Adj. EBITDA per order. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopee 调整。每个订单的 EBITDA。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72fa0e85e8eb2ba3d4eb65c68e2f68f3\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Shopee quarterly take rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopee季度收费。数据来源：公司文件</span></p></blockquote></p><p> As a result of Shoppe's increased Adj. EBITDA losses due to its heavier burn rate for Q2'21, we observed Shopee's Adj. EBITDA loss per order regressed to $0.41, from $0.38 in Q1'21. However, readers should note that this only represented a 7.9% QoQ increase, which is certainly much lower than the 64.8% QoQ increase in total Adj. EBITDA losses. This clearly shows that Shopee is benefiting from greater scale efficiencies, despite the larger burn rate due to the heavier investments in the quarter. In addition, the Adj. EBITDA loss per order was also not \"that bad,\" as it was still in line with Q4'20's metric. Moreover, we have certainly seen worse days, and this was nothing spectacular.</p><p><blockquote>由于 Shopee 的调整后 EBITDA 损失增加，由于其 2021 年第二季度的燃烧率较高，我们观察到 Shopee 的调整后 EBITDA 损失从 2021 年第一季度的 0.38 美元回落至 0.41 美元。然而，读者应该注意，这仅代表环比增长 7.9%，这肯定远低于调整后 EBITDA 总亏损的 64.8% 环比增幅。这清楚地表明，Shopee 正在受益于更高的规模效率，尽管由于本季度的投资较大，燃烧率较高。此外，调整后的每个订单 EBITDA 损失也没有“那么糟糕”，因为它仍然符合 2020 年第四季度的指标。此外，我们当然见过更糟糕的日子，这没什么了不起的。</blockquote></p><p></p><p> Importantly, we noticed a marked and consistent improvement in Shopee's take rate for Q2'21 as it improved to 6.7% compared to 6.1% in Q1'21. Sea Limited was very clear on its earnings call where this improvement was mainly attributed to as it emphasized: \"This deepening monetization was driven mainly by<i>growing merchant investments in marketing and advertisement on the Shopee platform</i>to attract better and serve buyers.\"</p><p><blockquote>重要的是，我们注意到 Shopee 在 21 年第二季度的接受率有了显着且持续的改善，从 21 年第一季度的 6.1% 提高到 6.7%。Sea Limited 非常清楚其盈利看涨期权，这一改善主要归因于该公司强调：“这种深化的货币化主要是由<i>商家在 Shopee 平台上的营销和广告投资不断增长</i>更好地吸引和服务买家。”</blockquote></p><p> We think this is a critical development in Shopee's progress as it continues to scale rapidly. For example, in our recent Amazon article, we showed just how massive the advertising opportunity is for the company as it's now Amazon's fastest-growing revenue driver, and 90% of its ad revenue is centered on its e-commerce marketplace.</p><p><blockquote>我们认为这是 Shopee 发展中的一个关键发展，因为它将继续快速扩张。例如，在我们最近的亚马逊文章中，我们展示了该公司的广告机会有多大，因为它现在是亚马逊增长最快的收入驱动力，其90%的广告收入集中在其电子商务市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0d892ee4f3fa12a1d7c862ecf56cf3b\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Shopee quarterly sales &amp; marketing (S&amp;M) margin. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopee季度销售和营销（S&amp;M）利润率。数据来源：公司文件</span></p></blockquote></p><p> Therefore, even though we saw a marked increase in Shopee's S&amp;M margin from 49% in Q1'21 to 56.2% in Q2'21 (14.7% QoQ increase), we encourage investors to consider the company's overall Adj. EBITDA per order, which shows that the company has tremendous leverage to engage in aggressive marketing activities through better monetization in Shopee's platform.</p><p><blockquote>因此，尽管我们看到 Shopee 的 S&amp;M 利润率从 21 年第一季度的 49% 显着增长到 21 年第二季度的 56.2%（环比增长 14.7%），但我们鼓励投资者考虑公司的总体调整后。每个订单的 EBITDA，这表明该公司拥有巨大的影响力通过在 Shopee 平台上更好的货币化来参与积极的营销活动。</blockquote></p><p> <b>Garena's Bookings Growth Seems to Be Slowing Down</b></p><p><blockquote><b>Garena 的预订增长似乎正在放缓</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1b13b4908d9a6b7a2ebd889cf4fc198\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Garena bookings. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Garena预订。数据来源：公司文件</span></p></blockquote></p><p> The company reported a fantastic quarter for Garena again as it topped several charts. Sea highlighted that Garena's Free Fire continues to maintain incredible momentum in Southeast Asia, LatAm, and India as the highest-grossing game. In the US, Free Fire was \"ranked the highest-grossing mobile battle royale game for the past two quarters based on App Annie. Additionally, Free Fire was the second highest-grossing mobile game in the U.S. on Google Play across all games categories in the second quarter as well.\"</p><p><blockquote>该公司报告称，Garena 的季度表现非常出色，在多个排行榜上名列前茅。Sea强调，Garena的Free Fire继续在东南亚、拉丁美洲和印度保持令人难以置信的势头，成为票房最高的游戏。在美国，《Free Fire》“根据 App Annie 的数据，被评为过去两个季度票房最高的手机大逃杀游戏。此外，《Free Fire》在第二季度也是美国 Google Play 上所有游戏类别中票房第二高的手机游戏。”</blockquote></p><p> While this is certainly impressive, we prefer to look at the global perspective on how Free Fire has performed against its peers. According to&nbsp;Sensor Tower&nbsp;data for H1'21, while Free Fire is the #2 top gross gaming app behind Moon Active's Coin Master on Google Play, it ranked only #8 in overall revenue when we included the App Store's top-grossing gaming apps such as Tencent's(OTCPK:TCEHY)Honor of Kings (#1 overall) and PUBG Mobile battle-royale game (#2 overall), and also Roblox (#4 overall)(NYSE:RBLX). Therefore, while Free Fire has been doing well in markets where the Android operating system (OS) is dominant, it hasn't performed quite as well in North America, where iOS is the leading OS (as we showed in our Digital Turbine(NASDAQ:APPS)article appendedhere). The US is the largest and the most important mobile gaming market, as it accounted for28%of the mobile gaming market share in 2020. Garena has never been a strong performer on iOS, and if the company can improve its performance in the App Store, the boost could be tremendous to Garena.</p><p><blockquote>虽然这确实令人印象深刻，但我们更愿意从全球角度来看待 Free Fire 与同行的表现。根据 2021 年上半年的 Sensor Tower 数据，虽然 Free Fire 在 Google Play 上排名第二，仅次于 Moon Active 的 Coin Master，但当我们将 App Store 收入最高的游戏应用（例如腾讯（OTCPK：TCEHY）王者荣耀（总体排名第一）和 PUBG Mobile battle-royale game（总体排名第二）以及 Roblox（总体排名第四）（纽约证券交易所股票代码：RBLX））纳入其中时，它的总收入仅排名第八。因此，虽然 Free Fire 在 Android 操作系统 (OS) 占主导地位的市场表现良好，但在 iOS 是领先操作系统的北美，它的表现却不太好（正如我们在 Digital Turbine（纳斯达克股票代码：APPS）文章附件中所展示的那样）。美国是最大和最重要的移动游戏市场，2020年占移动游戏市场份额的28%。Garena在iOS上的表现从来都不是一个强劲的公司，如果该公司能够提高其在App Store中的表现，这对Garena来说可能是巨大的。</blockquote></p><p> While the company's bookings for Q2'21 remain strong as it posted a QoQ increase of 9.1% to $1.2B from $1.1B in Q1'21, the company only raised the guidance from $4.5B to $4.7B in bookings for FY21. When we consider H1'21's collective bookings of $2.3B, the company is therefore expecting H2'21 bookings to come in at $2.3B, which means they aren't expecting any material growth in bookings for the rest of the year as compared to H1'21. This was also picked up by one of the analysts on the conference call, and Group Chief Corporate Officer Yanjun Wang reminded:</p><p><blockquote>虽然该公司 21 财年第二季度的预订量仍然强劲，从 21 财年第一季度的 $1.1B 环比增长 9.1% 至 $1.2B，但该公司仅将 21 财年的预订量指引从 $4.5B 上调至 $4.7B。因此，当我们考虑到 H1’21 的总预订量为 $2.3B 时，该公司预计 H2’21 的预订量将达到 $2.3B，这意味着与 H1’21 相比，他们预计今年剩余时间的预订量不会有任何实质性增长。电话会议的一位分析师也注意到了这一点，集团首席企业官王彦军提醒道：</blockquote></p><p>   We believe the overall guidance showed a more than 40% year-on-year growth compared to last year, which is also a record year for us with the commencement of lockdown. And I think this is a very strong performance already. And our focus, as you can tell from game and the metrics we have indicated as well as our views in terms of how to grow our gaming platform,  <i>is to continue to first and foremost to grow our user base and also pay user base</i>across the various markets in the world as we continue to see strong potential growth. (from Q2'21 earnings call)  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e708cd17fe0c5aaf6c51772d63f48fd\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Quarter paying users (QPU) / Quarterly active users (QAU). Data source: Company filings</span></p><p><blockquote>我们认为，与去年相比，整体指引显示同比增长超过40%，这也是我们封锁开始后创纪录的一年。我认为这已经是一个非常强劲的表现了。正如您从游戏和我们指出的指标以及我们对如何发展游戏平台的看法中可以看出的那样，<i>是继续扩大我们的用户群和付费用户群</i>在全球各个市场，我们继续看到强劲的潜在增长。（摘自 21 年第二季度盈利看涨期权）<p class=\"t-img-caption\"><span>季度付费用户（QPU）/季度活跃用户（QAU）。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5f5b4c4cef797d04f34591d7cb7ea08\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Average Booking Per User (ABPU) and Average Booking Per Paying User (ABPPU)). Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>每用户平均预订量（ABPU）和每付费用户平均预订量（ABPPU））。数据来源：公司文件</span></p></blockquote></p><p></p><p> The company's bookings trends can certainly be observed on a per-user or per paying user basis. The ABPPU has certainly been trending down, which reflects a drop in monetization per paying user, which is important as paying users are the ones that generate revenue for Garena. However, we didn't really observe a meaningful drop in the ABPU trend, despite the drop in ABPPU. This shows that even though there is \"less meat\" per paying user, newly minted paying users have been supporting the bookings, which we can certainly observe from the first chart where the QPU / QAU ratio has been consistently increasing, indicating that Garena has been getting better at converting and monetizing its huge non-paying users base. We think this is of huge significance when we consider that only 12.7% of users are paying users as of Q2'21, leaving the company massive opportunities to continue \"working its magic\" on monetizing the non-paying users. On this matter, Sea Limited was unabashed as it emphasized: \"...Our past track record has shown that we're generally good at commercialization in even markets that are known to be difficult for commercialization. So we don't really worry about not being able to commercialize the content down the road. But our focus continues to be growing the user base and making this an even larger platform that allows us to really tap on into it to build a stronger game ecosystem with very strong social elements in it.\"</p><p><blockquote>该公司的预订趋势当然可以在每个用户或每个付费用户的基础上观察到。ABPPU 肯定一直呈下降趋势，这反映了每个付费用户货币化的下降，这很重要，因为付费用户是 Garena 创收的人。然而，尽管 ABPPU 有所下降，但我们并没有真正观察到 ABPU 趋势有意义的下降。这表明，尽管每个付费用户的肉“更少”，但新成立的付费用户一直在支持预订，我们当然可以从第一张图表中观察到这一点，其中QPU/QAU比率一直在持续增加，这表明Garena在转化其庞大的非付费用户群和货币化方面越来越好。考虑到截至 2021 年第二季度只有 12.7% 的用户是付费用户，我们认为这一点非常重要，这为公司提供了继续“施展魔法”将非付费用户货币化的巨大机会。对于此事，Sea Limited 毫不掩饰地强调：“……我们过去的业绩表明，即使在众所周知难以商业化的市场，我们通常也擅长商业化。因此，我们并不担心未来无法将内容商业化。但我们的重点仍然是扩大用户群，并将其打造成一个更大的平台，让我们能够真正利用它来构建一个更强大的游戏生态系统，其中包含非常强大的社交元素。”</blockquote></p><p> <b>Building up eSports as a Social Platform</b></p><p><blockquote><b>将电子竞技打造为社交平台</b></blockquote></p><p> We shared in our previous deep dive on Garena (link to the article is appendedhere), where Garena's ambitions are beyond just a mobile gaming app. The company has huge ambitions, and they have already been using eSports as the basis to build the community for its gamers and developing it into a social platform that perhaps is similar to what Roblox has advanced. Garena has already highlighted previously its ambitions on building this cohesive and broad social community as it emphasized:</p><p><blockquote>我们分享了之前对Garena的深入探讨（此处附有文章链接），Garena的雄心不仅仅是一个移动游戏应用程序。该公司有着巨大的野心，他们已经将电子竞技作为基础，为其游戏玩家建立社区，并将其发展成为一个社交平台，这可能类似于Roblox所推进的。Garena 此前已经强调了其建立这个有凝聚力和广泛的社交社区的雄心，因为它强调：</blockquote></p><p>   <i>...developingit into a social platform</i>where people not only come to play the core gameplay, but also enjoy other modes: hangout, listen to music, social lives… So our focus is to continue to promote a massive-based online platform and online community and provide them with content and opportunities for socializing engagement, try out different modes of games, try out different characters, avatars or having different ways of playing.  The revenue in global eSports is not that significant as it's only expected to reach $1.62B by 2024, as we highlighted in our Garena article. Still, the whole strategic intent is to build the all-encompassing social platform that will drive incredible engagement, platform stickiness beyond what a typical gaming app can do. Importantly, the company is also headquartered in Singapore, where the Singapore government is focused on building the global hub for eSports, as Southeast Asia is expected to be the fastest-growing region for eSports, and the city-state recently opened a huge 12,000-sqft eSports experience center, as the Singapore Tourism Board emphasized:</p><p><blockquote><i>把它发展成一个社交平台</i>人们不仅来玩核心游戏，还享受其他模式：闲逛、听音乐、社交生活……因此，我们的重点是继续推广一个基于大规模的在线平台和在线社区，并为他们提供社交参与的内容和机会，尝试不同的游戏模式，尝试不同的角色、头像或拥有不同的游戏方式。正如我们在 Garena 文章中强调的那样，全球电子竞技的收入并不那么重要，预计到 2024 年只能达到 $16.2B。尽管如此，整个战略意图是建立一个包罗万象的社交平台，这将推动令人难以置信的参与度，平台粘性超出了典型的游戏应用程序所能做到的。重要的是，该公司的总部也设在新加坡，新加坡政府正致力于在新加坡建设全球电子竞技中心，因为东南亚有望成为电子竞技发展最快的地区，而这个城市国家最近开设了一个巨大的 12,000 平方英尺的电子竞技体验中心，正如新加坡旅游局强调的那样：</blockquote></p><p>   Our world-class events&nbsp;and digital infrastructure have also made Singapore an attractive location for the industry to hold gaming and e-sports events here. The government will continue to support companies as they push boundaries through experimenting with new and immersive content formats and business models, as well as level up the quality of our local talent to become leading creators of world-class content.  Garena also recently brought in \"globally renowned DJs&nbsp;Dimitri Vegas &amp; Like Mike, Alok, and KSHMR for Free Fire’s 4th-anniversary theme song, ‘Reunion,’\" following successful strategies adopted by Roblox in its metaverse development, and we think Garena is really still very early in its opportunity to develop its own metaverse.</p><p><blockquote>我们的世界级赛事和数字基础设施也使新加坡成为行业在此举办游戏和电子竞技赛事的有吸引力的地点。政府将继续支持公司通过尝试新的沉浸式内容格式和商业模式来突破界限，以及提升本地人才的质素，成为世界级内容的领先创作者。继 Roblox 在元宇宙开发过程中采取的成功策略之后，Garena 最近还邀请了 “全球知名 DJ Dimitri Vegas &amp; Like Mike、Alok 和 KSHMR 为 Free Fire 的四周年纪念主题曲《Reunion》演唱”，我们认为 Garena 开发自己元宇宙的机会还处于早期阶段。</blockquote></p><p> <b>Sea Limited Stakes Its Claim On MercadoLibre's LatAm Leadership</b></p><p><blockquote><b>Sea Limited 声称拥有 MercadoLibre 在拉丁美洲的领导地位</b></blockquote></p><p></p><p> Without a doubt, the one that generates the most interest is the company's foray into LatAm, which Sea Limited recently updated that it has seen tremendous progress. We did a deep dive recently on this topic, and we encourage you to refer to our articlehere. While we think MercadoLibre(NASDAQ:MELI)is the undisputed e-commerce and FinTech leader in LatAm, especially in LatAm's most important market: Brazil, Shopee's progress has been truly remarkable as it's now the #2 ranked e-commerce app in downloads in Brazil according to App Annie. However, although Shopee is surely making meaningful headway in Brazil, MELI is a different competitor than Tokopedia and Lazada. MELI understands LatAm's e-commerce space comprehensively and has a very impressive logistics and fulfillment network that is second to none in LatAm's notoriously challenging logistics infrastructure. Sea Limited also noted this, but the company thinks that it will be able to overcome these difficulties as it continues to invest in LatAm, which will help these third-party logistics providers to improve their efficiencies and competencies over time and close the gap with MELI as SE emphasized:</p><p><blockquote>毫无疑问，最受关注的是该公司进军拉丁美洲，Sea Limited 最近更新称，该公司已取得巨大进展。我们最近对这个话题进行了深入探讨，我们鼓励您在这里参考我们的文章。虽然我们认为MercadoLibre（纳斯达克股票代码：MELI）是拉丁美洲无可争议的电子商务和金融科技领导者，尤其是在拉丁美洲最重要的市场：巴西，但Shopee的进步确实令人瞩目，因为它现在是巴西下载量排名第二的电子商务应用程序根据App Annie的数据。然而，尽管Shopee在巴西肯定取得了有意义的进展，但MELI是一个不同于Tokopedia和Lazada的竞争对手。MELI全面了解LatAm的电子商务领域，并拥有令人印象深刻的物流和履行网络，在LatAm臭名昭著的具有挑战性的物流基础设施中首屈一指。Sea Limited 也注意到了这一点，但该公司认为，随着它继续在拉丁美洲投资，它将能够克服这些困难，这将帮助这些第三方物流提供商随着时间的推移提高效率和能力，并缩小与 MELI 的差距。 SE 强调：</blockquote></p><p>   ...There hasn't been a lot of volume or traffic broadly generated across different platforms, then probably there is also a lack of initial growth opportunity for logistics. But on the one hand, we are also hopeful that with the growing e-commerce scene in the region and more focus of our global investors into the growth opportunities in the region, we may also see similar trends in those markets. And this is hopefully some contribution we can make to the market in terms of bringing more opportunities, bringing more digitization as well as e-commerce ecosystem that helps not just growth of Shopee but also growth of the surrounding services, including 3PLs within the region. And we've been partnering with 3PLs in our region very successfully in growing the e-commerce ecosystem. And at the same time, these third-party partners also enjoy the very strong growth on their end as well and the close partnership with Shopee. We are very happy to continue to adopt that model going forward in Brazil or the new markets as well. (from Q2'21 earnings call)  We have indeed seen this great partnership between Shopee and its logistics partners in Southeast Asia, so much so that one of its key logistics partners in Indonesia:J&amp;T Express, is on track for its own IPO either in Hong Kong or the US. Therefore, while MELI certainly has the important lead in logistics right now, we believe it's only a matter of time the logistics infrastructure in LatAm improves with Shopee's involvement if it is willing to adopt the aggressiveness of its approach with Southeast Asia.</p><p><blockquote>...由于不同平台上没有广泛产生大量的交易量或流量，因此物流可能也缺乏初始增长机会。但另一方面，我们亦希望，随著该地区电子商务场景的不断增长，以及我们的全球投资者更加关注该地区的增长机会，我们可能也会在该等市场看到类似的趋势。希望这是我们可以为市场做出的一些贡献，带来更多的机会，带来更多的数字化和电子商务生态系统，这不仅有助于Shopee的发展，还有助于周边服务的发展，包括该地区的第三方物流。我们已经与我们地区的3PLs合作，非常成功地发展了电子商务生态系统。与此同时，这些第三方合作伙伴也享有非常强劲的增长以及与Shopee的密切合作关系。我们很高兴在巴西或新市场继续采用这种模式。（摘自 2021 年第二季度收益看涨期权）我们确实看到了 Shopee 与其东南亚物流合作伙伴之间的良好合作伙伴关系，以至于其在印度尼西亚的主要物流合作伙伴之一：J&amp;T Express 正在走上正轨在香港或美国进行 IPO。因此，虽然 MELI 目前在物流领域确实处于重要领先地位，但我们相信，如果 Shopee 愿意在东南亚采取积极主动的做法，拉丁美洲的物流基础设施在 Shopee 的参与下得到改善只是时间问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4b58c9691ecea1beaa8e7bbec9861713\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>MELI Commerce Take Rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>梅利商业采取利率。数据来源：公司文件</span></p></blockquote></p><p> If we consider MELI's commerce take rate as compared to Shopee's take rate, readers can easily observe the incredible monetization opportunities that are available in LatAm, and we can easily understand why Sea Limited is so keen to carve out MercadoLibre's leadership there because it's just so attractive. We think as Sea Limited gets more aggressive in its marketing in LatAm, MercadoLibre will start to feel the pressure to rein in its lucrative take rate to compete with Shopee's aggressive marketing tactics.</p><p><blockquote>如果我们将 MELI 的商业采用率与 Shopee 的采用率进行比较，读者可以很容易地观察到拉丁美洲令人难以置信的货币化机会，我们也可以很容易地理解为什么 Sea Limited 如此热衷于剥夺 MercadoLibre 在那里的领导地位，因为它太有吸引力了。我们认为，随着 Sea Limited 在拉丁美洲的营销变得更加积极，MercadoLibre 将开始感受到压力，需要控制其利润丰厚的上座率，以与 Shopee 积极的营销策略竞争。</blockquote></p><p> Shopee has engaged international film star Jackie Chan for its global 9.9 campaign, and its Brazilian version (see above) has received even more views (3.3M) than some of its Asian counterparts that we last surveyed: Indonesia (1.2M views) and Singapore (1.6M views). We think Shopee has the potential to inflict huge damage to MELI's highly lucrative take rate as its Southeast Asian operations have achieved significant scale, and we think they are ready to take on LatAm's e-commerce leader with confidence. Readers should note that Shopee's e-commerce operations are way larger than MELI as Shopee boasts an LTM GMV of $48.8B as compared to MELI LTM GMV of $25.6B.</p><p><blockquote>Shopee 已聘请国际影星成龙参与其全球 9.9 活动，其巴西版本（见上文）的浏览量（330 万次）甚至超过了我们上次调查的一些亚洲版本：印度尼西亚（120 万次浏览量）和新加坡（160 万次浏览量）。我们认为 Shopee 有可能对 MELI 高利润的接受率造成巨大损害，因为其东南亚业务已达到相当大的规模，我们认为他们已准备好充满信心地与拉丁美洲的电子商务领导者展开竞争。读者应该注意到，Shopee的电子商务业务比MELI大得多，因为Shopee的LTM GMV为$48.8B，而MELI的LTM GMV为$25.6B。</blockquote></p><p> <b>Valuations Are Never Going to be Cheap</b></p><p><blockquote><b>估值永远不会便宜</b></blockquote></p><p> We used a blended comps valuation comprising its EV/Fwd Rev multiples and its EV/Fwd EBITDA multiples using the following companies in the comps set: Amazon, Tencent, Roblox, MercadoLibre, and Square(NYSE:SQ).</p><p><blockquote>我们使用了混合 comps 估值，包括其 EV/Fwd Rev 倍数和 EV/Fwd EBITDA 倍数，使用 comps 集中的以下公司：亚马逊、腾讯控股、Roblox、MercadoLibre 和 Square（纽约证券交易所股票代码：SQ）。</blockquote></p><p> Using an aggressive valuation approach based on FY23 consensus estimates of EBITDA and Revenue, we arrived at an implied fair value of about $336.19 (mid-point) under the EBITDA multiples approach and $352.62 (mid-point) under the Revenue approach. Averaging out those fair values will give us a blended fair value of $344.41, which indicates a potential downside of about 2.5% from its last closing price of $353.36.</p><p><blockquote>使用基于2023财年对 EBITDA 和收入共识估计的积极估值方法，我们得出 EBITDA 倍数方法下的隐含公允价值约为 336.19 美元（中点），收入方法下的隐含公允价值约为 352.62 美元（中点）。将这些公允价值平均后，我们将得出混合公允价值为 344.41 美元，这表明较最后收盘价 353.36 美元可能下跌约 2.5%。</blockquote></p><p></p><p> Readers should also note that we have used an aggressive approach and have not considered a reasonable margin of safety. So, in essence, SE stock looks expensive right now, even though we don't expect it to be cheap for a high-quality growth stock like Sea Limited.</p><p><blockquote>读者还应注意，我们采用了激进的方法，没有考虑合理的安全边际。因此，从本质上讲，SE 股票现在看起来很昂贵，尽管我们预计对于像 Sea Limited 这样的优质成长型股票来说它并不便宜。</blockquote></p><p> <b>SE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SE股票价格走势及趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd66ba3ffcdaf31167f72ad7ac24d34c\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>SE stock price action (weekly).</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE股票价格走势（每周）。</span></p></blockquote></p><p> The rapid ascent of SE stock has left price action investors with little opportunities to add more exposure. However, we have still taken the opportunities in May to add more exposure to our portfolio and haven't added anymore since.</p><p><blockquote>SE 股票的快速上涨使得价格行为投资者几乎没有机会增加更多敞口。然而，我们仍然抓住了五月份的机会，增加了我们投资组合的更多敞口，此后就没有再增加过。</blockquote></p><p> While we have not witnessed any indication of a momentum shift in SE stock, we seriously don't think we will even consider adding exposure at this price level, as our aggressive valuation approach has shown us that quite a bit of the optimism has already been priced in. The stock is also starting to show flashes of flush-up price action that are indicative of potential bull-trap scenarios. While the price action has not been resolved yet, we are still monitoring for opportunities to perhaps enter cash-secured puts at more reasonable strike prices relative to the expected premium collected to try and take advantage of SE stock's incredible momentum.</p><p><blockquote>虽然我们没有看到 SE 股票势头转变的任何迹象，但我们认真认为我们甚至不会考虑在这个价格水平增加敞口，因为我们积极的估值方法已经向我们表明，相当多的乐观情绪已经被定价。该股还开始出现冲高价格走势，这表明潜在的牛市陷阱情景。虽然价格走势尚未解决，但我们仍在关注是否有机会以相对于预期溢价更合理的执行价格进入现金担保看跌期权，以试图利用 SE 股票令人难以置信的势头。</blockquote></p><p> Hence, we hope that we have demonstrated in our earlier sections that Sea Limited is definitely in the early innings of its market opportunity. Still, the level of optimism in the stock will need some leveling off first so that long-term investors can add exposure at a more reasonable price level.</p><p><blockquote>因此，我们希望我们已经在前面的章节中证明了Sea Limited肯定处于其市场机会的早期阶段。尽管如此，该股的乐观情绪仍需首先趋于平稳，以便长期投资者能够以更合理的价格水平增加风险敞口。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453936-sea-limited-stock-good-buy-long-term\">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":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4453936-sea-limited-stock-good-buy-long-term","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120889633","content_text":"Summary\n\nSea Limited is a very high-quality growth stock that surprisingly receives less attention than Alibaba, MercadoLibre, and Amazon, even though it has outperformed all of them, hands down.\nWe help investors understand the key metrics in a useful analytical framework to evaluate Sea Limited's growth opportunities and whether it is worthy of a long-term position.\nLastly, we present our valuation argument to help our readers to decide whether they should add Sea Limited stock right now.\n\nnuttapong/iStock Editorial via Getty Images\nInvestment Thesis\nSea Limited(NYSE:SE)is one of our core holdings in our growth portfolio and one that we have taken the opportunity to add on major dips in the uptrend over the last year as the stock's incredible momentum saw it easily outperforming its e-commerce peers and mobile gaming peers.\nFor growth investors, Sea's incredible growth trajectory has been truly phenomenal, coupled with it being free of Beijing's oversights that saw its Chinese peers fall like dominoes, stunning even institutional investors with the pace of the government's \"rectification\" adjustments.\nSea's ascent has also been somewhat of a conundrum for value investors, as they don't get how an unprofitable company can be trading at such sky-high valuations without consequences.\nTherefore, to answer whether Sea Limited stock is a good long-term buy for investors, we will show our readers how to apply the appropriate analytical framework and valuation treatment to the company, based on its performance and its projections moving forward, so that investors can make meaningful decisions on whether they think Sea Limited is a worthy long-term addition to their portfolio now.\nFor investors who are new to Sea Limited, we have recently written several articles on the company, which you can refer to them as a preamble.\nSea & Peers' stock YTD performance (as of 3 Sep 21)\nThis year, Sea has been one of our portfolio's leading performers as the stock raced to an 83% YTD lead that easily outperformed all its peers and SPDR S&P 500 ETF(NYSEARCA:SPY). This performance is even more incredible because it came off an outstanding 2020, where it also outperformed with a 392% return.\nWhile the rest of its American and Chinese peers often received more coverage than this Singapore-headquartered company, it has been Sea which has been quietly delivering. It has been executing, expanding its Garena gaming ecosystem, and reaching new milestones. It's been scaling its e-commerce footprint to LatAm and demonstrating to Amazon(NASDAQ:AMZN) that they are not experiencing any reopening headwinds. This is in contrast to what Amazon indicated in its recent earnings. The company is also growing its Sea Money footprint, especially through the Shopee/Shopee Pay flywheel, as the company stakes its FinTech leadership ambitions against Southeast Asia's FinTech leader Grab(NASDAQ:AGC).\nAs a result of Sea Limited's incredible success, the group's China-born CEO Forrest Li is also now Singapore's richest man with a net worth of $20.3B.\nSE quant rating (momentum). Source: Seeking Alpha Premium\nWe have always reminded investors that Sea stock is one that you should never bet against even if you are bearish on its long-term prognosis. The stock has made one of the strongest upside moves we have seen for stocks in our growth portfolio. This is also corroborated by Seeking Alpha's proprietary quant momentum rating, giving it the best possible A+ grade on its most recent performance.\nGiven the company and the stock's stupendous performances so far, we think it's only apt that investors ask whether SE's future optimism has been largely priced in, which is especially important for new investors who have yet to add its stock, where we will highlight the analytical framework on how investors can use to consider the company's prospects moving forward.\nMonitor Its Revenue Growth Closely\nSea Limited quarterly revenue. Data source: S&P Capital IQ\nSea Limited quarterly revenue YoY growth. Data source: S&P Capital IQ\nSea Limited impressed with another awesome quarter of topline growth as total revenue grew 159% YoY on revenue of $2.28B. Its QoQ performance was also remarkable with a 29% QoQ growth, as the company shows that its gangbusters growth knows \"no limit.\"\nSea Limited GAAP quarterly operating margins. Data source: S&P Capital IQ\nFor companies like Sea, whose strategy is still focused very much on topline growth and building scale efficiencies in the process, we should not be too concerned with its negative operating margins, as long as the company clearly demonstrated that it could grow rapidly like in Sea's case, and also achieve economies of scale through ramping revenue as it seeks out its \"blue oceans.\" We also articulated this point in a recent article on Snowflake(NYSE:SNOW), which operates in a huge market with a massive opportunity to expand, and the firm has shown that it can execute its strategies very well to capture those revenue opportunities despite having negative operating margins right now.\nTherefore, Sea Limited has certainly struck the right notes here, and we see no cause for concern so far. What matters for investors now is whether the company is still expected to grow this rapidly moving forward.\nSea Limited revenue mean consensus estimates. Data source: S&P Capital IQ\nSea Limited consensus revenue estimates revision trend. Source: Seeking Alpha Premium\nReaders should easily glean that the Street upgraded revenue forecasts for the company after Q2's earnings release from what they projected post Q1 earnings. For example, revenue projection for FY21 has been increased by 11.5% to reflect the improved guidance from the company. Even though projections for FY24 to FY25 look rather tepid, readers should note that only three analysts covered the FY24 projections, while only two covered for FY25, compared to the 18-21 analysts who covered FY21 to FY23 numbers. As a result, we will also focus our discussion up to FY23 numbers to keep them meaningful.\nThe expected revenue CAGR from FY20 to FY23 is 59.1%, while it reads 40.1% from FY21 to FY23. Therefore, the market is still expecting Sea Limited to deliver remarkable topline growth rates moving forward.At the same time, we are cautiously optimistic about Sea Limited's future, under the skillful stewardship of Group CEO Forrest Li and his management team. The team includes his two very competent business unit chiefs Chris Feng and Terry Zhao. Feng was born in China and leads Shopee and Sea Money. He is a Stanford alumnus like Li and he was recruited from Lazada(NYSE:BABA)by Li in 2014. Feng is said to be a “very, very smart and very, very confident” person who “reacts quickly and has excellent abilities of recall.” Zhao is the president of Garena. Li has kept Zhao by his side since the company's inception. Li is unlike Alibaba's Jack Ma and prefers to keep a modest profile. Still, his team's execution has been nothing short of outstanding, and we see no reason to think otherwise moving forward for this founder-led company.\nKeep a Close Watch on Shopee's Adj. EBITDA\nQuarterly Adj. EBITDA. Data source: Company filings\nQuarterly Adj. EBITDA by segments. Data source: Company filings\nOf particular concern, though, is that the company's Adj. EBITDA turned negative for the first time since Q2'20 as the increase in Adj. EBITDA losses from Shopee were greater than what Garena could cover in Q2'21. Investors should be able to glean from the second chart where it shows that Shopee's Adj. EBITDA losses increased to $679.77M in Q2'21, representing a 64.8% QoQ increase, while Garena's Adj. EBITDA only managed a 3.3% QoQ increase in Q2'21.\nDespite this observation, the company highlighted that its Malaysia market had turned Adj. EBITDA profitable, joining its Taiwan market. Therefore, we believe the huge increase in burn rate for Shopee is likely in its largest markets by gross merchandise value (GMV), such as Indonesia and Thailand. The company also alluded to this in its earnings call as it emphasized:\n\n And in terms of sales and marketing and related to competitive dynamics, I think we are -- again, as we discussed it before, given our strong market leadership, we're in a good position now that our sales and marketing is more driven by our view about the efficiency of investment into various markets at various points of time, for example, any shopping event season, any particular opportunities to promote the brand, et cetera...\n And in terms of the cash burn...as we look at the market opportunities, the timing of the market, for example, in Q2, we have Ramadan season in our several largest markets including Indonesia.And this is a time where investment into the growth and to promote e-commerce adoption is very efficient. We have increased our buy frequency overall to more than 6x a month.\n And in Indonesia, it has exceeded 7x per month, which we believe is very healthy for a marketplace platform.\n\nShopee Indonesia 76th Independence Day poster (Shopee ada untuk Indonesia: Shopee is for Indonesia). Source: Shopee Indonesia LinkedIn\nNow, we emphasized Ramadan (which is not exclusive to Indonesia per se) because it's a massive annual event in Indonesia. We had a sojourn in Jakarta, Indonesia, for a year, and we can tell you it's one of the most important highlights in Indonesia's annual calendar. Therefore, we cannot further underscore the opportunities to boost sales during this important event. It shows that Shopee's management clearly understands its most important market very well, and Shopee also aligned its progress with Indonesia's progress as the country celebrated its 76th Independence Day on 17 Aug 21, as Shopee Indonesia reminded Indonesians that\"Shopee is for Indonesia.\"\nShopee Indonesia has quickly moved onto its next big 9.9 shopping event, and this time around, they recruited well-known Indonesian actor and martial artist Joe Taslim, who starred in the recent Mortal Kombat film as Sub-Zero. For readers familiar with Shopee's advertising strategy, the company often stars well-known local artists in its promotional campaigns. The ads are often quirky and dramatic, which helps capture the users' attention very easily and is often memorable. This recipe has served Shopee very well, and somehow its keen regional competitors such as Lazada and Tokopedia have found it difficult to emulate. We encourage investors and readers to continue keeping a close watch on Shopee's most important market moving forward.\nTherefore, while observing quarterly Adj. EBITDA moving back into negative territory wasn't exactly a welcome development; we need to consider the context. In Shopee's case, it was certainly an opportunity that they needed to undertake to take full advantage of the opportunity to boost sales during the important Ramadan festival which is mainly celebrated in Indonesia, Malaysia, and Singapore. Therefore, we wouldn't be too concerned over a quarter's development and start to be worried, but instead, we should continue to monitor Shopee's Adj. EBITDA's development over the next few quarters, and give the company some space to execute its e-commerce strategies.\nWatch for Advertising's Share of Revenue\nShopee Adj. EBITDA per order. Data source: Company filings\nShopee quarterly take rate. Data source: Company filings\nAs a result of Shoppe's increased Adj. EBITDA losses due to its heavier burn rate for Q2'21, we observed Shopee's Adj. EBITDA loss per order regressed to $0.41, from $0.38 in Q1'21. However, readers should note that this only represented a 7.9% QoQ increase, which is certainly much lower than the 64.8% QoQ increase in total Adj. EBITDA losses. This clearly shows that Shopee is benefiting from greater scale efficiencies, despite the larger burn rate due to the heavier investments in the quarter. In addition, the Adj. EBITDA loss per order was also not \"that bad,\" as it was still in line with Q4'20's metric. Moreover, we have certainly seen worse days, and this was nothing spectacular.\nImportantly, we noticed a marked and consistent improvement in Shopee's take rate for Q2'21 as it improved to 6.7% compared to 6.1% in Q1'21. Sea Limited was very clear on its earnings call where this improvement was mainly attributed to as it emphasized: \"This deepening monetization was driven mainly bygrowing merchant investments in marketing and advertisement on the Shopee platformto attract better and serve buyers.\"\nWe think this is a critical development in Shopee's progress as it continues to scale rapidly. For example, in our recent Amazon article, we showed just how massive the advertising opportunity is for the company as it's now Amazon's fastest-growing revenue driver, and 90% of its ad revenue is centered on its e-commerce marketplace.\nShopee quarterly sales & marketing (S&M) margin. Data source: Company filings\nTherefore, even though we saw a marked increase in Shopee's S&M margin from 49% in Q1'21 to 56.2% in Q2'21 (14.7% QoQ increase), we encourage investors to consider the company's overall Adj. EBITDA per order, which shows that the company has tremendous leverage to engage in aggressive marketing activities through better monetization in Shopee's platform.\nGarena's Bookings Growth Seems to Be Slowing Down\nGarena bookings. Data source: Company filings\nThe company reported a fantastic quarter for Garena again as it topped several charts. Sea highlighted that Garena's Free Fire continues to maintain incredible momentum in Southeast Asia, LatAm, and India as the highest-grossing game. In the US, Free Fire was \"ranked the highest-grossing mobile battle royale game for the past two quarters based on App Annie. Additionally, Free Fire was the second highest-grossing mobile game in the U.S. on Google Play across all games categories in the second quarter as well.\"\nWhile this is certainly impressive, we prefer to look at the global perspective on how Free Fire has performed against its peers. According to Sensor Tower data for H1'21, while Free Fire is the #2 top gross gaming app behind Moon Active's Coin Master on Google Play, it ranked only #8 in overall revenue when we included the App Store's top-grossing gaming apps such as Tencent's(OTCPK:TCEHY)Honor of Kings (#1 overall) and PUBG Mobile battle-royale game (#2 overall), and also Roblox (#4 overall)(NYSE:RBLX). Therefore, while Free Fire has been doing well in markets where the Android operating system (OS) is dominant, it hasn't performed quite as well in North America, where iOS is the leading OS (as we showed in our Digital Turbine(NASDAQ:APPS)article appendedhere). The US is the largest and the most important mobile gaming market, as it accounted for28%of the mobile gaming market share in 2020. Garena has never been a strong performer on iOS, and if the company can improve its performance in the App Store, the boost could be tremendous to Garena.\nWhile the company's bookings for Q2'21 remain strong as it posted a QoQ increase of 9.1% to $1.2B from $1.1B in Q1'21, the company only raised the guidance from $4.5B to $4.7B in bookings for FY21. When we consider H1'21's collective bookings of $2.3B, the company is therefore expecting H2'21 bookings to come in at $2.3B, which means they aren't expecting any material growth in bookings for the rest of the year as compared to H1'21. This was also picked up by one of the analysts on the conference call, and Group Chief Corporate Officer Yanjun Wang reminded:\n\n We believe the overall guidance showed a more than 40% year-on-year growth compared to last year, which is also a record year for us with the commencement of lockdown. And I think this is a very strong performance already. And our focus, as you can tell from game and the metrics we have indicated as well as our views in terms of how to grow our gaming platform,\n is to continue to first and foremost to grow our user base and also pay user baseacross the various markets in the world as we continue to see strong potential growth. (from Q2'21 earnings call)\n\nQuarter paying users (QPU) / Quarterly active users (QAU). Data source: Company filings\nAverage Booking Per User (ABPU) and Average Booking Per Paying User (ABPPU)). Data source: Company filings\nThe company's bookings trends can certainly be observed on a per-user or per paying user basis. The ABPPU has certainly been trending down, which reflects a drop in monetization per paying user, which is important as paying users are the ones that generate revenue for Garena. However, we didn't really observe a meaningful drop in the ABPU trend, despite the drop in ABPPU. This shows that even though there is \"less meat\" per paying user, newly minted paying users have been supporting the bookings, which we can certainly observe from the first chart where the QPU / QAU ratio has been consistently increasing, indicating that Garena has been getting better at converting and monetizing its huge non-paying users base. We think this is of huge significance when we consider that only 12.7% of users are paying users as of Q2'21, leaving the company massive opportunities to continue \"working its magic\" on monetizing the non-paying users. On this matter, Sea Limited was unabashed as it emphasized: \"...Our past track record has shown that we're generally good at commercialization in even markets that are known to be difficult for commercialization. So we don't really worry about not being able to commercialize the content down the road. But our focus continues to be growing the user base and making this an even larger platform that allows us to really tap on into it to build a stronger game ecosystem with very strong social elements in it.\"\nBuilding up eSports as a Social Platform\nWe shared in our previous deep dive on Garena (link to the article is appendedhere), where Garena's ambitions are beyond just a mobile gaming app. The company has huge ambitions, and they have already been using eSports as the basis to build the community for its gamers and developing it into a social platform that perhaps is similar to what Roblox has advanced. Garena has already highlighted previously its ambitions on building this cohesive and broad social community as it emphasized:\n\n...developingit into a social platformwhere people not only come to play the core gameplay, but also enjoy other modes: hangout, listen to music, social lives… So our focus is to continue to promote a massive-based online platform and online community and provide them with content and opportunities for socializing engagement, try out different modes of games, try out different characters, avatars or having different ways of playing.\n\nThe revenue in global eSports is not that significant as it's only expected to reach $1.62B by 2024, as we highlighted in our Garena article. Still, the whole strategic intent is to build the all-encompassing social platform that will drive incredible engagement, platform stickiness beyond what a typical gaming app can do. Importantly, the company is also headquartered in Singapore, where the Singapore government is focused on building the global hub for eSports, as Southeast Asia is expected to be the fastest-growing region for eSports, and the city-state recently opened a huge 12,000-sqft eSports experience center, as the Singapore Tourism Board emphasized:\n\n Our world-class events and digital infrastructure have also made Singapore an attractive location for the industry to hold gaming and e-sports events here. The government will continue to support companies as they push boundaries through experimenting with new and immersive content formats and business models, as well as level up the quality of our local talent to become leading creators of world-class content.\n\nGarena also recently brought in \"globally renowned DJs Dimitri Vegas & Like Mike, Alok, and KSHMR for Free Fire’s 4th-anniversary theme song, ‘Reunion,’\" following successful strategies adopted by Roblox in its metaverse development, and we think Garena is really still very early in its opportunity to develop its own metaverse.\nSea Limited Stakes Its Claim On MercadoLibre's LatAm Leadership\nWithout a doubt, the one that generates the most interest is the company's foray into LatAm, which Sea Limited recently updated that it has seen tremendous progress. We did a deep dive recently on this topic, and we encourage you to refer to our articlehere. While we think MercadoLibre(NASDAQ:MELI)is the undisputed e-commerce and FinTech leader in LatAm, especially in LatAm's most important market: Brazil, Shopee's progress has been truly remarkable as it's now the #2 ranked e-commerce app in downloads in Brazil according to App Annie. However, although Shopee is surely making meaningful headway in Brazil, MELI is a different competitor than Tokopedia and Lazada. MELI understands LatAm's e-commerce space comprehensively and has a very impressive logistics and fulfillment network that is second to none in LatAm's notoriously challenging logistics infrastructure. Sea Limited also noted this, but the company thinks that it will be able to overcome these difficulties as it continues to invest in LatAm, which will help these third-party logistics providers to improve their efficiencies and competencies over time and close the gap with MELI as SE emphasized:\n\n ...There hasn't been a lot of volume or traffic broadly generated across different platforms, then probably there is also a lack of initial growth opportunity for logistics. But on the one hand, we are also hopeful that with the growing e-commerce scene in the region and more focus of our global investors into the growth opportunities in the region, we may also see similar trends in those markets. And this is hopefully some contribution we can make to the market in terms of bringing more opportunities, bringing more digitization as well as e-commerce ecosystem that helps not just growth of Shopee but also growth of the surrounding services, including 3PLs within the region. And we've been partnering with 3PLs in our region very successfully in growing the e-commerce ecosystem. And at the same time, these third-party partners also enjoy the very strong growth on their end as well and the close partnership with Shopee. We are very happy to continue to adopt that model going forward in Brazil or the new markets as well. (from Q2'21 earnings call)\n\nWe have indeed seen this great partnership between Shopee and its logistics partners in Southeast Asia, so much so that one of its key logistics partners in Indonesia:J&T Express, is on track for its own IPO either in Hong Kong or the US. Therefore, while MELI certainly has the important lead in logistics right now, we believe it's only a matter of time the logistics infrastructure in LatAm improves with Shopee's involvement if it is willing to adopt the aggressiveness of its approach with Southeast Asia.\nMELI Commerce Take Rate. Data source: Company filings\nIf we consider MELI's commerce take rate as compared to Shopee's take rate, readers can easily observe the incredible monetization opportunities that are available in LatAm, and we can easily understand why Sea Limited is so keen to carve out MercadoLibre's leadership there because it's just so attractive. We think as Sea Limited gets more aggressive in its marketing in LatAm, MercadoLibre will start to feel the pressure to rein in its lucrative take rate to compete with Shopee's aggressive marketing tactics.\nShopee has engaged international film star Jackie Chan for its global 9.9 campaign, and its Brazilian version (see above) has received even more views (3.3M) than some of its Asian counterparts that we last surveyed: Indonesia (1.2M views) and Singapore (1.6M views). We think Shopee has the potential to inflict huge damage to MELI's highly lucrative take rate as its Southeast Asian operations have achieved significant scale, and we think they are ready to take on LatAm's e-commerce leader with confidence. Readers should note that Shopee's e-commerce operations are way larger than MELI as Shopee boasts an LTM GMV of $48.8B as compared to MELI LTM GMV of $25.6B.\nValuations Are Never Going to be Cheap\nWe used a blended comps valuation comprising its EV/Fwd Rev multiples and its EV/Fwd EBITDA multiples using the following companies in the comps set: Amazon, Tencent, Roblox, MercadoLibre, and Square(NYSE:SQ).\nUsing an aggressive valuation approach based on FY23 consensus estimates of EBITDA and Revenue, we arrived at an implied fair value of about $336.19 (mid-point) under the EBITDA multiples approach and $352.62 (mid-point) under the Revenue approach. Averaging out those fair values will give us a blended fair value of $344.41, which indicates a potential downside of about 2.5% from its last closing price of $353.36.\nReaders should also note that we have used an aggressive approach and have not considered a reasonable margin of safety. So, in essence, SE stock looks expensive right now, even though we don't expect it to be cheap for a high-quality growth stock like Sea Limited.\nSE Stock Price Action and Trend Analysis\nSE stock price action (weekly).\nThe rapid ascent of SE stock has left price action investors with little opportunities to add more exposure. However, we have still taken the opportunities in May to add more exposure to our portfolio and haven't added anymore since.\nWhile we have not witnessed any indication of a momentum shift in SE stock, we seriously don't think we will even consider adding exposure at this price level, as our aggressive valuation approach has shown us that quite a bit of the optimism has already been priced in. The stock is also starting to show flashes of flush-up price action that are indicative of potential bull-trap scenarios. While the price action has not been resolved yet, we are still monitoring for opportunities to perhaps enter cash-secured puts at more reasonable strike prices relative to the expected premium collected to try and take advantage of SE stock's incredible momentum.\nHence, we hope that we have demonstrated in our earlier sections that Sea Limited is definitely in the early innings of its market opportunity. Still, the level of optimism in the stock will need some leveling off first so that long-term investors can add exposure at a more reasonable price level.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":2049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880472277,"gmtCreate":1631077073899,"gmtModify":1631891106752,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Really","listText":"Really","text":"Really","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880472277","repostId":"1156621493","repostType":4,"isVote":1,"tweetType":1,"viewCount":2559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817794942,"gmtCreate":1630986382686,"gmtModify":1631891106762,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Shocked","listText":"Shocked","text":"Shocked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817794942","repostId":"2165877663","repostType":4,"isVote":1,"tweetType":1,"viewCount":2961,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817792480,"gmtCreate":1630986343640,"gmtModify":1631891106773,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Ohhj","listText":"Ohhj","text":"Ohhj","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817792480","repostId":"1180042484","repostType":4,"isVote":1,"tweetType":1,"viewCount":987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814773836,"gmtCreate":1630887945325,"gmtModify":1631893610152,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Why US Labor day not fall on May 1st?","listText":"Why US Labor day not fall on May 1st?","text":"Why US Labor day not fall on May 1st?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814773836","repostId":"1126654067","repostType":4,"repost":{"id":"1126654067","kind":"news","pubTimestamp":1630885254,"share":"https://www.laohunote.com/m/news/1126654067?lang=zh_CN&edition=full","pubTime":"2021-09-06 07:40","market":"us","language":"en","title":"Is the U.S. stock market open on Labor Day?<blockquote>美国股市在劳动节开市吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126654067","media":"MarketWatch","summary":"It is unofficially summer’s last hurrah for Wall Street investors.\nU.S. financial markets will be cl","content":"<p>It is unofficially summer’s last hurrah for Wall Street investors.</p><p><blockquote>对于华尔街投资者来说，这是非正式的夏季最后一次欢呼。</blockquote></p><p> U.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.</p><p><blockquote>美国金融市场将于 9 月 6 日星期一劳动节休市，标志着美国为期三天的周末，此前股市经历了大部分精彩的表现。尽管人们对冠状病毒德尔塔变异毒株的传播感到担忧，并且对美联储在去年疫情爆发时实施的宽松货币政策最终撤销的时间表感到不安，但股市还是出现了上涨。</blockquote></p><p> On Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc.&nbsp;-owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average,&nbsp;S&amp;P 500&nbsp;or Nasdaq Composite indexes.</p><p><blockquote>周一，美国证券交易所，包括洲际交易所（Intercontinental Exchange Inc.）和纳斯达克公司旗下的纽约证券交易所（New York Stock Exchange Inc.）将休市，因此不要关注道琼斯工业平均指数、标普500指数或纳斯达克综合指数等个股或指数的任何波动。</blockquote></p><p> The S&amp;P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite&nbsp;was on track to book its 35th&nbsp;all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.</p><p><blockquote>标普500指数在 2021 年已创下 54 个收盘历史新高，并有望在周五创下第 55 个收盘历史新高，而纳斯达克综合指数有望创下今年第 35 个历史新高。周五下午三点左右，道琼斯指数较 8 月 16 日的纪录上涨不到一个百分点。</blockquote></p><p> Sifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was&nbsp;yielding around 1.33%&nbsp;after the U.S. August jobs report came in weaker than expected.</p><p><blockquote>固定收益证券行业贸易组织Sifma也建议劳动节债券市场休市，包括交易10年期国债，在美国8月就业报告弱于预期后，10年期国债收益率约为1.33%。</blockquote></p><p> However, the&nbsp;Labor Department’s employment report,which showed that&nbsp;235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.</p><p><blockquote>然而，美国劳工部的就业报告显示，8 月份新增就业岗位 23.5 万个，远低于预期的 70 多万个，但未能降低主权债务投资者对美联储近期宣布缩减每月 1200 亿美元国债和抵押贷款支持证券购买规模的预期。</blockquote></p><p> Trading in most commodity futures, including Nymex crude-oil&nbsp;and Comex gold,on U.S. exchanges will also be halted Monday.</p><p><blockquote>美国交易所大多数商品期货交易，包括 Nymex 原油和 Comex 黄金，也将于周一停止交易。</blockquote></p><p> Is there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?</p><p><blockquote>除了在美国度假和烧烤之外，这个假期对普通投资者来说还有什么意义吗？</blockquote></p><p> Probably not.</p><p><blockquote>可能不会。</blockquote></p><p> But the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.</p><p><blockquote>但道琼斯市场数据显示，近年来五月阵亡将士纪念日至九月劳动节期间对投资者来说是一个看涨时期。例如，道琼斯指数在此期间上涨了约 2%，平均上涨 1.3%，65% 的时间都创下了上涨纪录。道琼斯指数目前在过去六个阵亡将士纪念日/劳动节期间取得连胜，这是自1989年以来最长的连胜纪录。去年，市场在此期间上涨了近 15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3f0f061a4ddd2ca31c53f8aa68e3cce\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> The S&amp;P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.</p><p><blockquote>标普500也取得了类似的连胜势头，在阵亡将士纪念日-劳动节期间迄今已上涨近 8%。过去几年同期上涨了 70% 以上，平均涨幅为 1.7%。2020 年同期，大盘指数上涨了 16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c780a46e32d055feb3e3f5e10fc987f\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> But if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s&nbsp;Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.</p><p><blockquote>但如果说劳动节交易有一个真正的趋势，那可能就是 MarketWatch 的史蒂夫-戈尔茨坦（Steve Goldstein）援引雷蒙德-詹姆斯（Raymond James）策略师塔维斯-麦考特（Tavis McCourt）的话说，在过去两年中，节后股市存在很大的价值和周期性偏差，2018 年，市场在夏季结束后基本上崩溃了。</blockquote></p><p> It is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.</p><p><blockquote>不可能知道这次股市上涨是否会类似地消失，但华尔街越来越认为估值过高，股指将从当前高点回调至少 5% 或更多。</blockquote></p><p> Markets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100&nbsp;index and the pan-European Stoxx Europe 600&nbsp;will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng&nbsp;and the Shanghai Composite Index.</p><p><blockquote>周二市场将恢复正常交易，当然，包括伦敦富时 100 指数和泛欧斯托克欧洲 600 指数在内的欧洲证券交易所将于周一开盘，亚洲市场、日经 225 指数、香港恒生指数和上证综合指数也将开盘。</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>Is the U.S. stock market open on Labor Day?<blockquote>美国股市在劳动节开市吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the U.S. stock market open on Labor Day?<blockquote>美国股市在劳动节开市吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-06 07:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It is unofficially summer’s last hurrah for Wall Street investors.</p><p><blockquote>对于华尔街投资者来说，这是非正式的夏季最后一次欢呼。</blockquote></p><p> U.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.</p><p><blockquote>美国金融市场将于 9 月 6 日星期一劳动节休市，标志着美国为期三天的周末，此前股市经历了大部分精彩的表现。尽管人们对冠状病毒德尔塔变异毒株的传播感到担忧，并且对美联储在去年疫情爆发时实施的宽松货币政策最终撤销的时间表感到不安，但股市还是出现了上涨。</blockquote></p><p> On Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc.&nbsp;-owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average,&nbsp;S&amp;P 500&nbsp;or Nasdaq Composite indexes.</p><p><blockquote>周一，美国证券交易所，包括洲际交易所（Intercontinental Exchange Inc.）和纳斯达克公司旗下的纽约证券交易所（New York Stock Exchange Inc.）将休市，因此不要关注道琼斯工业平均指数、标普500指数或纳斯达克综合指数等个股或指数的任何波动。</blockquote></p><p> The S&amp;P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite&nbsp;was on track to book its 35th&nbsp;all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.</p><p><blockquote>标普500指数在 2021 年已创下 54 个收盘历史新高，并有望在周五创下第 55 个收盘历史新高，而纳斯达克综合指数有望创下今年第 35 个历史新高。周五下午三点左右，道琼斯指数较 8 月 16 日的纪录上涨不到一个百分点。</blockquote></p><p> Sifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was&nbsp;yielding around 1.33%&nbsp;after the U.S. August jobs report came in weaker than expected.</p><p><blockquote>固定收益证券行业贸易组织Sifma也建议劳动节债券市场休市，包括交易10年期国债，在美国8月就业报告弱于预期后，10年期国债收益率约为1.33%。</blockquote></p><p> However, the&nbsp;Labor Department’s employment report,which showed that&nbsp;235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.</p><p><blockquote>然而，美国劳工部的就业报告显示，8 月份新增就业岗位 23.5 万个，远低于预期的 70 多万个，但未能降低主权债务投资者对美联储近期宣布缩减每月 1200 亿美元国债和抵押贷款支持证券购买规模的预期。</blockquote></p><p> Trading in most commodity futures, including Nymex crude-oil&nbsp;and Comex gold,on U.S. exchanges will also be halted Monday.</p><p><blockquote>美国交易所大多数商品期货交易，包括 Nymex 原油和 Comex 黄金，也将于周一停止交易。</blockquote></p><p> Is there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?</p><p><blockquote>除了在美国度假和烧烤之外，这个假期对普通投资者来说还有什么意义吗？</blockquote></p><p> Probably not.</p><p><blockquote>可能不会。</blockquote></p><p> But the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.</p><p><blockquote>但道琼斯市场数据显示，近年来五月阵亡将士纪念日至九月劳动节期间对投资者来说是一个看涨时期。例如，道琼斯指数在此期间上涨了约 2%，平均上涨 1.3%，65% 的时间都创下了上涨纪录。道琼斯指数目前在过去六个阵亡将士纪念日/劳动节期间取得连胜，这是自1989年以来最长的连胜纪录。去年，市场在此期间上涨了近 15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3f0f061a4ddd2ca31c53f8aa68e3cce\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> The S&amp;P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.</p><p><blockquote>标普500也取得了类似的连胜势头，在阵亡将士纪念日-劳动节期间迄今已上涨近 8%。过去几年同期上涨了 70% 以上，平均涨幅为 1.7%。2020 年同期，大盘指数上涨了 16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c780a46e32d055feb3e3f5e10fc987f\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> But if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s&nbsp;Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.</p><p><blockquote>但如果说劳动节交易有一个真正的趋势，那可能就是 MarketWatch 的史蒂夫-戈尔茨坦（Steve Goldstein）援引雷蒙德-詹姆斯（Raymond James）策略师塔维斯-麦考特（Tavis McCourt）的话说，在过去两年中，节后股市存在很大的价值和周期性偏差，2018 年，市场在夏季结束后基本上崩溃了。</blockquote></p><p> It is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.</p><p><blockquote>不可能知道这次股市上涨是否会类似地消失，但华尔街越来越认为估值过高，股指将从当前高点回调至少 5% 或更多。</blockquote></p><p> Markets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100&nbsp;index and the pan-European Stoxx Europe 600&nbsp;will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng&nbsp;and the Shanghai Composite Index.</p><p><blockquote>周二市场将恢复正常交易，当然，包括伦敦富时 100 指数和泛欧斯托克欧洲 600 指数在内的欧洲证券交易所将于周一开盘，亚洲市场、日经 225 指数、香港恒生指数和上证综合指数也将开盘。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/is-the-u-s-stock-market-open-on-labor-day-11630697597?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","ICE":"洲际交易所",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/is-the-u-s-stock-market-open-on-labor-day-11630697597?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126654067","content_text":"It is unofficially summer’s last hurrah for Wall Street investors.\nU.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.\nOn Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc. -owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average, S&P 500 or Nasdaq Composite indexes.\nThe S&P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite was on track to book its 35th all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.\nSifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was yielding around 1.33% after the U.S. August jobs report came in weaker than expected.\nHowever, the Labor Department’s employment report,which showed that 235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.\nTrading in most commodity futures, including Nymex crude-oil and Comex gold,on U.S. exchanges will also be halted Monday.\nIs there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?\nProbably not.\nBut the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.\nDOW JONES MARKET DATA\nThe S&P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.\nDOW JONES MARKET DATA\nBut if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.\nIt is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.\nMarkets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100 index and the pan-European Stoxx Europe 600 will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng and the Shanghai Composite Index.","news_type":1,"symbols_score_info":{".DJI":0.9,"ICE":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814619165,"gmtCreate":1630811568957,"gmtModify":1631893610154,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Like thanks&nbsp;","listText":"Like thanks&nbsp;","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814619165","repostId":"1157895022","repostType":4,"repost":{"id":"1157895022","kind":"news","pubTimestamp":1630810619,"share":"https://www.laohunote.com/m/news/1157895022?lang=zh_CN&edition=full","pubTime":"2021-09-05 10:56","market":"us","language":"en","title":"Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157895022","media":"MarketWatch","summary":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do ","content":"<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯-霍华德（Vance Howard）的 HCM 战术增长基金（Tactical Growwth Fund）会让你在谨慎的情况下进出股市。到目前为止，他的计算机科学家团队的策略已经取得了成效。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市上收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>这是每个人的梦想，对吧？投资者万斯-霍华德认为他找到了答案。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>佐治亚州罗斯威尔的霍华德资本管理公司的霍华德和他的一小群计算机程序员。，有一个量化系统，发布巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的 HCM 战术增长基金 HCMGX,+0.35% 在过去五年中以年化计算比其罗素 1000 基准指数和大型混合基金类别高出 8.5-10.4 个百分点。这不是一个小壮举，不仅仅是因为它必须克服2.22%的费用。战胜市场根本不容易。他的 HCM 股息板块 PlusHCMQX,-0.05%) 和 HCM 收入 PlusHCMLX,+0.30% 基金表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详细介绍。（其中：潜在的长期表现不佳和定期税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化者从不分享他们专有系统的所有细节，但霍华德分享了很多细节，你会看到的。这位德克萨斯州牧场主有很多基于 “马感 ”的好建议--考虑到他对市场有着极具感染力的热情，以及他三十年的职业牧场主经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12 只交易所交易基金 (ETF) 和 4 只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化注定了我们会失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以在可能很长一段时间没有食物之前储存卡路里。但在市场上，出于恐惧和贪婪的情绪行事总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们也相信与人群在一起会带来安全。如果你是稀树草原上的斑马，那么如果你单独行动，就更有可能被捕食者叼走。这里的问题是成为人群的一部分——以及人群心理——把我们愚蠢到纯粹的情感层面。这就是为什么人群中的人们会做他们自己永远不会做的可怕事情。你有多聪明并不重要。当你加入人群时，你会失去很多智商点。基本情绪占据主导地位。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做好，你必须抵消这些趋势。“霍华德说：”个人投资者和基金经理犯的最大错误之一就是情绪化。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：建立一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>要驱除情绪，要有一个系统。“霍华德说：”不要事后猜测。“这让你不会让大流行病或阿富汗把你吓出市场”。他评级了他的系统HCM-BuyLine。它基本上是一个动量和趋势跟踪系统——在市场上通常效果很好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔 500SPX（-0.03%）或道琼斯工业平均指数（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌 6.5%，他就再卖出 35%。他很少使用100%的现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“他说：”如果买盘是积极的，无论如何我们都会长期持有。“我们让数学来决定，就能把所有的情绪都排除在外”。</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多内容见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统也必须告诉你什么时候回来。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“他说：”这就是大多数人搞砸的地方。“他们退出了市场，却不知道什么时候才能重新进来”。当他的自定义指数连续六个交易日交易高于其移动平均线时，HCM-BuyLine 会发出买入信号，然后继续交易高于这六天的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个能准确预测评级市场顶部或底部的系统。相反，买入线让霍华德在 85% 的时间里远离下跌市场，在 85% 的好时机里则保持下跌。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“他说：”如果我们能坚持不懈地做到这一点，我们就能获得更高的回报，生活压力也会更小。“在糟糕的录音带中全神贯注并不好玩”。</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定会让他离开。他经常买入这些回调。快速回归是有意义的，因为底部的复苏往往会很快发生。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“霍华德说：”HCM-BuyLine 消除了整个过程中的所有情绪。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要与磁带对抗</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂-茨威格（Marty Zweig）经典著作《华尔街的胜利》（Winning on Wall Street）的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“霍华德同意道：”你必须站在市场的正确一边。“如果你试图在糟糕的市场中进行多头交易，那将是痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“他说：”有时候，不赔钱才是你想要的。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要因为市场创下新高--比如现在--就变得谨慎。你应该喜欢新高，因为这是市场力量可能会持续的迹象。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第4课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德并不使用衍生品、掉期或指数期权等深奥的工具。他甚至不交易外国股票或货币。这对个人投资者来说是令人耳目一新的，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“他说：”你不必交易疯狂的东西。“你可以交易普通的 ETF，击败所有人”。</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做多。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-BuyLine 非常积极。我们百分之百同意，”霍华德说。“市场正在扩大。这变得非常令人兴奋。我们认为市场不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有的现金都在观望。“如果科维德有任何缓解，我们可能会看到一场大反弹。我们最终可能会迎来一个伟大的秋季[赛季]。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德还使用动量指标来选择股票和 ETF。对于行业，他倾向于以下几种。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过 iShares US HealthcareIYH,-0.04% 和 ProShares Ultra Health CareRXL,+0.12% ETF 进行交易。他越来越看好生物技术，他通过 iShares Biotechnology ETFIBB 投资生物技术，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过 iShares US Consumer ServicesIYC 交易的非必需消费品， -0.30%， 以及通过 US Global JetsJETS 交易的航空公司， -1.17%.他还喜欢通过 Invesco QQQ TrustQQQ,+0.31%、iShares US TechnologyYYW,+0.50% 和 iShares SemiconductorSOXX,+0.75% 进行科技投资。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他通过 Vanguard Small-Cap Growth Index FundVBK,+0.07% 看好小盘股。以及通过 SPDR Bloomberg Barclays Convertible Securities CWB,+0.64% 和 iShares Convertible BondICVT,+0.37% 看好可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个股，他特别提到了科技股中的微软MSFT（-0.00%）和苹果APL（+0.42%），以及亚马逊.comAMZN（+0.43%）和特斯拉TSLA（+0.16%）。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>还可以考虑霍华德的两只 ETF： HCM Defender 100 IndexQQH,+0.62%，HCM Defender 500 IndexLGH,+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌 1%-3% 时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的 HCM 战术增长基金自 2015 年推出以来，曾连续两年表现不佳，表现在 1.5% 至 8.8% 之间。随后，该基金强势回归，实现了上述非常积极的五年业绩。投资他的系统可能需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，包括沃伦·巴菲特在内的每个经理都可能经历一段时间的表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“他说：”我们正处于胜算之中。“即使在赔率游戏中，你也可能有一两手烂牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年为140%。这意味着山姆大叔在好年景里得到了很大的削减。因此，如果您购买霍华德的基金，您可能需要在税收保护账户中购买。</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>Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBeat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-05 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯-霍华德（Vance Howard）的 HCM 战术增长基金（Tactical Growwth Fund）会让你在谨慎的情况下进出股市。到目前为止，他的计算机科学家团队的策略已经取得了成效。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市上收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>这是每个人的梦想，对吧？投资者万斯-霍华德认为他找到了答案。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>佐治亚州罗斯威尔的霍华德资本管理公司的霍华德和他的一小群计算机程序员。，有一个量化系统，发布巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的 HCM 战术增长基金 HCMGX,+0.35% 在过去五年中以年化计算比其罗素 1000 基准指数和大型混合基金类别高出 8.5-10.4 个百分点。这不是一个小壮举，不仅仅是因为它必须克服2.22%的费用。战胜市场根本不容易。他的 HCM 股息板块 PlusHCMQX,-0.05%) 和 HCM 收入 PlusHCMLX,+0.30% 基金表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详细介绍。（其中：潜在的长期表现不佳和定期税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化者从不分享他们专有系统的所有细节，但霍华德分享了很多细节，你会看到的。这位德克萨斯州牧场主有很多基于 “马感 ”的好建议--考虑到他对市场有着极具感染力的热情，以及他三十年的职业牧场主经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12 只交易所交易基金 (ETF) 和 4 只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化注定了我们会失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以在可能很长一段时间没有食物之前储存卡路里。但在市场上，出于恐惧和贪婪的情绪行事总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们也相信与人群在一起会带来安全。如果你是稀树草原上的斑马，那么如果你单独行动，就更有可能被捕食者叼走。这里的问题是成为人群的一部分——以及人群心理——把我们愚蠢到纯粹的情感层面。这就是为什么人群中的人们会做他们自己永远不会做的可怕事情。你有多聪明并不重要。当你加入人群时，你会失去很多智商点。基本情绪占据主导地位。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做好，你必须抵消这些趋势。“霍华德说：”个人投资者和基金经理犯的最大错误之一就是情绪化。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：建立一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>要驱除情绪，要有一个系统。“霍华德说：”不要事后猜测。“这让你不会让大流行病或阿富汗把你吓出市场”。他评级了他的系统HCM-BuyLine。它基本上是一个动量和趋势跟踪系统——在市场上通常效果很好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔 500SPX（-0.03%）或道琼斯工业平均指数（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌 6.5%，他就再卖出 35%。他很少使用100%的现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“他说：”如果买盘是积极的，无论如何我们都会长期持有。“我们让数学来决定，就能把所有的情绪都排除在外”。</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多内容见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统也必须告诉你什么时候回来。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“他说：”这就是大多数人搞砸的地方。“他们退出了市场，却不知道什么时候才能重新进来”。当他的自定义指数连续六个交易日交易高于其移动平均线时，HCM-BuyLine 会发出买入信号，然后继续交易高于这六天的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个能准确预测评级市场顶部或底部的系统。相反，买入线让霍华德在 85% 的时间里远离下跌市场，在 85% 的好时机里则保持下跌。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“他说：”如果我们能坚持不懈地做到这一点，我们就能获得更高的回报，生活压力也会更小。“在糟糕的录音带中全神贯注并不好玩”。</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定会让他离开。他经常买入这些回调。快速回归是有意义的，因为底部的复苏往往会很快发生。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“霍华德说：”HCM-BuyLine 消除了整个过程中的所有情绪。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要与磁带对抗</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂-茨威格（Marty Zweig）经典著作《华尔街的胜利》（Winning on Wall Street）的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“霍华德同意道：”你必须站在市场的正确一边。“如果你试图在糟糕的市场中进行多头交易，那将是痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“他说：”有时候，不赔钱才是你想要的。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要因为市场创下新高--比如现在--就变得谨慎。你应该喜欢新高，因为这是市场力量可能会持续的迹象。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第4课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德并不使用衍生品、掉期或指数期权等深奥的工具。他甚至不交易外国股票或货币。这对个人投资者来说是令人耳目一新的，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“他说：”你不必交易疯狂的东西。“你可以交易普通的 ETF，击败所有人”。</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做多。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-BuyLine 非常积极。我们百分之百同意，”霍华德说。“市场正在扩大。这变得非常令人兴奋。我们认为市场不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有的现金都在观望。“如果科维德有任何缓解，我们可能会看到一场大反弹。我们最终可能会迎来一个伟大的秋季[赛季]。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德还使用动量指标来选择股票和 ETF。对于行业，他倾向于以下几种。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过 iShares US HealthcareIYH,-0.04% 和 ProShares Ultra Health CareRXL,+0.12% ETF 进行交易。他越来越看好生物技术，他通过 iShares Biotechnology ETFIBB 投资生物技术，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过 iShares US Consumer ServicesIYC 交易的非必需消费品， -0.30%， 以及通过 US Global JetsJETS 交易的航空公司， -1.17%.他还喜欢通过 Invesco QQQ TrustQQQ,+0.31%、iShares US TechnologyYYW,+0.50% 和 iShares SemiconductorSOXX,+0.75% 进行科技投资。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他通过 Vanguard Small-Cap Growth Index FundVBK,+0.07% 看好小盘股。以及通过 SPDR Bloomberg Barclays Convertible Securities CWB,+0.64% 和 iShares Convertible BondICVT,+0.37% 看好可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个股，他特别提到了科技股中的微软MSFT（-0.00%）和苹果APL（+0.42%），以及亚马逊.comAMZN（+0.43%）和特斯拉TSLA（+0.16%）。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>还可以考虑霍华德的两只 ETF： HCM Defender 100 IndexQQH,+0.62%，HCM Defender 500 IndexLGH,+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌 1%-3% 时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的 HCM 战术增长基金自 2015 年推出以来，曾连续两年表现不佳，表现在 1.5% 至 8.8% 之间。随后，该基金强势回归，实现了上述非常积极的五年业绩。投资他的系统可能需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，包括沃伦·巴菲特在内的每个经理都可能经历一段时间的表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“他说：”我们正处于胜算之中。“即使在赔率游戏中，你也可能有一两手烂牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年为140%。这意味着山姆大叔在好年景里得到了很大的削减。因此，如果您购买霍华德的基金，您可能需要在税收保护账户中购买。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157895022","content_text":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.\n\nImagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.\nThat’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.\nHoward and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.\nHis HCM Tactical Growth Fund HCMGX,+0.35%beats its Russell 1000 benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.\nThere are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?\nSo-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.\nHere are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.\nLesson #1: Don’t be emotional\nIt’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.\nLikewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.\nTo do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”\nLesson #2: Have a system and stick to it\nTo exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.\nThe HCM-BuyLine basically works like this. First, rather than use the S&P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.\nWhen the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.\n“If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”\nRight now, it’s bullish. (More on this below.)\nYour system also has to tell you when to get back in.\n“That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.\nYou don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.\n“If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”\nHis system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.\n“The HCM-BuyLine takes all the emotion out of the process,” says Howard.\nLesson #3: Don’t fight the tape\nThis concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”\n“You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”\nIn other words, don’t try to be a hero.\n“Sometimes, not losing money is where you want to be,” he says.\nLikewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.\nLesson #4: Keep it simple\nAs you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.\n“You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”\nLesson #5: How to trade the current market\nFirst, be long.\n“The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”\nOne bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”\nHoward uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.\nHe likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.\nHe likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and iShares SemiconductorSOXX,+0.75%.\nHe likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.\nAs for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.\nAlso consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.\nHe prefers to add to holdings on 1%-3% dips.\nA few drawbacks\nHis HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.\nEvery manager, including Warren Buffett, can have a stretch of underperformance, says Howard.\n“We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”\nAnother challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815915054,"gmtCreate":1630634942278,"gmtModify":1631893610158,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Ohh","listText":"Ohh","text":"Ohh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815915054","repostId":"2164829818","repostType":4,"isVote":1,"tweetType":1,"viewCount":1034,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813260788,"gmtCreate":1630205568944,"gmtModify":1704957008928,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/813260788","repostId":"1129129956","repostType":4,"repost":{"id":"1129129956","kind":"news","pubTimestamp":1630201285,"share":"https://www.laohunote.com/m/news/1129129956?lang=zh_CN&edition=full","pubTime":"2021-08-29 09:41","market":"us","language":"en","title":"This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天可能会让你致富</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129129956","media":"Motley Fool","summary":"The iBuying business is a race to grow larger, and Opendoor is winning.The company is growing at a rate that is two years ahead of what management projected just a year earlier.The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.Real estate iBuying company Opendoor Technologieshas been executing at a high level in the three quarters since coming public via a special purpose acquisition company  merger. In a race to disrupt residential ","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying 业务是一场扩大规模的竞赛，而 Opendoor 正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有 SPAC 都持看跌态度，这使得 Opendoor 成为一笔最终可能带来巨大回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>Opendoor技术</b>（纳斯达克股票代码：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行力一直处于高水平。在扰乱全球最大市场之一住宅房地产的竞赛中，Opendoor 的长期潜力可以为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上涨空间，但市场尚未欣赏 Opendoor 的成就；该股较高点下跌了 50% 以上。有三个重要线索表明，对于大胆的投资者来说，Opendoor 可能是一个有吸引力的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1. Opendoor正在赢得iBuying之战</h3>美国传统的购房过程很慢，由多方处理，包括代理人、律师、检查员和银行家。这会产生大量的来回文书工作，并将流程平均拖延超过30天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字成交流程。然后该公司在市场上转售房子。iBuying流程省去了代理和与传统成交相关的一些费用，如代理佣金。然后，Opendoor在市场上转售房屋，并对交易收取高达5%的服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到 Opendoor 凭借其 iBuying 概念稳步增长后，竞争对手也开始提供 iBuying 服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司正在竞相做大。随着公司买卖更多的房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易的增加，其定价算法也会得到改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的可供出售的住房库存。该公司目前约有 3,300 套房屋待售，比 Zillow 多 53%，是 Offerpad 的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2.收入增长提前</h3>当公司通过PacMerger上市时，他们会公开展示自己的业务，通常包括长期增长预测。大约一年前，即 2020 年 9 月，Opendoor 发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近发布的 2021 年第二季度收益看涨期权。首席执行官兼创始人 Eric Wu 在财报看涨期权上表示：“……根据我们目前的进展，我们下半年的收入运行率有望超过 2023 年的目标，比计划提前整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果 Opendoor 以目前的业务水平运营 12 个月，它将超过 2023 年预计的 98 亿美元收入。这是一个被忽视的点，因为如果 Opendoor 已经比其最初的增长曲线提前了两年，那么到 2023 年它将处于什么位置？当然，房地产市场的下滑或其他事件可能会扰乱该公司的增长速度，但 Opendoor 正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC不受市场青睐……机会？</h3>投资者忽略了这一强劲表现，而是关注 Opendoor 通过 SPAC 合并加入公开市场的事实。对于以前的 SPAC 来说，经营业绩或收益几乎无关紧要；几个月来，股市一直在抛售几乎所有基于特殊目的收购公司的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“坏苹果”公司被发现存在欺诈行为感到害怕，而其他公司则严重错过了他们在上市前做出的预测。这些例子让相关人员感到焦虑，投资者对 SPAC 整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像 Opendoor 这样的公司继续夸大预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们接受 Eric Wu 对收入的评论，并假设 Opendoor 在 2022 年的销售额为 100 亿美元（换句话说，Opendoor 在接下来的一年里停止增长并保持当前的速度），那么该股目前的交易价格与销售额（P/S）比率仅为 1.0。这是一个便宜货的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手 Zillow Group 的市盈率超过 3，反映了 Opendoor 作为前 SPAC 的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，这是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</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>This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天可能会让你致富</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\">\nThis Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天可能会让你致富</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-29 09:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying 业务是一场扩大规模的竞赛，而 Opendoor 正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有 SPAC 都持看跌态度，这使得 Opendoor 成为一笔最终可能带来巨大回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>Opendoor技术</b>（纳斯达克股票代码：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行力一直处于高水平。在扰乱全球最大市场之一住宅房地产的竞赛中，Opendoor 的长期潜力可以为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上涨空间，但市场尚未欣赏 Opendoor 的成就；该股较高点下跌了 50% 以上。有三个重要线索表明，对于大胆的投资者来说，Opendoor 可能是一个有吸引力的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1. Opendoor正在赢得iBuying之战</h3>美国传统的购房过程很慢，由多方处理，包括代理人、律师、检查员和银行家。这会产生大量的来回文书工作，并将流程平均拖延超过30天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字成交流程。然后该公司在市场上转售房子。iBuying流程省去了代理和与传统成交相关的一些费用，如代理佣金。然后，Opendoor在市场上转售房屋，并对交易收取高达5%的服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到 Opendoor 凭借其 iBuying 概念稳步增长后，竞争对手也开始提供 iBuying 服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司正在竞相做大。随着公司买卖更多的房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易的增加，其定价算法也会得到改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的可供出售的住房库存。该公司目前约有 3,300 套房屋待售，比 Zillow 多 53%，是 Offerpad 的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2.收入增长提前</h3>当公司通过PacMerger上市时，他们会公开展示自己的业务，通常包括长期增长预测。大约一年前，即 2020 年 9 月，Opendoor 发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近发布的 2021 年第二季度收益看涨期权。首席执行官兼创始人 Eric Wu 在财报看涨期权上表示：“……根据我们目前的进展，我们下半年的收入运行率有望超过 2023 年的目标，比计划提前整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果 Opendoor 以目前的业务水平运营 12 个月，它将超过 2023 年预计的 98 亿美元收入。这是一个被忽视的点，因为如果 Opendoor 已经比其最初的增长曲线提前了两年，那么到 2023 年它将处于什么位置？当然，房地产市场的下滑或其他事件可能会扰乱该公司的增长速度，但 Opendoor 正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC不受市场青睐……机会？</h3>投资者忽略了这一强劲表现，而是关注 Opendoor 通过 SPAC 合并加入公开市场的事实。对于以前的 SPAC 来说，经营业绩或收益几乎无关紧要；几个月来，股市一直在抛售几乎所有基于特殊目的收购公司的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“坏苹果”公司被发现存在欺诈行为感到害怕，而其他公司则严重错过了他们在上市前做出的预测。这些例子让相关人员感到焦虑，投资者对 SPAC 整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像 Opendoor 这样的公司继续夸大预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们接受 Eric Wu 对收入的评论，并假设 Opendoor 在 2022 年的销售额为 100 亿美元（换句话说，Opendoor 在接下来的一年里停止增长并保持当前的速度），那么该股目前的交易价格与销售额（P/S）比率仅为 1.0。这是一个便宜货的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手 Zillow Group 的市盈率超过 3，反映了 Opendoor 作为前 SPAC 的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，这是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OPEN":"Opendoor Technologies Inc"},"source_url":"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129129956","content_text":"Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.\n\n\nReal estate iBuying company Opendoor Technologies(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.\nDespite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.\n1. Opendoor is winning the iBuying battle\nThe traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.\nOpendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.\nAfter seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including Zillow Group and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.\nAccording to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.\n2. Revenue growth is ahead of schedule\nWhen companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.\nFast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"\nIn other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.\n3. SPACs are out of favor with the market... opportunity?\nInvestors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.\nInvestors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.\nBut if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.\nCompetitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.\nHere's the bottom line\nReal estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"Amazon\" of home buying, but what seems certain is that the company is poised to be a big player in real estate's future if it keeps performing like this.","news_type":1,"symbols_score_info":{"OPEN":0.9}},"isVote":1,"tweetType":1,"viewCount":761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813345600,"gmtCreate":1630139173500,"gmtModify":1704956487133,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Like 👍","listText":"Like 👍","text":"Like 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like and comment&nbsp;","listText":"Please like and comment&nbsp;","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/132809557","repostId":"2138149853","repostType":4,"isVote":1,"tweetType":1,"viewCount":675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115076504,"gmtCreate":1622944432008,"gmtModify":1634096780168,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/115076504","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohunote.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{"LFST":"LifeStance Health Group, Inc.","BZ":"BOSS直聘",".DJI":"道琼斯","TASK":"TaskUs Inc.","ZETA":"Zeta Global Holdings Corp.","MQ":"Marqeta, Inc.",".IXIC":"NASDAQ Composite","MNDY":"Monday.com Ltd.",".SPX":"S&P 500 Index","ZME":"掌门教育","DIBS":"1stdibs.com Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"MQ":0.9,"ZETA":0.9,".IXIC":0.9,"DIBS":0.9,"BZ":0.9,"TASK":0.9,"MNDY":0.9,"ZME":0.9,"LFST":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106309409,"gmtCreate":1620086906901,"gmtModify":1634207987825,"author":{"id":"3582360052677778","authorId":"3582360052677778","name":"ShirlySuet","avatar":"https://static.tigerbbs.com/57d93e0a20280806b45e744b5e2a11cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582360052677778","authorIdStr":"3582360052677778"},"themes":[],"title":"","htmlText":"What happenes between them... 27 years love story gone","listText":"What happenes between them... 27 years love story gone","text":"What happenes between them... 27 years love story 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