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2021-09-28

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Why stocks could lose popularity as the market’s ‘presidential election cycle’ enters its second year<blockquote>为什么随着市场“总统选举周期”进入第二年，股市可能会失去人气</blockquote>

2021-12-02

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Weibo plans to price HK listing at HK$272.80 per share<blockquote>微博计划香港上市定价为每股272.80港元</blockquote>

2021-11-15

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2021-11-06

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2021-09-28

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2021-08-20

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2021-12-03

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2021-11-08

Swee

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2021-11-03

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2021-10-25

Jialat

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2021-10-07

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2021-10-05

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2021-10-03

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2021-09-04

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2021-08-14

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Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote>

2021-12-09

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2021-11-01

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

2021-10-30

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Opinion:Here's the math for Tesla's stock price if it becomes the Apple of car makers<blockquote>观点：如果特斯拉成为汽车制造商的苹果，其股价的计算结果如下</blockquote>

2021-10-12

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2021-09-17

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S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote>

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pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607293477","repostId":"1102037947","repostType":4,"isVote":1,"tweetType":1,"viewCount":3609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607293834,"gmtCreate":1639540766121,"gmtModify":1639540766506,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607293834","repostId":"1156446659","repostType":4,"repost":{"id":"1156446659","kind":"news","pubTimestamp":1639540344,"share":"https://www.laohu8.com/m/news/1156446659?lang=zh_CN&edition=full","pubTime":"2021-12-15 11:52","market":"us","language":"en","title":"Warren Buffett has grown Berkshire Hathaway's Apple stake to 50% of its entire equity portfolio and nearly a quarter of its $649 billion market cap<blockquote>Warren Buffett已将Berkshire Hathaway持有的苹果股份增至其全部股票投资组合的50%，占其6490亿美元市值的近四分之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156446659","media":"Business Insider","summary":"Berkshire Hathaway's Apple holdings of 887 million shares swelled to a value of $159 billion on Frid","content":"<p><ul>  <li><b>Berkshire Hathaway's Apple holdings of 887 million shares swelled to a value of $159 billion on Friday.</b></li>  <li><b>That makes the stake worth half of Berkshire's entire equity portfolio, and almost 25% of its $649 billion market capitalization.</b></li>  <li><b>Warren Buffett started to build Berkshire's position in Apple in 2016 and added to it up until mid-2018.</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4348b5dc216a2be5e154d22e356336b9\" tg-width=\"790\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>SCOTT MORGAN/REUTERS</span></p><p><blockquote><ul><li><b>周五，Berkshire Hathaway持有的苹果8.87亿股股票价值增至1,590亿美元。</b></li><li><b>这使得这些股份价值占伯克希尔整个股票投资组合的一半，占其6490亿美元市值的近25%。</b></li><li><b>Warren Buffett于2016年开始建立Berkshire在苹果的头寸，并一直持续到2018年年中。</b></li></ul><p class=\"t-img-caption\"><span>斯科特·摩根/路透社</span></p></blockquote></p><p> Warren Buffett is known for concentrating his investments to build generational wealth, and&nbsp;Berkshire Hathaway's&nbsp;stake in&nbsp;Apple&nbsp;is no better example of that investment practice.</p><p><blockquote>沃伦·巴菲特以集中投资创造世代财富而闻名，伯克希尔·哈撒韦公司在苹果的股份就是这种投资实践的最好例子。</blockquote></p><p> Berkshire's 887.1 million shares in the iPhone maker swelled to a record value of $159 billion on Friday, a 342% increase from its&nbsp;original cost basis of about $36 billion.That means Apple is now worth more than half of Berkshire's $293 billion equity portfolio, based on data from its third-quarter 13F filing.</p><p><blockquote>周五，伯克希尔持有这家iPhone制造商的8.871亿股股票价值飙升至创纪录的1,590亿美元，较其原始成本基础约360亿美元增长了342%。根据伯克希尔第三季度13F文件的数据，这意味着苹果目前的价值超过了伯克希尔2930亿美元股票投资组合的一半。</blockquote></p><p> And assuming Berkshire hasn't trimmed its Apple position since September 30, the equity stake now represents about a quarter of Berkshire Hathaway's $649 billion market capitalization.</p><p><blockquote>假设伯克希尔哈撒韦公司自9月30日以来没有削减其在苹果的头寸，那么这些股权目前约占伯克希尔哈撒韦公司6490亿美元市值的四分之一。</blockquote></p><p> What also makes Buffett's concentration in Apple notable is that it didn't take&nbsp;decades to compound&nbsp;like most successful investments managed by Buffett. Instead, it's only been five years since Berkshire began to build its stake in Apple.</p><p><blockquote>巴菲特对苹果的专注也值得注意，因为它并不像巴菲特管理的大多数成功投资那样需要几十年的时间才能实现复利。相反，从Berkshire开始增持苹果股份到现在才五年。</blockquote></p><p> The conglomerate first purchased Apple shares in 2016 and continued buying them until mid-2018, when the position topped 1 billion shares after adjusting for a 4-for-1 stock split in 2020. Buffett has&nbsp;trimmed Berkshire's position in Apple&nbsp;by about 12% since initially building the stake.</p><p><blockquote>该集团于2016年首次购买了苹果股票，并一直购买到2018年中期，在对2020年4比1的股票分割进行调整后，该持仓量突破10亿股。自最初增持苹果股份以来，巴菲特已将其持有的股份削减了约12%。</blockquote></p><p> Barring any changes since the most recent 13F filing, Berkshire's stock portfolio would be up 13.9% quarter-to-date, according to&nbsp;an analysis by Bespoke.Much of that gain has been driven by Apple's quarter-to-date gain of more than 20%.</p><p><blockquote>根据Bespoke的分析，除非自最近一次13F备案以来发生任何变化，否则Berkshire的股票投资组合本季度迄今将上涨13.9%。这一涨幅很大程度上是由苹果本季度迄今超过20%的涨幅推动的。</blockquote></p><p> Year-to-date, Apple is up 31%, compared to Berkshire Hathaway's return of 26%. Apple's stock price was less than&nbsp;$1.00 away from hitting a $3 trillion valuation on Monday.</p><p><blockquote>今年迄今为止，苹果股价上涨了31%，而Berkshire Hathaway的回报率为26%。周一，苹果股价距离触及3万亿美元估值不到1.00美元。</blockquote></p><p> Berkshire's three largest positions after Apple are&nbsp;Bank of America,American Express, and&nbsp;Coca-Cola, which make up a combined 30% of the equity portfolio's value. And Berkshire is still sitting on about $150 billion in cash that it has yet to put to work.</p><p><blockquote>继苹果之后，伯克希尔最大的三个持仓是美国银行、美国运通和可口可乐，它们合计占股票投资组合价值的30%。伯克希尔仍坐拥约1500亿美元现金尚未投入使用。</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>Warren Buffett has grown Berkshire Hathaway's Apple stake to 50% of its entire equity portfolio and nearly a quarter of its $649 billion market cap<blockquote>Warren Buffett已将Berkshire Hathaway持有的苹果股份增至其全部股票投资组合的50%，占其6490亿美元市值的近四分之一</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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\">\nWarren Buffett has grown Berkshire Hathaway's Apple stake to 50% of its entire equity portfolio and nearly a quarter of its $649 billion market cap<blockquote>Warren Buffett已将Berkshire Hathaway持有的苹果股份增至其全部股票投资组合的50%，占其6490亿美元市值的近四分之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Business Insider</strong><span class=\"h-time small\">2021-12-15 11:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>Berkshire Hathaway's Apple holdings of 887 million shares swelled to a value of $159 billion on Friday.</b></li>  <li><b>That makes the stake worth half of Berkshire's entire equity portfolio, and almost 25% of its $649 billion market capitalization.</b></li>  <li><b>Warren Buffett started to build Berkshire's position in Apple in 2016 and added to it up until mid-2018.</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4348b5dc216a2be5e154d22e356336b9\" tg-width=\"790\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>SCOTT MORGAN/REUTERS</span></p><p><blockquote><ul><li><b>周五，Berkshire Hathaway持有的苹果8.87亿股股票价值增至1,590亿美元。</b></li><li><b>这使得这些股份价值占伯克希尔整个股票投资组合的一半，占其6490亿美元市值的近25%。</b></li><li><b>Warren Buffett于2016年开始建立Berkshire在苹果的头寸，并一直持续到2018年年中。</b></li></ul><p class=\"t-img-caption\"><span>斯科特·摩根/路透社</span></p></blockquote></p><p> Warren Buffett is known for concentrating his investments to build generational wealth, and&nbsp;Berkshire Hathaway's&nbsp;stake in&nbsp;Apple&nbsp;is no better example of that investment practice.</p><p><blockquote>沃伦·巴菲特以集中投资创造世代财富而闻名，伯克希尔·哈撒韦公司在苹果的股份就是这种投资实践的最好例子。</blockquote></p><p> Berkshire's 887.1 million shares in the iPhone maker swelled to a record value of $159 billion on Friday, a 342% increase from its&nbsp;original cost basis of about $36 billion.That means Apple is now worth more than half of Berkshire's $293 billion equity portfolio, based on data from its third-quarter 13F filing.</p><p><blockquote>周五，伯克希尔持有这家iPhone制造商的8.871亿股股票价值飙升至创纪录的1,590亿美元，较其原始成本基础约360亿美元增长了342%。根据伯克希尔第三季度13F文件的数据，这意味着苹果目前的价值超过了伯克希尔2930亿美元股票投资组合的一半。</blockquote></p><p> And assuming Berkshire hasn't trimmed its Apple position since September 30, the equity stake now represents about a quarter of Berkshire Hathaway's $649 billion market capitalization.</p><p><blockquote>假设伯克希尔哈撒韦公司自9月30日以来没有削减其在苹果的头寸，那么这些股权目前约占伯克希尔哈撒韦公司6490亿美元市值的四分之一。</blockquote></p><p> What also makes Buffett's concentration in Apple notable is that it didn't take&nbsp;decades to compound&nbsp;like most successful investments managed by Buffett. Instead, it's only been five years since Berkshire began to build its stake in Apple.</p><p><blockquote>巴菲特对苹果的专注也值得注意，因为它并不像巴菲特管理的大多数成功投资那样需要几十年的时间才能实现复利。相反，从Berkshire开始增持苹果股份到现在才五年。</blockquote></p><p> The conglomerate first purchased Apple shares in 2016 and continued buying them until mid-2018, when the position topped 1 billion shares after adjusting for a 4-for-1 stock split in 2020. Buffett has&nbsp;trimmed Berkshire's position in Apple&nbsp;by about 12% since initially building the stake.</p><p><blockquote>该集团于2016年首次购买了苹果股票，并一直购买到2018年中期，在对2020年4比1的股票分割进行调整后，该持仓量突破10亿股。自最初增持苹果股份以来，巴菲特已将其持有的股份削减了约12%。</blockquote></p><p> Barring any changes since the most recent 13F filing, Berkshire's stock portfolio would be up 13.9% quarter-to-date, according to&nbsp;an analysis by Bespoke.Much of that gain has been driven by Apple's quarter-to-date gain of more than 20%.</p><p><blockquote>根据Bespoke的分析，除非自最近一次13F备案以来发生任何变化，否则Berkshire的股票投资组合本季度迄今将上涨13.9%。这一涨幅很大程度上是由苹果本季度迄今超过20%的涨幅推动的。</blockquote></p><p> Year-to-date, Apple is up 31%, compared to Berkshire Hathaway's return of 26%. Apple's stock price was less than&nbsp;$1.00 away from hitting a $3 trillion valuation on Monday.</p><p><blockquote>今年迄今为止，苹果股价上涨了31%，而Berkshire Hathaway的回报率为26%。周一，苹果股价距离触及3万亿美元估值不到1.00美元。</blockquote></p><p> Berkshire's three largest positions after Apple are&nbsp;Bank of America,American Express, and&nbsp;Coca-Cola, which make up a combined 30% of the equity portfolio's value. And Berkshire is still sitting on about $150 billion in cash that it has yet to put to work.</p><p><blockquote>继苹果之后，伯克希尔最大的三个持仓是美国银行、美国运通和可口可乐，它们合计占股票投资组合价值的30%。伯克希尔仍坐拥约1500亿美元现金尚未投入使用。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-half-berkshire-hathaway-equity-portfolio-concentration-2021-12\">Business Insider</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-half-berkshire-hathaway-equity-portfolio-concentration-2021-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156446659","content_text":"Berkshire Hathaway's Apple holdings of 887 million shares swelled to a value of $159 billion on Friday.\nThat makes the stake worth half of Berkshire's entire equity portfolio, and almost 25% of its $649 billion market capitalization.\nWarren Buffett started to build Berkshire's position in Apple in 2016 and added to it up until mid-2018.\n\nSCOTT MORGAN/REUTERS\nWarren Buffett is known for concentrating his investments to build generational wealth, and Berkshire Hathaway's stake in Apple is no better example of that investment practice.\nBerkshire's 887.1 million shares in the iPhone maker swelled to a record value of $159 billion on Friday, a 342% increase from its original cost basis of about $36 billion.That means Apple is now worth more than half of Berkshire's $293 billion equity portfolio, based on data from its third-quarter 13F filing.\nAnd assuming Berkshire hasn't trimmed its Apple position since September 30, the equity stake now represents about a quarter of Berkshire Hathaway's $649 billion market capitalization.\nWhat also makes Buffett's concentration in Apple notable is that it didn't take decades to compound like most successful investments managed by Buffett. Instead, it's only been five years since Berkshire began to build its stake in Apple.\nThe conglomerate first purchased Apple shares in 2016 and continued buying them until mid-2018, when the position topped 1 billion shares after adjusting for a 4-for-1 stock split in 2020. Buffett has trimmed Berkshire's position in Apple by about 12% since initially building the stake.\nBarring any changes since the most recent 13F filing, Berkshire's stock portfolio would be up 13.9% quarter-to-date, according to an analysis by Bespoke.Much of that gain has been driven by Apple's quarter-to-date gain of more than 20%.\nYear-to-date, Apple is up 31%, compared to Berkshire Hathaway's return of 26%. Apple's stock price was less than $1.00 away from hitting a $3 trillion valuation on Monday.\nBerkshire's three largest positions after Apple are Bank of America,American Express, and Coca-Cola, which make up a combined 30% of the equity portfolio's value. And Berkshire is still sitting on about $150 billion in cash that it has yet to put to work.","news_type":1,"symbols_score_info":{"AAPL":0.9,"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2618,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607018617,"gmtCreate":1639456492848,"gmtModify":1639456493188,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Pwr","listText":"Pwr","text":"Pwr","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607018617","repostId":"1174933722","repostType":4,"repost":{"id":"1174933722","kind":"news","pubTimestamp":1639452484,"share":"https://www.laohu8.com/m/news/1174933722?lang=zh_CN&edition=full","pubTime":"2021-12-14 11:28","market":"us","language":"en","title":"2 Top Metaverse Stocks to Buy and Hold for the Next Decade<blockquote>未来十年最值得购买和持有的2只元宇宙股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174933722","media":"Motley Fool","summary":"The metaverse could be the most transformative technology of your lifetime.","content":"<p>The metaverse is a nebulous idea, a technology that's not yet fully defined. But the core concept is simple: The metaverse will be a shared virtual world, blending aspects of social media, video games, and the internet. It will allow people to engage with content, interact with each other, and experience almost anything. The potential implications of that technology are tremendous.</p><p><blockquote>元宇宙是一个模糊的概念，一项尚未完全定义的技术。但核心概念很简单：元宇宙将是一个共享的虚拟世界，融合了社交媒体、视频游戏和互联网的各个方面。它将允许人们参与内容，相互互动，体验几乎任何事情。这项技术的潜在影响是巨大的。</blockquote></p><p> Venture capitalist Matthew Ball recently put a price tag on the metaverse, estimating that it could be a $30 trillion&nbsp;market opportunity 10 years down the road. And&nbsp;<b>Nvidia</b>&nbsp;CEO Jensen Huang has been even bolder, forecasting that the metaverse economy could eventually surpass the $80 trillion&nbsp;real-world economy.</p><p><blockquote>风险投资家Matthew Ball最近给元宇宙贴上了价格标签，估计10年后这可能是一个价值30万亿美元的市场机会。和<b>英伟达</b>首席执行官黄仁勋更加大胆，预测元宇宙经济最终可能超过80万亿美元的现实世界经济。</blockquote></p><p> Not surprisingly, many investors are looking for ways tocash in on this trend, and buying a few shares of Nvidia and&nbsp;<b>Adobe Systems</b>&nbsp;looks like a great way to do just that.&nbsp;Here's why.</p><p><blockquote>毫不奇怪，许多投资者正在寻找利用这一趋势的方法，并购买了一些英伟达和<b>Adobe系统</b>看起来是个很好的方法。原因如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd705043d0678fb6d8bad5d9d7b0fbef\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Nvidia</b></p><p><blockquote><b>1.英伟达</b></blockquote></p><p> Nvidia is best known for inventing the graphics processing unit (GPU), a chip capable of processing a tremendous amount of data quickly. Over the last two decades, GPUs have revolutionized computer graphics, and Nvidia has established its technology as the gold standard in the video game industry. However, those chips have also become the cornerstone of accelerated computing in data centers, another industry&nbsp;dominated by Nvidia.</p><p><blockquote>英伟达因发明图形处理单元（GPU）而闻名，这是一种能够快速处理大量数据的芯片。在过去的二十年里，GPU彻底改变了计算机图形学，Nvidia已将其技术确立为视频游戏行业的黄金标准。然而，这些芯片也成为了数据中心加速计算的基石，这是英伟达主导的另一个行业。</blockquote></p><p> Not surprisingly, the chipmaker has made a habit of posting impressive financial results. Revenue soared 64%&nbsp;to $24.3 billion over the past year, supercharged by Nvidia's gaming, data center, and graphics businesses. Its bottom line grew even faster, as&nbsp;free cash flow&nbsp;rocketed 69% to $7.2 billion.</p><p><blockquote>毫不奇怪，这家芯片制造商已经养成了公布令人印象深刻的财务业绩的习惯。在英伟达游戏、数据中心和图形业务的推动下，过去一年的收入飙升了64%，达到243亿美元。其利润增长更快，自由现金流猛增69%，达到72亿美元。</blockquote></p><p> In the coming years, Nvidia's expertise in graphics and accelerated computing should make it a key player in shaping the metaverse. Its recent launch of the Omniverse suite only makes that more likely. Specifically, Omniverse is a GPU-powered 3D development platform that allows creators to collaborate in real time across a variety of 3D design software. That includes products like&nbsp;<b>Unity</b>'s&nbsp;game engine&nbsp;and Adobe Substance 3D.</p><p><blockquote>未来几年，英伟达在图形和加速计算方面的专业知识应该会使其成为塑造元宇宙的关键参与者。它最近推出的Omniverse套件只会让这种可能性更大。具体来说，Omniverse是一个GPU驱动的3D开发平台，允许创作者跨各种3D设计软件进行实时协作。其中包括以下产品<b>团结</b>的游戏引擎和Adobe Substance 3D。</blockquote></p><p> More recently, Nvidia released Omniverse Avatar, a platform for creating artifical-intelligence-powered avatars (digital automatons) that can think, understand, and interact like real people. That's important because the metaverse will likely be full of non-player characters (NPCs), a term that typically refers to video game characters not controlled by the gamer. Those NPCs will make the metaverse feel more like the real world, and Nvidia's technology looks like a perfect fit.</p><p><blockquote>最近，Nvidia发布了Omniverse Avatar，这是一个创建人工智能驱动的化身（数字机器人）的平台，可以像真人一样思考、理解和互动。这很重要，因为元宇宙可能会充满非玩家角色(NPC)，这个术语通常指的是不受游戏玩家控制的视频游戏角色。这些NPC会让元宇宙感觉更像现实世界，而英伟达的技术看起来非常适合。</blockquote></p><p> <b>2. Adobe Systems</b></p><p><blockquote><b>2.Adobe系统</b></blockquote></p><p> Adobe breaks its portfolio into three software clouds: Creativity, digital documents, and customer experience. Creative Cloud is perhaps the best known, featuring tools like Photoshop&nbsp;for image editing, Premiere Pro&nbsp;for video editing, and After Effects for cinematic special effects, all three of which are market-leading products. Likewise, many of Adobe's Document Cloud applications have also become industry standards, such as Acrobat for PDF management.</p><p><blockquote>Adobe将其产品组合分为三个软件云：创意、数字文档和客户体验。Creative Cloud可能是最知名的，它拥有用于图像编辑的Photoshop、用于视频编辑的Premiere Pro和用于电影特效的After Effects等工具，这三种工具都是市场领先的产品。同样，Adobe的许多文档云应用程序也已成为行业标准，例如用于PDF管理的Acrobat。</blockquote></p><p> The other piece of Adobe's business is Experience Cloud, a suite of software and services for analytics, marketing, and commerce. Those tools lean on&nbsp;artificial intelligence&nbsp;to help businesses collect data, target content, and personalize the customer journey across mobile apps, websites, and other digital channels. Research company&nbsp;<b>Gartner</b>&nbsp;has recognized Adobe as a leader in the digital experience industry, citing its capacity to manage customer data and personalize content as key differentiators.</p><p><blockquote>Adobe业务的另一部分是Experience Cloud，这是一套用于分析、营销和商业的软件和服务。这些工具依靠人工智能来帮助企业收集数据、定位内容，并通过移动应用程序、网站和其他数字渠道个性化客户旅程。研究公司<b>Gartner</b>已将Adobe视为数字体验行业的领导者，并将其管理客户数据和个性化内容的能力视为关键差异化因素。</blockquote></p><p> Not surprisingly, Adobe's lineup of best-in-class products has been a powerful growth driver. Over the past year, revenue rose 21% to $15.1 billion, and free cash flow surged 34% to $6.6 billion. Moreover, the company is well positioned to maintain that momentum, as many products in its portfolio are relevant to the metaverse, especially in the Creative Cloud and Experience Cloud suites.</p><p><blockquote>毫不奇怪，Adobe的一流产品阵容一直是强大的增长动力。过去一年，收入增长21%至151亿美元，自由现金流飙升34%至66亿美元。此外，该公司处于有利地位，可以保持这一势头，因为其产品组合中的许多产品都与元宇宙相关，尤其是Creative Cloud和Experience Cloud套件。</blockquote></p><p> For instance, Adobe Substance&nbsp;3D is a platform for creating, staging, and texturizing 3D content. Substance 3D is already essential&nbsp;to most video game and visual effects workflows, and it should be a valuable resource in creating the virtual content within the metaverse.</p><p><blockquote>例如，Adobe Substance 3D是一个用于创建、暂存和纹理化3D内容的平台。Substance 3D对于大多数视频游戏和视觉效果工作流程来说已经是必不可少的，它应该是在元宇宙中创建虚拟内容的宝贵资源。</blockquote></p><p> Likewise, the metaverse economy will likely mirror the real-world economy, meaning consumers will be able to shop, attend events, and play games. In other words, providing a high-quality experience will be just as critical in a virtual world as it is in the real world. And Adobe's tools for analytics, marketing, and commerce fit that bill perfectly.</p><p><blockquote>同样，元宇宙经济可能会反映现实世界的经济，这意味着消费者将能够购物、参加活动和玩游戏。换句话说，提供高质量的体验在虚拟世界中和在现实世界中一样重要。Adobe的分析、营销和商务工具完全符合这一要求。</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>2 Top Metaverse Stocks to Buy and Hold for the Next Decade<blockquote>未来十年最值得购买和持有的2只元宇宙股票</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\">\n2 Top Metaverse Stocks to Buy and Hold for the Next Decade<blockquote>未来十年最值得购买和持有的2只元宇宙股票</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\">2021-12-14 11:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The metaverse is a nebulous idea, a technology that's not yet fully defined. But the core concept is simple: The metaverse will be a shared virtual world, blending aspects of social media, video games, and the internet. It will allow people to engage with content, interact with each other, and experience almost anything. The potential implications of that technology are tremendous.</p><p><blockquote>元宇宙是一个模糊的概念，一项尚未完全定义的技术。但核心概念很简单：元宇宙将是一个共享的虚拟世界，融合了社交媒体、视频游戏和互联网的各个方面。它将允许人们参与内容，相互互动，体验几乎任何事情。这项技术的潜在影响是巨大的。</blockquote></p><p> Venture capitalist Matthew Ball recently put a price tag on the metaverse, estimating that it could be a $30 trillion&nbsp;market opportunity 10 years down the road. And&nbsp;<b>Nvidia</b>&nbsp;CEO Jensen Huang has been even bolder, forecasting that the metaverse economy could eventually surpass the $80 trillion&nbsp;real-world economy.</p><p><blockquote>风险投资家Matthew Ball最近给元宇宙贴上了价格标签，估计10年后这可能是一个价值30万亿美元的市场机会。和<b>英伟达</b>首席执行官黄仁勋更加大胆，预测元宇宙经济最终可能超过80万亿美元的现实世界经济。</blockquote></p><p> Not surprisingly, many investors are looking for ways tocash in on this trend, and buying a few shares of Nvidia and&nbsp;<b>Adobe Systems</b>&nbsp;looks like a great way to do just that.&nbsp;Here's why.</p><p><blockquote>毫不奇怪，许多投资者正在寻找利用这一趋势的方法，并购买了一些英伟达和<b>Adobe系统</b>看起来是个很好的方法。原因如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd705043d0678fb6d8bad5d9d7b0fbef\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Nvidia</b></p><p><blockquote><b>1.英伟达</b></blockquote></p><p> Nvidia is best known for inventing the graphics processing unit (GPU), a chip capable of processing a tremendous amount of data quickly. Over the last two decades, GPUs have revolutionized computer graphics, and Nvidia has established its technology as the gold standard in the video game industry. However, those chips have also become the cornerstone of accelerated computing in data centers, another industry&nbsp;dominated by Nvidia.</p><p><blockquote>英伟达因发明图形处理单元（GPU）而闻名，这是一种能够快速处理大量数据的芯片。在过去的二十年里，GPU彻底改变了计算机图形学，Nvidia已将其技术确立为视频游戏行业的黄金标准。然而，这些芯片也成为了数据中心加速计算的基石，这是英伟达主导的另一个行业。</blockquote></p><p> Not surprisingly, the chipmaker has made a habit of posting impressive financial results. Revenue soared 64%&nbsp;to $24.3 billion over the past year, supercharged by Nvidia's gaming, data center, and graphics businesses. Its bottom line grew even faster, as&nbsp;free cash flow&nbsp;rocketed 69% to $7.2 billion.</p><p><blockquote>毫不奇怪，这家芯片制造商已经养成了公布令人印象深刻的财务业绩的习惯。在英伟达游戏、数据中心和图形业务的推动下，过去一年的收入飙升了64%，达到243亿美元。其利润增长更快，自由现金流猛增69%，达到72亿美元。</blockquote></p><p> In the coming years, Nvidia's expertise in graphics and accelerated computing should make it a key player in shaping the metaverse. Its recent launch of the Omniverse suite only makes that more likely. Specifically, Omniverse is a GPU-powered 3D development platform that allows creators to collaborate in real time across a variety of 3D design software. That includes products like&nbsp;<b>Unity</b>'s&nbsp;game engine&nbsp;and Adobe Substance 3D.</p><p><blockquote>未来几年，英伟达在图形和加速计算方面的专业知识应该会使其成为塑造元宇宙的关键参与者。它最近推出的Omniverse套件只会让这种可能性更大。具体来说，Omniverse是一个GPU驱动的3D开发平台，允许创作者跨各种3D设计软件进行实时协作。其中包括以下产品<b>团结</b>的游戏引擎和Adobe Substance 3D。</blockquote></p><p> More recently, Nvidia released Omniverse Avatar, a platform for creating artifical-intelligence-powered avatars (digital automatons) that can think, understand, and interact like real people. That's important because the metaverse will likely be full of non-player characters (NPCs), a term that typically refers to video game characters not controlled by the gamer. Those NPCs will make the metaverse feel more like the real world, and Nvidia's technology looks like a perfect fit.</p><p><blockquote>最近，Nvidia发布了Omniverse Avatar，这是一个创建人工智能驱动的化身（数字机器人）的平台，可以像真人一样思考、理解和互动。这很重要，因为元宇宙可能会充满非玩家角色(NPC)，这个术语通常指的是不受游戏玩家控制的视频游戏角色。这些NPC会让元宇宙感觉更像现实世界，而英伟达的技术看起来非常适合。</blockquote></p><p> <b>2. Adobe Systems</b></p><p><blockquote><b>2.Adobe系统</b></blockquote></p><p> Adobe breaks its portfolio into three software clouds: Creativity, digital documents, and customer experience. Creative Cloud is perhaps the best known, featuring tools like Photoshop&nbsp;for image editing, Premiere Pro&nbsp;for video editing, and After Effects for cinematic special effects, all three of which are market-leading products. Likewise, many of Adobe's Document Cloud applications have also become industry standards, such as Acrobat for PDF management.</p><p><blockquote>Adobe将其产品组合分为三个软件云：创意、数字文档和客户体验。Creative Cloud可能是最知名的，它拥有用于图像编辑的Photoshop、用于视频编辑的Premiere Pro和用于电影特效的After Effects等工具，这三种工具都是市场领先的产品。同样，Adobe的许多文档云应用程序也已成为行业标准，例如用于PDF管理的Acrobat。</blockquote></p><p> The other piece of Adobe's business is Experience Cloud, a suite of software and services for analytics, marketing, and commerce. Those tools lean on&nbsp;artificial intelligence&nbsp;to help businesses collect data, target content, and personalize the customer journey across mobile apps, websites, and other digital channels. Research company&nbsp;<b>Gartner</b>&nbsp;has recognized Adobe as a leader in the digital experience industry, citing its capacity to manage customer data and personalize content as key differentiators.</p><p><blockquote>Adobe业务的另一部分是Experience Cloud，这是一套用于分析、营销和商业的软件和服务。这些工具依靠人工智能来帮助企业收集数据、定位内容，并通过移动应用程序、网站和其他数字渠道个性化客户旅程。研究公司<b>Gartner</b>已将Adobe视为数字体验行业的领导者，并将其管理客户数据和个性化内容的能力视为关键差异化因素。</blockquote></p><p> Not surprisingly, Adobe's lineup of best-in-class products has been a powerful growth driver. Over the past year, revenue rose 21% to $15.1 billion, and free cash flow surged 34% to $6.6 billion. Moreover, the company is well positioned to maintain that momentum, as many products in its portfolio are relevant to the metaverse, especially in the Creative Cloud and Experience Cloud suites.</p><p><blockquote>毫不奇怪，Adobe的一流产品阵容一直是强大的增长动力。过去一年，收入增长21%至151亿美元，自由现金流飙升34%至66亿美元。此外，该公司处于有利地位，可以保持这一势头，因为其产品组合中的许多产品都与元宇宙相关，尤其是Creative Cloud和Experience Cloud套件。</blockquote></p><p> For instance, Adobe Substance&nbsp;3D is a platform for creating, staging, and texturizing 3D content. Substance 3D is already essential&nbsp;to most video game and visual effects workflows, and it should be a valuable resource in creating the virtual content within the metaverse.</p><p><blockquote>例如，Adobe Substance 3D是一个用于创建、暂存和纹理化3D内容的平台。Substance 3D对于大多数视频游戏和视觉效果工作流程来说已经是必不可少的，它应该是在元宇宙中创建虚拟内容的宝贵资源。</blockquote></p><p> Likewise, the metaverse economy will likely mirror the real-world economy, meaning consumers will be able to shop, attend events, and play games. In other words, providing a high-quality experience will be just as critical in a virtual world as it is in the real world. And Adobe's tools for analytics, marketing, and commerce fit that bill perfectly.</p><p><blockquote>同样，元宇宙经济可能会反映现实世界的经济，这意味着消费者将能够购物、参加活动和玩游戏。换句话说，提供高质量的体验在虚拟世界中和在现实世界中一样重要。Adobe的分析、营销和商务工具完全符合这一要求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/13/2-top-metaverse-stocks-to-buy-and-hold/\">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":{"ADBE":"Adobe","NVDA":"英伟达"},"source_url":"https://www.fool.com/investing/2021/12/13/2-top-metaverse-stocks-to-buy-and-hold/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174933722","content_text":"The metaverse is a nebulous idea, a technology that's not yet fully defined. But the core concept is simple: The metaverse will be a shared virtual world, blending aspects of social media, video games, and the internet. It will allow people to engage with content, interact with each other, and experience almost anything. The potential implications of that technology are tremendous.\nVenture capitalist Matthew Ball recently put a price tag on the metaverse, estimating that it could be a $30 trillion market opportunity 10 years down the road. And Nvidia CEO Jensen Huang has been even bolder, forecasting that the metaverse economy could eventually surpass the $80 trillion real-world economy.\nNot surprisingly, many investors are looking for ways tocash in on this trend, and buying a few shares of Nvidia and Adobe Systems looks like a great way to do just that. Here's why.\nImage source: Getty Images.\n1. Nvidia\nNvidia is best known for inventing the graphics processing unit (GPU), a chip capable of processing a tremendous amount of data quickly. Over the last two decades, GPUs have revolutionized computer graphics, and Nvidia has established its technology as the gold standard in the video game industry. However, those chips have also become the cornerstone of accelerated computing in data centers, another industry dominated by Nvidia.\nNot surprisingly, the chipmaker has made a habit of posting impressive financial results. Revenue soared 64% to $24.3 billion over the past year, supercharged by Nvidia's gaming, data center, and graphics businesses. Its bottom line grew even faster, as free cash flow rocketed 69% to $7.2 billion.\nIn the coming years, Nvidia's expertise in graphics and accelerated computing should make it a key player in shaping the metaverse. Its recent launch of the Omniverse suite only makes that more likely. Specifically, Omniverse is a GPU-powered 3D development platform that allows creators to collaborate in real time across a variety of 3D design software. That includes products like Unity's game engine and Adobe Substance 3D.\nMore recently, Nvidia released Omniverse Avatar, a platform for creating artifical-intelligence-powered avatars (digital automatons) that can think, understand, and interact like real people. That's important because the metaverse will likely be full of non-player characters (NPCs), a term that typically refers to video game characters not controlled by the gamer. Those NPCs will make the metaverse feel more like the real world, and Nvidia's technology looks like a perfect fit.\n2. Adobe Systems\nAdobe breaks its portfolio into three software clouds: Creativity, digital documents, and customer experience. Creative Cloud is perhaps the best known, featuring tools like Photoshop for image editing, Premiere Pro for video editing, and After Effects for cinematic special effects, all three of which are market-leading products. Likewise, many of Adobe's Document Cloud applications have also become industry standards, such as Acrobat for PDF management.\nThe other piece of Adobe's business is Experience Cloud, a suite of software and services for analytics, marketing, and commerce. Those tools lean on artificial intelligence to help businesses collect data, target content, and personalize the customer journey across mobile apps, websites, and other digital channels. Research company Gartner has recognized Adobe as a leader in the digital experience industry, citing its capacity to manage customer data and personalize content as key differentiators.\nNot surprisingly, Adobe's lineup of best-in-class products has been a powerful growth driver. Over the past year, revenue rose 21% to $15.1 billion, and free cash flow surged 34% to $6.6 billion. Moreover, the company is well positioned to maintain that momentum, as many products in its portfolio are relevant to the metaverse, especially in the Creative Cloud and Experience Cloud suites.\nFor instance, Adobe Substance 3D is a platform for creating, staging, and texturizing 3D content. Substance 3D is already essential to most video game and visual effects workflows, and it should be a valuable resource in creating the virtual content within the metaverse.\nLikewise, the metaverse economy will likely mirror the real-world economy, meaning consumers will be able to shop, attend events, and play games. In other words, providing a high-quality experience will be just as critical in a virtual world as it is in the real world. And Adobe's tools for analytics, marketing, and commerce fit that bill perfectly.","news_type":1,"symbols_score_info":{"NVDA":0.9,"ADBE":0.9}},"isVote":1,"tweetType":1,"viewCount":2960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607018813,"gmtCreate":1639456482439,"gmtModify":1639456482830,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607018813","repostId":"2191841329","repostType":4,"repost":{"id":"2191841329","kind":"highlight","pubTimestamp":1639452680,"share":"https://www.laohu8.com/m/news/2191841329?lang=zh_CN&edition=full","pubTime":"2021-12-14 11:31","market":"us","language":"en","title":"Highly valued S&P 500 index is 'near the top of its 85-year trend channel,' says Deutsche Bank<blockquote>德意志银行表示，高估值的标普500指数“接近85年趋势通道的顶部”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2191841329","media":"MarketWatch","summary":"'Inflation has historically been neutral for earnings, but negative for multiples,' says a Deutsche ","content":"<p>'Inflation has historically been neutral for earnings, but negative for multiples,' says a Deutsche Bank report</p><p><blockquote>德意志银行的一份报告称，通胀历来对盈利呈中性，但对市盈率呈负值</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b7803ce34d9ebaddbf2c083be3d67a2\" tg-width=\"700\" tg-height=\"458\" referrerpolicy=\"no-referrer\"><span>The S&amp;P 500 index closed at a record high on Dec. 10, 2021. Chris Hondros/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>标普500指数于2021年12月10日收于历史新高。克里斯·洪德罗斯/盖蒂图片社</span></p></blockquote></p><p> The S&amp;P 500's \"extremely high\" historical valuation puts the index near the upper bound of a \"trend channel of price appreciation\" that spans more than eight decades, but the broad equity benchmark still could go higher, according to Deutsche Bank Research.</p><p><blockquote>德意志银行研究部表示，标普500“极高”的历史估值使该指数接近跨越八十多年的“价格升值趋势通道”的上限，但广泛的股票基准仍可能走高。</blockquote></p><p> The U.S. stock index is \"near the top of its 85-year trend channel,\" the bank's strategists wrote in a research report dated Dec. 10. \"It was only higher in the late 1930s and late 1990s, when it went above,\" a chart in the report shows.</p><p><blockquote>该行策略师在12月10日的一份研究报告中写道，美国股指“接近85年趋势通道的顶部”。报告中的一张图表显示：“只有在20世纪30年代末和90年代末才会更高，当时它才会上升。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d4fc2a69934ea51cf28c489fdfd23d4\" tg-width=\"700\" tg-height=\"423\" referrerpolicy=\"no-referrer\"><span>DEUTSCHE BANK RESEARCH REPORT DATED DEC. 10, 2021</span></p><p><blockquote><p class=\"t-img-caption\"><span>德意志银行12月研究报告。10, 2021</span></p></blockquote></p><p> The S&amp;P 500 closed Dec. 10 at a record high of 4,712.02 and is on track to gain more than 24% this year, according to FactSet data.</p><p><blockquote>FactSet数据显示，标普500 12月10日收于4,712.02点的历史新高，今年有望上涨24%以上。</blockquote></p><p> Deutsche Bank's strategists project the index will continue to climb next year, pointing to earnings growth and saying in their report that stock buybacks should help keep S&amp;P 500 returns strong, particularly in the first half of 2022. They have a price target of 5,250 for the S&amp;P 500 by the end of next year, according to their research note.</p><p><blockquote>德银策略师预计该指数明年将继续攀升，指出盈利增长，并在报告中表示，股票回购应有助于保持标普500的强劲回报，特别是在2022年上半年。根据他们的研究报告，到明年年底，标普500的目标价格为5,250英镑。</blockquote></p><p> Deutsche Bank Research is part of the investment banking division. Separately, the chief investment office of the bank's wealth-management division provided a 2022 outlook presentation on Dec. 6 that showed an S&amp;P 500 target of 5,000.</p><p><blockquote>德意志银行研究部是投资银行部门的一部分。另外，该银行财富管理部门首席投资办公室于12月6日发布了2022年展望报告，显示标普500目标为5,000人。</blockquote></p><p> \"For the S&amp;P 500, we see 10% earnings growth to $230 in 2022,\" according to the Deutsche Bank Research note dated Dec. 10, with the strategists referring to their earnings-per-share forecast.</p><p><blockquote>德意志银行12月10日的研究报告称，“对于标普500来说，我们预计2022年盈利将增长10%，达到230美元”，策略师们提到了他们的每股收益预测。</blockquote></p><p> \"Inflation has historically been neutral for earnings, but negative for multiples,\" they wrote, against the backdrop of a surge in the cost of living during the pandemic.</p><p><blockquote>他们写道：“从历史上看，通胀对盈利来说是中性的，但对市盈率来说是负的。”在疫情期间生活成本飙升的背景下。</blockquote></p><p> Valuations for the S&amp;P 500 index are \"extremely high,\" according to the Deutsche Bank Research report. \"Equity valuations are in the 97-100th percentile on almost any metric excluding the 1990s tech bubble period and well into the 90s in percentile terms even including it,\" the strategists wrote.</p><p><blockquote>德银研究报告称，标普500指数的估值“极高”。策略师们写道：“几乎所有指标的股票估值都处于97-100个百分点，不包括20世纪90年代的科技泡沫时期，即使包括该时期，按百分位数计算也远远超过了90年代。”</blockquote></p><p> Their 2022 forecast for the S&amp;P 500 implies a trailing 12-month price-to earnings ratio of 22.8, the research report from Dec. 10 shows.</p><p><blockquote>12月10日的研究报告显示，他们对标普500 2022年的预测意味着过去12个月的市盈率为22.8。</blockquote></p><p> \"With earnings having already recovered to levels above trend that often marked cycle peaks and equity valuations historically high, the outlook for equities looks subject to a larger degree of uncertainty and a wider range of possible outcomes than is typical,\" the strategists cautioned.</p><p><blockquote>策略师警告称：“由于盈利已经恢复到高于趋势水平（通常标志着周期峰值和股票估值处于历史高位），股市前景看起来比通常情况下面临更大程度的不确定性和更广泛的可能结果。”</blockquote></p><p> U.S. stock indexes closed lower Monday, with S&amp;P 500 ending 0.9% lower, FactSet data show.</p><p><blockquote>FactSet数据显示，美国股指周一收低，标普500收盘下跌0.9%。</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>Highly valued S&P 500 index is 'near the top of its 85-year trend channel,' says Deutsche Bank<blockquote>德意志银行表示，高估值的标普500指数“接近85年趋势通道的顶部”</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\">\nHighly valued S&P 500 index is 'near the top of its 85-year trend channel,' says Deutsche Bank<blockquote>德意志银行表示，高估值的标普500指数“接近85年趋势通道的顶部”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-12-14 11:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>'Inflation has historically been neutral for earnings, but negative for multiples,' says a Deutsche Bank report</p><p><blockquote>德意志银行的一份报告称，通胀历来对盈利呈中性，但对市盈率呈负值</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b7803ce34d9ebaddbf2c083be3d67a2\" tg-width=\"700\" tg-height=\"458\" referrerpolicy=\"no-referrer\"><span>The S&amp;P 500 index closed at a record high on Dec. 10, 2021. Chris Hondros/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>标普500指数于2021年12月10日收于历史新高。克里斯·洪德罗斯/盖蒂图片社</span></p></blockquote></p><p> The S&amp;P 500's \"extremely high\" historical valuation puts the index near the upper bound of a \"trend channel of price appreciation\" that spans more than eight decades, but the broad equity benchmark still could go higher, according to Deutsche Bank Research.</p><p><blockquote>德意志银行研究部表示，标普500“极高”的历史估值使该指数接近跨越八十多年的“价格升值趋势通道”的上限，但广泛的股票基准仍可能走高。</blockquote></p><p> The U.S. stock index is \"near the top of its 85-year trend channel,\" the bank's strategists wrote in a research report dated Dec. 10. \"It was only higher in the late 1930s and late 1990s, when it went above,\" a chart in the report shows.</p><p><blockquote>该行策略师在12月10日的一份研究报告中写道，美国股指“接近85年趋势通道的顶部”。报告中的一张图表显示：“只有在20世纪30年代末和90年代末才会更高，当时它才会上升。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d4fc2a69934ea51cf28c489fdfd23d4\" tg-width=\"700\" tg-height=\"423\" referrerpolicy=\"no-referrer\"><span>DEUTSCHE BANK RESEARCH REPORT DATED DEC. 10, 2021</span></p><p><blockquote><p class=\"t-img-caption\"><span>德意志银行12月研究报告。10, 2021</span></p></blockquote></p><p> The S&amp;P 500 closed Dec. 10 at a record high of 4,712.02 and is on track to gain more than 24% this year, according to FactSet data.</p><p><blockquote>FactSet数据显示，标普500 12月10日收于4,712.02点的历史新高，今年有望上涨24%以上。</blockquote></p><p> Deutsche Bank's strategists project the index will continue to climb next year, pointing to earnings growth and saying in their report that stock buybacks should help keep S&amp;P 500 returns strong, particularly in the first half of 2022. They have a price target of 5,250 for the S&amp;P 500 by the end of next year, according to their research note.</p><p><blockquote>德银策略师预计该指数明年将继续攀升，指出盈利增长，并在报告中表示，股票回购应有助于保持标普500的强劲回报，特别是在2022年上半年。根据他们的研究报告，到明年年底，标普500的目标价格为5,250英镑。</blockquote></p><p> Deutsche Bank Research is part of the investment banking division. Separately, the chief investment office of the bank's wealth-management division provided a 2022 outlook presentation on Dec. 6 that showed an S&amp;P 500 target of 5,000.</p><p><blockquote>德意志银行研究部是投资银行部门的一部分。另外，该银行财富管理部门首席投资办公室于12月6日发布了2022年展望报告，显示标普500目标为5,000人。</blockquote></p><p> \"For the S&amp;P 500, we see 10% earnings growth to $230 in 2022,\" according to the Deutsche Bank Research note dated Dec. 10, with the strategists referring to their earnings-per-share forecast.</p><p><blockquote>德意志银行12月10日的研究报告称，“对于标普500来说，我们预计2022年盈利将增长10%，达到230美元”，策略师们提到了他们的每股收益预测。</blockquote></p><p> \"Inflation has historically been neutral for earnings, but negative for multiples,\" they wrote, against the backdrop of a surge in the cost of living during the pandemic.</p><p><blockquote>他们写道：“从历史上看，通胀对盈利来说是中性的，但对市盈率来说是负的。”在疫情期间生活成本飙升的背景下。</blockquote></p><p> Valuations for the S&amp;P 500 index are \"extremely high,\" according to the Deutsche Bank Research report. \"Equity valuations are in the 97-100th percentile on almost any metric excluding the 1990s tech bubble period and well into the 90s in percentile terms even including it,\" the strategists wrote.</p><p><blockquote>德银研究报告称，标普500指数的估值“极高”。策略师们写道：“几乎所有指标的股票估值都处于97-100个百分点，不包括20世纪90年代的科技泡沫时期，即使包括该时期，按百分位数计算也远远超过了90年代。”</blockquote></p><p> Their 2022 forecast for the S&amp;P 500 implies a trailing 12-month price-to earnings ratio of 22.8, the research report from Dec. 10 shows.</p><p><blockquote>12月10日的研究报告显示，他们对标普500 2022年的预测意味着过去12个月的市盈率为22.8。</blockquote></p><p> \"With earnings having already recovered to levels above trend that often marked cycle peaks and equity valuations historically high, the outlook for equities looks subject to a larger degree of uncertainty and a wider range of possible outcomes than is typical,\" the strategists cautioned.</p><p><blockquote>策略师警告称：“由于盈利已经恢复到高于趋势水平（通常标志着周期峰值和股票估值处于历史高位），股市前景看起来比通常情况下面临更大程度的不确定性和更广泛的可能结果。”</blockquote></p><p> U.S. stock indexes closed lower Monday, with S&amp;P 500 ending 0.9% lower, FactSet data show.</p><p><blockquote>FactSet数据显示，美国股指周一收低，标普500收盘下跌0.9%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/highly-valued-s-p-500-index-is-near-the-top-of-its-85-year-trend-channel-says-deutsche-bank-11639432105?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":{"BK4504":"桥水持仓","BK4559":"巴菲特持仓","SPY":"标普500ETF","BK4550":"红杉资本持仓","BK4552":"Archegos爆仓风波概念","SDS":"两倍做空标普500 ETF-ProShares","DB":"德意志银行","OEX":"标普100","OEF":"标普100指数ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","BK4534":"瑞士信贷持仓",".DJI":"道琼斯","BK4118":"综合性资本市场","SPXU":"三倍做空标普500ETF-ProShares","BK4566":"资本集团",".IXIC":"NASDAQ Composite","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","SSO":"2倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/highly-valued-s-p-500-index-is-near-the-top-of-its-85-year-trend-channel-says-deutsche-bank-11639432105?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2191841329","content_text":"'Inflation has historically been neutral for earnings, but negative for multiples,' says a Deutsche Bank report\nThe S&P 500 index closed at a record high on Dec. 10, 2021. Chris Hondros/Getty Images\nThe S&P 500's \"extremely high\" historical valuation puts the index near the upper bound of a \"trend channel of price appreciation\" that spans more than eight decades, but the broad equity benchmark still could go higher, according to Deutsche Bank Research.\nThe U.S. stock index is \"near the top of its 85-year trend channel,\" the bank's strategists wrote in a research report dated Dec. 10. \"It was only higher in the late 1930s and late 1990s, when it went above,\" a chart in the report shows.\nDEUTSCHE BANK RESEARCH REPORT DATED DEC. 10, 2021\nThe S&P 500 closed Dec. 10 at a record high of 4,712.02 and is on track to gain more than 24% this year, according to FactSet data.\nDeutsche Bank's strategists project the index will continue to climb next year, pointing to earnings growth and saying in their report that stock buybacks should help keep S&P 500 returns strong, particularly in the first half of 2022. They have a price target of 5,250 for the S&P 500 by the end of next year, according to their research note.\nDeutsche Bank Research is part of the investment banking division. Separately, the chief investment office of the bank's wealth-management division provided a 2022 outlook presentation on Dec. 6 that showed an S&P 500 target of 5,000.\n\"For the S&P 500, we see 10% earnings growth to $230 in 2022,\" according to the Deutsche Bank Research note dated Dec. 10, with the strategists referring to their earnings-per-share forecast.\n\"Inflation has historically been neutral for earnings, but negative for multiples,\" they wrote, against the backdrop of a surge in the cost of living during the pandemic.\nValuations for the S&P 500 index are \"extremely high,\" according to the Deutsche Bank Research report. \"Equity valuations are in the 97-100th percentile on almost any metric excluding the 1990s tech bubble period and well into the 90s in percentile terms even including it,\" the strategists wrote.\nTheir 2022 forecast for the S&P 500 implies a trailing 12-month price-to earnings ratio of 22.8, the research report from Dec. 10 shows.\n\"With earnings having already recovered to levels above trend that often marked cycle peaks and equity valuations historically high, the outlook for equities looks subject to a larger degree of uncertainty and a wider range of possible outcomes than is typical,\" the strategists cautioned.\nU.S. stock indexes closed lower Monday, with S&P 500 ending 0.9% lower, FactSet data show.","news_type":1,"symbols_score_info":{"DB":0.9,"UPRO":0.9,"OEX":0.9,"SSO":0.9,".SPX":0.9,"OEF":0.9,"SPY":0.9,".IXIC":0.9,"SPXU":0.9,"SH":0.9,"IVV":0.9,".DJI":0.9,"SDS":0.9,"ESmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3751,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607018112,"gmtCreate":1639456472050,"gmtModify":1639456472458,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607018112","repostId":"2191098756","repostType":4,"repost":{"id":"2191098756","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1639453031,"share":"https://www.laohu8.com/m/news/2191098756?lang=zh_CN&edition=full","pubTime":"2021-12-14 11:37","market":"us","language":"en","title":"Honeywell To Acquire US Digital Designs For Undisclosed Sum<blockquote>霍尼韦尔将收购美国数字设计公司，收购金额未公开</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2191098756","media":"Benzinga","summary":"Honeywell International Inc (NASDAQ: HON) agreed to acquire privately-held US Digital Designs, Inc.,","content":"<p><ul>  <li><b>Honeywell International Inc</b>&nbsp;(NASDAQ: HON)&nbsp;agreed to acquire privately-held US Digital Designs,&nbsp;Inc., for a purchase multiple of ~14X EBITDA in an all-cash transaction. Deal terms not disclosed.</li>  <li>Tempe, Arizona-based US Digital Designs delivers alerting and dispatch communications solutions, enhancing first responders' efficacy and enabling faster emergency response times.</li>  <li>US Digital Designs' EBITDA margins are accretive to Honeywell. Honeywell expects to achieve a greater than 25% return on investment by the fifth year.</li>  <li>Honeywell anticipates integrating the US Digital Designs into the Fire and Connected Life Safety systems business and expanding the line of solutions for public safety communications.</li>  <li>\"Integrating US Digital Designs' fire station alerting capabilities with Honeywell's Connected Life Safety Services will allow us to eliminate manual processes and significantly reduce response time,\" said Doug Wright, CEO of Honeywell Building Technologies.</li>  <li>Honeywell held&nbsp;cash and cash equivalents of .1 billion&nbsp;as of September 30, 2021.</li>  <li>This acquisition does not affect Honeywell's financial guidance and is expected to close in 1Q22.</li>  <li><b>Price Action:</b>&nbsp;HON shares closed lower by 0.28% at $209.23 on&nbsp;Monday.</li> </ul></p><p><blockquote><ul><li><b>霍尼韦尔国际公司</b>（纳斯达克：HON）同意在全现金交易中以约14倍EBITDA的购买倍数收购私人控股的美国数字设计公司。交易条款未披露。</li><li>总部位于亚利桑那州坦佩的US Digital Designs提供警报和调度通信解决方案，提高急救人员的效率并加快应急响应时间。</li><li>US Digital Designs的EBITDA利润率为霍尼韦尔带来了增值。霍尼韦尔预计到第五年将实现超过25%的投资回报率。</li><li>霍尼韦尔预计将把美国数字设计整合到消防和互联生命安全系统业务中，并扩大公共安全通信的解决方案系列。</li><li>霍尼韦尔建筑技术公司首席执行官Doug Wright表示：“将US Digital Designs的消防站警报功能与霍尼韦尔的互联生命安全服务相结合，将使我们能够消除手动流程并显着缩短响应时间。”</li><li>截至2021年9月30日，霍尼韦尔持有现金及现金等价物为10亿美元。</li><li>此次收购不影响Honeywell的财务指引，预计将在2022年第一季度完成交易。</li><li><b>价格走势：</b>HON股价周一收盘下跌0.28%，至209.23美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Honeywell To Acquire US Digital Designs For Undisclosed Sum<blockquote>霍尼韦尔将收购美国数字设计公司，收购金额未公开</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; 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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\">\nHoneywell To Acquire US Digital Designs For Undisclosed Sum<blockquote>霍尼韦尔将收购美国数字设计公司，收购金额未公开</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-12-14 11:37</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>Honeywell International Inc</b>&nbsp;(NASDAQ: HON)&nbsp;agreed to acquire privately-held US Digital Designs,&nbsp;Inc., for a purchase multiple of ~14X EBITDA in an all-cash transaction. Deal terms not disclosed.</li>  <li>Tempe, Arizona-based US Digital Designs delivers alerting and dispatch communications solutions, enhancing first responders' efficacy and enabling faster emergency response times.</li>  <li>US Digital Designs' EBITDA margins are accretive to Honeywell. Honeywell expects to achieve a greater than 25% return on investment by the fifth year.</li>  <li>Honeywell anticipates integrating the US Digital Designs into the Fire and Connected Life Safety systems business and expanding the line of solutions for public safety communications.</li>  <li>\"Integrating US Digital Designs' fire station alerting capabilities with Honeywell's Connected Life Safety Services will allow us to eliminate manual processes and significantly reduce response time,\" said Doug Wright, CEO of Honeywell Building Technologies.</li>  <li>Honeywell held&nbsp;cash and cash equivalents of .1 billion&nbsp;as of September 30, 2021.</li>  <li>This acquisition does not affect Honeywell's financial guidance and is expected to close in 1Q22.</li>  <li><b>Price Action:</b>&nbsp;HON shares closed lower by 0.28% at $209.23 on&nbsp;Monday.</li> </ul></p><p><blockquote><ul><li><b>霍尼韦尔国际公司</b>（纳斯达克：HON）同意在全现金交易中以约14倍EBITDA的购买倍数收购私人控股的美国数字设计公司。交易条款未披露。</li><li>总部位于亚利桑那州坦佩的US Digital Designs提供警报和调度通信解决方案，提高急救人员的效率并加快应急响应时间。</li><li>US Digital Designs的EBITDA利润率为霍尼韦尔带来了增值。霍尼韦尔预计到第五年将实现超过25%的投资回报率。</li><li>霍尼韦尔预计将把美国数字设计整合到消防和互联生命安全系统业务中，并扩大公共安全通信的解决方案系列。</li><li>霍尼韦尔建筑技术公司首席执行官Doug Wright表示：“将US Digital Designs的消防站警报功能与霍尼韦尔的互联生命安全服务相结合，将使我们能够消除手动流程并显着缩短响应时间。”</li><li>截至2021年9月30日，霍尼韦尔持有现金及现金等价物为10亿美元。</li><li>此次收购不影响Honeywell的财务指引，预计将在2022年第一季度完成交易。</li><li><b>价格走势：</b>HON股价周一收盘下跌0.28%，至209.23美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4084":"特种房地产投资信托","DLR":"数字房地产信托公司","HON":"霍尼韦尔","BK4529":"IDC概念","BK4534":"瑞士信贷持仓","BK4566":"资本集团","BK4550":"红杉资本持仓","BK4206":"工业集团企业"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2191098756","content_text":"Honeywell International Inc (NASDAQ: HON) agreed to acquire privately-held US Digital Designs, Inc., for a purchase multiple of ~14X EBITDA in an all-cash transaction. Deal terms not disclosed.\nTempe, Arizona-based US Digital Designs delivers alerting and dispatch communications solutions, enhancing first responders' efficacy and enabling faster emergency response times.\nUS Digital Designs' EBITDA margins are accretive to Honeywell. Honeywell expects to achieve a greater than 25% return on investment by the fifth year.\nHoneywell anticipates integrating the US Digital Designs into the Fire and Connected Life Safety systems business and expanding the line of solutions for public safety communications.\n\"Integrating US Digital Designs' fire station alerting capabilities with Honeywell's Connected Life Safety Services will allow us to eliminate manual processes and significantly reduce response time,\" said Doug Wright, CEO of Honeywell Building Technologies.\nHoneywell held cash and cash equivalents of .1 billion as of September 30, 2021.\nThis acquisition does not affect Honeywell's financial guidance and is expected to close in 1Q22.\nPrice Action: HON shares closed lower by 0.28% at $209.23 on Monday.","news_type":1,"symbols_score_info":{"DLR":0.9,"HON":0.9}},"isVote":1,"tweetType":1,"viewCount":3640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607018333,"gmtCreate":1639456451982,"gmtModify":1639464825696,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Shut up","listText":"Shut up","text":"Shut up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607018333","repostId":"1120286910","repostType":4,"repost":{"id":"1120286910","kind":"news","pubTimestamp":1639453388,"share":"https://www.laohu8.com/m/news/1120286910?lang=zh_CN&edition=full","pubTime":"2021-12-14 11:43","market":"us","language":"en","title":"PayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120286910","media":"Seeking Alpha","summary":"Summary\n\nPayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.\nI wa","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>PayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.</li>  <li>I warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.</li>  <li>That warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.</li>  <li>PayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/847095b0be294275f55f7e8f700d56b4\" tg-width=\"1536\" tg-height=\"1229\" width=\"100%\" height=\"auto\"><span>BsWei/iStock via Getty Images</span></p><p><blockquote><ul><li>PayPal股价较今年高点下跌超过-35%，而且该股仍然不便宜。</li><li>我早在2021年2月就警告投资者，PayPal的估值被严重高估，值得出售。</li><li>这一警告可能是针对数十只被高估的科技股发出的，这些股在未来3年内仍有超过-50%的下跌空间。</li><li>PayPal仍然是一家我想拥有的伟大公司，因此我分析该股票以确定我愿意购买它的价格。</li></ul><p class=\"t-img-caption\"><span>BsWei/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Back on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&amp;P 500 (SPY).</p><p><blockquote>早在2021年2月6日，我就制作了一段视频，与投资者分享了为什么PayPal(PYPL)股票被高估到足以出售。我在我的Seeking Alpha bloghere上分享了该视频。自那时以来，PayPal的绝对表现和相对于标普500（SPDR标普500指数ETF）的表现都很差。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8252b7218af36cce8b5a591f56abaecd\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The stock price is down about -30% since I warned investors and down about -38% off its high price of the year.</p><p><blockquote>自从我向投资者发出警告以来，该股股价已下跌约-30%，较今年的高点下跌约-38%。</blockquote></p><p> The truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.</p><p><blockquote>事实是，我本可以对许多其他被高估的科技股发出同样的警告，但如果价格跌至合理水平，我实际上想买入PayPal。这是一个公司绝对没有问题的案例。没有什么不好的故事可讲。这个价格被高估了。二月份围绕PayPal的故事有多好并不重要。从长远来看，数字几乎总是胜过叙事。当时的数字没有意义。</blockquote></p><p> This should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.</p><p><blockquote>这应该是中长线投资者的重要一课。如果数字不起作用，故事是什么并不重要。</blockquote></p><p> The difficultly for a stock writer like myself is that investors<i>love</i>narratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.</p><p><blockquote>对于像我这样的股票作家来说，困难的是投资者<i>爱</i>叙事和故事。这不是我们的错。我们人类的大脑天生就是这样。自从我分享了我看跌的2月份PayPal视频以来，Seeking Alpha上报道PayPal的62篇文章中，没有一篇“看跌”文章。主要原因是PayPal的叙述如此吸引人，以至于估值数字要么被忽视，要么围绕这些数字的假设不现实。</blockquote></p><p> In this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.</p><p><blockquote>在本文中，我将分享我目前基于盈利和盈利增长预测的PayPal估值。我还将分享我认为PayPal股票的公允价值范围，以及我希望在安全边际的情况下购买的价格。这与我在2021年2月用来确定PayPal股票被高估的基本过程相同。</blockquote></p><p> <b>Full-Cycle Earnings Analysis</b></p><p><blockquote><b>全周期盈利分析</b></blockquote></p><p> As part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.</p><p><blockquote>作为分析的一部分，我计算了我认为未来总回报的两个主要驱动因素：市场情绪回报和商业回报。然后，我将这些预期回报以10年复合年增长率预期的形式组合在一起，并用它来评估股票。</blockquote></p><p> Before I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.</p><p><blockquote>在我开始这种分析之前，我总是检查企业的长期盈利模式，以确保企业适合这种分析。如果历史收益1）没有足够长的历史2）本质上不稳定，或者3）周期性太强，那么我要么完全避免分析股票，要么使用更合适的不同类型的分析。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70078307e65a5a1d0e37f9e70b726b77\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.</p><p><blockquote>我们可以看到，自2015年以来，PayPal的每股收益每年都在增长。这是一个明显的长期增长模式，它使该股票作为长期投资非常有吸引力。自2015年以来，没有出现过任何盈利负增长的年份，因此该股票可能非常适合我将要进行的盈利分析类型。不过，要问的一个重要问题是，虽然我们在2020年确实经历了短暂的衰退，但这是一次非常不寻常的衰退。在更长、更持久的经济衰退期间，PayPal的业务可能会对经济更加敏感。所以，这是一个风险。然而，当我考察eBay(EBAY)在2008/9年经济衰退中的表现时，其盈利增长基本持平，从未出现过负增长。如果让我猜的话，我认为PayPal的盈利增长率可能会在“正常”衰退期间下降，但仍然不会特别具有周期性。出于这些原因，尽管我们没有PayPal“正常”衰退的硬历史数据，但我仍将继续进行全周期盈利分析。</blockquote></p><p> <b>Market Sentiment Return Expectations</b></p><p><blockquote><b>市场情绪回归预期</b></blockquote></p><p></p><p> In order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.</p><p><blockquote>为了估计未来10年我们可能预期的回报，让我们首先研究一下，如果市盈率倍数恢复到上一个经济周期的平均值，我们从现在起10年后可以预期的回报。由于我们最近经历了一次衰退（尽管是一次不寻常的衰退），我将在2015财年开始这个周期，并通过2021年的估计运行它。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e36d2c3455962a02d96b8c88c32eadce\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of<b>-1.75%</b>. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.</p><p><blockquote>PayPal从2015年至今的平均市盈率为34.11（快速图上用金色圈出的蓝色条）。使用2021年4.60美元的预期盈利预测（也用金色圈出），PayPal目前的市盈率为40.73。如果40.73市盈率在未来10年恢复到34.11的平均市盈率，而其他条件保持不变，PayPal的股价将会下跌，10年复合年增长率将为<b>-1.75%</b>如果情绪均值回归需要十年时间，这就是我们可以从情绪均值回归中预期的年回报率。如果恢复所需的时间更短，价格可能会下跌得更快。</blockquote></p><p> <b>Business Earnings Expectations</b></p><p><blockquote><b>业务盈利预期</b></blockquote></p><p> We previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.</p><p><blockquote>我们之前研究了如果市场情绪恢复到均值会发生什么。这完全由市场情绪决定，并且通常与实际业务的表现脱节，或者只是松散地联系在一起。在本节中，我们将检查企业的实际收益。这里的目标很简单：我们想知道如果我们以今天的价格收购企业并将所有收益留给自己，我们在10年内会赚多少钱（以CAGR%的形式表示）。</blockquote></p><p> There are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.</p><p><blockquote>这有两个主要组成部分：第一个是收益收益率，第二个是收益的预期增长率。让我们从收益率（这是一个倒置的市盈率，因此，市盈率）开始。目前的收益率约为+2.46%。我喜欢思考这个问题的方式是，如果我现在以100美元购买公司的整个业务，如果未来10年收益保持不变，我每年的投资将获得2.46美元。</blockquote></p><p> The next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).</p><p><blockquote>下一步是估计公司在这段时间内的盈利增长。我通过计算上一个周期的收益增长率并将该增长率应用于未来10年来做到这一点。这涉及计算自2015年以来的每股收益增长率，考虑每年的每股收益增长或下降，然后退出该时期发生的任何股票回购（因为减持股票会因股票减少而增加每股收益）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f31b7d8ed5f59c82c2531cc686324d1a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Due to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.</p><p><blockquote>由于图表的规模，回购看起来比实际要大得多，这里没有太多调整。此外，由于PayPal的盈利每年都在增长，因此无需调整盈利增长下降。这使得估计PayPal的盈利增长变得相对简单，我估计PayPal的盈利增长约为+23.65%。</blockquote></p><p> Now, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.</p><p><blockquote>现在，当我问自己“出于估值目的，未来10年的合理预期是什么？”对于企业来说，在整整十年的时间里，收入每年增长超过20%是非常非常困难的（特别是如果他们在过去十年里已经这样做了）。因此，在用于估值目的时，我将所有长期预期盈利增长预测限制在20%。当股票的市盈率可能会随着时间的推移而收缩时，这只是一种帮助我避免为股票支付过高价格的方法。因此，对于这次估值工作，我将盈利增长假设限制在20%。</blockquote></p><p> Next, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a<b>+5.85%</b>10-year CAGR estimate for the expected business earnings returns.</p><p><blockquote>接下来，我将将该增长率应用于当前收益，展望10年，以获得最终的10年复合年增长率估计。我的想法是，如果我以100美元收购PayPal的整个业务，它将在第一年偿还我2.46美元，外加+20.00%的增长，并且在那之后的10年里，这个数额将以每年+20.00%的速度增长。我想知道我的100美元投资在10年后总共会有多少钱，我计算出大约是176.50美元（包括最初的100美元）。当我将这种增长插入CAGR计算器时，就会转化为<b>+5.85%</b>预期业务盈利回报的10年复合年增长率估计。</blockquote></p><p> <b>10-Year, Full-Cycle CAGR Estimate</b></p><p><blockquote><b>10年全周期复合年增长率估计</b></blockquote></p><p></p><p> Potential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of<b>+4.10%</b>at today's price.</p><p><blockquote>潜在的未来回报可以来自两个主要地方：市场情绪回报或业务收益回报。如果我们假设PayPal未来10年的市场情绪恢复到上一个周期的平均值，则复合年增长率将为-1.75%。如果盈利收益率和增长与上一个周期相似，该公司的10年复合年增长率应该在+5.85%左右。如果我们将两者放在一起，我们会得到预期的10年全周期复合年增长率为<b>+4.10%</b>以今天的价格。</blockquote></p><p> My Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.</p><p><blockquote>我对此类股票的买入/卖出/持有范围是：复合年增长率高于12%为买入，预期复合年增长率低于4%为卖出，4%至12%之间为持有。这使得PayPal股票在今天的价格水平上勉强属于“持有”类别。</blockquote></p><p> <b>Additional Considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> I consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.</p><p><blockquote>我认为PayPal是目前市场上质量最高的成长型股票之一，这就是为什么我一直相对密切地关注其估值。在本节中，我将分享我对PayPal的公允价值范围，以及我愿意在基于收益的安全边际下购买该股票的价格，以及我考虑使用更激进和不太保守的估值方法购买的价格。因此，我将从各种不同的角度来看PayPal的估值，让我们更清楚地了解购买该股票的合适价格。</blockquote></p><p> First, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.</p><p><blockquote>首先，我将使用本文中使用的相同假设和输入从我的购买价格和公允价值范围开始。如果我们使用所有这些相同的输入，我目前对PayPal的公允价值范围约为每股126.50美元至164.00美元。我目前的买入价格（包括安全边际）是112.10美元。低于该价格买入的投资者在中期内很有可能获得丰厚的回报。</blockquote></p><p> Once we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.</p><p><blockquote>一旦我们进入新的一年和2022年，我将开始提前预测PayPal 2022年的盈利。目前，分析师预计2022年每股收益为5.25美元。如果PayPal的其他指标保持不变，这将大大提高其估值，并将其公允价值范围提高至每股145.00美元至187.50美元，安全买入价格为每股128.00美元。当然，这是假设分析师维持对2022年的预期不变，并且在未来几个月内不会降低预期。这也意味着，根据未来的收益，如果PayPal在一两个月内保持接近当前价格的交易，它已经处于“公允价值”价格范围的上限。这可能是当前所有者继续持有的另一个原因。</blockquote></p><p> The Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.</p><p><blockquote>我在本文中使用的全周期收益分析并不是我使用的唯一分析类型。对于某些利润快速增长的罕见企业，我最近开发了一种新的分析方法，以帮助识别仅根据收益可能永远不会变得足够便宜的快速增长企业。这种分析的方法是我的私人服务机构周期性投资者俱乐部独有的，但由于PayPal的利润增长非常强劲，它实际上也有资格进行这种类型的分析，我想我至少会分享这种分析产生的“购买价格”，因为它比基于收益的分析更激进一些。</blockquote></p><p> When I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.</p><p><blockquote>当我使用利润增长分析来检查PayPal时，它得出的买入价格为144.90美元。我觉得这很有趣，因为如果本季度利润继续增长，价格可能会上涨一点，并使用我的基于收益的方法，使用明年的收益，使其非常接近公允价值的中间值。这是假设PayPal的指标从现在到那时不会恶化，而且PayPal也必须满足一些技术要求，但我认为到2022年2月，我很有可能成为PayPal股票的买家，大约在我警告投资者其高估值一年后。看看结果会很有趣。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> I think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.</p><p><blockquote>我认为PayPal 2021年的衰落是一个有趣且有用的案例研究，超越了PayPal本身。我们今年看到的PayPal股价下跌是完全可以预见的，还有许多其他估值丰厚的科技股也将经历类似的下跌，其中大多数可能在2022年。对于跑赢大盘此类股票的投资者来说，现在可能是考虑多元化的时候了，以帮助保持过去几年的收益。虽然会有一些被高估的股票停滞不前几年，毫无进展，也有极少数股票设法继续上涨，但绝大多数股票将经历像PayPal那样的下跌。</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>PayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</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\">\nPayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</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\">2021-12-14 11:43</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>PayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.</li>  <li>I warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.</li>  <li>That warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.</li>  <li>PayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/847095b0be294275f55f7e8f700d56b4\" tg-width=\"1536\" tg-height=\"1229\" width=\"100%\" height=\"auto\"><span>BsWei/iStock via Getty Images</span></p><p><blockquote><ul><li>PayPal股价较今年高点下跌超过-35%，而且该股仍然不便宜。</li><li>我早在2021年2月就警告投资者，PayPal的估值被严重高估，值得出售。</li><li>这一警告可能是针对数十只被高估的科技股发出的，这些股在未来3年内仍有超过-50%的下跌空间。</li><li>PayPal仍然是一家我想拥有的伟大公司，因此我分析该股票以确定我愿意购买它的价格。</li></ul><p class=\"t-img-caption\"><span>BsWei/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Back on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&amp;P 500 (SPY).</p><p><blockquote>早在2021年2月6日，我就制作了一段视频，与投资者分享了为什么PayPal(PYPL)股票被高估到足以出售。我在我的Seeking Alpha bloghere上分享了该视频。自那时以来，PayPal的绝对表现和相对于标普500（SPDR标普500指数ETF）的表现都很差。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8252b7218af36cce8b5a591f56abaecd\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The stock price is down about -30% since I warned investors and down about -38% off its high price of the year.</p><p><blockquote>自从我向投资者发出警告以来，该股股价已下跌约-30%，较今年的高点下跌约-38%。</blockquote></p><p> The truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.</p><p><blockquote>事实是，我本可以对许多其他被高估的科技股发出同样的警告，但如果价格跌至合理水平，我实际上想买入PayPal。这是一个公司绝对没有问题的案例。没有什么不好的故事可讲。这个价格被高估了。二月份围绕PayPal的故事有多好并不重要。从长远来看，数字几乎总是胜过叙事。当时的数字没有意义。</blockquote></p><p> This should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.</p><p><blockquote>这应该是中长线投资者的重要一课。如果数字不起作用，故事是什么并不重要。</blockquote></p><p> The difficultly for a stock writer like myself is that investors<i>love</i>narratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.</p><p><blockquote>对于像我这样的股票作家来说，困难的是投资者<i>爱</i>叙事和故事。这不是我们的错。我们人类的大脑天生就是这样。自从我分享了我看跌的2月份PayPal视频以来，Seeking Alpha上报道PayPal的62篇文章中，没有一篇“看跌”文章。主要原因是PayPal的叙述如此吸引人，以至于估值数字要么被忽视，要么围绕这些数字的假设不现实。</blockquote></p><p> In this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.</p><p><blockquote>在本文中，我将分享我目前基于盈利和盈利增长预测的PayPal估值。我还将分享我认为PayPal股票的公允价值范围，以及我希望在安全边际的情况下购买的价格。这与我在2021年2月用来确定PayPal股票被高估的基本过程相同。</blockquote></p><p> <b>Full-Cycle Earnings Analysis</b></p><p><blockquote><b>全周期盈利分析</b></blockquote></p><p> As part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.</p><p><blockquote>作为分析的一部分，我计算了我认为未来总回报的两个主要驱动因素：市场情绪回报和商业回报。然后，我将这些预期回报以10年复合年增长率预期的形式组合在一起，并用它来评估股票。</blockquote></p><p> Before I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.</p><p><blockquote>在我开始这种分析之前，我总是检查企业的长期盈利模式，以确保企业适合这种分析。如果历史收益1）没有足够长的历史2）本质上不稳定，或者3）周期性太强，那么我要么完全避免分析股票，要么使用更合适的不同类型的分析。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70078307e65a5a1d0e37f9e70b726b77\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.</p><p><blockquote>我们可以看到，自2015年以来，PayPal的每股收益每年都在增长。这是一个明显的长期增长模式，它使该股票作为长期投资非常有吸引力。自2015年以来，没有出现过任何盈利负增长的年份，因此该股票可能非常适合我将要进行的盈利分析类型。不过，要问的一个重要问题是，虽然我们在2020年确实经历了短暂的衰退，但这是一次非常不寻常的衰退。在更长、更持久的经济衰退期间，PayPal的业务可能会对经济更加敏感。所以，这是一个风险。然而，当我考察eBay(EBAY)在2008/9年经济衰退中的表现时，其盈利增长基本持平，从未出现过负增长。如果让我猜的话，我认为PayPal的盈利增长率可能会在“正常”衰退期间下降，但仍然不会特别具有周期性。出于这些原因，尽管我们没有PayPal“正常”衰退的硬历史数据，但我仍将继续进行全周期盈利分析。</blockquote></p><p> <b>Market Sentiment Return Expectations</b></p><p><blockquote><b>市场情绪回归预期</b></blockquote></p><p></p><p> In order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.</p><p><blockquote>为了估计未来10年我们可能预期的回报，让我们首先研究一下，如果市盈率倍数恢复到上一个经济周期的平均值，我们从现在起10年后可以预期的回报。由于我们最近经历了一次衰退（尽管是一次不寻常的衰退），我将在2015财年开始这个周期，并通过2021年的估计运行它。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e36d2c3455962a02d96b8c88c32eadce\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of<b>-1.75%</b>. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.</p><p><blockquote>PayPal从2015年至今的平均市盈率为34.11（快速图上用金色圈出的蓝色条）。使用2021年4.60美元的预期盈利预测（也用金色圈出），PayPal目前的市盈率为40.73。如果40.73市盈率在未来10年恢复到34.11的平均市盈率，而其他条件保持不变，PayPal的股价将会下跌，10年复合年增长率将为<b>-1.75%</b>如果情绪均值回归需要十年时间，这就是我们可以从情绪均值回归中预期的年回报率。如果恢复所需的时间更短，价格可能会下跌得更快。</blockquote></p><p> <b>Business Earnings Expectations</b></p><p><blockquote><b>业务盈利预期</b></blockquote></p><p> We previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.</p><p><blockquote>我们之前研究了如果市场情绪恢复到均值会发生什么。这完全由市场情绪决定，并且通常与实际业务的表现脱节，或者只是松散地联系在一起。在本节中，我们将检查企业的实际收益。这里的目标很简单：我们想知道如果我们以今天的价格收购企业并将所有收益留给自己，我们在10年内会赚多少钱（以CAGR%的形式表示）。</blockquote></p><p> There are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.</p><p><blockquote>这有两个主要组成部分：第一个是收益收益率，第二个是收益的预期增长率。让我们从收益率（这是一个倒置的市盈率，因此，市盈率）开始。目前的收益率约为+2.46%。我喜欢思考这个问题的方式是，如果我现在以100美元购买公司的整个业务，如果未来10年收益保持不变，我每年的投资将获得2.46美元。</blockquote></p><p> The next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).</p><p><blockquote>下一步是估计公司在这段时间内的盈利增长。我通过计算上一个周期的收益增长率并将该增长率应用于未来10年来做到这一点。这涉及计算自2015年以来的每股收益增长率，考虑每年的每股收益增长或下降，然后退出该时期发生的任何股票回购（因为减持股票会因股票减少而增加每股收益）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f31b7d8ed5f59c82c2531cc686324d1a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Due to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.</p><p><blockquote>由于图表的规模，回购看起来比实际要大得多，这里没有太多调整。此外，由于PayPal的盈利每年都在增长，因此无需调整盈利增长下降。这使得估计PayPal的盈利增长变得相对简单，我估计PayPal的盈利增长约为+23.65%。</blockquote></p><p> Now, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.</p><p><blockquote>现在，当我问自己“出于估值目的，未来10年的合理预期是什么？”对于企业来说，在整整十年的时间里，收入每年增长超过20%是非常非常困难的（特别是如果他们在过去十年里已经这样做了）。因此，在用于估值目的时，我将所有长期预期盈利增长预测限制在20%。当股票的市盈率可能会随着时间的推移而收缩时，这只是一种帮助我避免为股票支付过高价格的方法。因此，对于这次估值工作，我将盈利增长假设限制在20%。</blockquote></p><p> Next, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a<b>+5.85%</b>10-year CAGR estimate for the expected business earnings returns.</p><p><blockquote>接下来，我将将该增长率应用于当前收益，展望10年，以获得最终的10年复合年增长率估计。我的想法是，如果我以100美元收购PayPal的整个业务，它将在第一年偿还我2.46美元，外加+20.00%的增长，并且在那之后的10年里，这个数额将以每年+20.00%的速度增长。我想知道我的100美元投资在10年后总共会有多少钱，我计算出大约是176.50美元（包括最初的100美元）。当我将这种增长插入CAGR计算器时，就会转化为<b>+5.85%</b>预期业务盈利回报的10年复合年增长率估计。</blockquote></p><p> <b>10-Year, Full-Cycle CAGR Estimate</b></p><p><blockquote><b>10年全周期复合年增长率估计</b></blockquote></p><p></p><p> Potential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of<b>+4.10%</b>at today's price.</p><p><blockquote>潜在的未来回报可以来自两个主要地方：市场情绪回报或业务收益回报。如果我们假设PayPal未来10年的市场情绪恢复到上一个周期的平均值，则复合年增长率将为-1.75%。如果盈利收益率和增长与上一个周期相似，该公司的10年复合年增长率应该在+5.85%左右。如果我们将两者放在一起，我们会得到预期的10年全周期复合年增长率为<b>+4.10%</b>以今天的价格。</blockquote></p><p> My Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.</p><p><blockquote>我对此类股票的买入/卖出/持有范围是：复合年增长率高于12%为买入，预期复合年增长率低于4%为卖出，4%至12%之间为持有。这使得PayPal股票在今天的价格水平上勉强属于“持有”类别。</blockquote></p><p> <b>Additional Considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> I consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.</p><p><blockquote>我认为PayPal是目前市场上质量最高的成长型股票之一，这就是为什么我一直相对密切地关注其估值。在本节中，我将分享我对PayPal的公允价值范围，以及我愿意在基于收益的安全边际下购买该股票的价格，以及我考虑使用更激进和不太保守的估值方法购买的价格。因此，我将从各种不同的角度来看PayPal的估值，让我们更清楚地了解购买该股票的合适价格。</blockquote></p><p> First, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.</p><p><blockquote>首先，我将使用本文中使用的相同假设和输入从我的购买价格和公允价值范围开始。如果我们使用所有这些相同的输入，我目前对PayPal的公允价值范围约为每股126.50美元至164.00美元。我目前的买入价格（包括安全边际）是112.10美元。低于该价格买入的投资者在中期内很有可能获得丰厚的回报。</blockquote></p><p> Once we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.</p><p><blockquote>一旦我们进入新的一年和2022年，我将开始提前预测PayPal 2022年的盈利。目前，分析师预计2022年每股收益为5.25美元。如果PayPal的其他指标保持不变，这将大大提高其估值，并将其公允价值范围提高至每股145.00美元至187.50美元，安全买入价格为每股128.00美元。当然，这是假设分析师维持对2022年的预期不变，并且在未来几个月内不会降低预期。这也意味着，根据未来的收益，如果PayPal在一两个月内保持接近当前价格的交易，它已经处于“公允价值”价格范围的上限。这可能是当前所有者继续持有的另一个原因。</blockquote></p><p> The Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.</p><p><blockquote>我在本文中使用的全周期收益分析并不是我使用的唯一分析类型。对于某些利润快速增长的罕见企业，我最近开发了一种新的分析方法，以帮助识别仅根据收益可能永远不会变得足够便宜的快速增长企业。这种分析的方法是我的私人服务机构周期性投资者俱乐部独有的，但由于PayPal的利润增长非常强劲，它实际上也有资格进行这种类型的分析，我想我至少会分享这种分析产生的“购买价格”，因为它比基于收益的分析更激进一些。</blockquote></p><p> When I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.</p><p><blockquote>当我使用利润增长分析来检查PayPal时，它得出的买入价格为144.90美元。我觉得这很有趣，因为如果本季度利润继续增长，价格可能会上涨一点，并使用我的基于收益的方法，使用明年的收益，使其非常接近公允价值的中间值。这是假设PayPal的指标从现在到那时不会恶化，而且PayPal也必须满足一些技术要求，但我认为到2022年2月，我很有可能成为PayPal股票的买家，大约在我警告投资者其高估值一年后。看看结果会很有趣。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> I think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.</p><p><blockquote>我认为PayPal 2021年的衰落是一个有趣且有用的案例研究，超越了PayPal本身。我们今年看到的PayPal股价下跌是完全可以预见的，还有许多其他估值丰厚的科技股也将经历类似的下跌，其中大多数可能在2022年。对于跑赢大盘此类股票的投资者来说，现在可能是考虑多元化的时候了，以帮助保持过去几年的收益。虽然会有一些被高估的股票停滞不前几年，毫无进展，也有极少数股票设法继续上涨，但绝大多数股票将经历像PayPal那样的下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4474960-paypal-share-price-decline-overvalued-technology-stocks\">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":{"PYPL":"PayPal"},"source_url":"https://seekingalpha.com/article/4474960-paypal-share-price-decline-overvalued-technology-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120286910","content_text":"Summary\n\nPayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.\nI warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.\nThat warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.\nPayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.\n\nBsWei/iStock via Getty Images\nIntroduction\nBack on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&P 500 (SPY).\nData by YCharts\nThe stock price is down about -30% since I warned investors and down about -38% off its high price of the year.\nThe truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.\nThis should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.\nThe difficultly for a stock writer like myself is that investorslovenarratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.\nIn this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.\nFull-Cycle Earnings Analysis\nAs part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.\nBefore I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.\n\nWe can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.\nMarket Sentiment Return Expectations\nIn order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.\n\nPayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of-1.75%. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.\nBusiness Earnings Expectations\nWe previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.\nThere are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.\nThe next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).\nData by YCharts\nDue to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.\nNow, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.\nNext, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a+5.85%10-year CAGR estimate for the expected business earnings returns.\n10-Year, Full-Cycle CAGR Estimate\nPotential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of+4.10%at today's price.\nMy Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.\nAdditional Considerations\nI consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.\nFirst, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.\nOnce we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.\nThe Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.\nWhen I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.\nConclusion\nI think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604817390,"gmtCreate":1639369427112,"gmtModify":1639369427470,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604817390","repostId":"1171394291","repostType":4,"repost":{"id":"1171394291","kind":"news","pubTimestamp":1639366890,"share":"https://www.laohu8.com/m/news/1171394291?lang=zh_CN&edition=full","pubTime":"2021-12-13 11:41","market":"us","language":"en","title":"Apple's $3 trillion market cap to be a 'watershed moment' for company<blockquote>苹果3万亿美元市值将成为公司的“分水岭时刻”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171394291","media":"Seeking Alpha","summary":"As many companies begin to gear down for the Christmas and New Year holidays, there remains one tech","content":"<p>As many companies begin to gear down for the Christmas and New Year holidays, there remains one tech stalwart that is on the brink of a milestone that no other company in history has achieved: Apple.</p><p><blockquote>随着许多公司开始为圣诞节和新年假期做好准备，仍有一家科技巨头正处于历史上其他公司从未实现过的里程碑的边缘：苹果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c6ec3289e9b74b1c20fa47308bcbb20\" tg-width=\"1536\" tg-height=\"1063\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> The most-iconic of all tech companies stands a good chance of reaching $3 trillion in market capitalization this week. Apple(NASDAQ:AAPL)finished Friday with a valuation of $2.944 trillion, so all Wall Street needs to do now is add $56 billion to the iPhone maker's stock value and Apple (AAPL) will stand alone in the $3 trillion club.</p><p><blockquote>所有科技公司中最具标志性的公司本周的市值很有可能达到3万亿美元。苹果（纳斯达克股票代码：AAPL）周五收盘估值为2.944万亿美元，因此华尔街现在需要做的就是将这家iPhone制造商的股票价值增加560亿美元，苹果（AAPL）将在3万亿美元俱乐部中独树一帜。</blockquote></p><p> To put that amount in some perspective, Apple (AAPL) became the first company to hit $1 trillion in market cap in 2018--or, 42 years after Steve Jobs and Steve Wozniak founded Apple (AAPL) in a garage in Cupertino, Calif. It then took Apple just until 2020 to reach $2 trillion in market cap. Right now, the only other company worth more than $2 trillion is Microsoft(NASDAQ:MSFT), which ended last week with a market cap of $2.57 trillion.</p><p><blockquote>从某种角度来看，苹果(AAPL)在2018年成为第一家市值达到1万亿美元的公司，也就是史蒂夫·乔布斯(Steve Jobs)和史蒂夫·沃兹尼亚克(Steve Wozniak)在库比蒂诺的车库里创立苹果(AAPL)42年后，加利福尼亚州。直到2020年，苹果的市值才达到2万亿美元。目前，唯一一家市值超过2万亿美元的公司是微软（纳斯达克股票代码：MSFT），该公司上周收盘市值为2.57万亿美元。</blockquote></p><p> \"The Street is starting to better appreciate the robust fundamental story into 2022 for [Apple Chief Executive] Tim Cook &amp; Co.,\" said Wedbush analyst Dan Ives, in a research note on Sunday. \"Hitting $3 trillion is another watershed moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino.\"</p><p><blockquote>Wedbush分析师Dan Ives在周日的一份研究报告中表示：“华尔街开始更好地认识到[苹果首席执行官]蒂姆·库克公司(Tim Cook&amp;Co.)2022年强劲的基本面。”“达到3万亿美元是苹果的另一个分水岭，因为该公司继续证明怀疑者对库比蒂诺复兴增长故事的看法是错误的。”</blockquote></p><p> While Apple's (AAPL) iPhone sales continue to be the biggest source of the company's strength--iPhones accounted for almost $39 billion of Apple's $83.4 billion in fiscal fourth-quarter sales--Ives said the \"linchpin\" of Apple's (AAPL) growing valuation is its services business.</p><p><blockquote>虽然苹果(AAPL)的iPhone销量仍然是该公司实力的最大来源——iPhone在苹果第四财季834亿美元的销售额中占了近390亿美元——但Ives表示，苹果(AAPL)增长的“关键”估值是其服务业务。</blockquote></p><p> Services, which include items such as sales from the App Store and subscriptions to everything from Apple TV+ to iCloud storage plans, brought in $18.3 billion in revenue in Apple's (AAPL) most-recent quarter. Ives estimates that Apple's (AAPL) services business&nbsp;\"is worth $1.5 trillion in the eyes of the Street,\" and is benefiting from being coupled with a hardware ecosystem that \"is in the midst of its strongest product cycle in over a decade, led by iPhone 13.\"</p><p><blockquote>苹果(AAPL)最近一个季度的服务收入为183亿美元，其中包括App Store的销售以及从苹果TV+到iCloud存储计划的订阅等项目。Ives估计，苹果(AAPL)的服务业务“在华尔街眼中价值1.5万亿美元”，并且受益于与硬件生态系统的结合，该生态系统“正处于十多年来最强劲的产品周期中，以iPhone 13为首。”</blockquote></p><p> Even issues related to component supplies that could impede Apple's (AAPL) path toward a market cap for $3 trillion or more are likely to be little more than minor speedbumps for the company to overcome, in Ives opinion.</p><p><blockquote>Ives认为，即使与零部件供应相关的问题可能会阻碍苹果(AAPL)实现3万亿美元或更高市值的道路，也可能只不过是该公司需要克服的小障碍。</blockquote></p><p> \"Supply shortages of roughly 15 million iPhone units globally remain an issue that should moderate into early 2022,\" Ives said. \"Importantly, the underlying demand story is our focus into 2022 and we believe is the ultimate driver of the stock going forward.\"</p><p><blockquote>艾夫斯表示：“全球约1500万部iPhone的供应短缺仍然是一个问题，到2022年初应该会有所缓解。”“重要的是，潜在的需求故事是我们2022年的重点，我们相信这是该股未来发展的最终驱动力。”</blockquote></p><p> Ives estimates that Apple (AAPL) will sell more than 40 million iPhones during the end-of-the-year holiday season, and that China alone is set to see 15 million upgrades to the iPhone 13 during the quarter that concludes at the end of December.</p><p><blockquote>Ives估计，苹果(AAPL)在年底假期期间将售出超过4000万部iPhone，仅在中国，在截至年底的季度内，iPhone 13的升级量就将达到1500万部。十二月。</blockquote></p><p> Along with the iPhone, Ives said many signs point toward Apple (AAPL) rolling out its first augmented reality [AR] glasses by the summer of 2022, and that move could add $20 a share to the company's valuation. Morgan Stanley analyst Katy Huberty also recently said that Apple (AAPL) should see success with its AR glasses due to its long-time&nbsp;track record of entering consumer markets with successful new products.</p><p><blockquote>Ives表示，除了iPhone之外，许多迹象表明苹果(AAPL)将在2022年夏季推出首款增强现实[AR]眼镜，此举可能会使该公司每股估值增加20美元。Morgan Stanley分析师Katy Huberty最近也表示，苹果(AAPL)的AR眼镜应该会取得成功，因为该公司长期以来一直以成功的新产品进入消费市场。</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's $3 trillion market cap to be a 'watershed moment' for company<blockquote>苹果3万亿美元市值将成为公司的“分水岭时刻”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple's $3 trillion market cap to be a 'watershed moment' for company<blockquote>苹果3万亿美元市值将成为公司的“分水岭时刻”</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\">2021-12-13 11:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As many companies begin to gear down for the Christmas and New Year holidays, there remains one tech stalwart that is on the brink of a milestone that no other company in history has achieved: Apple.</p><p><blockquote>随着许多公司开始为圣诞节和新年假期做好准备，仍有一家科技巨头正处于历史上其他公司从未实现过的里程碑的边缘：苹果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c6ec3289e9b74b1c20fa47308bcbb20\" tg-width=\"1536\" tg-height=\"1063\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> The most-iconic of all tech companies stands a good chance of reaching $3 trillion in market capitalization this week. Apple(NASDAQ:AAPL)finished Friday with a valuation of $2.944 trillion, so all Wall Street needs to do now is add $56 billion to the iPhone maker's stock value and Apple (AAPL) will stand alone in the $3 trillion club.</p><p><blockquote>所有科技公司中最具标志性的公司本周的市值很有可能达到3万亿美元。苹果（纳斯达克股票代码：AAPL）周五收盘估值为2.944万亿美元，因此华尔街现在需要做的就是将这家iPhone制造商的股票价值增加560亿美元，苹果（AAPL）将在3万亿美元俱乐部中独树一帜。</blockquote></p><p> To put that amount in some perspective, Apple (AAPL) became the first company to hit $1 trillion in market cap in 2018--or, 42 years after Steve Jobs and Steve Wozniak founded Apple (AAPL) in a garage in Cupertino, Calif. It then took Apple just until 2020 to reach $2 trillion in market cap. Right now, the only other company worth more than $2 trillion is Microsoft(NASDAQ:MSFT), which ended last week with a market cap of $2.57 trillion.</p><p><blockquote>从某种角度来看，苹果(AAPL)在2018年成为第一家市值达到1万亿美元的公司，也就是史蒂夫·乔布斯(Steve Jobs)和史蒂夫·沃兹尼亚克(Steve Wozniak)在库比蒂诺的车库里创立苹果(AAPL)42年后，加利福尼亚州。直到2020年，苹果的市值才达到2万亿美元。目前，唯一一家市值超过2万亿美元的公司是微软（纳斯达克股票代码：MSFT），该公司上周收盘市值为2.57万亿美元。</blockquote></p><p> \"The Street is starting to better appreciate the robust fundamental story into 2022 for [Apple Chief Executive] Tim Cook &amp; Co.,\" said Wedbush analyst Dan Ives, in a research note on Sunday. \"Hitting $3 trillion is another watershed moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino.\"</p><p><blockquote>Wedbush分析师Dan Ives在周日的一份研究报告中表示：“华尔街开始更好地认识到[苹果首席执行官]蒂姆·库克公司(Tim Cook&amp;Co.)2022年强劲的基本面。”“达到3万亿美元是苹果的另一个分水岭，因为该公司继续证明怀疑者对库比蒂诺复兴增长故事的看法是错误的。”</blockquote></p><p> While Apple's (AAPL) iPhone sales continue to be the biggest source of the company's strength--iPhones accounted for almost $39 billion of Apple's $83.4 billion in fiscal fourth-quarter sales--Ives said the \"linchpin\" of Apple's (AAPL) growing valuation is its services business.</p><p><blockquote>虽然苹果(AAPL)的iPhone销量仍然是该公司实力的最大来源——iPhone在苹果第四财季834亿美元的销售额中占了近390亿美元——但Ives表示，苹果(AAPL)增长的“关键”估值是其服务业务。</blockquote></p><p> Services, which include items such as sales from the App Store and subscriptions to everything from Apple TV+ to iCloud storage plans, brought in $18.3 billion in revenue in Apple's (AAPL) most-recent quarter. Ives estimates that Apple's (AAPL) services business&nbsp;\"is worth $1.5 trillion in the eyes of the Street,\" and is benefiting from being coupled with a hardware ecosystem that \"is in the midst of its strongest product cycle in over a decade, led by iPhone 13.\"</p><p><blockquote>苹果(AAPL)最近一个季度的服务收入为183亿美元，其中包括App Store的销售以及从苹果TV+到iCloud存储计划的订阅等项目。Ives估计，苹果(AAPL)的服务业务“在华尔街眼中价值1.5万亿美元”，并且受益于与硬件生态系统的结合，该生态系统“正处于十多年来最强劲的产品周期中，以iPhone 13为首。”</blockquote></p><p> Even issues related to component supplies that could impede Apple's (AAPL) path toward a market cap for $3 trillion or more are likely to be little more than minor speedbumps for the company to overcome, in Ives opinion.</p><p><blockquote>Ives认为，即使与零部件供应相关的问题可能会阻碍苹果(AAPL)实现3万亿美元或更高市值的道路，也可能只不过是该公司需要克服的小障碍。</blockquote></p><p> \"Supply shortages of roughly 15 million iPhone units globally remain an issue that should moderate into early 2022,\" Ives said. \"Importantly, the underlying demand story is our focus into 2022 and we believe is the ultimate driver of the stock going forward.\"</p><p><blockquote>艾夫斯表示：“全球约1500万部iPhone的供应短缺仍然是一个问题，到2022年初应该会有所缓解。”“重要的是，潜在的需求故事是我们2022年的重点，我们相信这是该股未来发展的最终驱动力。”</blockquote></p><p> Ives estimates that Apple (AAPL) will sell more than 40 million iPhones during the end-of-the-year holiday season, and that China alone is set to see 15 million upgrades to the iPhone 13 during the quarter that concludes at the end of December.</p><p><blockquote>Ives估计，苹果(AAPL)在年底假期期间将售出超过4000万部iPhone，仅在中国，在截至年底的季度内，iPhone 13的升级量就将达到1500万部。十二月。</blockquote></p><p> Along with the iPhone, Ives said many signs point toward Apple (AAPL) rolling out its first augmented reality [AR] glasses by the summer of 2022, and that move could add $20 a share to the company's valuation. Morgan Stanley analyst Katy Huberty also recently said that Apple (AAPL) should see success with its AR glasses due to its long-time&nbsp;track record of entering consumer markets with successful new products.</p><p><blockquote>Ives表示，除了iPhone之外，许多迹象表明苹果(AAPL)将在2022年夏季推出首款增强现实[AR]眼镜，此举可能会使该公司每股估值增加20美元。Morgan Stanley分析师Katy Huberty最近也表示，苹果(AAPL)的AR眼镜应该会取得成功，因为该公司长期以来一直以成功的新产品进入消费市场。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3779362-apple-nearing-watershed-moment-of-3-trillion-in-market-cap\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/news/3779362-apple-nearing-watershed-moment-of-3-trillion-in-market-cap","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171394291","content_text":"As many companies begin to gear down for the Christmas and New Year holidays, there remains one tech stalwart that is on the brink of a milestone that no other company in history has achieved: Apple.\nJustin Sullivan/Getty Images News\nThe most-iconic of all tech companies stands a good chance of reaching $3 trillion in market capitalization this week. Apple(NASDAQ:AAPL)finished Friday with a valuation of $2.944 trillion, so all Wall Street needs to do now is add $56 billion to the iPhone maker's stock value and Apple (AAPL) will stand alone in the $3 trillion club.\nTo put that amount in some perspective, Apple (AAPL) became the first company to hit $1 trillion in market cap in 2018--or, 42 years after Steve Jobs and Steve Wozniak founded Apple (AAPL) in a garage in Cupertino, Calif. It then took Apple just until 2020 to reach $2 trillion in market cap. Right now, the only other company worth more than $2 trillion is Microsoft(NASDAQ:MSFT), which ended last week with a market cap of $2.57 trillion.\n\"The Street is starting to better appreciate the robust fundamental story into 2022 for [Apple Chief Executive] Tim Cook & Co.,\" said Wedbush analyst Dan Ives, in a research note on Sunday. \"Hitting $3 trillion is another watershed moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino.\"\nWhile Apple's (AAPL) iPhone sales continue to be the biggest source of the company's strength--iPhones accounted for almost $39 billion of Apple's $83.4 billion in fiscal fourth-quarter sales--Ives said the \"linchpin\" of Apple's (AAPL) growing valuation is its services business.\nServices, which include items such as sales from the App Store and subscriptions to everything from Apple TV+ to iCloud storage plans, brought in $18.3 billion in revenue in Apple's (AAPL) most-recent quarter. Ives estimates that Apple's (AAPL) services business \"is worth $1.5 trillion in the eyes of the Street,\" and is benefiting from being coupled with a hardware ecosystem that \"is in the midst of its strongest product cycle in over a decade, led by iPhone 13.\"\nEven issues related to component supplies that could impede Apple's (AAPL) path toward a market cap for $3 trillion or more are likely to be little more than minor speedbumps for the company to overcome, in Ives opinion.\n\"Supply shortages of roughly 15 million iPhone units globally remain an issue that should moderate into early 2022,\" Ives said. \"Importantly, the underlying demand story is our focus into 2022 and we believe is the ultimate driver of the stock going forward.\"\nIves estimates that Apple (AAPL) will sell more than 40 million iPhones during the end-of-the-year holiday season, and that China alone is set to see 15 million upgrades to the iPhone 13 during the quarter that concludes at the end of December.\nAlong with the iPhone, Ives said many signs point toward Apple (AAPL) rolling out its first augmented reality [AR] glasses by the summer of 2022, and that move could add $20 a share to the company's valuation. Morgan Stanley analyst Katy Huberty also recently said that Apple (AAPL) should see success with its AR glasses due to its long-time track record of entering consumer markets with successful new products.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604814765,"gmtCreate":1639369380168,"gmtModify":1639369380550,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604814765","repostId":"1169099899","repostType":4,"repost":{"id":"1169099899","kind":"news","pubTimestamp":1639367858,"share":"https://www.laohu8.com/m/news/1169099899?lang=zh_CN&edition=full","pubTime":"2021-12-13 11:57","market":"us","language":"en","title":"Bull Run Enters Late Cycle<blockquote>牛市进入后期周期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169099899","media":"Seeking Alpha","summary":"Summary\n\nThe short-term correction has probably not ended yet.\nMacroeconomic indicators signal furth","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The short-term correction has probably not ended yet.</li>  <li>Macroeconomic indicators signal further upside for stocks despite short-term correction potential.</li>  <li>The Fed could face tough challenges with its loose monetary stance sooner than many expect.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35de74b68a683fda3b95d3fd873bc678\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>MundusImages/E+ via Getty Images</span></p><p><blockquote><ul><li>短期回调很可能还没有结束。</li><li>尽管短期存在回调潜力，但宏观经济指标表明股市将进一步上涨。</li><li>美联储可能会比许多人预期更快地面临宽松货币立场的严峻挑战。</li></ul><p class=\"t-img-caption\"><span>MundusImages/E+来自Getty Images</span></p></blockquote></p><p> The business cycle is maturing but has not ended yet. It is probably entering the late-cycle stage, according to Stouff capital's estimates. Their US Long-Term Macro Index gauge reached the 90% threshold, an early indicator for economic recessions. That's relevant because recessions had a perfect track record for bear markets in stocks. Every NBER recession in the past 170 involved a bear market in US stocks.</p><p><blockquote>商业周期正在成熟，但尚未结束。根据Stouff capital的估计，它可能正在进入周期后期阶段。他们的美国长期宏观指数指标达到了90%的阈值，这是经济衰退的早期指标。这是相关的，因为经济衰退对于股市熊市来说有着完美的记录。过去170年的每一次NBER衰退都涉及美国股市的熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/631eab7d5b7d2c62994d942fc86cdcfc\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, Stouff Capital)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Refinitiv、Stouff Capital）</span></p></blockquote></p><p> Nonetheless, entering the late stage of the business cycle does not imply that equities are in a bear market. On the contrary, equities developed positively during the late stage of the business cycle during the past century. The recession stage of the business cycle is the time window that investors want to avoid if they believe in statistical evidence. Other leading indicators, which have been reliable historically, do not signal an imminent recession yet. The labor market has been constructive until the last report. Moreover, the conference board Leading Economic Index (LEI) marked an all-time high on its latest reading. Historically, the labor market and the LEI reached their cycle peak several months ahead of the economy. Most often, both indices peaked even ahead of the US stock market before the US economy went into recession. Likewise, the yield curve is not flashing recessionary signals yet. Historically, it inverted shortly before a recession arrived and was also a leading indicator for cyclical stock market highs. That's neither the case today.</p><p><blockquote>尽管如此，进入商业周期后期并不意味着股市处于熊市。相反，股票在上个世纪商业周期的后期发展积极。如果投资者相信统计证据，商业周期的衰退阶段是他们想要避开的时间窗口。历史上可靠的其他领先指标尚未表明经济衰退即将来临。在上次报告之前，劳动力市场一直是建设性的。此外，世界大型企业联合会领先经济指数（LEI）的最新读数创下历史新高。从历史上看，劳动力市场和LEI比经济提前几个月达到周期峰值。大多数情况下，在美国经济陷入衰退之前，这两个指数甚至先于美国股市见顶。同样，收益率曲线尚未闪烁衰退信号。从历史上看，它在经济衰退到来前不久反转，也是周期性股市高点的领先指标。今天的情况也不是这样。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9fed5b5760550aa77356656aee41f1d0\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：路孚特、CEIC、百达资产管理）</span></p></blockquote></p><p> However, equities corrected 5%-10% from their most recent highs into early December. The drop was not surprising because the market was running hot, as explained in our&nbsp;mid-November article&nbsp;here on Seeking Alpha. Sentiment and technical indicators signaled an imminent 5%-10% correction. Nonetheless, the correction is probably not finished short term. Some more weakness remains the base case during the next couple of weeks.</p><p><blockquote>然而，截至12月初，股市从近期高点回调了5%-10%。正如我们在11月中旬关于Seeking Alpha的文章中所解释的那样，下跌并不令人意外，因为市场正在火热。情绪和技术指标表明即将出现5%-10%的回调。尽管如此，调整可能不会在短期内完成。在接下来的几周里，更多的疲软仍然是基本情况。</blockquote></p><p> Moreover, there is something peculiar about the current cycle. It is unfolding at an unprecedented speed. Therefore, the late-cycle stage may surprise many by not lasting as long as it usually does. Further, the current environment might prove extraordinarily challenging for central banks as inflation increases rapidly. The chart above shows that European purchasing prices are more than 20% higher versus last year. That's the steepest increase of the index since the '70s. The '70s were the latest period that recorded double-digit inflation after the breakup of the Bretton-Woods exchange-rate system. Inflation pressure is also mounting in the United States as well. Not only do goods become expensive due to supply shortages, but services also joined the party lately. The development is a problem for central banks as they have no effective tools against supply-side shortages. Consequently, we are unlikely to witness monetary easing short-term. That has been a headwind for equities in recent years. Yet again, that's not a hit-and-run event and we are not there yet. Historically, equities reached their cyclical high typically well after the initial rate hike.</p><p><blockquote>此外，当前的周期还有一些奇特之处。它正以前所未有的速度展开。因此，周期后期可能会让许多人感到惊讶，因为它不会像通常那样持续很长时间。此外，随着通胀迅速上升，当前环境对央行来说可能极具挑战性。上图显示，欧洲的采购价格比去年上涨了20%以上。这是该指数自70年代以来的最大涨幅。70年代是布雷顿森林汇率体系解体后最近一个出现两位数通胀的时期。美国的通胀压力也在加大。由于供应短缺，不仅商品变得昂贵，服务最近也加入了这一行列。这一发展对央行来说是一个问题，因为它们没有有效的工具来应对供应方短缺。因此，我们不太可能在短期内看到货币宽松。近年来，这一直是股市的阻力。再说一次，这不是肇事逃逸事件，我们还没有到那一步。从历史上看，股市通常在首次加息后很久就会达到周期性高点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfdb33a6b0c068438eae297a0bd32d1d\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：路孚特、CEIC、百达资产管理）</span></p></blockquote></p><p> Technicals support the macro evidence outlined above. Most of the major indices probably unfolded bearish Elliot waves from their November highs. The S&amp;P 500 counts best as an extending leading diagonal into the December 6th low. That's a signal that the short-term correction may not be over yet. The pattern will probably morph into a three-wave corrective leg towards 4250-4390 instead.</p><p><blockquote>技术面支持上述宏观证据。大多数主要指数可能从11月高点展开看跌艾略特波浪。标普500最好被视为延伸到12月6日低点的领先对角线。这是一个信号，表明短期调整可能尚未结束。相反，该形态可能会演变为朝向4250-4390的三浪修正腿。</blockquote></p><p></p><p> All in all, there is potential for more damage short term. Technical evidence hints at another attack at the 4390 S/R before seeing the next sustainable leg up. Time will tell if it is the last leg up before the cycle ends. Some of the macro indicators discussed above will probably provide further hints before things turn sour. The bottom line is that the bull trend is most likely intact despite further short-term correction potential.</p><p><blockquote>总而言之，短期内有可能造成更多损害。技术证据暗示，在看到下一次可持续上涨之前，4390 S/R将再次受到攻击。时间会证明这是否是周期结束前的最后一次上涨。上面讨论的一些宏观指标可能会在事情变糟之前提供进一步的暗示。最重要的是，尽管短期内有进一步回调的潜力，但牛市趋势很可能完好无损。</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>Bull Run Enters Late Cycle<blockquote>牛市进入后期周期</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\">\nBull Run Enters Late Cycle<blockquote>牛市进入后期周期</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\">2021-12-13 11:57</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>The short-term correction has probably not ended yet.</li>  <li>Macroeconomic indicators signal further upside for stocks despite short-term correction potential.</li>  <li>The Fed could face tough challenges with its loose monetary stance sooner than many expect.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35de74b68a683fda3b95d3fd873bc678\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>MundusImages/E+ via Getty Images</span></p><p><blockquote><ul><li>短期回调很可能还没有结束。</li><li>尽管短期存在回调潜力，但宏观经济指标表明股市将进一步上涨。</li><li>美联储可能会比许多人预期更快地面临宽松货币立场的严峻挑战。</li></ul><p class=\"t-img-caption\"><span>MundusImages/E+来自Getty Images</span></p></blockquote></p><p> The business cycle is maturing but has not ended yet. It is probably entering the late-cycle stage, according to Stouff capital's estimates. Their US Long-Term Macro Index gauge reached the 90% threshold, an early indicator for economic recessions. That's relevant because recessions had a perfect track record for bear markets in stocks. Every NBER recession in the past 170 involved a bear market in US stocks.</p><p><blockquote>商业周期正在成熟，但尚未结束。根据Stouff capital的估计，它可能正在进入周期后期阶段。他们的美国长期宏观指数指标达到了90%的阈值，这是经济衰退的早期指标。这是相关的，因为经济衰退对于股市熊市来说有着完美的记录。过去170年的每一次NBER衰退都涉及美国股市的熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/631eab7d5b7d2c62994d942fc86cdcfc\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, Stouff Capital)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Refinitiv、Stouff Capital）</span></p></blockquote></p><p> Nonetheless, entering the late stage of the business cycle does not imply that equities are in a bear market. On the contrary, equities developed positively during the late stage of the business cycle during the past century. The recession stage of the business cycle is the time window that investors want to avoid if they believe in statistical evidence. Other leading indicators, which have been reliable historically, do not signal an imminent recession yet. The labor market has been constructive until the last report. Moreover, the conference board Leading Economic Index (LEI) marked an all-time high on its latest reading. Historically, the labor market and the LEI reached their cycle peak several months ahead of the economy. Most often, both indices peaked even ahead of the US stock market before the US economy went into recession. Likewise, the yield curve is not flashing recessionary signals yet. Historically, it inverted shortly before a recession arrived and was also a leading indicator for cyclical stock market highs. That's neither the case today.</p><p><blockquote>尽管如此，进入商业周期后期并不意味着股市处于熊市。相反，股票在上个世纪商业周期的后期发展积极。如果投资者相信统计证据，商业周期的衰退阶段是他们想要避开的时间窗口。历史上可靠的其他领先指标尚未表明经济衰退即将来临。在上次报告之前，劳动力市场一直是建设性的。此外，世界大型企业联合会领先经济指数（LEI）的最新读数创下历史新高。从历史上看，劳动力市场和LEI比经济提前几个月达到周期峰值。大多数情况下，在美国经济陷入衰退之前，这两个指数甚至先于美国股市见顶。同样，收益率曲线尚未闪烁衰退信号。从历史上看，它在经济衰退到来前不久反转，也是周期性股市高点的领先指标。今天的情况也不是这样。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9fed5b5760550aa77356656aee41f1d0\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：路孚特、CEIC、百达资产管理）</span></p></blockquote></p><p> However, equities corrected 5%-10% from their most recent highs into early December. The drop was not surprising because the market was running hot, as explained in our&nbsp;mid-November article&nbsp;here on Seeking Alpha. Sentiment and technical indicators signaled an imminent 5%-10% correction. Nonetheless, the correction is probably not finished short term. Some more weakness remains the base case during the next couple of weeks.</p><p><blockquote>然而，截至12月初，股市从近期高点回调了5%-10%。正如我们在11月中旬关于Seeking Alpha的文章中所解释的那样，下跌并不令人意外，因为市场正在火热。情绪和技术指标表明即将出现5%-10%的回调。尽管如此，调整可能不会在短期内完成。在接下来的几周里，更多的疲软仍然是基本情况。</blockquote></p><p> Moreover, there is something peculiar about the current cycle. It is unfolding at an unprecedented speed. Therefore, the late-cycle stage may surprise many by not lasting as long as it usually does. Further, the current environment might prove extraordinarily challenging for central banks as inflation increases rapidly. The chart above shows that European purchasing prices are more than 20% higher versus last year. That's the steepest increase of the index since the '70s. The '70s were the latest period that recorded double-digit inflation after the breakup of the Bretton-Woods exchange-rate system. Inflation pressure is also mounting in the United States as well. Not only do goods become expensive due to supply shortages, but services also joined the party lately. The development is a problem for central banks as they have no effective tools against supply-side shortages. Consequently, we are unlikely to witness monetary easing short-term. That has been a headwind for equities in recent years. Yet again, that's not a hit-and-run event and we are not there yet. Historically, equities reached their cyclical high typically well after the initial rate hike.</p><p><blockquote>此外，当前的周期还有一些奇特之处。它正以前所未有的速度展开。因此，周期后期可能会让许多人感到惊讶，因为它不会像通常那样持续很长时间。此外，随着通胀迅速上升，当前环境对央行来说可能极具挑战性。上图显示，欧洲的采购价格比去年上涨了20%以上。这是该指数自70年代以来的最大涨幅。70年代是布雷顿森林汇率体系解体后最近一个出现两位数通胀的时期。美国的通胀压力也在加大。由于供应短缺，不仅商品变得昂贵，服务最近也加入了这一行列。这一发展对央行来说是一个问题，因为它们没有有效的工具来应对供应方短缺。因此，我们不太可能在短期内看到货币宽松。近年来，这一直是股市的阻力。再说一次，这不是肇事逃逸事件，我们还没有到那一步。从历史上看，股市通常在首次加息后很久就会达到周期性高点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfdb33a6b0c068438eae297a0bd32d1d\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：路孚特、CEIC、百达资产管理）</span></p></blockquote></p><p> Technicals support the macro evidence outlined above. Most of the major indices probably unfolded bearish Elliot waves from their November highs. The S&amp;P 500 counts best as an extending leading diagonal into the December 6th low. That's a signal that the short-term correction may not be over yet. The pattern will probably morph into a three-wave corrective leg towards 4250-4390 instead.</p><p><blockquote>技术面支持上述宏观证据。大多数主要指数可能从11月高点展开看跌艾略特波浪。标普500最好被视为延伸到12月6日低点的领先对角线。这是一个信号，表明短期调整可能尚未结束。相反，该形态可能会演变为朝向4250-4390的三浪修正腿。</blockquote></p><p></p><p> All in all, there is potential for more damage short term. Technical evidence hints at another attack at the 4390 S/R before seeing the next sustainable leg up. Time will tell if it is the last leg up before the cycle ends. Some of the macro indicators discussed above will probably provide further hints before things turn sour. The bottom line is that the bull trend is most likely intact despite further short-term correction potential.</p><p><blockquote>总而言之，短期内有可能造成更多损害。技术证据暗示，在看到下一次可持续上涨之前，4390 S/R将再次受到攻击。时间会证明这是否是周期结束前的最后一次上涨。上面讨论的一些宏观指标可能会在事情变糟之前提供进一步的暗示。最重要的是，尽管短期内有进一步回调的潜力，但牛市趋势很可能完好无损。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4474830-bull-run-enters-late-cycle\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4474830-bull-run-enters-late-cycle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169099899","content_text":"Summary\n\nThe short-term correction has probably not ended yet.\nMacroeconomic indicators signal further upside for stocks despite short-term correction potential.\nThe Fed could face tough challenges with its loose monetary stance sooner than many expect.\n\nMundusImages/E+ via Getty Images\nThe business cycle is maturing but has not ended yet. It is probably entering the late-cycle stage, according to Stouff capital's estimates. Their US Long-Term Macro Index gauge reached the 90% threshold, an early indicator for economic recessions. That's relevant because recessions had a perfect track record for bear markets in stocks. Every NBER recession in the past 170 involved a bear market in US stocks.\n(Source: Refinitiv, Stouff Capital)\nNonetheless, entering the late stage of the business cycle does not imply that equities are in a bear market. On the contrary, equities developed positively during the late stage of the business cycle during the past century. The recession stage of the business cycle is the time window that investors want to avoid if they believe in statistical evidence. Other leading indicators, which have been reliable historically, do not signal an imminent recession yet. The labor market has been constructive until the last report. Moreover, the conference board Leading Economic Index (LEI) marked an all-time high on its latest reading. Historically, the labor market and the LEI reached their cycle peak several months ahead of the economy. Most often, both indices peaked even ahead of the US stock market before the US economy went into recession. Likewise, the yield curve is not flashing recessionary signals yet. Historically, it inverted shortly before a recession arrived and was also a leading indicator for cyclical stock market highs. That's neither the case today.\n(Source: Refinitiv, CEIC, Pictet Asset Management)\nHowever, equities corrected 5%-10% from their most recent highs into early December. The drop was not surprising because the market was running hot, as explained in our mid-November article here on Seeking Alpha. Sentiment and technical indicators signaled an imminent 5%-10% correction. Nonetheless, the correction is probably not finished short term. Some more weakness remains the base case during the next couple of weeks.\nMoreover, there is something peculiar about the current cycle. It is unfolding at an unprecedented speed. Therefore, the late-cycle stage may surprise many by not lasting as long as it usually does. Further, the current environment might prove extraordinarily challenging for central banks as inflation increases rapidly. The chart above shows that European purchasing prices are more than 20% higher versus last year. That's the steepest increase of the index since the '70s. The '70s were the latest period that recorded double-digit inflation after the breakup of the Bretton-Woods exchange-rate system. Inflation pressure is also mounting in the United States as well. Not only do goods become expensive due to supply shortages, but services also joined the party lately. The development is a problem for central banks as they have no effective tools against supply-side shortages. Consequently, we are unlikely to witness monetary easing short-term. That has been a headwind for equities in recent years. Yet again, that's not a hit-and-run event and we are not there yet. Historically, equities reached their cyclical high typically well after the initial rate hike.\n(Source: Refinitiv, CEIC, Pictet Asset Management)\nTechnicals support the macro evidence outlined above. Most of the major indices probably unfolded bearish Elliot waves from their November highs. The S&P 500 counts best as an extending leading diagonal into the December 6th low. That's a signal that the short-term correction may not be over yet. The pattern will probably morph into a three-wave corrective leg towards 4250-4390 instead.\nAll in all, there is potential for more damage short term. Technical evidence hints at another attack at the 4390 S/R before seeing the next sustainable leg up. Time will tell if it is the last leg up before the cycle ends. Some of the macro indicators discussed above will probably provide further hints before things turn sour. The bottom line is that the bull trend is most likely intact despite further short-term correction potential.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604814510,"gmtCreate":1639369359314,"gmtModify":1639369359698,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604814510","repostId":"1171271872","repostType":4,"repost":{"id":"1171271872","kind":"news","pubTimestamp":1639348466,"share":"https://www.laohu8.com/m/news/1171271872?lang=zh_CN&edition=full","pubTime":"2021-12-13 06:34","market":"us","language":"en","title":"Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171271872","media":"Barrons","summary":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.Earnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and","content":"<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要事件将是美联储利率制定委员会2021年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但周二将包括金宝汤；Lennar、Accenture、FedEx、Rivian汽车和Adobe周四；周五还有达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的11月份生产者价格指数。经济学家预计整体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都与10月份的生产者通胀速度大致相当。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他发布的数据包括周二全国独立企业联合会的信心指数、周三人口普查局公布的11月零售支出以及周四公布的11月新屋开工数据。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>星期一12/13</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill和PHX Minerals在评级举办收益会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>金宝汤、巴恩斯集团和Avaya Holdings举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布11月份生产者价格指数。市场普遍预计环比上涨0.55%，不包括食品和能源的核心PPI将上涨0.4%。相比之下，10月份的增幅分别为0.6%和0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5,000名小企业主。预期看涨期权为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>星期三12/15</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束了为期两天的会议，届时政策制定者将讨论加快缩减月度证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>劳工统计局报告</b>11月进出口价格数据。预计出口价格环比上涨0.5%，而进口价格预计上涨0.5%。相比之下，10月份的涨幅分别为1.5%和1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了12月份NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11月份零售支出报告。预计经季节调整后零售额环比增长0.7%，而10月份为增长1.7%。不包括汽车在内，支出预计将增长0.8%，而上一时期为1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、Accenture、FedEx、Jabil、Adobe、Rivian汽车和Nordson等公司在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。季调后成屋开工年率料为156.3万套，10月为152万套。当房屋开始挖掘时，房屋开工被计算在内。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议记录。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继10月份增长1.6%后，经济学家预计增长0.6%。产能利用率预计为76.8，与10月份的76.4%大致一致。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>星期五12/17</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants和Quanex Building Products在评级举办收益会议。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-13 06:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要事件将是美联储利率制定委员会2021年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但周二将包括金宝汤；Lennar、Accenture、FedEx、Rivian汽车和Adobe周四；周五还有达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的11月份生产者价格指数。经济学家预计整体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都与10月份的生产者通胀速度大致相当。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他发布的数据包括周二全国独立企业联合会的信心指数、周三人口普查局公布的11月零售支出以及周四公布的11月新屋开工数据。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>星期一12/13</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill和PHX Minerals在评级举办收益会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>金宝汤、巴恩斯集团和Avaya Holdings举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布11月份生产者价格指数。市场普遍预计环比上涨0.55%，不包括食品和能源的核心PPI将上涨0.4%。相比之下，10月份的增幅分别为0.6%和0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5,000名小企业主。预期看涨期权为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>星期三12/15</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束了为期两天的会议，届时政策制定者将讨论加快缩减月度证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>劳工统计局报告</b>11月进出口价格数据。预计出口价格环比上涨0.5%，而进口价格预计上涨0.5%。相比之下，10月份的涨幅分别为1.5%和1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了12月份NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11月份零售支出报告。预计经季节调整后零售额环比增长0.7%，而10月份为增长1.7%。不包括汽车在内，支出预计将增长0.8%，而上一时期为1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、Accenture、FedEx、Jabil、Adobe、Rivian汽车和Nordson等公司在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。季调后成屋开工年率料为156.3万套，10月为152万套。当房屋开始挖掘时，房屋开工被计算在内。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议记录。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继10月份增长1.6%后，经济学家预计增长0.6%。产能利用率预计为76.8，与10月份的76.4%大致一致。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>星期五12/17</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants和Quanex Building Products在评级举办收益会议。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JILL":"J.Jill Inc.",".IXIC":"NASDAQ Composite","DRI":"达登饭店","LEN":"莱纳建筑公司","RIVN":"Rivian Automotive, Inc.","FDX":"联邦快递","SCS":"Steelcase Inc.",".DJI":"道琼斯",".SPX":"S&P 500 Index","ACN":"埃森哲","CPB":"金宝汤","HEI":"海科航空","PHX":"潘汉德尔油气","ADBE":"Adobe"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171271872","content_text":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.\nThe Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.\nEarnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and Darden Restaurants on Friday.\nEconomic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.\nOther data releases include the National Federation of Independent Businesses’ sentiment index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.\nMonday 12/13\nJ.Jill and PHX Minerals host earnings conference calls.\nTuesday 12/14\nCampbell Soup, Barnes Group, and Avaya Holdings host investor days.\nThe Bureau of Labor Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.\nThe National Federation of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.\nWednesday 12/15\nThe Federal Open Market Committee concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.\nThe BLS reports export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.\nThe National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.\nThe Census Bureau reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.\nThursday 12/16\nHeico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.\nThe Census Bureaureleases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.\nThe Bank of England announces its interest-rate decision and publishes the minutes of the meeting.\nThe Federal Reserve releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.\nFriday 12/17\nSteelcase,Darden Restaurants, and Quanex Building Products host earnings conference calls.","news_type":1,"symbols_score_info":{"AVYA":0.9,"ADBE":0.9,"HEI":0.9,".IXIC":0.9,"SCS":0.9,"DRI":0.9,"CPB":0.9,".SPX":0.9,"LEN":0.9,"PHX":0.9,"ACN":0.9,"JILL":0.9,".DJI":0.9,"RIVN":0.9,"FDX":0.9}},"isVote":1,"tweetType":1,"viewCount":3125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604030772,"gmtCreate":1639277529843,"gmtModify":1639277530228,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Sure bo","listText":"Sure bo","text":"Sure 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pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605557917","repostId":"2190767366","repostType":4,"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605397069,"gmtCreate":1639110163453,"gmtModify":1639110164921,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605397069","repostId":"1185791394","repostType":4,"repost":{"id":"1185791394","kind":"news","pubTimestamp":1639108779,"share":"https://www.laohu8.com/m/news/1185791394?lang=zh_CN&edition=full","pubTime":"2021-12-10 11:59","market":"us","language":"en","title":"Palantir Stock May Be Down, But It’s Definitely Not Out<blockquote>Palantir股票可能下跌，但绝对没有出局</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185791394","media":"InvestorPlace","summary":"There’s a school of thought that artificial intelligence and cybersecurity are a winning combination","content":"<p><div> There’s a school of thought that artificial intelligence and cybersecurity are a winning combination for a company to thrive in 2021. But Palantir Technologies(NYSE:PLTR) has defied that way of ...</p><p><blockquote><div>有一种观点认为，人工智能和网络安全是一家公司在2021年蓬勃发展的成功组合。但Palantir Technologies（纽约证券交易所股票代码：PLTR）却无视这种方式……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/pltr-stock-may-be-down-but-its-definitely-not-out/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/pltr-stock-may-be-down-but-its-definitely-not-out/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>Palantir Stock May Be Down, But It’s Definitely Not Out<blockquote>Palantir股票可能下跌，但绝对没有出局</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\">\nPalantir Stock May Be Down, But It’s Definitely Not Out<blockquote>Palantir股票可能下跌，但绝对没有出局</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-10 11:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> There’s a school of thought that artificial intelligence and cybersecurity are a winning combination for a company to thrive in 2021. But Palantir Technologies(NYSE:PLTR) has defied that way of ...</p><p><blockquote><div>有一种观点认为，人工智能和网络安全是一家公司在2021年蓬勃发展的成功组合。但Palantir Technologies（纽约证券交易所股票代码：PLTR）却无视这种方式……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/pltr-stock-may-be-down-but-its-definitely-not-out/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/pltr-stock-may-be-down-but-its-definitely-not-out/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/12/pltr-stock-may-be-down-but-its-definitely-not-out/\">InvestorPlace</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":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://investorplace.com/2021/12/pltr-stock-may-be-down-but-its-definitely-not-out/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185791394","content_text":"There’s a school of thought that artificial intelligence and cybersecurity are a winning combination for a company to thrive in 2021. But Palantir Technologies(NYSE:PLTR) has defied that way of thinking as of late. PLTR stock has been a major disappointment for investors so far this year.\nSince hitting an all-time high of $45 in late January, shares of the big data analytics company are down roughly 57%. In the past month alone, PLTR stock is down nearly 28%.\nThat includes the post-earnings sell-off following the company’s third-quarter report, despite Palantir beating revenue expectations and delivering a strong outlook for the current quarter.\nCan PLTR stock turn its fortunes around in 2022? Let’s take a closer look.\nPalantir at a Glance\nFounded by Peter Thiel in 2003, Palantir Technologies went public via a direct listing in September 2020 and currently has a market cap of $38.8 billion. The company is headquartered in Denver and actually gets its name from J. R. R. Tolkien’s The Lord of the Rings series.“Palantiri” were magical and indestructible crystal balls that were used to communicate and see other parts of that fabled world.\nWhat Palantir does isn’t magical, but it is pretty cool. Palantir’s software allows government and private sector businesses to analyze and manage massive amounts of data, detecting meaningful patterns and connections. Its data sets are considered to be highly secure compared to its peers, which is why the company is sometimes considered a cybersecurity play.\nSome of Palantir’s first clients were U.S. intelligence agencies and the Pentagon. Over the past few years, the company has been growing its client base to include private firms, other federal agencies, and some state and local governments. For example, the U.S. Department of Health and Human Services uses Palantir software to track vaccine distribution.\nPalantir Delivers a Strong Q3 Earnings Report\nThe company’s third-quarter earnings report should have been a positive for PLTR stock. Palantir posted $392 million in revenue, while analysts had expected only $385 million. Earnings of 4 cents per share met expectations.\nRevenue was up 36% from the same quarter a year ago. However, some investors may have been disappointed as the previous two quarters saw 49% year-over-year growth.\nFor the fourth quarter, management expects revenue to increase 30% to $418 million, which was ahead of the consensus estimate of $402 million. Palantir projects full-year revenue of $1.53 billion, which would be a year-over-year increase of 40%. Through 2025, management believes it can grow revenue at least 30% annually.\nThe company used its earnings call to promote its new platform, Apollo, which it described as a new continuous delivery system that brings software-as-a-service (SaaS) management to its platforms. COO Shyam Sankar stated:\n\n Once again, we are building five years ahead of the market, software shamans building technology that will meet its moment. With our latest investments, you will be able to develop streaming pipelines in Foundry that you then package up, version, and continuously deploy to Edge compute infrastructure, be it a Humvee, a satellite, a 5G base station to enable real-time processing of large amounts of data in a decentralized efficient manner. These pipelines, they’ll be versioned, upgrade, managed, and orchestrated by Apollo.\n\nDespite the revenue beat and the promotion of the Apollo platform, PLTR stock fell by more than 9% immediately after the earnings report. And it has continued lower ever since. Some of that slide can be attributed to the market’s drag on tech stocks. But investors also appear concerned that Palantir is seeing slower growth.\nKeep an Eye on Recent Announcements\nWhile growth is slowing, investors should be cheered by a series of announcements that came out recently. These include:\n\nPalantir and Merck KGaA announced a partnership to address the global semiconductor shortage. The companies are developing an AI-infused platform that will help firms navigate the supply chain and reduce time to market.\nPalantir and Babylon Holdings(NYSE:BBLN) announced“substantial progress”on their work to use data to improve clinical care for Babylon’s healthcare clients.\nPalantir won a$43 million federal government contract with the Space Command’s Cross-Mission Ground & Communications Enterprise.\nPalantir and Kinder Morgan(NYSE:KMI) announced a multi-year deal in which Kinder Morgan will use Palantir’s platform to support its infrastructure and improve data analysis, grid integrity and pricing.\n\nAnd those are just the announcements from the past week or so. I expect similar headlines to continue to roll in.\nThe Bottom Line on PLTR Stock\nPLTR stock made a huge run higher into early January but has been struggling ever since. However, if you’re looking for a long-term cybersecurity and AI play, this is a solid pick. You’ll just have to be patient.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605394411,"gmtCreate":1639110154754,"gmtModify":1639110156108,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/605394411","repostId":"2190964556","repostType":4,"isVote":1,"tweetType":1,"viewCount":894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602299097,"gmtCreate":1639023359114,"gmtModify":1639023359482,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Gogogogogogogo","listText":"Gogogogogogogo","text":"Gogogogogogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602299097","repostId":"2189695656","repostType":2,"isVote":1,"tweetType":1,"viewCount":828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602207425,"gmtCreate":1639023220909,"gmtModify":1639023221208,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/602207425","repostId":"2190694645","repostType":4,"isVote":1,"tweetType":1,"viewCount":814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602207240,"gmtCreate":1639023206652,"gmtModify":1639023206992,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"themes":[],"htmlText":"Pwr","listText":"Pwr","text":"Pwr","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/602207240","repostId":"2190693325","repostType":4,"isVote":1,"tweetType":1,"viewCount":1002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":866706286,"gmtCreate":1632801945445,"gmtModify":1632801945541,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582617881962608","idStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/866706286","repostId":"1129085736","repostType":4,"repost":{"id":"1129085736","kind":"news","pubTimestamp":1632800151,"share":"https://www.laohu8.com/m/news/1129085736?lang=zh_CN&edition=full","pubTime":"2021-09-28 11:35","market":"us","language":"en","title":"Why stocks could lose popularity as the market’s ‘presidential election cycle’ enters its second year<blockquote>为什么随着市场“总统选举周期”进入第二年，股市可能会失去人气</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129085736","media":"MarketWatch","summary":"Stock returns typically weaken in the second year of a U.S. president’s four-year term.\n\nShould inve","content":"<p>  <b>Stock returns typically weaken in the second year of a U.S. president’s four-year term.</b>  Should investors be worried that the second year of the “presidential election cycle” is about to begin? Followers of the cycle answer “yes,” since second years of the cycle are the worst, on average, of a U.S. president’s four-year term.</p><p><blockquote><b>在美国总统四年任期的第二年，股票回报率通常会减弱。</b>投资者是否应该担心“总统选举周期”的第二年即将开始？周期的追随者回答“是”，因为周期的第二年平均是美国总统四年任期中最糟糕的。</blockquote></p><p> Since the Dow Jones Industrial Average DJIA, +0.21% was created in 1896, the Dow’s average price-only return in non-second years has been more than nine percentage points higher than in second years.</p><p><blockquote>自道琼斯工业平均指数道琼斯（+0.21%）于1896年创立以来，道琼斯指数在非第二年的平均纯价格回报率比第二年高出9个百分点以上。</blockquote></p><p> This result is not statistically significant, however. There is such wide variability in year-to-year performance that the averages don’t tell us much. In more than half of the presidential election cycle’s second years since the Dow’s creation, the U.S. benchmark index actually rose. Furthermore, as the accompanying chart shows, the Dow has risen in each of the past four second years — up 13.1% on average.</p><p><blockquote>然而，该结果在统计学上并不显著。每年的表现差异如此之大，以至于平均值并不能告诉我们太多。自道琼斯指数创立以来，在总统选举周期的第二年中，美国基准指数实际上上涨了一半以上。此外，如附图所示，道琼斯指数在过去四年中每年都在上涨，平均上涨13.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5fd92bdd871c0bf68559547fe96caf17\" tg-width=\"1400\" tg-height=\"942\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> At a minimum, therefore, we need to dig deeper into the data before basing any investment decisions on supposed second-year presidential-term weakness.</p><p><blockquote>因此，我们至少需要在根据第二年总统任期的疲软做出任何投资决策之前更深入地挖掘数据。</blockquote></p><p> <b>History of the presidential election cycle</b></p><p><blockquote><b>总统选举周期的历史</b></blockquote></p><p> The presidential election cycle is based on the unobjectionable notion that presidents and their political parties want to get re-elected. They therefore will swallow any necessary economic medicine early in their terms in order for the economy to be roaring by the time the next presidential election comes around.</p><p><blockquote>总统选举周期是基于一个无可争议的观念，即总统及其政党希望连任。因此，他们将在任期早期吞下任何必要的经济药物，以便在下一次总统选举到来时经济蓬勃发展。</blockquote></p><p> As many have noted before, the historical data are only loosely consistent with this theory. The table below reports the year-by-year averages for the Dow since its creation in 1896 and since 1940. This latter year was chosen on the theory that presidential power grew enormously in the 1930s, thereby increasing a leader’s ability to ignite the economy.</p><p><blockquote>正如许多人之前指出的，历史数据与这一理论只是大致一致。下表报告了道琼斯指数自1896年创立以来和1940年以来的逐年平均值。选择后一年的理论是，总统权力在20世纪30年代大幅增长，从而提高了领导人点燃经济的能力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/431b2d2204c7d245f63f4b630476ae1b\" tg-width=\"1242\" tg-height=\"627\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Though second years are the worst of the cycle, the difference between its average return and that of the other three years is not significant at the 95% confidence level that statisticians often use when determining if a pattern is genuine. In fact, the only year of the four that jumps over this hurdle of statistical significance is the third year.</p><p><blockquote>尽管第二年是周期中最糟糕的，但在统计学家在确定模式是否真实时经常使用的95%置信水平上，其平均回报与其他三年之间的差异并不显著。事实上，这四年中唯一跨越这一统计意义障碍的年份是第三年。</blockquote></p><p> These results are based on fiscal years ending on Sep. 30. In focusing on fiscal years, I am following the lead of most presidential election cycle researchers. Had I chosen to focus on calendar years rather than fiscal years, the difference between second years and the other three years of the cycle would have been even less pronounced.</p><p><blockquote>这些结果基于截至9月30日的财年。在关注财政年度时，我追随了大多数总统选举周期研究人员的脚步。如果我选择关注日历年而不是财政年度，第二年和周期中其他三年之间的差异就不会那么明显了。</blockquote></p><p> <b>Midterm election and stock prices</b></p><p><blockquote><b>中期选举和股价</b></blockquote></p><p> This would otherwise be the end of the story, but for another seasonal pattern that researchers have recently documented. It turns out that the six months prior to the midterm election is a particularly weak period for the stock market, while the six months after is particularly strong.</p><p><blockquote>如果不是研究人员最近记录的另一种季节性模式，故事就结束了。事实证明，中期选举前的六个月是股市特别疲软的时期，而中期选举后的六个月则特别强劲。</blockquote></p><p> This pattern was discovered by Kam Fong Chan, a professor of finance at the University of Western Australia, and Terry Marsh, an emeritus finance professor at the University of California, Berkeley, and CEO of Quantal International. Their study on the subject was published this summer in the Quarterly Journal of Economics.</p><p><blockquote>这种模式是由西澳大利亚大学金融学教授Kam Fong Chan和加州大学伯克利分校名誉金融学教授、Quantal International首席执行官Terry Marsh发现的。他们关于这个主题的研究发表在今年夏天的《经济学季刊》上。</blockquote></p><p> The researchers attribute the stock market’s pre-midterm weakness to uncertainty about the outcome of those elections. Similarly, post-midterm strength can be traced to the resolution of that uncertainty. Their explanation makes theoretical sense, because the stock market reacts poorly to uncertainty.</p><p><blockquote>研究人员将股市在中期选举前的疲软归因于这些选举结果的不确定性。同样，中期后的实力可以追溯到这种不确定性的解决。他们的解释在理论上是有道理的，因为股市对不确定性的反应很差。</blockquote></p><p> Their theory has empirical support in the seasonal patterns of the Economic Policy Uncertainty index (EPU), which measures politically sourced economic uncertainty. Historically, the EPU has tended to rise significantly in the six months before mid-term elections and then fallen just as much in the six months thereafter.</p><p><blockquote>他们的理论在经济政策不确定性指数（EPU）的季节性模式中得到了实证支持，该指数衡量政治来源的经济不确定性。从历史上看，EPU往往在中期选举前的六个月大幅上升，然后在此后的六个月下降同样多。</blockquote></p><p> To the extent this pre- and post-midterm pattern persists, you wouldn’t look for stock market strength until next spring — halfway through the second year of the presidential election year cycle. In the meantime, the stock market could still exhibit weakness. But if it does, it won’t be because of where we are in the cycle.</p><p><blockquote>如果这种中期前后的模式持续存在，你要到明年春天——总统选举年周期第二年的中期——才能看到股市走强。与此同时，股市仍可能表现疲软。但如果是这样，也不会是因为我们在周期中所处的位置。</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>Why stocks could lose popularity as the market’s ‘presidential election cycle’ enters its second year<blockquote>为什么随着市场“总统选举周期”进入第二年，股市可能会失去人气</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy stocks could lose popularity as the market’s ‘presidential election cycle’ enters its second year<blockquote>为什么随着市场“总统选举周期”进入第二年，股市可能会失去人气</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-28 11:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Stock returns typically weaken in the second year of a U.S. president’s four-year term.</b>  Should investors be worried that the second year of the “presidential election cycle” is about to begin? Followers of the cycle answer “yes,” since second years of the cycle are the worst, on average, of a U.S. president’s four-year term.</p><p><blockquote><b>在美国总统四年任期的第二年，股票回报率通常会减弱。</b>投资者是否应该担心“总统选举周期”的第二年即将开始？周期的追随者回答“是”，因为周期的第二年平均是美国总统四年任期中最糟糕的。</blockquote></p><p> Since the Dow Jones Industrial Average DJIA, +0.21% was created in 1896, the Dow’s average price-only return in non-second years has been more than nine percentage points higher than in second years.</p><p><blockquote>自道琼斯工业平均指数道琼斯（+0.21%）于1896年创立以来，道琼斯指数在非第二年的平均纯价格回报率比第二年高出9个百分点以上。</blockquote></p><p> This result is not statistically significant, however. There is such wide variability in year-to-year performance that the averages don’t tell us much. In more than half of the presidential election cycle’s second years since the Dow’s creation, the U.S. benchmark index actually rose. Furthermore, as the accompanying chart shows, the Dow has risen in each of the past four second years — up 13.1% on average.</p><p><blockquote>然而，该结果在统计学上并不显著。每年的表现差异如此之大，以至于平均值并不能告诉我们太多。自道琼斯指数创立以来，在总统选举周期的第二年中，美国基准指数实际上上涨了一半以上。此外，如附图所示，道琼斯指数在过去四年中每年都在上涨，平均上涨13.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5fd92bdd871c0bf68559547fe96caf17\" tg-width=\"1400\" tg-height=\"942\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> At a minimum, therefore, we need to dig deeper into the data before basing any investment decisions on supposed second-year presidential-term weakness.</p><p><blockquote>因此，我们至少需要在根据第二年总统任期的疲软做出任何投资决策之前更深入地挖掘数据。</blockquote></p><p> <b>History of the presidential election cycle</b></p><p><blockquote><b>总统选举周期的历史</b></blockquote></p><p> The presidential election cycle is based on the unobjectionable notion that presidents and their political parties want to get re-elected. They therefore will swallow any necessary economic medicine early in their terms in order for the economy to be roaring by the time the next presidential election comes around.</p><p><blockquote>总统选举周期是基于一个无可争议的观念，即总统及其政党希望连任。因此，他们将在任期早期吞下任何必要的经济药物，以便在下一次总统选举到来时经济蓬勃发展。</blockquote></p><p> As many have noted before, the historical data are only loosely consistent with this theory. The table below reports the year-by-year averages for the Dow since its creation in 1896 and since 1940. This latter year was chosen on the theory that presidential power grew enormously in the 1930s, thereby increasing a leader’s ability to ignite the economy.</p><p><blockquote>正如许多人之前指出的，历史数据与这一理论只是大致一致。下表报告了道琼斯指数自1896年创立以来和1940年以来的逐年平均值。选择后一年的理论是，总统权力在20世纪30年代大幅增长，从而提高了领导人点燃经济的能力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/431b2d2204c7d245f63f4b630476ae1b\" tg-width=\"1242\" tg-height=\"627\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Though second years are the worst of the cycle, the difference between its average return and that of the other three years is not significant at the 95% confidence level that statisticians often use when determining if a pattern is genuine. In fact, the only year of the four that jumps over this hurdle of statistical significance is the third year.</p><p><blockquote>尽管第二年是周期中最糟糕的，但在统计学家在确定模式是否真实时经常使用的95%置信水平上，其平均回报与其他三年之间的差异并不显著。事实上，这四年中唯一跨越这一统计意义障碍的年份是第三年。</blockquote></p><p> These results are based on fiscal years ending on Sep. 30. In focusing on fiscal years, I am following the lead of most presidential election cycle researchers. Had I chosen to focus on calendar years rather than fiscal years, the difference between second years and the other three years of the cycle would have been even less pronounced.</p><p><blockquote>这些结果基于截至9月30日的财年。在关注财政年度时，我追随了大多数总统选举周期研究人员的脚步。如果我选择关注日历年而不是财政年度，第二年和周期中其他三年之间的差异就不会那么明显了。</blockquote></p><p> <b>Midterm election and stock prices</b></p><p><blockquote><b>中期选举和股价</b></blockquote></p><p> This would otherwise be the end of the story, but for another seasonal pattern that researchers have recently documented. It turns out that the six months prior to the midterm election is a particularly weak period for the stock market, while the six months after is particularly strong.</p><p><blockquote>如果不是研究人员最近记录的另一种季节性模式，故事就结束了。事实证明，中期选举前的六个月是股市特别疲软的时期，而中期选举后的六个月则特别强劲。</blockquote></p><p> This pattern was discovered by Kam Fong Chan, a professor of finance at the University of Western Australia, and Terry Marsh, an emeritus finance professor at the University of California, Berkeley, and CEO of Quantal International. Their study on the subject was published this summer in the Quarterly Journal of Economics.</p><p><blockquote>这种模式是由西澳大利亚大学金融学教授Kam Fong Chan和加州大学伯克利分校名誉金融学教授、Quantal International首席执行官Terry Marsh发现的。他们关于这个主题的研究发表在今年夏天的《经济学季刊》上。</blockquote></p><p> The researchers attribute the stock market’s pre-midterm weakness to uncertainty about the outcome of those elections. Similarly, post-midterm strength can be traced to the resolution of that uncertainty. Their explanation makes theoretical sense, because the stock market reacts poorly to uncertainty.</p><p><blockquote>研究人员将股市在中期选举前的疲软归因于这些选举结果的不确定性。同样，中期后的实力可以追溯到这种不确定性的解决。他们的解释在理论上是有道理的，因为股市对不确定性的反应很差。</blockquote></p><p> Their theory has empirical support in the seasonal patterns of the Economic Policy Uncertainty index (EPU), which measures politically sourced economic uncertainty. Historically, the EPU has tended to rise significantly in the six months before mid-term elections and then fallen just as much in the six months thereafter.</p><p><blockquote>他们的理论在经济政策不确定性指数（EPU）的季节性模式中得到了实证支持，该指数衡量政治来源的经济不确定性。从历史上看，EPU往往在中期选举前的六个月大幅上升，然后在此后的六个月下降同样多。</blockquote></p><p> To the extent this pre- and post-midterm pattern persists, you wouldn’t look for stock market strength until next spring — halfway through the second year of the presidential election year cycle. In the meantime, the stock market could still exhibit weakness. But if it does, it won’t be because of where we are in the cycle.</p><p><blockquote>如果这种中期前后的模式持续存在，你要到明年春天——总统选举年周期第二年的中期——才能看到股市走强。与此同时，股市仍可能表现疲软。但如果是这样，也不会是因为我们在周期中所处的位置。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-stocks-could-lose-popularity-as-the-markets-presidential-election-cycle-enters-its-second-year-11632776543?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":{".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/why-stocks-could-lose-popularity-as-the-markets-presidential-election-cycle-enters-its-second-year-11632776543?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129085736","content_text":"Stock returns typically weaken in the second year of a U.S. president’s four-year term.\n\nShould investors be worried that the second year of the “presidential election cycle” is about to begin? Followers of the cycle answer “yes,” since second years of the cycle are the worst, on average, of a U.S. president’s four-year term.\nSince the Dow Jones Industrial Average DJIA, +0.21% was created in 1896, the Dow’s average price-only return in non-second years has been more than nine percentage points higher than in second years.\nThis result is not statistically significant, however. There is such wide variability in year-to-year performance that the averages don’t tell us much. In more than half of the presidential election cycle’s second years since the Dow’s creation, the U.S. benchmark index actually rose. Furthermore, as the accompanying chart shows, the Dow has risen in each of the past four second years — up 13.1% on average.\n\nAt a minimum, therefore, we need to dig deeper into the data before basing any investment decisions on supposed second-year presidential-term weakness.\nHistory of the presidential election cycle\nThe presidential election cycle is based on the unobjectionable notion that presidents and their political parties want to get re-elected. They therefore will swallow any necessary economic medicine early in their terms in order for the economy to be roaring by the time the next presidential election comes around.\nAs many have noted before, the historical data are only loosely consistent with this theory. The table below reports the year-by-year averages for the Dow since its creation in 1896 and since 1940. This latter year was chosen on the theory that presidential power grew enormously in the 1930s, thereby increasing a leader’s ability to ignite the economy.\n\nThough second years are the worst of the cycle, the difference between its average return and that of the other three years is not significant at the 95% confidence level that statisticians often use when determining if a pattern is genuine. In fact, the only year of the four that jumps over this hurdle of statistical significance is the third year.\nThese results are based on fiscal years ending on Sep. 30. In focusing on fiscal years, I am following the lead of most presidential election cycle researchers. Had I chosen to focus on calendar years rather than fiscal years, the difference between second years and the other three years of the cycle would have been even less pronounced.\nMidterm election and stock prices\nThis would otherwise be the end of the story, but for another seasonal pattern that researchers have recently documented. It turns out that the six months prior to the midterm election is a particularly weak period for the stock market, while the six months after is particularly strong.\nThis pattern was discovered by Kam Fong Chan, a professor of finance at the University of Western Australia, and Terry Marsh, an emeritus finance professor at the University of California, Berkeley, and CEO of Quantal International. Their study on the subject was published this summer in the Quarterly Journal of Economics.\nThe researchers attribute the stock market’s pre-midterm weakness to uncertainty about the outcome of those elections. Similarly, post-midterm strength can be traced to the resolution of that uncertainty. Their explanation makes theoretical sense, because the stock market reacts poorly to uncertainty.\nTheir theory has empirical support in the seasonal patterns of the Economic Policy Uncertainty index (EPU), which measures politically sourced economic uncertainty. Historically, the EPU has tended to rise significantly in the six months before mid-term elections and then fallen just as much in the six months thereafter.\nTo the extent this pre- and post-midterm pattern persists, you wouldn’t look for stock market strength until next spring — halfway through the second year of the presidential election year cycle. In the meantime, the stock market could still exhibit weakness. But if it does, it won’t be because of where we are in the cycle.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603275210,"gmtCreate":1638419943092,"gmtModify":1638419943708,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582617881962608","idStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/603275210","repostId":"1171217212","repostType":4,"repost":{"id":"1171217212","kind":"news","pubTimestamp":1638416856,"share":"https://www.laohu8.com/m/news/1171217212?lang=zh_CN&edition=full","pubTime":"2021-12-02 11:47","market":"hk","language":"en","title":"Weibo plans to price HK listing at HK$272.80 per share<blockquote>微博计划香港上市定价为每股272.80港元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171217212","media":"IFR","summary":"Weibo plans to price HK listing at HK$272.80 per share, according to IFR.","content":"<p>Weibo plans to price HK listing at HK$272.80 per share,&nbsp;according&nbsp;to&nbsp;IFR.</p><p><blockquote>根据IFR的数据，微博计划在香港上市的定价为每股272.80港元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Weibo plans to price HK listing at HK$272.80 per share<blockquote>微博计划香港上市定价为每股272.80港元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWeibo plans to price HK listing at HK$272.80 per share<blockquote>微博计划香港上市定价为每股272.80港元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">IFR</strong><span class=\"h-time small\">2021-12-02 11:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Weibo plans to price HK listing at HK$272.80 per share,&nbsp;according&nbsp;to&nbsp;IFR.</p><p><blockquote>根据IFR的数据，微博计划在香港上市的定价为每股272.80港元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.ifre.com/story/3164593/weibo-plans-to-price-hk-listing-at-hk27280-per-share-rnhybgnjwr\">IFR</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":{"WB":"微博","09898":"微博-SW"},"source_url":"https://www.ifre.com/story/3164593/weibo-plans-to-price-hk-listing-at-hk27280-per-share-rnhybgnjwr","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171217212","content_text":"Weibo plans to price HK listing at HK$272.80 per 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814033238","repostId":"1194566233","repostType":4,"isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897647536,"gmtCreate":1628916892025,"gmtModify":1633688497286,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582617881962608","idStr":"3582617881962608"},"themes":[],"htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897647536","repostId":"1149823415","repostType":4,"repost":{"id":"1149823415","kind":"news","pubTimestamp":1628909753,"share":"https://www.laohu8.com/m/news/1149823415?lang=zh_CN&edition=full","pubTime":"2021-08-14 10:55","market":"us","language":"en","title":"Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149823415","media":"seekingalpha","summary":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"d","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>由于市场对影响其私人商业收入服务推出的“延迟”感到失望，维珍银河财报后下跌超过30%。</li><li>然而，我们认为该公司的“延迟”对于纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为正在考虑增加维珍银河投资的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock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> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在5月份，当我们发表关于维珍银河(SPCE)的上一篇文章（链接到本文所附文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测夸大了市场根据我们咨询多个来源的研究，未来10年亚轨道太空旅游的机会在很大程度上，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街日报下调了近期预测，因为该公司最近表示，他们预计仅从2022年第三季度末开始提供商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“延迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为目前考虑增加该股投资的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>对维珍银河平均共识估计的修正</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5月份的普遍收入估计和8月份的普遍收入估计。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：标普资本智商</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地收集到，近期共识预期较5月份影响21年至25年的预测有所下调。然而，我们认为投资者需要注意的是，华尔街从CY26大幅上调了其预期，以反映SPCE在最近的盈利看涨期权中强调的强劲需求，我们认为这表明了该公司对强劲收入跑道的信心长期，我们将在后续章节中详细讨论。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>私人商业全收入服务预计从2022年第三季度开始</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自8月5日发布财报以来，SPCE的价值已下跌约33%，我们认为这主要是由于VSS Unity和VSS Unity拟议的关键增强功能导致其商业服务推出“延迟”而带来的近期阻力。母舰VMS Eve将显着增加飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于Unity 23与意大利空军的创收飞行完成后将进行的增强，该公司预计仅从2022年第三季度末开始其私人商业全面收入服务，我们认为这可能会让投资者大吃一惊，因为虽然市场预计全面商业服务将于2022年开始，但他们预计不会晚于第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着改善VMS Eve周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强功能<i>可能允许Eve在主要维护检查之间飞行100次航班</i>这比今天主要检查之间的10个航班间隔有所增加。在早期商业服务期间，当我们正在制造更多母舰时，这将是一个非常重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将Unity航班之间的周转飞行时间减少4至5周，而VSS Unity最多7至8周。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一消息感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利还强调：“在这个繁重的维护期间，维珍银河在2022年夏季之前都无法进行任何太空飞行。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve相当稳健的修改。但是，我们为Eve的增强期增加范围和时间的原因是，在此增强期之后，我们将从Eve获得的飞行率是我们计划建立的。在主要检查和我们现在所做的之间，这几乎是10倍。这将使我们能够更频繁地飞行Eve，并且<i>这对我们未来的第一批宇航员以及我们将从今天开始报名的人来说非常重要</i>.“如果投资者能够清楚地收集该公司在上述句子中使用的语言，那么该公司显然这样做是因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能超出了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关妙招，但它无疑让该公司能够衡量感兴趣的客户的反应，并且该公司明确表示，他们看到了如此强劲的需求，因此需要开放正如首席执行官迈克尔·科尔格拉齐尔(Michael Colglazier)所阐明的那样，尽快列出优先事项清单：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们在网站上看到的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个的未来太空旅行者开放一个优先名单。在我们的太空人转换过程结束后，我们将首先向这个列表提供任何可用的库存。该名单的注册将很快在我们的网站上提供...我们对整个潜在市场充满信心，对[理查德·布兰森爵士]Unity 22的反应就表明了这一点。所以我们不会全部吸收，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对供应明显严重受限的情况下的需求。他们在短期内会做的下一件最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝索斯蓝色起源(BORGN)的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多迫不及待想上VSS Unity的客户吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待这么多迫不及待地加入的客户，真是令人难以置信。风险投资公司Hemisphere Ventures的管理合伙人丽莎·里奇(Lisa Rich)明确表示：“……这些年来，我遇到了很多维珍（银河）的持票人。顺便说一句，他们每个人都告诉我，由于他们多年来分享的经历，他们花在等待上的25万美元已经收回了10倍。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，多年来，由600名致力于维珍银河飞行服务的未来宇航员组成的社区形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为在现有的未来宇航员之外可能不为人所知的一件事是维珍银河的秘密武器之一，那就是我们的宇航员办公室。这是一群人，他们将这600人聚集成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户真正重视实现飞行体验的旅程，因为这些客户认为这是一次“人生过渡之旅”。他们看到了维珍银河所做的事情的巨大价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“首要考虑的[优先事项]并且非常强大”。</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司“一小步”计划注册的1000多名“宇航员”社区开放了门票销售，每个座位的价格从45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有该公司煞费苦心建立的强大而紧密的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这些经验是非常自然的<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说这是多么美妙，还会给人类航天的概念带来常态。因此，当我们将这群人引入时，他们的终身价值是全面的需求，并在他们走出去分享他们所做的事情时继续增加总的潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强劲的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅依靠VSS Unity或VSS Imagine机队来主导亚轨道太空旅游市场，这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，如果不对VMS Eve进行修改，该公司最初的600名未来宇航员社区的工作至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共60名乘客。到2023年，该公司每年最多只能飞行24至36次航班，这将允许他们最多飞行144至216名宇航员。因此，到2025年，维珍银河可能至少还需要2年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少其中一些人会去蓝色起源。因此，最初的节奏真的不起作用，特别是该公司准备很快为Unity 22公关活动产生的兴趣制定优先列表，他们需要快速完成1600名未来宇航员的工作，这在短期内将通过Eve的修改来解决，因为它允许SPCE在主要检查之间多飞行10倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代Delta级车辆，“能够每隔一周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集5亿美元股票发行的部分原因是，他们已准备好开始开发和制造Delta级车辆，这将非常有助于满足其长期产能和节奏，VSS Unity和VSS想象永远无法充分满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过提高达美级的产量和产能，他们将能够实现显著的运营杠杆，正如维珍银河强调的那样：“...这就是为什么我们如此专注于用下一代母舰获得达美级。这是我们真正获得效率的地方。这是我们获得规模的地方。这是你真正看到流通的地方，因为我们将有一个固定的成本基础，便于我们沟通，也便于我们在未来为效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将成为这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营以与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前也强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为蓝色起源的主要市场肯定超出了亚轨道太空旅游，摩根士丹利强调，“贝佐斯先生的公司正在太空市场寻求业务，假设技术快速发展，到2040年，太空市场的规模将扩大两倍，年销售额将超过1万亿美元。实现例行登月、小行星采矿和太空旅游。”</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领导地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一件事是肯定的。两家公司预计，随着生产规模的扩大和技术的改进，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场中的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于其整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游变得更加容易，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的达美级计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA利润率预测和资本支出利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd EBITDA趋势。数据来源：标普资本智商</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管全面收入服务的推出推迟到22年第三季度，但华尔街预计该公司将从2024财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了公司业务在这个市场的长期现金流潜力，目前只有BORGN和SPCE是明显的领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到2030年底，估值看起来仍然昂贵，为18.5倍，比航空航天和国防同行13.61倍的平均水平高出36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street的平均目标价。来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，平均目标价为35.55美元，仅比上一收盘价高出13.5%，因为分析师关注SPCE将其收入服务转移到2022年第三季度的近期“阻力”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看似昂贵的估值并不那么确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE股价走势及趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于SPCE的估值昂贵，我们认为SPCE不适合长期投资者，但我们认为头寸交易者仍可能发现该股潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE在50周移动平均线动态支撑位上受到强有力的支撑，该支撑位自2020年以来一直保持强劲，包括最近5月份出现的下行错误突破（熊市陷阱）。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>综上所述，我们为长期投资者给予SPCE中性评级。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhere Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-14 10:55</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>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>由于市场对影响其私人商业收入服务推出的“延迟”感到失望，维珍银河财报后下跌超过30%。</li><li>然而，我们认为该公司的“延迟”对于纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为正在考虑增加维珍银河投资的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock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> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在5月份，当我们发表关于维珍银河(SPCE)的上一篇文章（链接到本文所附文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测夸大了市场根据我们咨询多个来源的研究，未来10年亚轨道太空旅游的机会在很大程度上，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街日报下调了近期预测，因为该公司最近表示，他们预计仅从2022年第三季度末开始提供商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“延迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为目前考虑增加该股投资的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>对维珍银河平均共识估计的修正</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5月份的普遍收入估计和8月份的普遍收入估计。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：标普资本智商</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地收集到，近期共识预期较5月份影响21年至25年的预测有所下调。然而，我们认为投资者需要注意的是，华尔街从CY26大幅上调了其预期，以反映SPCE在最近的盈利看涨期权中强调的强劲需求，我们认为这表明了该公司对强劲收入跑道的信心长期，我们将在后续章节中详细讨论。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>私人商业全收入服务预计从2022年第三季度开始</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自8月5日发布财报以来，SPCE的价值已下跌约33%，我们认为这主要是由于VSS Unity和VSS Unity拟议的关键增强功能导致其商业服务推出“延迟”而带来的近期阻力。母舰VMS Eve将显着增加飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于Unity 23与意大利空军的创收飞行完成后将进行的增强，该公司预计仅从2022年第三季度末开始其私人商业全面收入服务，我们认为这可能会让投资者大吃一惊，因为虽然市场预计全面商业服务将于2022年开始，但他们预计不会晚于第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着改善VMS Eve周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强功能<i>可能允许Eve在主要维护检查之间飞行100次航班</i>这比今天主要检查之间的10个航班间隔有所增加。在早期商业服务期间，当我们正在制造更多母舰时，这将是一个非常重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将Unity航班之间的周转飞行时间减少4至5周，而VSS Unity最多7至8周。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一消息感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利还强调：“在这个繁重的维护期间，维珍银河在2022年夏季之前都无法进行任何太空飞行。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve相当稳健的修改。但是，我们为Eve的增强期增加范围和时间的原因是，在此增强期之后，我们将从Eve获得的飞行率是我们计划建立的。在主要检查和我们现在所做的之间，这几乎是10倍。这将使我们能够更频繁地飞行Eve，并且<i>这对我们未来的第一批宇航员以及我们将从今天开始报名的人来说非常重要</i>.“如果投资者能够清楚地收集该公司在上述句子中使用的语言，那么该公司显然这样做是因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能超出了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关妙招，但它无疑让该公司能够衡量感兴趣的客户的反应，并且该公司明确表示，他们看到了如此强劲的需求，因此需要开放正如首席执行官迈克尔·科尔格拉齐尔(Michael Colglazier)所阐明的那样，尽快列出优先事项清单：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们在网站上看到的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个的未来太空旅行者开放一个优先名单。在我们的太空人转换过程结束后，我们将首先向这个列表提供任何可用的库存。该名单的注册将很快在我们的网站上提供...我们对整个潜在市场充满信心，对[理查德·布兰森爵士]Unity 22的反应就表明了这一点。所以我们不会全部吸收，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对供应明显严重受限的情况下的需求。他们在短期内会做的下一件最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝索斯蓝色起源(BORGN)的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多迫不及待想上VSS Unity的客户吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待这么多迫不及待地加入的客户，真是令人难以置信。风险投资公司Hemisphere Ventures的管理合伙人丽莎·里奇(Lisa Rich)明确表示：“……这些年来，我遇到了很多维珍（银河）的持票人。顺便说一句，他们每个人都告诉我，由于他们多年来分享的经历，他们花在等待上的25万美元已经收回了10倍。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，多年来，由600名致力于维珍银河飞行服务的未来宇航员组成的社区形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为在现有的未来宇航员之外可能不为人所知的一件事是维珍银河的秘密武器之一，那就是我们的宇航员办公室。这是一群人，他们将这600人聚集成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户真正重视实现飞行体验的旅程，因为这些客户认为这是一次“人生过渡之旅”。他们看到了维珍银河所做的事情的巨大价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“首要考虑的[优先事项]并且非常强大”。</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司“一小步”计划注册的1000多名“宇航员”社区开放了门票销售，每个座位的价格从45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有该公司煞费苦心建立的强大而紧密的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这些经验是非常自然的<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说这是多么美妙，还会给人类航天的概念带来常态。因此，当我们将这群人引入时，他们的终身价值是全面的需求，并在他们走出去分享他们所做的事情时继续增加总的潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强劲的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅依靠VSS Unity或VSS Imagine机队来主导亚轨道太空旅游市场，这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，如果不对VMS Eve进行修改，该公司最初的600名未来宇航员社区的工作至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共60名乘客。到2023年，该公司每年最多只能飞行24至36次航班，这将允许他们最多飞行144至216名宇航员。因此，到2025年，维珍银河可能至少还需要2年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少其中一些人会去蓝色起源。因此，最初的节奏真的不起作用，特别是该公司准备很快为Unity 22公关活动产生的兴趣制定优先列表，他们需要快速完成1600名未来宇航员的工作，这在短期内将通过Eve的修改来解决，因为它允许SPCE在主要检查之间多飞行10倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代Delta级车辆，“能够每隔一周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集5亿美元股票发行的部分原因是，他们已准备好开始开发和制造Delta级车辆，这将非常有助于满足其长期产能和节奏，VSS Unity和VSS想象永远无法充分满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过提高达美级的产量和产能，他们将能够实现显著的运营杠杆，正如维珍银河强调的那样：“...这就是为什么我们如此专注于用下一代母舰获得达美级。这是我们真正获得效率的地方。这是我们获得规模的地方。这是你真正看到流通的地方，因为我们将有一个固定的成本基础，便于我们沟通，也便于我们在未来为效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将成为这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营以与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前也强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为蓝色起源的主要市场肯定超出了亚轨道太空旅游，摩根士丹利强调，“贝佐斯先生的公司正在太空市场寻求业务，假设技术快速发展，到2040年，太空市场的规模将扩大两倍，年销售额将超过1万亿美元。实现例行登月、小行星采矿和太空旅游。”</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领导地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一件事是肯定的。两家公司预计，随着生产规模的扩大和技术的改进，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场中的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于其整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游变得更加容易，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的达美级计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA利润率预测和资本支出利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd EBITDA趋势。数据来源：标普资本智商</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管全面收入服务的推出推迟到22年第三季度，但华尔街预计该公司将从2024财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了公司业务在这个市场的长期现金流潜力，目前只有BORGN和SPCE是明显的领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到2030年底，估值看起来仍然昂贵，为18.5倍，比航空航天和国防同行13.61倍的平均水平高出36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street的平均目标价。来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，平均目标价为35.55美元，仅比上一收盘价高出13.5%，因为分析师关注SPCE将其收入服务转移到2022年第三季度的近期“阻力”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看似昂贵的估值并不那么确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE股价走势及趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于SPCE的估值昂贵，我们认为SPCE不适合长期投资者，但我们认为头寸交易者仍可能发现该股潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE在50周移动平均线动态支撑位上受到强有力的支撑，该支撑位自2020年以来一直保持强劲，包括最近5月份出现的下行错误突破（熊市陷阱）。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>综上所述，我们为长期投资者给予SPCE中性评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149823415","content_text":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.\nHowever, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.\nWe would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.\nLastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.\n\nNastco/iStock via Getty Images\nInvestment Thesis\nBack in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.\nSince then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from late Q3'CY22.\nThis article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.\nLastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.\nRevisions to Virgin Galactic's Mean Consensus Estimates\nMay's consensus revenue estimates & Aug's consensus revenue estimates. Data source: S&P Capital IQ\nScale of revised estimates (Between May and Aug estimates). Data source: S&P Capital IQ\nInvestors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.\nPrivate Commercial Full Revenue Service is Expected from Q3'CY22\nSPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.\nAs a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.\nHowever, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:\n\n These enhancements\n could potentially allow Eve to fly 100 flights between major maintenance inspections. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.\n\nIn addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"\nThe Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"\nSure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:\n\n These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and\n that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today.\"\n\nIf investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:\n\n Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.\n\nWe are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).\nAre There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?\nYes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"\nInvestors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"\nThe company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"\nImportantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.\nVirgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience.And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"\nStrong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage\nAstute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.\nBased on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.\nThe initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.\nHowever, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.\nPart of the reason that the company needed to raise the $500M equity offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.\nCrucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"\nCompeting Against Blue Origin\nWe think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.\nWhile we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture and the technology we have chosen is complete overkill for a suborbital tourism mission.”\nWe think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"\nTherefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.\nOne thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.\nVirgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.\nFree Cash Flow Forecast & Valuations\nEBITDA margin forecast & CapEx margin forecast. Data source: S&P Capital IQ\nEV / Fwd EBITDA trend. Data Source: S&P Capital IQ\nDespite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.\nHowever, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.\nStreet's mean price target. Source: TIKR\nThe Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.\nWhile we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.\nSPCE Stock Price Action and Trend Analysis\nSource: TradingView\nWhile we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.\nSPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.\nIn summary, we assign a neutral rating to SPCE for long-term investors.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":602207012,"gmtCreate":1639023076375,"gmtModify":1639023076676,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582617881962608","idStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602207012","repostId":"2190169579","repostType":4,"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":849864848,"gmtCreate":1635743110363,"gmtModify":1635743110491,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582617881962608","idStr":"3582617881962608"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/849864848","repostId":"2179250221","repostType":4,"repost":{"id":"2179250221","kind":"news","pubTimestamp":1635721559,"share":"https://www.laohu8.com/m/news/2179250221?lang=zh_CN&edition=full","pubTime":"2021-11-01 07:05","market":"us","language":"en","title":"Federal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2179250221","media":"Yahoo Finance","summary":"The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set th","content":"<p><div> The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also ...</p><p><blockquote><div>美联储即将召开的货币政策会议将成为本周的焦点，并可能为期待已久的资产购买缩减公告奠定基础。与此同时，交易者也将...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Federal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFederal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-11-01 07:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also ...</p><p><blockquote><div>美联储即将召开的货币政策会议将成为本周的焦点，并可能为期待已久的资产购买缩减公告奠定基础。与此同时，交易者也将...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">Yahoo Finance</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"APO":"阿波罗全球管理","EL":"雅诗兰黛","COP":"康菲石油","RL":"拉夫劳伦",".SPX":"S&P 500 Index","BLMN":"Bloomin' Brands","ATVI":"动视暴雪","CLX":"高乐氏",".DJI":"道琼斯","PFE":"辉瑞","CRSR":"Corsair Gaming, Inc.",".IXIC":"NASDAQ Composite","UBER":"优步"},"source_url":"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2179250221","content_text":"The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also await more data on the U.S. economic recovery with the Labor Department's monthly jobs report later this week.\nThe Federal Open Market Committee's (FOMC) November meeting will take place from Tuesday to Wednesday, with the policy statement and press conference from the meeting serving as the central bank's penultimate opportunity this year to announce formal plans to begin rolling back its crisis-era quantitative easing program. For the past year-and-a-half, the central bank has been purchasing $120 billion per month in agency mortgage-backed securities and Treasuries, as one major tool to support the economy during the pandemic.\nIn late September, the FOMC's latest monetary policy statement and press conference from Federal Reserve Chair Jerome Powell suggested the central bank was apt to announce the start of tapering before year-end, and continue the tapering process until \"around the middle of next year.\"\n\"The upcoming FOMC meeting will be important for three reasons: 1) the announcement of tapering; 2) guidance around what tapering means for the path of hikes; and 3) nuanced changes in views around inflation risks given recent data,\" wrote Bank of America economist Michelle Meyer in a note.\n\"The statement that announces the new pace of asset purchases will be followed by a note regarding flexibility stating that asset purchases are not on a pre-set course and will depend on the outlook for the labor market and inflation as well as an assessment of the efficacy of asset purchases,\" she predicted.\nShe noted that Powell may also use the press conference to reiterate that the end of tapering would not necessarily indicate the start of rate hikes, and that both policy actions are distinct. In previous public remarks, Powell has already made a similar point in previous public remarks, saying, \"the timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff.\"\nGiven the market has been anticipating the start to tapering for months now, speculation around when the Fed will make a move on interest rates has become a point of particular interest to investors. Investors and economists have mulled whether the Fed may need to act more quickly than previously telegraphed on adjusting interest rates to stave off inflation, which has proven more long-lasting than some had suggested.\nWASHINGTON, DC - SEPTEMBER 24: Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill on September 24, 2020 in Washington, DC. Powell and U.S. Treasury Secretary Steve Mnuchin are testifying about the CARES Act and the economic effects of the coronavirus pandemic. (Photo by Drew Angerer/Getty Images)Drew Angerer via Getty Images\nIn September, core personal consumption expenditures — the Fed's preferred gauge of underlying inflation — rose 3.6% over last year for a fourth consecutive month, coming in at the fastest clip since 1991. And earlier this month, Powell acknowledged in public remarks that the supply chain constraints and shortages that spurred the latest rise in prices are \"likely to last longer than previously expected, likely well into next year.\"\nWhile the central bank will not release an updated Summary of Economic Projections with their policy statement on Wednesday, the latest projections from the September meeting suggested the committee was split on rate hikes for 2022, with nine members seeing no rate hikes by the end of next year while the other nine members saw at least one hike.\n\"I think the Fed has pretty well determined to start the taper pretty quickly. We expect them to announce it next week and then start it soon thereafter, so that's pretty well carved in stone,\" Kathy Jones, Charles Schwab chief fixed income strategist, told Yahoo Finance Live last week. \"I think the big debate now is how quickly the Fed moves toward actually raising rates. The expectation in the market has really shifted to expecting as many as two rate hikes in 2022 and 2023 ... that’s a pretty aggressive pace of tightening.\"\nOctober jobs report\nOne of this week's most closely watched pieces of economic data will be the October jobs report, which is due for release on Friday from the Labor Department.\nEconomists are looking to see a pick-up in the pace of hiring for October after a disappointing print in September, when just 194,000 non-farm payrolls returned versus the half million expected. Over the past two months, payroll gains averaged at just 280,000. The unemployment rate is expected to take another small step toward pre-pandemic levels in October as well, with the jobless rate anticipated to dip to 4.7% from 4.8% the prior month.\nStill, the labor market has still fallen short its pre-pandemic conditions on a number of fronts. The unemployment rate has yet to return to its 50-year low of 3.5% from February 2020. And as of September, the civilian labor force was still down by about 3.1 million individuals from pre-virus levels.\nOne factor weighing on the labor market in August and September was the Delta variant, which may have deterred some workers from seeking employment in person for risk of infection. And an ongoing element dragging on the labor market's recovery has been a mismatch of supply and demand, with employers struggling to fill a near-record number of job openings while voluntary quits jumped to a historically high level.\n\"Next week’s October payrolls report will shed light on whether supply eased on diminishing constraints or if the labor market continues to face headwinds for now,\" wrote Rubeela Farooqi, chief U.S. economist for High Frequency Economics, in a note last week.\nBut some data from the past couple weeks has reflected favorably on conditions in the labor market in October. Weekly new unemployment claims broke below 300,000 for the first time since the start of the pandemic during the survey week for the October jobs report, or the week that includes the 12th of the month. And in the Conference Board's October Consumer Confidence Index, just 10.6% of consumers said jobs were \"hard to get,\" down from 13.0% in September. That brought the Conference Board's closely watched labor market differential, or percentage of consumers saying jobs are \"hard to get\" subtracted from the percentage saying jobs \"are plentiful,\" to 45, or its highest level since 2000.\nEconomic calendar\n\nMonday: Markit U.S. Manufacturing PMI, Oct. final (59.3 expected, 59.2 in September); Constructing spending, month-over-month, September (0.4% expected, 0.0% in August); ISM Manufacturing Index, Oct. (60.5 expected, 61.1 in September)\nTuesday: No notable reports scheduled for release\nWednesday: MBA Mortgage Applications, week ended Oct. 29 (0.3% during prior week); ADP Employment Change, Oct. (400,000 expected, 568,000 in September); ISM Services Index, October (62.0 expected, 61.9 in September); Factory Orders, September (-0.1% expected, 1.2% in August); Durable goods orders, September final (-0.4% in prior print; Durable goods orders excluding transportation, September final (0.4% in prior print); Non-defense capital goods orders excluding aircraft, September final (0.8% in prior print); Markit U.S. Services PMI, October final (58.2 expected, 58.2 in prior print); Markit U.S. Composite PMI, October final (57.3 in prior print); Federal Open Market Committee monetary policy decision\nThursday: Challenger job cuts, year-over-year, October (-84.9% in September); Initial jobless claims, week ended Oct. 30 (275,000 expected, 281,000 during prior week); Continuing claims, week ended Oct. 23 (2.147 million expected, 2.243 million during prior week); Non-farm productivity, Q3 preliminary (-3.2% expected, 2.1% in Q2); Unit Labor Costs, Q3 preliminary (6.9% expected, 1.3% in Q2); Trade balance, September (-$80.1 billion expected, -$73.3 billion in August)\nFriday: Change in non-farm payrolls, October (450,000 expected, 194,000 in September); Unemployment rate, October (4.7% expected, 4.8% in September); Average hourly earnings, month-over-month, October (4.7% expected, 4.8% in September); Average hourly earnings, year-over-year, October (4.9% expected, 4.6% in September); Labor Force Participation Rate, October (61.8% expected, 61.6% in September); Consumer Credit, September ($16.200 billion expected, $14.379 million in August)\n\nEarnings calendar\n\nMonday: Clorox (CLX), Avis Budget Group (CAR), ZoomInfo Technologies (ZI), Chegg Inc. (CHGG), Diamondback Energy (FANG), The Simon Property Group (SPG) after market close\nTuesday: Under Armour (UAA), Estee Lauder (EL), Ralph Lauren (RL), Apollo Global Management (APO), Corsair Gaming (CRSR), Bloomin' Brands (BLMN), ConocoPhillips (COP), Pfizer (PFE), Groupon (GPN), Marathon Petroleum (MPC) before market open; Mondelez (MDLZ), T-Mobile (TMUS), Akamai (AKAM), Activision Blizzard (ATVI), Lyft (LYFT), Match Group (MTCH), Devon Energy (DVN), Chesapeake Energy (CHK), Coursera (COUR), Zillow Group (ZG), Amgen (AMGN) after market close\nWednesday: Humana (HUM), Discovery Inc. (DISCA), The New York Times (NYT), Norwegian Cruise Line Holdings (NCLH), Marriott International (MAR), CVS Health Corp. (CVS), Sinclair Broadcast Group (SBGI) before market open; Booking Holdings (BKNG), Qorvo (QRVO), The Allstate Corp. (ALL), MGM Resorts International (MGM), $Take-Two Interactive Software(TTWO)$ (TTWO), Electronic Arts (EA), Vimeo (VMEO), Etsy (ETSY), GoDaddy (GDDY), Marathon Oil Corp. (MRO), Roku (ROKU), Qualcomm (QCOM) after market close\nThursday: Cigna (CI), Wayfair (W), ViacomCBS (VIAC), Nikola (NKLA), Duke Energy (DUK), Citrix Systems (CTXS), Regeneron Pharmaceuticals (REGN), Hanesbrands (HBI), Moderna (MRNA), Planet Fitness (PLNT), Vulcan Material (VMC), Kellogg (K), Square (SQ), Cloudflare (NET), Occidental Petroleum (OXY), Uber Technologies (UBER), American International Group (AIG), Shake Shack (SHAK), iHeartMedia (IHRT), Novavax (NVAX), IAC Interactive Corp. (IAC), Peloton (PTON), Dropbox (DBX), DataDog (DDOG), Pinterest (PINS), Skyworks Solutions (SWKS), Expedia (EXPE), Rocket Cos. (RKT), Live Nation Entertainment (LYV), Airbnb (ABNB)\nFriday: Wynn Resorts (WYNN), Dish Networks (DISH), Dominion Energy (D), DraftKings (DKNG), Goodyear Tire and Rubber (GT), Cinemark Holdings (CNK) before market open","news_type":1,"symbols_score_info":{".IXIC":0.9,"CLX":0.9,"EL":0.9,"UBER":0.9,"APO":0.9,"COP":0.9,"CRSR":0.9,".SPX":0.9,"RL":0.9,".DJI":0.9,"BLMN":0.9,"ATVI":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840011904,"gmtCreate":1635567471192,"gmtModify":1635567471405,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582617881962608","idStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/840011904","repostId":"2179471352","repostType":4,"repost":{"id":"2179471352","kind":"highlight","pubTimestamp":1635566092,"share":"https://www.laohu8.com/m/news/2179471352?lang=zh_CN&edition=full","pubTime":"2021-10-30 11:54","market":"us","language":"en","title":"Opinion:Here's the math for Tesla's stock price if it becomes the Apple of car makers<blockquote>观点：如果特斯拉成为汽车制造商的苹果，其股价的计算结果如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2179471352","media":"Market watch","summary":"For those that don’t know, in the early 2000s it was unimaginable that these legacy mobile phone manufacturers could disappear. In 2006, Research in Motion , the company making BlackBerrys, lost a patent suit against NTP and a U.S. District Court judge slapped an injunction on sales. The Defense Department stepped in, claiming that a Blackberry injunction was a threat to national security. Meanwhile, industry leader Nokia held a 40% market share and by the end of 2007 sported a $230 billion mark","content":"<p>Fans and shareholders of Tesla are making stronger and louder arguments about the future of their favorite company. In them, they draw analogies to one of the most successful brands and businesses in the history of capitalism. They suggest that automaking may go the way of handset manufacturing and that – for TeslaTSLA,+3.43%– there is a strong resemblance to the AppleAAPL,-1.82%vs. Nokia/Blackberry/Ericsson/Motorola dynamic.</p><p><blockquote>特斯拉的粉丝和股东正在就他们最喜欢的公司的未来进行更强烈、更响亮的争论。在其中，他们将资本主义历史上最成功的品牌和企业之一进行了类比。他们表示，汽车制造可能会走手机制造的道路，而特斯拉TSLA（+3.43%）与苹果AAPL（-1.82%）有很大相似之处。诺基亚/黑莓/爱立信/摩托罗拉动态。</blockquote></p><p> For those that don’t know, in the early 2000s it was unimaginable that these legacy mobile phone manufacturers could disappear. In 2006, Research in Motion (RIM), the company making BlackBerrys, lost a patent suit against NTP and a U.S. District Court judge slapped an injunction on sales. The Defense Department stepped in, claiming that a Blackberry injunction was a threat to national security. Meanwhile, industry leader Nokia held a 40% market share and by the end of 2007 sported a $230 billion market cap.</p><p><blockquote>对于那些不知道的人来说，在21世纪初，这些传统手机制造商会消失是不可想象的。2006年，制造黑莓手机的Research in Motion(RIM)在针对NTP的专利诉讼中败诉，美国地方法院法官发布了销售禁令。国防部介入，声称黑莓禁令对国家安全构成威胁。与此同时，行业领导者诺基亚占据了40%的市场份额，到2007年底，市值达到2300亿美元。</blockquote></p><p> But something else happened in 2007.</p><p><blockquote>但2007年发生了另一件事。</blockquote></p><p> Steve Jobs introduced the iPhone.</p><p><blockquote>史蒂夫·乔布斯推出了iPhone。</blockquote></p><p> And that changed the game for Nokia, Blackberry and the entire industry, forever.</p><p><blockquote>这永远改变了诺基亚、黑莓和整个行业的游戏规则。</blockquote></p><p> Coincidentally, Jobs introduced that iPhone seven months after Tesla introduced the Roadster at the San Francisco International Auto Show. Fast forward to 2021, and the bulls are suggesting that Apple’s overwhelming success in handset manufacturing can be mirrored in automobile manufacturing by Elon Musk’s Tesla.</p><p><blockquote>巧合的是，乔布斯在特斯拉在三藩市国际车展上推出Roadster七个月后推出了iPhone。快进到2021年，看涨者认为，苹果在手机制造领域取得的压倒性成功可以通过Elon Musk的特斯拉在汽车制造领域得到体现。</blockquote></p><p> For this to happen, let’s first assume that within 15 years buyers will demand a broadly similar “form factor” for any vehicle. Today, there are 250 brands of cars sold to fit all appetites and budgets, and perhaps over 1,000 trims. Meanwhile, thanks to the iPhone, handset hardware has gone from a myriad of styles, sizes and forms to basically one.</p><p><blockquote>为了实现这一点，让我们首先假设在15年内，买家将要求任何车辆具有大致相似的“外形”。如今，有250个品牌的汽车可满足各种需求和预算，或许还有1,000多种装饰。与此同时，多亏了iPhone，手机硬件已经从无数的风格、尺寸和形式变成了基本上只有一种。</blockquote></p><p> Similarly, let’s imagine that the production and value of automobiles and light trucks will become less about the style or performance that is demanded and instead mostly about the software inside the vehicle.</p><p><blockquote>同样，让我们想象一下，汽车和轻型卡车的生产和价值将不再取决于所需的风格或性能，而是主要取决于车辆内部的软件。</blockquote></p><p> Finally (and this is a huge debate, but) let’s presuppose that Tesla will have better software – most importantly better autonomous driving capability – than any other vendor or manufacturer, whether in Silicon Valley, Detroit, Wolfsburg or elsewhere.</p><p><blockquote>最后（这是一个巨大的争论，但是）让我们假设特斯拉将拥有比任何其他供应商或制造商更好的软件——最重要的是更好的自动驾驶能力——无论是在硅谷、底特律、沃尔夫斯堡还是其他地方。</blockquote></p><p> In other words, let’s assume that Tesla is going to become the Apple of automakers.</p><p><blockquote>换句话说，让我们假设特斯拉将成为汽车制造商的苹果。</blockquote></p><p> To do this, we need to ignore that Apple is not just a handset manufacturer. In the first three quarters this year, it reported over $150 billion of iPhone sales, which represented 55% of total sales. It also reported sales from the “Services” segment, which included sales from advertising, digital content, AppleCare and other lines. If we assume all that revenue was driven by the iPhone (even though not all was), then we get the iPhone representing about 65%-70% of Apple’s sales.</p><p><blockquote>要做到这一点，我们需要忽略苹果不仅仅是一家手机制造商。今年前三季度，iPhone销售额超过1500亿美元，占总销售额的55%。它还报告了“服务”部门的销售额，其中包括广告、数字内容、AppleCare和其他产品线的销售额。如果我们假设所有收入都是由iPhone推动的（尽管不是全部），那么我们得到的iPhone约占苹果销售额的65%-70%。</blockquote></p><p> This implies Apple has a substantial business (about $110 billion this year) selling Macs, iPads, wearables and accessories too. So in our “Tesla is Apple” analogy, we need to assume that Tesla will make similar extensions into new products.</p><p><blockquote>这意味着苹果也有大量销售Mac、iPad、可穿戴设备和配件的业务（今年约1100亿美元）。因此，在我们的“特斯拉就是苹果”类比中，我们需要假设特斯拉将在新产品中进行类似的扩展。</blockquote></p><p> We also need to ignore that most of the profit for Apple in handsets comes from mobile advertising and app sales, much of which Apple reports in that services segment noted above. Again, to stay in our framework, we also need to believe that Tesla would generate something similar via its over-the-air updates or its own app store.</p><p><blockquote>我们还需要忽略这样一个事实，即苹果在手机领域的大部分利润来自移动广告和应用程序销售，其中大部分是苹果在上述服务部门报告的。同样，为了留在我们的框架中，我们还需要相信特斯拉会通过其无线更新或自己的应用商店生成类似的东西。</blockquote></p><p> Making all these assumptions, then future margins in “automaking” – for at least one manufacturer – could theoretically start trending up toward the margins generated today by Apple.</p><p><blockquote>做出所有这些假设，那么“汽车制造”的未来利润率——至少一家制造商——理论上可能会开始向苹果今天产生的利润率上升。</blockquote></p><p> So in terms of handset market share, people around the world are going to buy approximately 1.4 billion handsets this year, and the average selling price will be about $320. Apple has about 16% of the global market, and will sell about 225 million iPhones.</p><p><blockquote>因此，就手机市场份额而言，今年世界各地的人们将购买大约14亿部手机，平均售价约为320美元。苹果拥有全球约16%的市场份额，将售出约2.25亿部iPhone。</blockquote></p><p> Just guessing here, but if these iPhones are sold at an average price of $890, then the average price of all the other phones sold in the world needs to be about $125 for the math to make sense. And because Apple can sell its iPhone at such a huge premium and produce remarkable revenues from advertising and app store sales, it generates a whopping 24% earnings margin.</p><p><blockquote>这里只是猜测，但如果这些iPhones的平均售价为890美元，那么世界上销售的所有其他手机的平均价格需要在125美元左右，数学才有意义。由于苹果可以以如此高的溢价出售其iPhone，并从广告和应用商店销售中产生可观的收入，因此它的利润率高达24%。</blockquote></p><p> In comparison, VolkswagenVOW3,-0.49%VWAPY,-2.43%,which started operations in 1938, has worked its way up to a global market share of 12.0% and generates net income margins of 5.0%.</p><p><blockquote>相比之下，大众汽车VOW3,-0.49%VWAPY,-2.43%于1938年开始运营，全球市场份额已升至12.0%，净利润率为5.0%。</blockquote></p><p> Toyota7203,+0.33%TM,+0.05%,which also started operations in 1938, also has a global market share of 12.0% and generates even better net income margins of approximately 7.0%.</p><p><blockquote>同样于1938年开始运营的丰田7203，+0.33%TM，+0.05%，全球市场份额也为12.0%，净利润率甚至更高，约为7.0%。</blockquote></p><p> Nokia, for what it is worth, generated 14% net margins before the iPhone changed the game.&nbsp; In other words, even before Apple showed up, handset manufacturing was over twice as profitable for market leaders as making cars.</p><p><blockquote>就其价值而言，在iPhone改变游戏规则之前，诺基亚的净利润率为14%。换句话说，即使在苹果出现之前，市场领导者制造手机的利润也是制造汽车的两倍多。</blockquote></p><p></p><p> Anyway, folks around the world will buy about 75 million new cars this year, and at an average price of $30,000 (ballpark) this works out to over $2.2 trillion in sales. This is about five times larger than the handset market, which will come in at about $450 million. Toyota and Volkswagen are the largest – and best in class – scale automobile manufacturers in the world. Other groups, including FordF,+1.30%,Stellantis (FCA/Peugeot)STLA,-0.50%,DaimlerDAI,+2.25%,General MotorsGM,+0.35%,Honda7267,-0.53%HMC,-0.40%,BMWBMW,-0.11%and many others also have significant share.</p><p><blockquote>无论如何，今年世界各地的人们将购买约7500万辆新车，按平均价格3万美元（大概）计算，销售额将超过2.2万亿美元。这大约是手机市场的五倍，手机市场的收入约为4.5亿美元。丰田和大众是世界上最大也是同类规模最好的汽车制造商。其他集团，包括福特F，+1.30%，Stellantis(FCA/Peugeot)STLA，-0.50%，戴姆勒DAI，+2.25%，通用汽车GM，+0.35%，本田7267，-0.53%HMC，-0.40%，宝马BMW，-0.11%和许多其他公司也拥有很大的份额。</blockquote></p><p> This year, Tesla will sell about a million cars, representing a global market share of 1.3%.</p><p><blockquote>今年，特斯拉将销售约100万辆汽车，占全球市场份额1.3%。</blockquote></p><p> And dare I say that each of Tesla’s competitors will be loath to surrender more market share, thus the huge amount of R&amp;D and capital spending they will devote to the upcoming transition to electric vehicles (EVs). On the CAPEX metric alone, we can see that these competitors will actually spend more next year than Tesla.</p><p><blockquote>我敢说，特斯拉的每个竞争对手都不愿意放弃更多的市场份额，因此他们将投入大量的研发和资本支出来实现即将到来的电动汽车（EV）转型。仅在资本支出指标上，我们就可以看到这些竞争对手明年的支出实际上将超过特斯拉。</blockquote></p><p> A lot more.</p><p><blockquote>更多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c0b0383d691f139a5d04a2a94c2bd399\" tg-width=\"699\" tg-height=\"481\" referrerpolicy=\"no-referrer\">ALBERT BRIDGE CAPITAL</p><p><blockquote>阿尔伯特桥资本</blockquote></p><p> But still, let’s assume all the legacy automakers fail to maintain share. Let’s also envision that most of the profits in the industry will eventually go to Tesla (as they have in handsets to Apple).</p><p><blockquote>但我们仍然假设所有传统汽车制造商都未能保持份额。让我们也想象一下，该行业的大部分利润最终将流向特斯拉（就像手机流向苹果一样）。</blockquote></p><p> As a baseline, analysts anticipate that Tesla will generate over $50 billion in sales this year. Over 85% of these sales are related to its automotive business.</p><p><blockquote>作为基线，分析师预计特斯拉今年的销售额将超过500亿美元。超过85%的销售额与其汽车业务相关。</blockquote></p><p> In 2035, if EVs represents 95% of all new cars sold, and Tesla has the same 16% market share as Apple does today (significantly eclipsing that of VW or Toyota), it will be producing 22 million cars and light trucks, and generating sales of over $1 trillion.</p><p><blockquote>到2035年，如果电动汽车占所有新车销量的95%，并且特斯拉拥有与苹果今天相同的16%市场份额（显着超过大众或丰田），那么它将生产2200万辆汽车和轻型卡车，并产生超过1万亿美元的销售额。</blockquote></p><p> This year, analysts anticipate that Tesla will generate nearly $7 billion in adjusted net income (which will include approximately $1.2 billion in profits driven by regulatory credits).</p><p><blockquote>今年，分析师预计特斯拉将产生近70亿美元的调整后净利润（其中包括监管信贷推动的约12亿美元利润）。</blockquote></p><p> If Tesla were able to generate the same 24% net earnings margin as Apple does today (remember VW is at 5% and Toyota at 7%), then it would produce about $250 billion of earnings in 2035.</p><p><blockquote>如果特斯拉能够像苹果今天一样产生24%的净利润率（记住大众为5%，丰田为7%），那么它将在2035年产生约2500亿美元的收益。</blockquote></p><p> As Tesla has grown from zero to one million cars, it has built production facilities in Freemont, Shanghai and soon Austin; battery-producing gigafactories in Nevada, Buffalo, Germany and Austin again; and other manufacturing and tooling facilities in Michigan, Ontario, Shanghai, two more in California and three more in Germany.</p><p><blockquote>随着特斯拉汽车从零增长到100万辆，它在Freemont、Shanghai和很快的Austin建立了生产设施；再次在内华达州、布法罗、德国和奥斯汀建立电池生产超级工厂；以及位于密歇根州、安大略省、上海的其他制造和模具工厂，另外两个位于加利福尼亚州，另外三个位于德国。</blockquote></p><p> To finance this expansion, Tesla went from 35 million diluted shares in 2009 to 641 million in 2015 to over 1.1 billion today. Of course some of these went to key executives in the firm as compensation, but for the most part, this share issuance helped to finance the firm’s stunning growth to date.</p><p><blockquote>为了为此次扩张提供资金，特斯拉稀释后的股票数量从2009年的3500万股增加到2015年的6.41亿股，再到如今的超过11亿股。当然，其中一些作为薪酬给了公司的关键高管，但在很大程度上，这次股票发行有助于为公司迄今为止的惊人增长提供资金。</blockquote></p><p> And if Tesla is going to build over 20 million units a year (up from about 1 million this year), this will require a lot more capital. But given its strong share price and internal cash flow generation, let’s assume that the rate of new share issuance at Tesla will slow dramatically, to just 1.5% new shares per year. At this rate, they would have “only” 1.4 billion shares in 2035.</p><p><blockquote>如果特斯拉打算每年生产超过2000万辆汽车（今年约为100万辆），这将需要更多的资金。但鉴于其强劲的股价和内部现金流产生，我们假设特斯拉的新股发行速度将大幅放缓，至每年仅1.5%的新股发行速度。按照这个速度，到2035年他们将“只有”14亿股。</blockquote></p><p> And in that year, on production of 22 million vehicles at an average selling price of $46,000 (again, our guess) and doing 24% net earnings margins, this $250 billion of earnings would work out to about $178 per share.</p><p><blockquote>那一年，生产了2200万辆汽车，平均售价为46,000美元（这也是我们的猜测），净利润率为24%，这2500亿美元的收益相当于每股178美元。</blockquote></p><p> Given Tesla’s domination in this scenario where it maxes out its market share, the only negative is that it would no longer be a secular story, but one more exposed to the cyclical nature of automaking. So its huge amount of revenue and income would naturally be growing much more slowly by then. But, again for the sake of this exercise, let’s assume that Tesla will still find a way to continue to generate a consistent 10% EPS growth on that $250 billion number.</p><p><blockquote>鉴于特斯拉在这种最大化其市场份额的情况下占据主导地位，唯一的负面影响是它将不再是一个长期的故事，而是一个更加暴露于汽车制造周期性的故事。因此，到那时其巨额收入和收入的增长自然会慢得多。但是，为了这次练习，让我们再次假设特斯拉仍然会找到一种方法，在2500亿美元的数字上继续实现10%的每股收益持续增长。</blockquote></p><p> And despite this slowing, let’s also assume that investors will want to pay a P/E ratio of over 20 for a now huge and cyclical business.</p><p><blockquote>尽管经济放缓，我们也假设投资者愿意为现在庞大且周期性的业务支付超过20的市盈率。</blockquote></p><p> On a P/E of 22.5, that would work out to a market cap of $5.6 trillion, and a share price of $4,000.</p><p><blockquote>市盈率为22.5，市值为5.6万亿美元，股价为4000美元。</blockquote></p><p> These are big numbers. And despite what we hear from the more optimistic of the Tesla bulls, let’s also assume that today’s shareholders only hope to make 10% per year between now and 2035.</p><p><blockquote>这些都是很大的数字。尽管我们从更乐观的特斯拉多头那里听到了什么，但我们也假设今天的股东只希望从现在到2035年每年赚取10%的利润。</blockquote></p><p> If we discount that $4,000 by 10% back to today, the shares are worth $1,050.</p><p><blockquote>如果我们将4,000美元折价10%回到今天，股票价值1,050美元。</blockquote></p><p> That is pretty close to where we are right now.</p><p><blockquote>这与我们现在的位置非常接近。</blockquote></p><p> So all that above is what needs to happen for $1,050 to be a fair share price today.</p><p><blockquote>因此，要使1,050美元成为今天的公平股价，上述所有这些都需要发生。</blockquote></p><p> Doubters, admittedly like us, will suggest that the execution risk is tremendous, and these market shares (and particularly the margins) may be impossible.</p><p><blockquote>诚然，像我们一样，怀疑者会认为执行风险是巨大的，这些市场份额（尤其是利润率）可能是不可能的。</blockquote></p><p></p><p> Yet, despite the fact that we actually can’t ignore the differences between the mobile phone and automobile industries noted above, the believers – who may indeed be right – will literally need to see Apple-esque industry dynamics, market shares and earnings margins for this all to make sense.</p><p><blockquote>然而，尽管我们实际上不能忽视上述手机和汽车行业之间的差异，但信徒们——他们可能确实是对的——确实需要看到苹果式的行业动态、市场份额和利润率，这一切才有意义。</blockquote></p><p> It is also important to consider that for there to be even more upside in the shares from current levels, Tesla will actually have to exceed everything that Apple has accomplished.</p><p><blockquote>同样重要的是要考虑到，为了使股价在当前水平上有更大的上涨空间，特斯拉实际上必须超越苹果所取得的一切成就。</blockquote></p><p> Whether a bull or a bear, there is no doubting that what Musk has achieved thus far has been nothing short of incredible. Five years ago, few would have thought it even possible that Hertz would order 100,000 Teslas in a single order for its car rental fleet, or that Tesla would produce and sell a million cars in a single year.</p><p><blockquote>无论是牛市还是熊市，毫无疑问，马斯克迄今为止所取得的成就简直令人难以置信。五年前，很少有人会想到赫兹会为其汽车租赁车队单次订购10万辆特斯拉，或者特斯拉会在一年内生产和销售100万辆汽车。</blockquote></p><p> He will continue to do incredible things.&nbsp; He has changed the world and the mindset of his competitors. None of that is in question. The future that his share price is discounting is the question we are asking today.</p><p><blockquote>他将继续做不可思议的事情。他改变了世界，也改变了竞争对手的心态。这些都不是问题。他的股价打折的未来是我们今天要问的问题。</blockquote></p><p></p>","source":"lsy1616996754749","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>Opinion:Here's the math for Tesla's stock price if it becomes the Apple of car makers<blockquote>观点：如果特斯拉成为汽车制造商的苹果，其股价的计算结果如下</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\">\nOpinion:Here's the math for Tesla's stock price if it becomes the Apple of car makers<blockquote>观点：如果特斯拉成为汽车制造商的苹果，其股价的计算结果如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market watch</strong><span class=\"h-time small\">2021-10-30 11:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Fans and shareholders of Tesla are making stronger and louder arguments about the future of their favorite company. In them, they draw analogies to one of the most successful brands and businesses in the history of capitalism. They suggest that automaking may go the way of handset manufacturing and that – for TeslaTSLA,+3.43%– there is a strong resemblance to the AppleAAPL,-1.82%vs. Nokia/Blackberry/Ericsson/Motorola dynamic.</p><p><blockquote>特斯拉的粉丝和股东正在就他们最喜欢的公司的未来进行更强烈、更响亮的争论。在其中，他们将资本主义历史上最成功的品牌和企业之一进行了类比。他们表示，汽车制造可能会走手机制造的道路，而特斯拉TSLA（+3.43%）与苹果AAPL（-1.82%）有很大相似之处。诺基亚/黑莓/爱立信/摩托罗拉动态。</blockquote></p><p> For those that don’t know, in the early 2000s it was unimaginable that these legacy mobile phone manufacturers could disappear. In 2006, Research in Motion (RIM), the company making BlackBerrys, lost a patent suit against NTP and a U.S. District Court judge slapped an injunction on sales. The Defense Department stepped in, claiming that a Blackberry injunction was a threat to national security. Meanwhile, industry leader Nokia held a 40% market share and by the end of 2007 sported a $230 billion market cap.</p><p><blockquote>对于那些不知道的人来说，在21世纪初，这些传统手机制造商会消失是不可想象的。2006年，制造黑莓手机的Research in Motion(RIM)在针对NTP的专利诉讼中败诉，美国地方法院法官发布了销售禁令。国防部介入，声称黑莓禁令对国家安全构成威胁。与此同时，行业领导者诺基亚占据了40%的市场份额，到2007年底，市值达到2300亿美元。</blockquote></p><p> But something else happened in 2007.</p><p><blockquote>但2007年发生了另一件事。</blockquote></p><p> Steve Jobs introduced the iPhone.</p><p><blockquote>史蒂夫·乔布斯推出了iPhone。</blockquote></p><p> And that changed the game for Nokia, Blackberry and the entire industry, forever.</p><p><blockquote>这永远改变了诺基亚、黑莓和整个行业的游戏规则。</blockquote></p><p> Coincidentally, Jobs introduced that iPhone seven months after Tesla introduced the Roadster at the San Francisco International Auto Show. Fast forward to 2021, and the bulls are suggesting that Apple’s overwhelming success in handset manufacturing can be mirrored in automobile manufacturing by Elon Musk’s Tesla.</p><p><blockquote>巧合的是，乔布斯在特斯拉在三藩市国际车展上推出Roadster七个月后推出了iPhone。快进到2021年，看涨者认为，苹果在手机制造领域取得的压倒性成功可以通过Elon Musk的特斯拉在汽车制造领域得到体现。</blockquote></p><p> For this to happen, let’s first assume that within 15 years buyers will demand a broadly similar “form factor” for any vehicle. Today, there are 250 brands of cars sold to fit all appetites and budgets, and perhaps over 1,000 trims. Meanwhile, thanks to the iPhone, handset hardware has gone from a myriad of styles, sizes and forms to basically one.</p><p><blockquote>为了实现这一点，让我们首先假设在15年内，买家将要求任何车辆具有大致相似的“外形”。如今，有250个品牌的汽车可满足各种需求和预算，或许还有1,000多种装饰。与此同时，多亏了iPhone，手机硬件已经从无数的风格、尺寸和形式变成了基本上只有一种。</blockquote></p><p> Similarly, let’s imagine that the production and value of automobiles and light trucks will become less about the style or performance that is demanded and instead mostly about the software inside the vehicle.</p><p><blockquote>同样，让我们想象一下，汽车和轻型卡车的生产和价值将不再取决于所需的风格或性能，而是主要取决于车辆内部的软件。</blockquote></p><p> Finally (and this is a huge debate, but) let’s presuppose that Tesla will have better software – most importantly better autonomous driving capability – than any other vendor or manufacturer, whether in Silicon Valley, Detroit, Wolfsburg or elsewhere.</p><p><blockquote>最后（这是一个巨大的争论，但是）让我们假设特斯拉将拥有比任何其他供应商或制造商更好的软件——最重要的是更好的自动驾驶能力——无论是在硅谷、底特律、沃尔夫斯堡还是其他地方。</blockquote></p><p> In other words, let’s assume that Tesla is going to become the Apple of automakers.</p><p><blockquote>换句话说，让我们假设特斯拉将成为汽车制造商的苹果。</blockquote></p><p> To do this, we need to ignore that Apple is not just a handset manufacturer. In the first three quarters this year, it reported over $150 billion of iPhone sales, which represented 55% of total sales. It also reported sales from the “Services” segment, which included sales from advertising, digital content, AppleCare and other lines. If we assume all that revenue was driven by the iPhone (even though not all was), then we get the iPhone representing about 65%-70% of Apple’s sales.</p><p><blockquote>要做到这一点，我们需要忽略苹果不仅仅是一家手机制造商。今年前三季度，iPhone销售额超过1500亿美元，占总销售额的55%。它还报告了“服务”部门的销售额，其中包括广告、数字内容、AppleCare和其他产品线的销售额。如果我们假设所有收入都是由iPhone推动的（尽管不是全部），那么我们得到的iPhone约占苹果销售额的65%-70%。</blockquote></p><p> This implies Apple has a substantial business (about $110 billion this year) selling Macs, iPads, wearables and accessories too. So in our “Tesla is Apple” analogy, we need to assume that Tesla will make similar extensions into new products.</p><p><blockquote>这意味着苹果也有大量销售Mac、iPad、可穿戴设备和配件的业务（今年约1100亿美元）。因此，在我们的“特斯拉就是苹果”类比中，我们需要假设特斯拉将在新产品中进行类似的扩展。</blockquote></p><p> We also need to ignore that most of the profit for Apple in handsets comes from mobile advertising and app sales, much of which Apple reports in that services segment noted above. Again, to stay in our framework, we also need to believe that Tesla would generate something similar via its over-the-air updates or its own app store.</p><p><blockquote>我们还需要忽略这样一个事实，即苹果在手机领域的大部分利润来自移动广告和应用程序销售，其中大部分是苹果在上述服务部门报告的。同样，为了留在我们的框架中，我们还需要相信特斯拉会通过其无线更新或自己的应用商店生成类似的东西。</blockquote></p><p> Making all these assumptions, then future margins in “automaking” – for at least one manufacturer – could theoretically start trending up toward the margins generated today by Apple.</p><p><blockquote>做出所有这些假设，那么“汽车制造”的未来利润率——至少一家制造商——理论上可能会开始向苹果今天产生的利润率上升。</blockquote></p><p> So in terms of handset market share, people around the world are going to buy approximately 1.4 billion handsets this year, and the average selling price will be about $320. Apple has about 16% of the global market, and will sell about 225 million iPhones.</p><p><blockquote>因此，就手机市场份额而言，今年世界各地的人们将购买大约14亿部手机，平均售价约为320美元。苹果拥有全球约16%的市场份额，将售出约2.25亿部iPhone。</blockquote></p><p> Just guessing here, but if these iPhones are sold at an average price of $890, then the average price of all the other phones sold in the world needs to be about $125 for the math to make sense. And because Apple can sell its iPhone at such a huge premium and produce remarkable revenues from advertising and app store sales, it generates a whopping 24% earnings margin.</p><p><blockquote>这里只是猜测，但如果这些iPhones的平均售价为890美元，那么世界上销售的所有其他手机的平均价格需要在125美元左右，数学才有意义。由于苹果可以以如此高的溢价出售其iPhone，并从广告和应用商店销售中产生可观的收入，因此它的利润率高达24%。</blockquote></p><p> In comparison, VolkswagenVOW3,-0.49%VWAPY,-2.43%,which started operations in 1938, has worked its way up to a global market share of 12.0% and generates net income margins of 5.0%.</p><p><blockquote>相比之下，大众汽车VOW3,-0.49%VWAPY,-2.43%于1938年开始运营，全球市场份额已升至12.0%，净利润率为5.0%。</blockquote></p><p> Toyota7203,+0.33%TM,+0.05%,which also started operations in 1938, also has a global market share of 12.0% and generates even better net income margins of approximately 7.0%.</p><p><blockquote>同样于1938年开始运营的丰田7203，+0.33%TM，+0.05%，全球市场份额也为12.0%，净利润率甚至更高，约为7.0%。</blockquote></p><p> Nokia, for what it is worth, generated 14% net margins before the iPhone changed the game.&nbsp; In other words, even before Apple showed up, handset manufacturing was over twice as profitable for market leaders as making cars.</p><p><blockquote>就其价值而言，在iPhone改变游戏规则之前，诺基亚的净利润率为14%。换句话说，即使在苹果出现之前，市场领导者制造手机的利润也是制造汽车的两倍多。</blockquote></p><p></p><p> Anyway, folks around the world will buy about 75 million new cars this year, and at an average price of $30,000 (ballpark) this works out to over $2.2 trillion in sales. This is about five times larger than the handset market, which will come in at about $450 million. Toyota and Volkswagen are the largest – and best in class – scale automobile manufacturers in the world. Other groups, including FordF,+1.30%,Stellantis (FCA/Peugeot)STLA,-0.50%,DaimlerDAI,+2.25%,General MotorsGM,+0.35%,Honda7267,-0.53%HMC,-0.40%,BMWBMW,-0.11%and many others also have significant share.</p><p><blockquote>无论如何，今年世界各地的人们将购买约7500万辆新车，按平均价格3万美元（大概）计算，销售额将超过2.2万亿美元。这大约是手机市场的五倍，手机市场的收入约为4.5亿美元。丰田和大众是世界上最大也是同类规模最好的汽车制造商。其他集团，包括福特F，+1.30%，Stellantis(FCA/Peugeot)STLA，-0.50%，戴姆勒DAI，+2.25%，通用汽车GM，+0.35%，本田7267，-0.53%HMC，-0.40%，宝马BMW，-0.11%和许多其他公司也拥有很大的份额。</blockquote></p><p> This year, Tesla will sell about a million cars, representing a global market share of 1.3%.</p><p><blockquote>今年，特斯拉将销售约100万辆汽车，占全球市场份额1.3%。</blockquote></p><p> And dare I say that each of Tesla’s competitors will be loath to surrender more market share, thus the huge amount of R&amp;D and capital spending they will devote to the upcoming transition to electric vehicles (EVs). On the CAPEX metric alone, we can see that these competitors will actually spend more next year than Tesla.</p><p><blockquote>我敢说，特斯拉的每个竞争对手都不愿意放弃更多的市场份额，因此他们将投入大量的研发和资本支出来实现即将到来的电动汽车（EV）转型。仅在资本支出指标上，我们就可以看到这些竞争对手明年的支出实际上将超过特斯拉。</blockquote></p><p> A lot more.</p><p><blockquote>更多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c0b0383d691f139a5d04a2a94c2bd399\" tg-width=\"699\" tg-height=\"481\" referrerpolicy=\"no-referrer\">ALBERT BRIDGE CAPITAL</p><p><blockquote>阿尔伯特桥资本</blockquote></p><p> But still, let’s assume all the legacy automakers fail to maintain share. Let’s also envision that most of the profits in the industry will eventually go to Tesla (as they have in handsets to Apple).</p><p><blockquote>但我们仍然假设所有传统汽车制造商都未能保持份额。让我们也想象一下，该行业的大部分利润最终将流向特斯拉（就像手机流向苹果一样）。</blockquote></p><p> As a baseline, analysts anticipate that Tesla will generate over $50 billion in sales this year. Over 85% of these sales are related to its automotive business.</p><p><blockquote>作为基线，分析师预计特斯拉今年的销售额将超过500亿美元。超过85%的销售额与其汽车业务相关。</blockquote></p><p> In 2035, if EVs represents 95% of all new cars sold, and Tesla has the same 16% market share as Apple does today (significantly eclipsing that of VW or Toyota), it will be producing 22 million cars and light trucks, and generating sales of over $1 trillion.</p><p><blockquote>到2035年，如果电动汽车占所有新车销量的95%，并且特斯拉拥有与苹果今天相同的16%市场份额（显着超过大众或丰田），那么它将生产2200万辆汽车和轻型卡车，并产生超过1万亿美元的销售额。</blockquote></p><p> This year, analysts anticipate that Tesla will generate nearly $7 billion in adjusted net income (which will include approximately $1.2 billion in profits driven by regulatory credits).</p><p><blockquote>今年，分析师预计特斯拉将产生近70亿美元的调整后净利润（其中包括监管信贷推动的约12亿美元利润）。</blockquote></p><p> If Tesla were able to generate the same 24% net earnings margin as Apple does today (remember VW is at 5% and Toyota at 7%), then it would produce about $250 billion of earnings in 2035.</p><p><blockquote>如果特斯拉能够像苹果今天一样产生24%的净利润率（记住大众为5%，丰田为7%），那么它将在2035年产生约2500亿美元的收益。</blockquote></p><p> As Tesla has grown from zero to one million cars, it has built production facilities in Freemont, Shanghai and soon Austin; battery-producing gigafactories in Nevada, Buffalo, Germany and Austin again; and other manufacturing and tooling facilities in Michigan, Ontario, Shanghai, two more in California and three more in Germany.</p><p><blockquote>随着特斯拉汽车从零增长到100万辆，它在Freemont、Shanghai和很快的Austin建立了生产设施；再次在内华达州、布法罗、德国和奥斯汀建立电池生产超级工厂；以及位于密歇根州、安大略省、上海的其他制造和模具工厂，另外两个位于加利福尼亚州，另外三个位于德国。</blockquote></p><p> To finance this expansion, Tesla went from 35 million diluted shares in 2009 to 641 million in 2015 to over 1.1 billion today. Of course some of these went to key executives in the firm as compensation, but for the most part, this share issuance helped to finance the firm’s stunning growth to date.</p><p><blockquote>为了为此次扩张提供资金，特斯拉稀释后的股票数量从2009年的3500万股增加到2015年的6.41亿股，再到如今的超过11亿股。当然，其中一些作为薪酬给了公司的关键高管，但在很大程度上，这次股票发行有助于为公司迄今为止的惊人增长提供资金。</blockquote></p><p> And if Tesla is going to build over 20 million units a year (up from about 1 million this year), this will require a lot more capital. But given its strong share price and internal cash flow generation, let’s assume that the rate of new share issuance at Tesla will slow dramatically, to just 1.5% new shares per year. At this rate, they would have “only” 1.4 billion shares in 2035.</p><p><blockquote>如果特斯拉打算每年生产超过2000万辆汽车（今年约为100万辆），这将需要更多的资金。但鉴于其强劲的股价和内部现金流产生，我们假设特斯拉的新股发行速度将大幅放缓，至每年仅1.5%的新股发行速度。按照这个速度，到2035年他们将“只有”14亿股。</blockquote></p><p> And in that year, on production of 22 million vehicles at an average selling price of $46,000 (again, our guess) and doing 24% net earnings margins, this $250 billion of earnings would work out to about $178 per share.</p><p><blockquote>那一年，生产了2200万辆汽车，平均售价为46,000美元（这也是我们的猜测），净利润率为24%，这2500亿美元的收益相当于每股178美元。</blockquote></p><p> Given Tesla’s domination in this scenario where it maxes out its market share, the only negative is that it would no longer be a secular story, but one more exposed to the cyclical nature of automaking. So its huge amount of revenue and income would naturally be growing much more slowly by then. But, again for the sake of this exercise, let’s assume that Tesla will still find a way to continue to generate a consistent 10% EPS growth on that $250 billion number.</p><p><blockquote>鉴于特斯拉在这种最大化其市场份额的情况下占据主导地位，唯一的负面影响是它将不再是一个长期的故事，而是一个更加暴露于汽车制造周期性的故事。因此，到那时其巨额收入和收入的增长自然会慢得多。但是，为了这次练习，让我们再次假设特斯拉仍然会找到一种方法，在2500亿美元的数字上继续实现10%的每股收益持续增长。</blockquote></p><p> And despite this slowing, let’s also assume that investors will want to pay a P/E ratio of over 20 for a now huge and cyclical business.</p><p><blockquote>尽管经济放缓，我们也假设投资者愿意为现在庞大且周期性的业务支付超过20的市盈率。</blockquote></p><p> On a P/E of 22.5, that would work out to a market cap of $5.6 trillion, and a share price of $4,000.</p><p><blockquote>市盈率为22.5，市值为5.6万亿美元，股价为4000美元。</blockquote></p><p> These are big numbers. And despite what we hear from the more optimistic of the Tesla bulls, let’s also assume that today’s shareholders only hope to make 10% per year between now and 2035.</p><p><blockquote>这些都是很大的数字。尽管我们从更乐观的特斯拉多头那里听到了什么，但我们也假设今天的股东只希望从现在到2035年每年赚取10%的利润。</blockquote></p><p> If we discount that $4,000 by 10% back to today, the shares are worth $1,050.</p><p><blockquote>如果我们将4,000美元折价10%回到今天，股票价值1,050美元。</blockquote></p><p> That is pretty close to where we are right now.</p><p><blockquote>这与我们现在的位置非常接近。</blockquote></p><p> So all that above is what needs to happen for $1,050 to be a fair share price today.</p><p><blockquote>因此，要使1,050美元成为今天的公平股价，上述所有这些都需要发生。</blockquote></p><p> Doubters, admittedly like us, will suggest that the execution risk is tremendous, and these market shares (and particularly the margins) may be impossible.</p><p><blockquote>诚然，像我们一样，怀疑者会认为执行风险是巨大的，这些市场份额（尤其是利润率）可能是不可能的。</blockquote></p><p></p><p> Yet, despite the fact that we actually can’t ignore the differences between the mobile phone and automobile industries noted above, the believers – who may indeed be right – will literally need to see Apple-esque industry dynamics, market shares and earnings margins for this all to make sense.</p><p><blockquote>然而，尽管我们实际上不能忽视上述手机和汽车行业之间的差异，但信徒们——他们可能确实是对的——确实需要看到苹果式的行业动态、市场份额和利润率，这一切才有意义。</blockquote></p><p> It is also important to consider that for there to be even more upside in the shares from current levels, Tesla will actually have to exceed everything that Apple has accomplished.</p><p><blockquote>同样重要的是要考虑到，为了使股价在当前水平上有更大的上涨空间，特斯拉实际上必须超越苹果所取得的一切成就。</blockquote></p><p> Whether a bull or a bear, there is no doubting that what Musk has achieved thus far has been nothing short of incredible. Five years ago, few would have thought it even possible that Hertz would order 100,000 Teslas in a single order for its car rental fleet, or that Tesla would produce and sell a million cars in a single year.</p><p><blockquote>无论是牛市还是熊市，毫无疑问，马斯克迄今为止所取得的成就简直令人难以置信。五年前，很少有人会想到赫兹会为其汽车租赁车队单次订购10万辆特斯拉，或者特斯拉会在一年内生产和销售100万辆汽车。</blockquote></p><p> He will continue to do incredible things.&nbsp; He has changed the world and the mindset of his competitors. None of that is in question. The future that his share price is discounting is the question we are asking today.</p><p><blockquote>他将继续做不可思议的事情。他改变了世界，也改变了竞争对手的心态。这些都不是问题。他的股价打折的未来是我们今天要问的问题。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-tesla-is-to-become-the-apple-of-car-makers-this-is-what-it-means-for-the-stock-price-and-the-business-11635513589?mod=home-page\">Market watch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/if-tesla-is-to-become-the-apple-of-car-makers-this-is-what-it-means-for-the-stock-price-and-the-business-11635513589?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2179471352","content_text":"Fans and shareholders of Tesla are making stronger and louder arguments about the future of their favorite company. In them, they draw analogies to one of the most successful brands and businesses in the history of capitalism. They suggest that automaking may go the way of handset manufacturing and that – for TeslaTSLA,+3.43%– there is a strong resemblance to the AppleAAPL,-1.82%vs. Nokia/Blackberry/Ericsson/Motorola dynamic.\nFor those that don’t know, in the early 2000s it was unimaginable that these legacy mobile phone manufacturers could disappear. In 2006, Research in Motion (RIM), the company making BlackBerrys, lost a patent suit against NTP and a U.S. District Court judge slapped an injunction on sales. The Defense Department stepped in, claiming that a Blackberry injunction was a threat to national security. Meanwhile, industry leader Nokia held a 40% market share and by the end of 2007 sported a $230 billion market cap.\nBut something else happened in 2007.\nSteve Jobs introduced the iPhone.\nAnd that changed the game for Nokia, Blackberry and the entire industry, forever.\nCoincidentally, Jobs introduced that iPhone seven months after Tesla introduced the Roadster at the San Francisco International Auto Show. Fast forward to 2021, and the bulls are suggesting that Apple’s overwhelming success in handset manufacturing can be mirrored in automobile manufacturing by Elon Musk’s Tesla.\nFor this to happen, let’s first assume that within 15 years buyers will demand a broadly similar “form factor” for any vehicle. Today, there are 250 brands of cars sold to fit all appetites and budgets, and perhaps over 1,000 trims. Meanwhile, thanks to the iPhone, handset hardware has gone from a myriad of styles, sizes and forms to basically one.\nSimilarly, let’s imagine that the production and value of automobiles and light trucks will become less about the style or performance that is demanded and instead mostly about the software inside the vehicle.\nFinally (and this is a huge debate, but) let’s presuppose that Tesla will have better software – most importantly better autonomous driving capability – than any other vendor or manufacturer, whether in Silicon Valley, Detroit, Wolfsburg or elsewhere.\nIn other words, let’s assume that Tesla is going to become the Apple of automakers.\nTo do this, we need to ignore that Apple is not just a handset manufacturer. In the first three quarters this year, it reported over $150 billion of iPhone sales, which represented 55% of total sales. It also reported sales from the “Services” segment, which included sales from advertising, digital content, AppleCare and other lines. If we assume all that revenue was driven by the iPhone (even though not all was), then we get the iPhone representing about 65%-70% of Apple’s sales.\nThis implies Apple has a substantial business (about $110 billion this year) selling Macs, iPads, wearables and accessories too. So in our “Tesla is Apple” analogy, we need to assume that Tesla will make similar extensions into new products.\nWe also need to ignore that most of the profit for Apple in handsets comes from mobile advertising and app sales, much of which Apple reports in that services segment noted above. Again, to stay in our framework, we also need to believe that Tesla would generate something similar via its over-the-air updates or its own app store.\nMaking all these assumptions, then future margins in “automaking” – for at least one manufacturer – could theoretically start trending up toward the margins generated today by Apple.\nSo in terms of handset market share, people around the world are going to buy approximately 1.4 billion handsets this year, and the average selling price will be about $320. Apple has about 16% of the global market, and will sell about 225 million iPhones.\nJust guessing here, but if these iPhones are sold at an average price of $890, then the average price of all the other phones sold in the world needs to be about $125 for the math to make sense. And because Apple can sell its iPhone at such a huge premium and produce remarkable revenues from advertising and app store sales, it generates a whopping 24% earnings margin.\nIn comparison, VolkswagenVOW3,-0.49%VWAPY,-2.43%,which started operations in 1938, has worked its way up to a global market share of 12.0% and generates net income margins of 5.0%.\nToyota7203,+0.33%TM,+0.05%,which also started operations in 1938, also has a global market share of 12.0% and generates even better net income margins of approximately 7.0%.\nNokia, for what it is worth, generated 14% net margins before the iPhone changed the game.  In other words, even before Apple showed up, handset manufacturing was over twice as profitable for market leaders as making cars.\nAnyway, folks around the world will buy about 75 million new cars this year, and at an average price of $30,000 (ballpark) this works out to over $2.2 trillion in sales. This is about five times larger than the handset market, which will come in at about $450 million. Toyota and Volkswagen are the largest – and best in class – scale automobile manufacturers in the world. Other groups, including FordF,+1.30%,Stellantis (FCA/Peugeot)STLA,-0.50%,DaimlerDAI,+2.25%,General MotorsGM,+0.35%,Honda7267,-0.53%HMC,-0.40%,BMWBMW,-0.11%and many others also have significant share.\nThis year, Tesla will sell about a million cars, representing a global market share of 1.3%.\nAnd dare I say that each of Tesla’s competitors will be loath to surrender more market share, thus the huge amount of R&D and capital spending they will devote to the upcoming transition to electric vehicles (EVs). On the CAPEX metric alone, we can see that these competitors will actually spend more next year than Tesla.\nA lot more.\nALBERT BRIDGE CAPITAL\nBut still, let’s assume all the legacy automakers fail to maintain share. Let’s also envision that most of the profits in the industry will eventually go to Tesla (as they have in handsets to Apple).\nAs a baseline, analysts anticipate that Tesla will generate over $50 billion in sales this year. Over 85% of these sales are related to its automotive business.\nIn 2035, if EVs represents 95% of all new cars sold, and Tesla has the same 16% market share as Apple does today (significantly eclipsing that of VW or Toyota), it will be producing 22 million cars and light trucks, and generating sales of over $1 trillion.\nThis year, analysts anticipate that Tesla will generate nearly $7 billion in adjusted net income (which will include approximately $1.2 billion in profits driven by regulatory credits).\nIf Tesla were able to generate the same 24% net earnings margin as Apple does today (remember VW is at 5% and Toyota at 7%), then it would produce about $250 billion of earnings in 2035.\nAs Tesla has grown from zero to one million cars, it has built production facilities in Freemont, Shanghai and soon Austin; battery-producing gigafactories in Nevada, Buffalo, Germany and Austin again; and other manufacturing and tooling facilities in Michigan, Ontario, Shanghai, two more in California and three more in Germany.\nTo finance this expansion, Tesla went from 35 million diluted shares in 2009 to 641 million in 2015 to over 1.1 billion today. Of course some of these went to key executives in the firm as compensation, but for the most part, this share issuance helped to finance the firm’s stunning growth to date.\nAnd if Tesla is going to build over 20 million units a year (up from about 1 million this year), this will require a lot more capital. But given its strong share price and internal cash flow generation, let’s assume that the rate of new share issuance at Tesla will slow dramatically, to just 1.5% new shares per year. At this rate, they would have “only” 1.4 billion shares in 2035.\nAnd in that year, on production of 22 million vehicles at an average selling price of $46,000 (again, our guess) and doing 24% net earnings margins, this $250 billion of earnings would work out to about $178 per share.\nGiven Tesla’s domination in this scenario where it maxes out its market share, the only negative is that it would no longer be a secular story, but one more exposed to the cyclical nature of automaking. So its huge amount of revenue and income would naturally be growing much more slowly by then. But, again for the sake of this exercise, let’s assume that Tesla will still find a way to continue to generate a consistent 10% EPS growth on that $250 billion number.\nAnd despite this slowing, let’s also assume that investors will want to pay a P/E ratio of over 20 for a now huge and cyclical business.\nOn a P/E of 22.5, that would work out to a market cap of $5.6 trillion, and a share price of $4,000.\nThese are big numbers. And despite what we hear from the more optimistic of the Tesla bulls, let’s also assume that today’s shareholders only hope to make 10% per year between now and 2035.\nIf we discount that $4,000 by 10% back to today, the shares are worth $1,050.\nThat is pretty close to where we are right now.\nSo all that above is what needs to happen for $1,050 to be a fair share price today.\nDoubters, admittedly like us, will suggest that the execution risk is tremendous, and these market shares (and particularly the margins) may be impossible.\nYet, despite the fact that we actually can’t ignore the differences between the mobile phone and automobile industries noted above, the believers – who may indeed be right – will literally need to see Apple-esque industry dynamics, market shares and earnings margins for this all to make sense.\nIt is also important to consider that for there to be even more upside in the shares from current levels, Tesla will actually have to exceed everything that Apple has accomplished.\nWhether a bull or a bear, there is no doubting that what Musk has achieved thus far has been nothing short of incredible. Five years ago, few would have thought it even possible that Hertz would order 100,000 Teslas in a single order for its car rental fleet, or that Tesla would produce and sell a million cars in a single year.\nHe will continue to do incredible things.  He has changed the world and the mindset of his competitors. None of that is in question. The future that his share price is discounting is the question we are asking today.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":536,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826864795,"gmtCreate":1634004407841,"gmtModify":1634004407997,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582617881962608","idStr":"3582617881962608"},"themes":[],"htmlText":"Jialat sia","listText":"Jialat sia","text":"Jialat sia","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/826864795","repostId":"2174854361","repostType":4,"isVote":1,"tweetType":1,"viewCount":486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":884928108,"gmtCreate":1631848352804,"gmtModify":1631893330812,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582617881962608","idStr":"3582617881962608"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884928108","repostId":"1105376345","repostType":4,"repost":{"id":"1105376345","kind":"news","pubTimestamp":1631833833,"share":"https://www.laohu8.com/m/news/1105376345?lang=zh_CN&edition=full","pubTime":"2021-09-17 07:10","market":"us","language":"en","title":"S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105376345","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading afte","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p><p><blockquote>路透纽约7月20日电——标普500周四小幅收跌，尾盘收窄跌幅，此前意外强劲的零售销售数据突显美国经济复苏的力度。</blockquote></p><p> The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p><p><blockquote>由于美国国债收益率上升给市场领先的科技股带来压力，以及美元上涨给出口商带来压力，三大股指当天大部分时间都处于负值区域。</blockquote></p><p> Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p><p><blockquote>亚马逊公司受到商务部报告中强劲的在线销售的提振，帮助推动纳斯达克进入积极区域。</blockquote></p><p> “Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p><p><blockquote>北卡罗来纳州夏洛特LPL Financial高级市场策略师瑞安·德特里克(Ryan Detrick)表示：“从今天来看，显然我们收到了来自零售销售的积极消息，而且经济大幅放缓似乎并没有像许多人预期的那样成为现实。”</blockquote></p><p> “It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p><p><blockquote>德特里克补充道：“这是一个很好的提醒，即使在新冠疫情担忧的情况下，经济仍然每后退一步就向前迈出两步。”</blockquote></p><p> Economically sensitive transports and microchips were among the outperformers.</p><p><blockquote>对经济敏感的运输和微芯片是表现优异的股票之一。</blockquote></p><p> Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p><p><blockquote>开盘前公布的数据显示，随着购物者经受住了飓风艾达和新冠德尔塔变异毒株，零售额意外增长，这证明了消费者的韧性，消费者对美国经济增长的贡献约为70%。</blockquote></p><p> “Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p><p><blockquote>德特里克表示：“这再次表明美国消费者继续支出并继续帮助经济增长。”</blockquote></p><p> The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&amp;P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p><p><blockquote>道琼工业指数跌63.07点，或0.18%，报34751.32点；标普500下跌6.95点，跌幅0.16%，报4,473.75点；纳斯达克综合指数上涨20.40点，即0.13%，至15,181.92点。</blockquote></p><p> Eight of the 11 major sectors in the S&amp;P 500 ended lower, with materials suffering the largest percentage drop.</p><p><blockquote>标普500 11大板块中有8个板块收跌，材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出板块涨幅最大，亚马逊首当其冲。</blockquote></p><p> Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p><p><blockquote>服装公司Gap Inc上涨1.6%。在线市场Etsy Inc和奢侈品配饰公司Tapestry Inc分别上涨3.1%和1.9%。</blockquote></p><p> Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p><p><blockquote>福特汽车公司股价上涨1.4%，此前该公司宣布计划提高F-150电动皮卡车型的产量。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.27比1；在纳斯达克，1.06比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p><p><blockquote>标普500创下9个52周新高和1个新低；纳斯达克综合指数录得82个新高和94个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为93.7亿股，而过去20个交易日的平均成交量为94.4亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-17 07:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p><p><blockquote>路透纽约7月20日电——标普500周四小幅收跌，尾盘收窄跌幅，此前意外强劲的零售销售数据突显美国经济复苏的力度。</blockquote></p><p> The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p><p><blockquote>由于美国国债收益率上升给市场领先的科技股带来压力，以及美元上涨给出口商带来压力，三大股指当天大部分时间都处于负值区域。</blockquote></p><p> Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p><p><blockquote>亚马逊公司受到商务部报告中强劲的在线销售的提振，帮助推动纳斯达克进入积极区域。</blockquote></p><p> “Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p><p><blockquote>北卡罗来纳州夏洛特LPL Financial高级市场策略师瑞安·德特里克(Ryan Detrick)表示：“从今天来看，显然我们收到了来自零售销售的积极消息，而且经济大幅放缓似乎并没有像许多人预期的那样成为现实。”</blockquote></p><p> “It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p><p><blockquote>德特里克补充道：“这是一个很好的提醒，即使在新冠疫情担忧的情况下，经济仍然每后退一步就向前迈出两步。”</blockquote></p><p> Economically sensitive transports and microchips were among the outperformers.</p><p><blockquote>对经济敏感的运输和微芯片是表现优异的股票之一。</blockquote></p><p> Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p><p><blockquote>开盘前公布的数据显示，随着购物者经受住了飓风艾达和新冠德尔塔变异毒株，零售额意外增长，这证明了消费者的韧性，消费者对美国经济增长的贡献约为70%。</blockquote></p><p> “Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p><p><blockquote>德特里克表示：“这再次表明美国消费者继续支出并继续帮助经济增长。”</blockquote></p><p> The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&amp;P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p><p><blockquote>道琼工业指数跌63.07点，或0.18%，报34751.32点；标普500下跌6.95点，跌幅0.16%，报4,473.75点；纳斯达克综合指数上涨20.40点，即0.13%，至15,181.92点。</blockquote></p><p> Eight of the 11 major sectors in the S&amp;P 500 ended lower, with materials suffering the largest percentage drop.</p><p><blockquote>标普500 11大板块中有8个板块收跌，材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出板块涨幅最大，亚马逊首当其冲。</blockquote></p><p> Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p><p><blockquote>服装公司Gap Inc上涨1.6%。在线市场Etsy Inc和奢侈品配饰公司Tapestry Inc分别上涨3.1%和1.9%。</blockquote></p><p> Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p><p><blockquote>福特汽车公司股价上涨1.4%，此前该公司宣布计划提高F-150电动皮卡车型的产量。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.27比1；在纳斯达克，1.06比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p><p><blockquote>标普500创下9个52周新高和1个新低；纳斯达克综合指数录得82个新高和94个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为93.7亿股，而过去20个交易日的平均成交量为94.4亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105376345","content_text":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.\nThe three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.\nAmazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.\n“Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.\n“It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.\nEconomically sensitive transports and microchips were among the outperformers.\nData released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.\n“Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.\nThe Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.\nEight of the 11 major sectors in the S&P 500 ended lower, with materials suffering the largest percentage drop.\nThe consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.\nApparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.\nFord Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.\nThe S&P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.\nVolume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}