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2021-04-28

Interesting portfolio

4 Canadian Cannabis Companies Poised to Profit from U.S. Legalization<blockquote>4家加拿大大麻公司准备从美国合法化中获利</blockquote>

2021-04-28

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How Warren Buffett's airline stocks have performed since Berkshire Hathaway sold them<blockquote>自伯克希尔哈撒韦公司出售沃伦·巴菲特的航空股以来的表现如何</blockquote>

2021-04-28

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Not o","content":"<p>As more and more states legalize marjiuana, federal legalization in the U.S. seems inevitable. Not only are more states passing legislation to permit recreational use, but a vast majority of Americans also support legalization. According to a recent survey, Pew Research found that 91% of people in the U.S. believe marijuana should be legal for either medical or recreational use, with 60% in favor of both. President Joe Biden is in favor of decriminalizing marijuana, while Senate Majority Leader Chuck Schumer is ready to push ahead with full legalization efforts even if Biden isn't completely on board just yet.</p><p><blockquote>随着越来越多的州将marjiuana合法化，美国的联邦合法化似乎是不可避免的。不仅越来越多的州通过立法允许娱乐用途，而且绝大多数美国人也支持合法化。根据最近的一项调查，皮尤研究中心发现，91%的美国人认为大麻用于医疗或娱乐用途应该是合法的，60%的人赞成两者兼而有之。总统乔·拜登支持大麻合法化，而参议院多数党领袖查克·舒默准备推进全面合法化的努力，即使拜登还没有完全同意。</blockquote></p><p>When legalization happens, there are many Canadian cannabis producers that will be ready to expand their presence south of the border.<b>Canopy Growth</b>(NASDAQ:CGC), soon-to-be-joined<b>Aphria</b>(NASDAQ:APHA)and<b>Tilray</b>(NASDAQ:TLRY),&nbsp;<b>Cronos</b>(NASDAQ:CRON), and&nbsp;<b>Aurora Cannabis</b>(NYSE:ACB)could be some of the biggest winners if (or, when) the U.S. pot market opens up.</p><p><blockquote>当合法化发生时，许多加拿大大麻生产商将准备扩大他们在边境以南的存在。<b>冠层生长</b>（纳斯达克：CGC），即将加入<b>Aphria</b>（纳斯达克：APHA）及<b>蒂尔雷</b>（纳斯达克：TLRY），<b>克罗诺斯</b>（纳斯达克：CRON），以及<b>奥罗拉大麻</b>如果（或当）美国大麻市场开放，（纽约证券交易所股票代码：ACB）可能会成为最大的赢家之一。</blockquote></p><p><img src=\"https://static.tigerbbs.com/31372c5518facc6093b15a7ca40146a4\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p>1. Canopy Growth</p><p><blockquote>1.冠层生长</blockquote></p><p>Canopy Growth has partnerships set up so that it can start working on expansion almost immediately after legalization takes place. One of the first things it would be able to do is close on its acquisition of<b>Acreage Holdings</b>. Although the two companies came to an agreement in 2019, the transaction is still pending.&nbsp;The multistate operator has a footprint in 13 states with 29 dispensaries that are up and running. In 2020, it reported sales of $114.5 million, which rose 55% year over year. With Acreage Holdings, Canopy Growth would be ready to rival big names like<b>Curaleaf</b>and&nbsp;<b>Trulieve</b>right off the bat.</p><p><blockquote>Canopy Growth已经建立了合作伙伴关系，以便在合法化后几乎可以立即开始扩张。它能做的第一件事就是即将收购<b>面积控股</b>.尽管两家公司在2019年达成了协议，但交易仍悬而未决。这家多州运营商在13个州拥有29家药房。2020年，其销售额为1.145亿美元，同比增长55%。凭借种植面积，Canopy Growth将准备好与诸如<b>库拉利夫</b>和<b>Trulieve</b>马上。</blockquote></p><p>Plus, the company is also working with investor<b>ConstellationBrands</b>, which owns nearly 40% of the business, to develop cannabis beverages. Tapping into Constellation's distribution network, Canopy Growth will be poised to grab even more potential market share right out of the gate. And that is why thismarijuana stockis at the top of this list -- it is easily the best positioned cannabis company in Canada to benefit from U.S. legalization.</p><p><blockquote>此外，该公司还与投资者合作<b>星座品牌</b>拥有该业务近40%的股份，开发大麻饮料。利用Constellation的分销网络，Canopy Growth将立即抢占更多潜在市场份额。这就是为什么ThisMarijuana Stocky位居榜首——它无疑是加拿大最有能力从美国合法化中受益的大麻公司。</blockquote></p><p>2. Aphria and Tilray</p><p><blockquote>2.Aphria和Tilray</blockquote></p><p>Themerger between Aphria and Tilrayputs these two companies next on this list as together, they will have the next-best opportunities in the U.S. In November, Aphria announced the acquisition of SweetWater Brewing. And although the craft brewer does have the 420 brand, which suggests that it makes cannabis drinks, it actually uses hemp (which is legal in the U.S.) to<i>emulate</i>popular cannabis strains. Legalization would pave the way for the real deal. Tilray has partnered with<b>Anheuser-Busch Inbev</b>since 2018 on developing drinks for the Canadian pot market, and it will also have beverages that are ready to go.</p><p><blockquote>Aphria和Tilray之间的合并使这两家公司成为这份名单的下一个，因为它们共同将在美国拥有下一个最好的机会。11月，Aphria宣布收购SweetWater Brewing。尽管这家精酿啤酒制造商确实拥有420品牌，这表明它生产大麻饮料，但它实际上使用大麻（在美国是合法的）来<i>仿效</i>流行的大麻品种。合法化将为真正的交易铺平道路。Tilray与<b>百威英博</b>自2018年开始为加拿大大麻市场开发饮料，它也将有现成的饮料。</blockquote></p><p>Tilray has also been building out its position in other ways. Hemp plays a big part in its business, generating more than one-third of its revenue in 2020. In 2019, Tilray acquired Manitoba Harvest, a leading hemp business with products that are sold in thousands of retailers across the U.S. and Canada. Through its hemp operations, Tilray can leverage the existing relationships it has with retailers to potentially sell other cannabis products to them post-legalization.</p><p><blockquote>Tilray还通过其他方式巩固了自己的地位。大麻在其业务中发挥着重要作用，2020年占其收入的三分之一以上。2019年，Tilray收购了Manitoba Harvest，这是一家领先的大麻企业，其产品在美国和加拿大的数千家零售商处销售。通过其大麻业务，Tilray可以利用其与零售商的现有关系，在合法化后向他们销售其他大麻产品。</blockquote></p><p>3. Cronos</p><p><blockquote>3.克罗诺斯</blockquote></p><p>Cronos acquired cannabidiol (CBD) brand Lord Jones in 2019 from Redwood Holding Group. The company sells a variety of CBD-infused products, including oils and gummies.&nbsp;Last year, sales from the U.S. totaled $9.5 million and accounted for just 20% of its consolidated net revenue. But Cronos is definitely looking to change that. Earlier this year it partnered with actress Kristen Bell to launch a series of CBD products under its Happy Dance brand, which will be available at more than 550<b>Ulta Beauty</b>locations.</p><p><blockquote>Cronos于2019年从红杉控股集团收购了大麻二酚（CBD）品牌Lord Jones。该公司销售各种CBD产品，包括油和橡皮糖。去年，来自美国的销售额总计950万美元，仅占其合并净收入的20%。但是克罗诺斯肯定想改变这一点。今年早些时候，它与女演员基丝汀·贝尔合作，推出了旗下Happy Dance品牌的一系列CBD产品，售价超过550英镑<b>Ulta美容</b>地点。</blockquote></p><p>Like Canopy Growth, Cronos also benefits from having a partner that can accelerate its growth in the U.S. Tobacco giant<b>Altria</b>invested $1.8 billion into the cannabis company in 2018.&nbsp;With deep pockets and wide reach across the states, Altria can help Cronos break into more markets after legalization.</p><p><blockquote>与Canopy Growth一样，Cronos也受益于拥有一个可以加速其在美国烟草巨头增长的合作伙伴<b>奥驰亚</b>2018年向这家大麻公司投资了18亿美元。凭借雄厚的财力和在各州的广泛影响力，奥驰亚可以在合法化后帮助Cronos打入更多市场。</blockquote></p><p>4. Aurora Cannabis</p><p><blockquote>4.极光大麻</blockquote></p><p>Aurora doesn't have a big partner it can lean on, but the company has been making moves to take advantage of opportunities in the U.S. In May 2020, it announced entry into the U.S. market through the acquisition of Reliva, which makes CBD products. The acquisition also brought on board CEO Miguel Martin, who was previously at the helm of Reliva and has 25 years of experience in consumer packaged goods. Reliva's products are in more than 20,000 retail locations and at the time of the acquisition, it claimed to be the \"only CBD company in the three largest U.S. wholesale distributors.\"</p><p><blockquote>Aurora没有可以依靠的大合作伙伴，但该公司一直在采取措施利用美国的机遇。2020年5月，它宣布通过收购生产CBD产品的Reliva进入美国市场。此次收购还聘请了首席执行官米格尔·马丁(Miguel Martin)，他曾执掌Reliva，在消费品领域拥有25年的经验。Reliva的产品遍布20,000多个零售点，在收购时，它声称自己是“美国三大批发分销商中唯一的CBD公司”。</blockquote></p><p></p><p>Although Aurora doesn't specifically break out U.S.-related sales, it is safe to assume this transaction, which cost the company approximately $40 million worth of shares (potentially up to $45 million), isn't going to put the company into as promising a position as the other pot stocks on this list. Aurora closed on the transaction in May 2020, but even when including Reliva's results into its operations, it has struggled to generate meaningful growth. In its second-quarter earnings report, released on Feb. 11, its net revenue of 67.7 million Canadian dollars for the period ending Dec. 31, 2020 was flat from the previous period.</p><p><blockquote>尽管Aurora没有具体公布与美国相关的销售情况，但可以肯定的是，这笔交易使该公司损失了价值约4000万美元（可能高达4500万美元）的股票，不会让该公司陷入与该名单上的其他大麻股一样有前途的地位。Aurora于2020年5月完成了交易，但即使将Reliva的业绩纳入其运营中，它也难以实现有意义的增长。在2月11日发布的第二季度收益报告中，截至2020年12月31日的净收入为6770万加元，与上一期持平。</blockquote></p><p>However, investors shouldn't count the company out. Once pot is legal in the U.S., that may open the door for other potential deals for Aurora. Although billionaire investor Nelson Peltz was unable to broker a transaction, more opportunities could arise once the prohibition of marijuana is over and it no longer deters companies in other industries from jumping into the cannabis sector.</p><p><blockquote>然而，投资者不应将该公司排除在外。一旦大麻在美国合法化，这可能会为Aurora的其他潜在交易打开大门。尽管亿万富翁投资者纳尔逊·佩尔茨(Nelson Peltz)无法促成交易，但一旦大麻禁令结束并且不再阻止其他行业的公司进入大麻行业，可能会出现更多机会。</blockquote></p><p>Here's The Marijuana Stock You've Been Waiting For</p><p><blockquote>这是您一直在等待的大麻库存</blockquote></p><p>A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.</p><p><blockquote>一家鲜为人知的加拿大公司刚刚解锁了一些专家认为可能是从即将到来的大麻热潮中获利的关键。</blockquote></p><p>And make no mistake – it is coming.</p><p><blockquote>毫无疑问，它即将到来。</blockquote></p><p>Cannabis legalization is sweeping over North America – 16 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.</p><p><blockquote>大麻合法化正在席卷北美——过去几年，16个州加上华盛顿特区都将娱乐性大麻合法化，加拿大于2018年10月实现了全面合法化。</blockquote></p><p>And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.</p><p><blockquote>一家不为人知的加拿大公司正准备在即将到来的大麻革命中爆发。</blockquote></p><p>Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.</p><p><blockquote>因为安大略省政府和这家强大的公司刚刚达成了一项改变游戏规则的协议……如果您甚至考虑过投资大麻股票，您今天就需要听听这个故事。</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>4 Canadian Cannabis Companies Poised to Profit from U.S. Legalization<blockquote>4家加拿大大麻公司准备从美国合法化中获利</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\">\n4 Canadian Cannabis Companies Poised to Profit from U.S. Legalization<blockquote>4家加拿大大麻公司准备从美国合法化中获利</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\">2021-04-27 22:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As more and more states legalize marjiuana, federal legalization in the U.S. seems inevitable. Not only are more states passing legislation to permit recreational use, but a vast majority of Americans also support legalization. According to a recent survey, Pew Research found that 91% of people in the U.S. believe marijuana should be legal for either medical or recreational use, with 60% in favor of both. President Joe Biden is in favor of decriminalizing marijuana, while Senate Majority Leader Chuck Schumer is ready to push ahead with full legalization efforts even if Biden isn't completely on board just yet.</p><p><blockquote>随着越来越多的州将marjiuana合法化，美国的联邦合法化似乎是不可避免的。不仅越来越多的州通过立法允许娱乐用途，而且绝大多数美国人也支持合法化。根据最近的一项调查，皮尤研究中心发现，91%的美国人认为大麻用于医疗或娱乐用途应该是合法的，60%的人赞成两者兼而有之。总统乔·拜登支持大麻合法化，而参议院多数党领袖查克·舒默准备推进全面合法化的努力，即使拜登还没有完全同意。</blockquote></p><p>When legalization happens, there are many Canadian cannabis producers that will be ready to expand their presence south of the border.<b>Canopy Growth</b>(NASDAQ:CGC), soon-to-be-joined<b>Aphria</b>(NASDAQ:APHA)and<b>Tilray</b>(NASDAQ:TLRY),&nbsp;<b>Cronos</b>(NASDAQ:CRON), and&nbsp;<b>Aurora Cannabis</b>(NYSE:ACB)could be some of the biggest winners if (or, when) the U.S. pot market opens up.</p><p><blockquote>当合法化发生时，许多加拿大大麻生产商将准备扩大他们在边境以南的存在。<b>冠层生长</b>（纳斯达克：CGC），即将加入<b>Aphria</b>（纳斯达克：APHA）及<b>蒂尔雷</b>（纳斯达克：TLRY），<b>克罗诺斯</b>（纳斯达克：CRON），以及<b>奥罗拉大麻</b>如果（或当）美国大麻市场开放，（纽约证券交易所股票代码：ACB）可能会成为最大的赢家之一。</blockquote></p><p><img src=\"https://static.tigerbbs.com/31372c5518facc6093b15a7ca40146a4\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p>1. Canopy Growth</p><p><blockquote>1.冠层生长</blockquote></p><p>Canopy Growth has partnerships set up so that it can start working on expansion almost immediately after legalization takes place. One of the first things it would be able to do is close on its acquisition of<b>Acreage Holdings</b>. Although the two companies came to an agreement in 2019, the transaction is still pending.&nbsp;The multistate operator has a footprint in 13 states with 29 dispensaries that are up and running. In 2020, it reported sales of $114.5 million, which rose 55% year over year. With Acreage Holdings, Canopy Growth would be ready to rival big names like<b>Curaleaf</b>and&nbsp;<b>Trulieve</b>right off the bat.</p><p><blockquote>Canopy Growth已经建立了合作伙伴关系，以便在合法化后几乎可以立即开始扩张。它能做的第一件事就是即将收购<b>面积控股</b>.尽管两家公司在2019年达成了协议，但交易仍悬而未决。这家多州运营商在13个州拥有29家药房。2020年，其销售额为1.145亿美元，同比增长55%。凭借种植面积，Canopy Growth将准备好与诸如<b>库拉利夫</b>和<b>Trulieve</b>马上。</blockquote></p><p>Plus, the company is also working with investor<b>ConstellationBrands</b>, which owns nearly 40% of the business, to develop cannabis beverages. Tapping into Constellation's distribution network, Canopy Growth will be poised to grab even more potential market share right out of the gate. And that is why thismarijuana stockis at the top of this list -- it is easily the best positioned cannabis company in Canada to benefit from U.S. legalization.</p><p><blockquote>此外，该公司还与投资者合作<b>星座品牌</b>拥有该业务近40%的股份，开发大麻饮料。利用Constellation的分销网络，Canopy Growth将立即抢占更多潜在市场份额。这就是为什么ThisMarijuana Stocky位居榜首——它无疑是加拿大最有能力从美国合法化中受益的大麻公司。</blockquote></p><p>2. Aphria and Tilray</p><p><blockquote>2.Aphria和Tilray</blockquote></p><p>Themerger between Aphria and Tilrayputs these two companies next on this list as together, they will have the next-best opportunities in the U.S. In November, Aphria announced the acquisition of SweetWater Brewing. And although the craft brewer does have the 420 brand, which suggests that it makes cannabis drinks, it actually uses hemp (which is legal in the U.S.) to<i>emulate</i>popular cannabis strains. Legalization would pave the way for the real deal. Tilray has partnered with<b>Anheuser-Busch Inbev</b>since 2018 on developing drinks for the Canadian pot market, and it will also have beverages that are ready to go.</p><p><blockquote>Aphria和Tilray之间的合并使这两家公司成为这份名单的下一个，因为它们共同将在美国拥有下一个最好的机会。11月，Aphria宣布收购SweetWater Brewing。尽管这家精酿啤酒制造商确实拥有420品牌，这表明它生产大麻饮料，但它实际上使用大麻（在美国是合法的）来<i>仿效</i>流行的大麻品种。合法化将为真正的交易铺平道路。Tilray与<b>百威英博</b>自2018年开始为加拿大大麻市场开发饮料，它也将有现成的饮料。</blockquote></p><p>Tilray has also been building out its position in other ways. Hemp plays a big part in its business, generating more than one-third of its revenue in 2020. In 2019, Tilray acquired Manitoba Harvest, a leading hemp business with products that are sold in thousands of retailers across the U.S. and Canada. Through its hemp operations, Tilray can leverage the existing relationships it has with retailers to potentially sell other cannabis products to them post-legalization.</p><p><blockquote>Tilray还通过其他方式巩固了自己的地位。大麻在其业务中发挥着重要作用，2020年占其收入的三分之一以上。2019年，Tilray收购了Manitoba Harvest，这是一家领先的大麻企业，其产品在美国和加拿大的数千家零售商处销售。通过其大麻业务，Tilray可以利用其与零售商的现有关系，在合法化后向他们销售其他大麻产品。</blockquote></p><p>3. Cronos</p><p><blockquote>3.克罗诺斯</blockquote></p><p>Cronos acquired cannabidiol (CBD) brand Lord Jones in 2019 from Redwood Holding Group. The company sells a variety of CBD-infused products, including oils and gummies.&nbsp;Last year, sales from the U.S. totaled $9.5 million and accounted for just 20% of its consolidated net revenue. But Cronos is definitely looking to change that. Earlier this year it partnered with actress Kristen Bell to launch a series of CBD products under its Happy Dance brand, which will be available at more than 550<b>Ulta Beauty</b>locations.</p><p><blockquote>Cronos于2019年从红杉控股集团收购了大麻二酚（CBD）品牌Lord Jones。该公司销售各种CBD产品，包括油和橡皮糖。去年，来自美国的销售额总计950万美元，仅占其合并净收入的20%。但是克罗诺斯肯定想改变这一点。今年早些时候，它与女演员基丝汀·贝尔合作，推出了旗下Happy Dance品牌的一系列CBD产品，售价超过550英镑<b>Ulta美容</b>地点。</blockquote></p><p>Like Canopy Growth, Cronos also benefits from having a partner that can accelerate its growth in the U.S. Tobacco giant<b>Altria</b>invested $1.8 billion into the cannabis company in 2018.&nbsp;With deep pockets and wide reach across the states, Altria can help Cronos break into more markets after legalization.</p><p><blockquote>与Canopy Growth一样，Cronos也受益于拥有一个可以加速其在美国烟草巨头增长的合作伙伴<b>奥驰亚</b>2018年向这家大麻公司投资了18亿美元。凭借雄厚的财力和在各州的广泛影响力，奥驰亚可以在合法化后帮助Cronos打入更多市场。</blockquote></p><p>4. Aurora Cannabis</p><p><blockquote>4.极光大麻</blockquote></p><p>Aurora doesn't have a big partner it can lean on, but the company has been making moves to take advantage of opportunities in the U.S. In May 2020, it announced entry into the U.S. market through the acquisition of Reliva, which makes CBD products. The acquisition also brought on board CEO Miguel Martin, who was previously at the helm of Reliva and has 25 years of experience in consumer packaged goods. Reliva's products are in more than 20,000 retail locations and at the time of the acquisition, it claimed to be the \"only CBD company in the three largest U.S. wholesale distributors.\"</p><p><blockquote>Aurora没有可以依靠的大合作伙伴，但该公司一直在采取措施利用美国的机遇。2020年5月，它宣布通过收购生产CBD产品的Reliva进入美国市场。此次收购还聘请了首席执行官米格尔·马丁(Miguel Martin)，他曾执掌Reliva，在消费品领域拥有25年的经验。Reliva的产品遍布20,000多个零售点，在收购时，它声称自己是“美国三大批发分销商中唯一的CBD公司”。</blockquote></p><p></p><p>Although Aurora doesn't specifically break out U.S.-related sales, it is safe to assume this transaction, which cost the company approximately $40 million worth of shares (potentially up to $45 million), isn't going to put the company into as promising a position as the other pot stocks on this list. Aurora closed on the transaction in May 2020, but even when including Reliva's results into its operations, it has struggled to generate meaningful growth. In its second-quarter earnings report, released on Feb. 11, its net revenue of 67.7 million Canadian dollars for the period ending Dec. 31, 2020 was flat from the previous period.</p><p><blockquote>尽管Aurora没有具体公布与美国相关的销售情况，但可以肯定的是，这笔交易使该公司损失了价值约4000万美元（可能高达4500万美元）的股票，不会让该公司陷入与该名单上的其他大麻股一样有前途的地位。Aurora于2020年5月完成了交易，但即使将Reliva的业绩纳入其运营中，它也难以实现有意义的增长。在2月11日发布的第二季度收益报告中，截至2020年12月31日的净收入为6770万加元，与上一期持平。</blockquote></p><p>However, investors shouldn't count the company out. Once pot is legal in the U.S., that may open the door for other potential deals for Aurora. Although billionaire investor Nelson Peltz was unable to broker a transaction, more opportunities could arise once the prohibition of marijuana is over and it no longer deters companies in other industries from jumping into the cannabis sector.</p><p><blockquote>然而，投资者不应将该公司排除在外。一旦大麻在美国合法化，这可能会为Aurora的其他潜在交易打开大门。尽管亿万富翁投资者纳尔逊·佩尔茨(Nelson Peltz)无法促成交易，但一旦大麻禁令结束并且不再阻止其他行业的公司进入大麻行业，可能会出现更多机会。</blockquote></p><p>Here's The Marijuana Stock You've Been Waiting For</p><p><blockquote>这是您一直在等待的大麻库存</blockquote></p><p>A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.</p><p><blockquote>一家鲜为人知的加拿大公司刚刚解锁了一些专家认为可能是从即将到来的大麻热潮中获利的关键。</blockquote></p><p>And make no mistake – it is coming.</p><p><blockquote>毫无疑问，它即将到来。</blockquote></p><p>Cannabis legalization is sweeping over North America – 16 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.</p><p><blockquote>大麻合法化正在席卷北美——过去几年，16个州加上华盛顿特区都将娱乐性大麻合法化，加拿大于2018年10月实现了全面合法化。</blockquote></p><p>And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.</p><p><blockquote>一家不为人知的加拿大公司正准备在即将到来的大麻革命中爆发。</blockquote></p><p>Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.</p><p><blockquote>因为安大略省政府和这家强大的公司刚刚达成了一项改变游戏规则的协议……如果您甚至考虑过投资大麻股票，您今天就需要听听这个故事。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/27/4-canadian-cannabis-companies-poised-to-profit-fro/\">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":{"APHA":"Aphria Inc.","CGC":"Canopy Growth Corporation","CRON":"Cronos Group Inc.","TLRY":"Tilray Inc.","ACB":"奥罗拉大麻公司"},"source_url":"https://www.fool.com/investing/2021/04/27/4-canadian-cannabis-companies-poised-to-profit-fro/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194611822","content_text":"As more and more states legalize marjiuana, federal legalization in the U.S. seems inevitable. Not only are more states passing legislation to permit recreational use, but a vast majority of Americans also support legalization. According to a recent survey, Pew Research found that 91% of people in the U.S. believe marijuana should be legal for either medical or recreational use, with 60% in favor of both. President Joe Biden is in favor of decriminalizing marijuana, while Senate Majority Leader Chuck Schumer is ready to push ahead with full legalization efforts even if Biden isn't completely on board just yet.When legalization happens, there are many Canadian cannabis producers that will be ready to expand their presence south of the border.Canopy Growth(NASDAQ:CGC), soon-to-be-joinedAphria(NASDAQ:APHA)andTilray(NASDAQ:TLRY), Cronos(NASDAQ:CRON), and Aurora Cannabis(NYSE:ACB)could be some of the biggest winners if (or, when) the U.S. pot market opens up.IMAGE SOURCE: GETTY IMAGES.1. Canopy GrowthCanopy Growth has partnerships set up so that it can start working on expansion almost immediately after legalization takes place. One of the first things it would be able to do is close on its acquisition ofAcreage Holdings. Although the two companies came to an agreement in 2019, the transaction is still pending. The multistate operator has a footprint in 13 states with 29 dispensaries that are up and running. In 2020, it reported sales of $114.5 million, which rose 55% year over year. With Acreage Holdings, Canopy Growth would be ready to rival big names likeCuraleafand Trulieveright off the bat.Plus, the company is also working with investorConstellationBrands, which owns nearly 40% of the business, to develop cannabis beverages. Tapping into Constellation's distribution network, Canopy Growth will be poised to grab even more potential market share right out of the gate. And that is why thismarijuana stockis at the top of this list -- it is easily the best positioned cannabis company in Canada to benefit from U.S. legalization.2. Aphria and TilrayThemerger between Aphria and Tilrayputs these two companies next on this list as together, they will have the next-best opportunities in the U.S. In November, Aphria announced the acquisition of SweetWater Brewing. And although the craft brewer does have the 420 brand, which suggests that it makes cannabis drinks, it actually uses hemp (which is legal in the U.S.) toemulatepopular cannabis strains. Legalization would pave the way for the real deal. Tilray has partnered withAnheuser-Busch Inbevsince 2018 on developing drinks for the Canadian pot market, and it will also have beverages that are ready to go.Tilray has also been building out its position in other ways. Hemp plays a big part in its business, generating more than one-third of its revenue in 2020. In 2019, Tilray acquired Manitoba Harvest, a leading hemp business with products that are sold in thousands of retailers across the U.S. and Canada. Through its hemp operations, Tilray can leverage the existing relationships it has with retailers to potentially sell other cannabis products to them post-legalization.3. CronosCronos acquired cannabidiol (CBD) brand Lord Jones in 2019 from Redwood Holding Group. The company sells a variety of CBD-infused products, including oils and gummies. Last year, sales from the U.S. totaled $9.5 million and accounted for just 20% of its consolidated net revenue. But Cronos is definitely looking to change that. Earlier this year it partnered with actress Kristen Bell to launch a series of CBD products under its Happy Dance brand, which will be available at more than 550Ulta Beautylocations.Like Canopy Growth, Cronos also benefits from having a partner that can accelerate its growth in the U.S. Tobacco giantAltriainvested $1.8 billion into the cannabis company in 2018. With deep pockets and wide reach across the states, Altria can help Cronos break into more markets after legalization.4. Aurora CannabisAurora doesn't have a big partner it can lean on, but the company has been making moves to take advantage of opportunities in the U.S. In May 2020, it announced entry into the U.S. market through the acquisition of Reliva, which makes CBD products. The acquisition also brought on board CEO Miguel Martin, who was previously at the helm of Reliva and has 25 years of experience in consumer packaged goods. Reliva's products are in more than 20,000 retail locations and at the time of the acquisition, it claimed to be the \"only CBD company in the three largest U.S. wholesale distributors.\"Although Aurora doesn't specifically break out U.S.-related sales, it is safe to assume this transaction, which cost the company approximately $40 million worth of shares (potentially up to $45 million), isn't going to put the company into as promising a position as the other pot stocks on this list. Aurora closed on the transaction in May 2020, but even when including Reliva's results into its operations, it has struggled to generate meaningful growth. In its second-quarter earnings report, released on Feb. 11, its net revenue of 67.7 million Canadian dollars for the period ending Dec. 31, 2020 was flat from the previous period.However, investors shouldn't count the company out. Once pot is legal in the U.S., that may open the door for other potential deals for Aurora. Although billionaire investor Nelson Peltz was unable to broker a transaction, more opportunities could arise once the prohibition of marijuana is over and it no longer deters companies in other industries from jumping into the cannabis sector.Here's The Marijuana Stock You've Been Waiting ForA little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.And make no mistake – it is coming.Cannabis legalization is sweeping over North America – 16 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.","news_type":1,"symbols_score_info":{"ACB":0.9,"APHA":0.9,"CGC":0.9,"TLRY":0.9,"CRON":0.9}},"isVote":1,"tweetType":1,"viewCount":1419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377716151,"gmtCreate":1619565420273,"gmtModify":1634211823880,"author":{"id":"3582656654028726","authorId":"3582656654028726","name":"BryTan","avatar":"https://static.tigerbbs.com/16c10be2f081c8f11ec0fe39f875fe9b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582656654028726","idStr":"3582656654028726"},"themes":[],"htmlText":"Thanks for the article","listText":"Thanks for the article","text":"Thanks for the article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377716151","repostId":"1147181024","repostType":4,"repost":{"id":"1147181024","kind":"news","pubTimestamp":1619531957,"share":"https://www.laohu8.com/m/news/1147181024?lang=zh_CN&edition=full","pubTime":"2021-04-27 21:59","market":"us","language":"en","title":"How Warren Buffett's airline stocks have performed since Berkshire Hathaway sold them<blockquote>自伯克希尔哈撒韦公司出售沃伦·巴菲特的航空股以来的表现如何</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147181024","media":"Yahoo","summary":"Warren Buffett has a storied history with airline stocks, oncequipping, \"I am Warren and I am an aer","content":"<p>Warren Buffett has a storied history with airline stocks, oncequipping, \"I am Warren and I am an aeroholic.\" But the spectacular returns for the industry over the last year are casting a dark cloud on Berkshire Hathaway's decisionto dump all of its airline holdingsin May 2020 as prices were bottoming. Berkshire loaded up on stock of the four major U.S. carriers in 2016.</p><p><blockquote>沃伦·巴菲特在航空股方面有着传奇的历史，他曾经说过：“我是沃伦，我是一个航空迷。”但去年该行业的惊人回报给伯克希尔哈撒韦公司在2020年5月因价格触底而抛售其所有航空公司股份的决定蒙上了一层乌云。伯克希尔哈撒韦公司在2016年增持了美国四大航空公司的股票。</blockquote></p><p> At the 2020 Berkshire annual shareholders meeting, Buffett said he'd spent $7 billion to $8 billionamassing stakesin Delta Air Lines, United Airlines, American Airlines and Southwest Airlines. He didn't comment on the exit prices except to say, \"We did not take out anything like $7 [billion] or $8 billion.\" This contributed to Berkshire's massive $50 billion loss in the first quarter of 2020.</p><p><blockquote>在2020年伯克希尔年度股东大会上，巴菲特表示，他已斥资70亿至80亿美元增持达美航空、联合航空、美国航空和西南航空的股份。他没有对退出价格发表评论，只是说：“我们没有拿出70亿美元或80亿美元。”这导致伯克希尔哈撒韦公司在2020年第一季度亏损500亿美元。</blockquote></p><p> Since then the stocks have taken off, with American and Southwest up over 80% since their May 25, 2020 bottom, while United and Delta are up about 70%. Measuring gains from the May 25, 2020 trough of all four airlines produces even more spectacular results. United was up over 200% over the period, while American was up 190%.</p><p><blockquote>此后，该股开始腾飞，美国航空和西南航空自2020年5月25日触底以来上涨了80%以上，而联合航空和达美航空则上涨了约70%。衡量所有四家航空公司自2020年5月25日低谷以来的涨幅会产生更惊人的结果。美联航在此期间上涨了200%以上，而美国航空则上涨了190%。</blockquote></p><p> The worst losses over the period, which aren't necessarily reflective of Berkshire losses in the positions, were palpable. United was down over 70% at the nadir, and both Delta and American had sunk over 60%. An investment that loses 70% requires a 333% gain to get back to breakeven.</p><p><blockquote>这一时期最严重的损失是显而易见的，这并不一定反映伯克希尔的头寸损失。联合航空在最低点下跌了70%以上，达美航空和美国航空都下跌了60%以上。损失70%的投资需要333%的收益才能恢复盈亏平衡。</blockquote></p><p> Buffett's first airline</p><p><blockquote>巴菲特的第一家航空公司</blockquote></p><p> Buffett's first investment foray into airlines began with USAir preferred stock in 1989. While Berkshire made money on the dividends, Buffett himself would lament the decision for decades, casting aspersions on the low-profit, expensive nature of the industry.</p><p><blockquote>巴菲特首次涉足航空公司投资始于1989年的美国航空优先股。虽然伯克希尔从股息中赚钱，但巴菲特本人几十年来一直对这一决定感到遗憾，并对该行业低利润、高成本的本质进行诽谤。</blockquote></p><p> In the sameinterviewwhere Buffett self-identified as an \"aeroholic,\" he said, \"If a capitalist had been present at Kitty Hawk back in the early 1900s, he should have shot Orville Wright. He would have saved his progeny money. But seriously, the airline business has been extraordinary. It has eaten up capital over the past century like almost no other business because people seem to keep coming back to it and putting fresh money in. You've got huge fixed costs, you've got strong labor unions and you've got commodity pricing. That is not a great recipe for success.\"</p><p><blockquote>在同一次采访中，巴菲特自称是一个“航空狂”，他说，“如果一个资本家在20世纪初出现在小鹰酒店，他应该开枪打死奥维尔·赖特。他会为他的后代省钱。但说真的，航空业非常出色。在过去的一个世纪里，它像几乎没有其他行业一样消耗了资本，因为人们似乎不断回来并投入新的资金。你有巨大的固定成本，你有强大的工会，你有商品定价。这并不是成功的秘诀。”</blockquote></p><p> And yet, 2016 happened — when Berkshire first loaded up on the industry in a big way. In itsannual shareholder letterfor that fiscal year, Buffett didn't address the new airline stock holdings — except with a passing joke about shareholders flying into the annual meeting.</p><p><blockquote>然而，2016年发生了——伯克希尔首次大举进军该行业。在该财年的年度股东信中，巴菲特没有提及新持有的航空公司股票——除了开了一个关于股东飞往年会的玩笑。</blockquote></p><p> \"Keep in mind that airlines have sometimes jacked up prices for the Berkshire weekend — though I must admit I have developed some tolerance, bordering on enthusiasm, for that practice now that Berkshire has made large investments in America’s four major carriers,\"wrote Buffett.</p><p><blockquote>巴菲特写道：“请记住，航空公司有时会提高伯克希尔周末的价格——尽管我必须承认，既然伯克希尔已经对美国四大航空公司进行了大量投资，我对这种做法已经产生了一定的容忍度，近乎热情。”</blockquote></p><p> When Buffett finally cut Berkshire's losses in 2020, Bill Smead, chief investment officer of Smead Capital Management, wrote acritical reviewof the matter but was careful to praise Buffett's tremendous historical track record.</p><p><blockquote>当巴菲特最终在2020年削减伯克希尔的亏损时，Smead Capital Management首席投资官Bill Smead对此事发表了批评评论，但小心翼翼地赞扬了巴菲特巨大的历史记录。</blockquote></p><p> \"We are big fans of Buffett’s theories about businesses with low capital requirements and the ability to throw off cash to owners. Unfortunately, he recently emphasized indexing and didn’t shy folks away from today’s glamour tech stocks which require more and more capital,\" wrote Smead.</p><p><blockquote>“我们非常喜欢巴菲特关于资本要求低、有能力向所有者抛出现金的企业的理论。不幸的是，他最近强调指数化，并没有让人们远离当今需要越来越多资本的魅力科技股，”斯米德写道。</blockquote></p><p> From great to gruesome</p><p><blockquote>从伟大到可怕</blockquote></p><p> InBerkshire’s 2007 Letter to Shareholders, Buffett outlined three types of enterprises that he characterized as “The Great, the Good and the Gruesome. \"[T]think of three types of 'savings accounts.' The great one pays an extraordinarily high interest rate that will rise as the years pass. The good one pays an attractive rate of interest that will be earned also on deposits that are added. Finally, the gruesome account both pays an inadequate interest rate and requires you to keep adding money at those disappointing returns.\"</p><p><blockquote>在伯克希尔2007年致股东的信中，巴菲特概述了三种类型的企业，他称之为“伟大的、好的和可怕的”。想想三种类型的‘储蓄账户’。伟大的一种支付极高的利率，利率会随着时间的推移而上升。好的一种支付有吸引力的利率，增加的存款也会产生利息。最后，可怕的一种账户支付的利率不够高，而且要求你继续以令人失望的回报增加资金。”</blockquote></p><p> Smead suggests Buffett should have taken his own advice. \"He profiled 'gruesome' business[es] by using airlines as his poster child and described them in the opening quote of this letter. Buffett would have been well served by listening to his 13-year-younger self, and we think his description of gruesome stocks should serve us well in assessing today’s market.\"</p><p><blockquote>斯米德建议巴菲特应该采纳自己的建议。“他通过将航空公司作为他的典型代表来描述‘可怕’的业务，并在这封信的开头引用中描述了它们。巴菲特最好听听比他小13岁的自己的话，我们认为他的描述可怕的股票应该很好地帮助我们评估当今的市场。”</blockquote></p><p> A year later, Smead served up a reminder for investors to stick to their competency, saying to Yahoo Finance viewers in an interview, \"[Buffett] got reminded that he should belong to airlines anonymous. And by the way, all of us have investors in industries or sectors that we should probably never get involved in.\"</p><p><blockquote>一年后，斯米德提醒投资者坚持自己的能力，他在接受雅虎财经观众采访时表示，“[巴菲特]被提醒他应该属于匿名航空公司。顺便说一句，我们所有人都有我们可能永远不应该涉足的行业或部门的投资者。”</blockquote></p><p></p>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Warren Buffett's airline stocks have performed since Berkshire Hathaway sold them<blockquote>自伯克希尔哈撒韦公司出售沃伦·巴菲特的航空股以来的表现如何</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\">\nHow Warren Buffett's airline stocks have performed since Berkshire Hathaway sold them<blockquote>自伯克希尔哈撒韦公司出售沃伦·巴菲特的航空股以来的表现如何</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-27 21:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Warren Buffett has a storied history with airline stocks, oncequipping, \"I am Warren and I am an aeroholic.\" But the spectacular returns for the industry over the last year are casting a dark cloud on Berkshire Hathaway's decisionto dump all of its airline holdingsin May 2020 as prices were bottoming. Berkshire loaded up on stock of the four major U.S. carriers in 2016.</p><p><blockquote>沃伦·巴菲特在航空股方面有着传奇的历史，他曾经说过：“我是沃伦，我是一个航空迷。”但去年该行业的惊人回报给伯克希尔哈撒韦公司在2020年5月因价格触底而抛售其所有航空公司股份的决定蒙上了一层乌云。伯克希尔哈撒韦公司在2016年增持了美国四大航空公司的股票。</blockquote></p><p> At the 2020 Berkshire annual shareholders meeting, Buffett said he'd spent $7 billion to $8 billionamassing stakesin Delta Air Lines, United Airlines, American Airlines and Southwest Airlines. He didn't comment on the exit prices except to say, \"We did not take out anything like $7 [billion] or $8 billion.\" This contributed to Berkshire's massive $50 billion loss in the first quarter of 2020.</p><p><blockquote>在2020年伯克希尔年度股东大会上，巴菲特表示，他已斥资70亿至80亿美元增持达美航空、联合航空、美国航空和西南航空的股份。他没有对退出价格发表评论，只是说：“我们没有拿出70亿美元或80亿美元。”这导致伯克希尔哈撒韦公司在2020年第一季度亏损500亿美元。</blockquote></p><p> Since then the stocks have taken off, with American and Southwest up over 80% since their May 25, 2020 bottom, while United and Delta are up about 70%. Measuring gains from the May 25, 2020 trough of all four airlines produces even more spectacular results. United was up over 200% over the period, while American was up 190%.</p><p><blockquote>此后，该股开始腾飞，美国航空和西南航空自2020年5月25日触底以来上涨了80%以上，而联合航空和达美航空则上涨了约70%。衡量所有四家航空公司自2020年5月25日低谷以来的涨幅会产生更惊人的结果。美联航在此期间上涨了200%以上，而美国航空则上涨了190%。</blockquote></p><p> The worst losses over the period, which aren't necessarily reflective of Berkshire losses in the positions, were palpable. United was down over 70% at the nadir, and both Delta and American had sunk over 60%. An investment that loses 70% requires a 333% gain to get back to breakeven.</p><p><blockquote>这一时期最严重的损失是显而易见的，这并不一定反映伯克希尔的头寸损失。联合航空在最低点下跌了70%以上，达美航空和美国航空都下跌了60%以上。损失70%的投资需要333%的收益才能恢复盈亏平衡。</blockquote></p><p> Buffett's first airline</p><p><blockquote>巴菲特的第一家航空公司</blockquote></p><p> Buffett's first investment foray into airlines began with USAir preferred stock in 1989. While Berkshire made money on the dividends, Buffett himself would lament the decision for decades, casting aspersions on the low-profit, expensive nature of the industry.</p><p><blockquote>巴菲特首次涉足航空公司投资始于1989年的美国航空优先股。虽然伯克希尔从股息中赚钱，但巴菲特本人几十年来一直对这一决定感到遗憾，并对该行业低利润、高成本的本质进行诽谤。</blockquote></p><p> In the sameinterviewwhere Buffett self-identified as an \"aeroholic,\" he said, \"If a capitalist had been present at Kitty Hawk back in the early 1900s, he should have shot Orville Wright. He would have saved his progeny money. But seriously, the airline business has been extraordinary. It has eaten up capital over the past century like almost no other business because people seem to keep coming back to it and putting fresh money in. You've got huge fixed costs, you've got strong labor unions and you've got commodity pricing. That is not a great recipe for success.\"</p><p><blockquote>在同一次采访中，巴菲特自称是一个“航空狂”，他说，“如果一个资本家在20世纪初出现在小鹰酒店，他应该开枪打死奥维尔·赖特。他会为他的后代省钱。但说真的，航空业非常出色。在过去的一个世纪里，它像几乎没有其他行业一样消耗了资本，因为人们似乎不断回来并投入新的资金。你有巨大的固定成本，你有强大的工会，你有商品定价。这并不是成功的秘诀。”</blockquote></p><p> And yet, 2016 happened — when Berkshire first loaded up on the industry in a big way. In itsannual shareholder letterfor that fiscal year, Buffett didn't address the new airline stock holdings — except with a passing joke about shareholders flying into the annual meeting.</p><p><blockquote>然而，2016年发生了——伯克希尔首次大举进军该行业。在该财年的年度股东信中，巴菲特没有提及新持有的航空公司股票——除了开了一个关于股东飞往年会的玩笑。</blockquote></p><p> \"Keep in mind that airlines have sometimes jacked up prices for the Berkshire weekend — though I must admit I have developed some tolerance, bordering on enthusiasm, for that practice now that Berkshire has made large investments in America’s four major carriers,\"wrote Buffett.</p><p><blockquote>巴菲特写道：“请记住，航空公司有时会提高伯克希尔周末的价格——尽管我必须承认，既然伯克希尔已经对美国四大航空公司进行了大量投资，我对这种做法已经产生了一定的容忍度，近乎热情。”</blockquote></p><p> When Buffett finally cut Berkshire's losses in 2020, Bill Smead, chief investment officer of Smead Capital Management, wrote acritical reviewof the matter but was careful to praise Buffett's tremendous historical track record.</p><p><blockquote>当巴菲特最终在2020年削减伯克希尔的亏损时，Smead Capital Management首席投资官Bill Smead对此事发表了批评评论，但小心翼翼地赞扬了巴菲特巨大的历史记录。</blockquote></p><p> \"We are big fans of Buffett’s theories about businesses with low capital requirements and the ability to throw off cash to owners. Unfortunately, he recently emphasized indexing and didn’t shy folks away from today’s glamour tech stocks which require more and more capital,\" wrote Smead.</p><p><blockquote>“我们非常喜欢巴菲特关于资本要求低、有能力向所有者抛出现金的企业的理论。不幸的是，他最近强调指数化，并没有让人们远离当今需要越来越多资本的魅力科技股，”斯米德写道。</blockquote></p><p> From great to gruesome</p><p><blockquote>从伟大到可怕</blockquote></p><p> InBerkshire’s 2007 Letter to Shareholders, Buffett outlined three types of enterprises that he characterized as “The Great, the Good and the Gruesome. \"[T]think of three types of 'savings accounts.' The great one pays an extraordinarily high interest rate that will rise as the years pass. The good one pays an attractive rate of interest that will be earned also on deposits that are added. Finally, the gruesome account both pays an inadequate interest rate and requires you to keep adding money at those disappointing returns.\"</p><p><blockquote>在伯克希尔2007年致股东的信中，巴菲特概述了三种类型的企业，他称之为“伟大的、好的和可怕的”。想想三种类型的‘储蓄账户’。伟大的一种支付极高的利率，利率会随着时间的推移而上升。好的一种支付有吸引力的利率，增加的存款也会产生利息。最后，可怕的一种账户支付的利率不够高，而且要求你继续以令人失望的回报增加资金。”</blockquote></p><p> Smead suggests Buffett should have taken his own advice. \"He profiled 'gruesome' business[es] by using airlines as his poster child and described them in the opening quote of this letter. Buffett would have been well served by listening to his 13-year-younger self, and we think his description of gruesome stocks should serve us well in assessing today’s market.\"</p><p><blockquote>斯米德建议巴菲特应该采纳自己的建议。“他通过将航空公司作为他的典型代表来描述‘可怕’的业务，并在这封信的开头引用中描述了它们。巴菲特最好听听比他小13岁的自己的话，我们认为他的描述可怕的股票应该很好地帮助我们评估当今的市场。”</blockquote></p><p> A year later, Smead served up a reminder for investors to stick to their competency, saying to Yahoo Finance viewers in an interview, \"[Buffett] got reminded that he should belong to airlines anonymous. And by the way, all of us have investors in industries or sectors that we should probably never get involved in.\"</p><p><blockquote>一年后，斯米德提醒投资者坚持自己的能力，他在接受雅虎财经观众采访时表示，“[巴菲特]被提醒他应该属于匿名航空公司。顺便说一句，我们所有人都有我们可能永远不应该涉足的行业或部门的投资者。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/how-warren-buffetts-airline-stocks-have-performed-since-berkshire-hathaway-sold-them-134849843.html\">Yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UAL":"联合大陆航空","AAL":"美国航空"},"source_url":"https://finance.yahoo.com/news/how-warren-buffetts-airline-stocks-have-performed-since-berkshire-hathaway-sold-them-134849843.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147181024","content_text":"Warren Buffett has a storied history with airline stocks, oncequipping, \"I am Warren and I am an aeroholic.\" But the spectacular returns for the industry over the last year are casting a dark cloud on Berkshire Hathaway's decisionto dump all of its airline holdingsin May 2020 as prices were bottoming. Berkshire loaded up on stock of the four major U.S. carriers in 2016.\nAt the 2020 Berkshire annual shareholders meeting, Buffett said he'd spent $7 billion to $8 billionamassing stakesin Delta Air Lines, United Airlines, American Airlines and Southwest Airlines. He didn't comment on the exit prices except to say, \"We did not take out anything like $7 [billion] or $8 billion.\" This contributed to Berkshire's massive $50 billion loss in the first quarter of 2020.\nSince then the stocks have taken off, with American and Southwest up over 80% since their May 25, 2020 bottom, while United and Delta are up about 70%. Measuring gains from the May 25, 2020 trough of all four airlines produces even more spectacular results. United was up over 200% over the period, while American was up 190%.\nThe worst losses over the period, which aren't necessarily reflective of Berkshire losses in the positions, were palpable. United was down over 70% at the nadir, and both Delta and American had sunk over 60%. An investment that loses 70% requires a 333% gain to get back to breakeven.\nBuffett's first airline\nBuffett's first investment foray into airlines began with USAir preferred stock in 1989. While Berkshire made money on the dividends, Buffett himself would lament the decision for decades, casting aspersions on the low-profit, expensive nature of the industry.\nIn the sameinterviewwhere Buffett self-identified as an \"aeroholic,\" he said, \"If a capitalist had been present at Kitty Hawk back in the early 1900s, he should have shot Orville Wright. He would have saved his progeny money. But seriously, the airline business has been extraordinary. It has eaten up capital over the past century like almost no other business because people seem to keep coming back to it and putting fresh money in. You've got huge fixed costs, you've got strong labor unions and you've got commodity pricing. That is not a great recipe for success.\"\nAnd yet, 2016 happened — when Berkshire first loaded up on the industry in a big way. In itsannual shareholder letterfor that fiscal year, Buffett didn't address the new airline stock holdings — except with a passing joke about shareholders flying into the annual meeting.\n\"Keep in mind that airlines have sometimes jacked up prices for the Berkshire weekend — though I must admit I have developed some tolerance, bordering on enthusiasm, for that practice now that Berkshire has made large investments in America’s four major carriers,\"wrote Buffett.\nWhen Buffett finally cut Berkshire's losses in 2020, Bill Smead, chief investment officer of Smead Capital Management, wrote acritical reviewof the matter but was careful to praise Buffett's tremendous historical track record.\n\"We are big fans of Buffett’s theories about businesses with low capital requirements and the ability to throw off cash to owners. Unfortunately, he recently emphasized indexing and didn’t shy folks away from today’s glamour tech stocks which require more and more capital,\" wrote Smead.\nFrom great to gruesome\nInBerkshire’s 2007 Letter to Shareholders, Buffett outlined three types of enterprises that he characterized as “The Great, the Good and the Gruesome. \"[T]think of three types of 'savings accounts.' The great one pays an extraordinarily high interest rate that will rise as the years pass. The good one pays an attractive rate of interest that will be earned also on deposits that are added. Finally, the gruesome account both pays an inadequate interest rate and requires you to keep adding money at those disappointing returns.\"\nSmead suggests Buffett should have taken his own advice. \"He profiled 'gruesome' business[es] by using airlines as his poster child and described them in the opening quote of this letter. Buffett would have been well served by listening to his 13-year-younger self, and we think his description of gruesome stocks should serve us well in assessing today’s market.\"\nA year later, Smead served up a reminder for investors to stick to their competency, saying to Yahoo Finance viewers in an interview, \"[Buffett] got reminded that he should belong to airlines anonymous. And by the way, all of us have investors in industries or sectors that we should probably never get involved in.\"","news_type":1,"symbols_score_info":{"UAL":0.9,"AAL":0.9}},"isVote":1,"tweetType":1,"viewCount":1314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377734045,"gmtCreate":1619565093987,"gmtModify":1634211830353,"author":{"id":"3582656654028726","authorId":"3582656654028726","name":"BryTan","avatar":"https://static.tigerbbs.com/16c10be2f081c8f11ec0fe39f875fe9b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582656654028726","idStr":"3582656654028726"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377734045","repostId":"1123159959","repostType":4,"isVote":1,"tweetType":1,"viewCount":1704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":377715517,"gmtCreate":1619565496739,"gmtModify":1634211821956,"author":{"id":"3582656654028726","authorId":"3582656654028726","name":"BryTan","avatar":"https://static.tigerbbs.com/16c10be2f081c8f11ec0fe39f875fe9b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582656654028726","authorIdStr":"3582656654028726"},"themes":[],"htmlText":"Interesting portfolio","listText":"Interesting portfolio","text":"Interesting portfolio","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377715517","repostId":"1194611822","repostType":4,"repost":{"id":"1194611822","kind":"news","pubTimestamp":1619532498,"share":"https://www.laohu8.com/m/news/1194611822?lang=zh_CN&edition=full","pubTime":"2021-04-27 22:08","market":"us","language":"en","title":"4 Canadian Cannabis Companies Poised to Profit from U.S. Legalization<blockquote>4家加拿大大麻公司准备从美国合法化中获利</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194611822","media":"Motley Fool","summary":"As more and more states legalize marjiuana, federal legalization in the U.S. seems inevitable. Not o","content":"<p>As more and more states legalize marjiuana, federal legalization in the U.S. seems inevitable. Not only are more states passing legislation to permit recreational use, but a vast majority of Americans also support legalization. According to a recent survey, Pew Research found that 91% of people in the U.S. believe marijuana should be legal for either medical or recreational use, with 60% in favor of both. President Joe Biden is in favor of decriminalizing marijuana, while Senate Majority Leader Chuck Schumer is ready to push ahead with full legalization efforts even if Biden isn't completely on board just yet.</p><p><blockquote>随着越来越多的州将marjiuana合法化，美国的联邦合法化似乎是不可避免的。不仅越来越多的州通过立法允许娱乐用途，而且绝大多数美国人也支持合法化。根据最近的一项调查，皮尤研究中心发现，91%的美国人认为大麻用于医疗或娱乐用途应该是合法的，60%的人赞成两者兼而有之。总统乔·拜登支持大麻合法化，而参议院多数党领袖查克·舒默准备推进全面合法化的努力，即使拜登还没有完全同意。</blockquote></p><p>When legalization happens, there are many Canadian cannabis producers that will be ready to expand their presence south of the border.<b>Canopy Growth</b>(NASDAQ:CGC), soon-to-be-joined<b>Aphria</b>(NASDAQ:APHA)and<b>Tilray</b>(NASDAQ:TLRY),&nbsp;<b>Cronos</b>(NASDAQ:CRON), and&nbsp;<b>Aurora Cannabis</b>(NYSE:ACB)could be some of the biggest winners if (or, when) the U.S. pot market opens up.</p><p><blockquote>当合法化发生时，许多加拿大大麻生产商将准备扩大他们在边境以南的存在。<b>冠层生长</b>（纳斯达克：CGC），即将加入<b>Aphria</b>（纳斯达克：APHA）及<b>蒂尔雷</b>（纳斯达克：TLRY），<b>克罗诺斯</b>（纳斯达克：CRON），以及<b>奥罗拉大麻</b>如果（或当）美国大麻市场开放，（纽约证券交易所股票代码：ACB）可能会成为最大的赢家之一。</blockquote></p><p><img src=\"https://static.tigerbbs.com/31372c5518facc6093b15a7ca40146a4\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p>1. Canopy Growth</p><p><blockquote>1.冠层生长</blockquote></p><p>Canopy Growth has partnerships set up so that it can start working on expansion almost immediately after legalization takes place. One of the first things it would be able to do is close on its acquisition of<b>Acreage Holdings</b>. Although the two companies came to an agreement in 2019, the transaction is still pending.&nbsp;The multistate operator has a footprint in 13 states with 29 dispensaries that are up and running. In 2020, it reported sales of $114.5 million, which rose 55% year over year. With Acreage Holdings, Canopy Growth would be ready to rival big names like<b>Curaleaf</b>and&nbsp;<b>Trulieve</b>right off the bat.</p><p><blockquote>Canopy Growth已经建立了合作伙伴关系，以便在合法化后几乎可以立即开始扩张。它能做的第一件事就是即将收购<b>面积控股</b>.尽管两家公司在2019年达成了协议，但交易仍悬而未决。这家多州运营商在13个州拥有29家药房。2020年，其销售额为1.145亿美元，同比增长55%。凭借种植面积，Canopy Growth将准备好与诸如<b>库拉利夫</b>和<b>Trulieve</b>马上。</blockquote></p><p>Plus, the company is also working with investor<b>ConstellationBrands</b>, which owns nearly 40% of the business, to develop cannabis beverages. Tapping into Constellation's distribution network, Canopy Growth will be poised to grab even more potential market share right out of the gate. And that is why thismarijuana stockis at the top of this list -- it is easily the best positioned cannabis company in Canada to benefit from U.S. legalization.</p><p><blockquote>此外，该公司还与投资者合作<b>星座品牌</b>拥有该业务近40%的股份，开发大麻饮料。利用Constellation的分销网络，Canopy Growth将立即抢占更多潜在市场份额。这就是为什么ThisMarijuana Stocky位居榜首——它无疑是加拿大最有能力从美国合法化中受益的大麻公司。</blockquote></p><p>2. Aphria and Tilray</p><p><blockquote>2.Aphria和Tilray</blockquote></p><p>Themerger between Aphria and Tilrayputs these two companies next on this list as together, they will have the next-best opportunities in the U.S. In November, Aphria announced the acquisition of SweetWater Brewing. And although the craft brewer does have the 420 brand, which suggests that it makes cannabis drinks, it actually uses hemp (which is legal in the U.S.) to<i>emulate</i>popular cannabis strains. Legalization would pave the way for the real deal. Tilray has partnered with<b>Anheuser-Busch Inbev</b>since 2018 on developing drinks for the Canadian pot market, and it will also have beverages that are ready to go.</p><p><blockquote>Aphria和Tilray之间的合并使这两家公司成为这份名单的下一个，因为它们共同将在美国拥有下一个最好的机会。11月，Aphria宣布收购SweetWater Brewing。尽管这家精酿啤酒制造商确实拥有420品牌，这表明它生产大麻饮料，但它实际上使用大麻（在美国是合法的）来<i>仿效</i>流行的大麻品种。合法化将为真正的交易铺平道路。Tilray与<b>百威英博</b>自2018年开始为加拿大大麻市场开发饮料，它也将有现成的饮料。</blockquote></p><p>Tilray has also been building out its position in other ways. Hemp plays a big part in its business, generating more than one-third of its revenue in 2020. In 2019, Tilray acquired Manitoba Harvest, a leading hemp business with products that are sold in thousands of retailers across the U.S. and Canada. Through its hemp operations, Tilray can leverage the existing relationships it has with retailers to potentially sell other cannabis products to them post-legalization.</p><p><blockquote>Tilray还通过其他方式巩固了自己的地位。大麻在其业务中发挥着重要作用，2020年占其收入的三分之一以上。2019年，Tilray收购了Manitoba Harvest，这是一家领先的大麻企业，其产品在美国和加拿大的数千家零售商处销售。通过其大麻业务，Tilray可以利用其与零售商的现有关系，在合法化后向他们销售其他大麻产品。</blockquote></p><p>3. Cronos</p><p><blockquote>3.克罗诺斯</blockquote></p><p>Cronos acquired cannabidiol (CBD) brand Lord Jones in 2019 from Redwood Holding Group. The company sells a variety of CBD-infused products, including oils and gummies.&nbsp;Last year, sales from the U.S. totaled $9.5 million and accounted for just 20% of its consolidated net revenue. But Cronos is definitely looking to change that. Earlier this year it partnered with actress Kristen Bell to launch a series of CBD products under its Happy Dance brand, which will be available at more than 550<b>Ulta Beauty</b>locations.</p><p><blockquote>Cronos于2019年从红杉控股集团收购了大麻二酚（CBD）品牌Lord Jones。该公司销售各种CBD产品，包括油和橡皮糖。去年，来自美国的销售额总计950万美元，仅占其合并净收入的20%。但是克罗诺斯肯定想改变这一点。今年早些时候，它与女演员基丝汀·贝尔合作，推出了旗下Happy Dance品牌的一系列CBD产品，售价超过550英镑<b>Ulta美容</b>地点。</blockquote></p><p>Like Canopy Growth, Cronos also benefits from having a partner that can accelerate its growth in the U.S. Tobacco giant<b>Altria</b>invested $1.8 billion into the cannabis company in 2018.&nbsp;With deep pockets and wide reach across the states, Altria can help Cronos break into more markets after legalization.</p><p><blockquote>与Canopy Growth一样，Cronos也受益于拥有一个可以加速其在美国烟草巨头增长的合作伙伴<b>奥驰亚</b>2018年向这家大麻公司投资了18亿美元。凭借雄厚的财力和在各州的广泛影响力，奥驰亚可以在合法化后帮助Cronos打入更多市场。</blockquote></p><p>4. Aurora Cannabis</p><p><blockquote>4.极光大麻</blockquote></p><p>Aurora doesn't have a big partner it can lean on, but the company has been making moves to take advantage of opportunities in the U.S. In May 2020, it announced entry into the U.S. market through the acquisition of Reliva, which makes CBD products. The acquisition also brought on board CEO Miguel Martin, who was previously at the helm of Reliva and has 25 years of experience in consumer packaged goods. Reliva's products are in more than 20,000 retail locations and at the time of the acquisition, it claimed to be the \"only CBD company in the three largest U.S. wholesale distributors.\"</p><p><blockquote>Aurora没有可以依靠的大合作伙伴，但该公司一直在采取措施利用美国的机遇。2020年5月，它宣布通过收购生产CBD产品的Reliva进入美国市场。此次收购还聘请了首席执行官米格尔·马丁(Miguel Martin)，他曾执掌Reliva，在消费品领域拥有25年的经验。Reliva的产品遍布20,000多个零售点，在收购时，它声称自己是“美国三大批发分销商中唯一的CBD公司”。</blockquote></p><p></p><p>Although Aurora doesn't specifically break out U.S.-related sales, it is safe to assume this transaction, which cost the company approximately $40 million worth of shares (potentially up to $45 million), isn't going to put the company into as promising a position as the other pot stocks on this list. Aurora closed on the transaction in May 2020, but even when including Reliva's results into its operations, it has struggled to generate meaningful growth. In its second-quarter earnings report, released on Feb. 11, its net revenue of 67.7 million Canadian dollars for the period ending Dec. 31, 2020 was flat from the previous period.</p><p><blockquote>尽管Aurora没有具体公布与美国相关的销售情况，但可以肯定的是，这笔交易使该公司损失了价值约4000万美元（可能高达4500万美元）的股票，不会让该公司陷入与该名单上的其他大麻股一样有前途的地位。Aurora于2020年5月完成了交易，但即使将Reliva的业绩纳入其运营中，它也难以实现有意义的增长。在2月11日发布的第二季度收益报告中，截至2020年12月31日的净收入为6770万加元，与上一期持平。</blockquote></p><p>However, investors shouldn't count the company out. Once pot is legal in the U.S., that may open the door for other potential deals for Aurora. Although billionaire investor Nelson Peltz was unable to broker a transaction, more opportunities could arise once the prohibition of marijuana is over and it no longer deters companies in other industries from jumping into the cannabis sector.</p><p><blockquote>然而，投资者不应将该公司排除在外。一旦大麻在美国合法化，这可能会为Aurora的其他潜在交易打开大门。尽管亿万富翁投资者纳尔逊·佩尔茨(Nelson Peltz)无法促成交易，但一旦大麻禁令结束并且不再阻止其他行业的公司进入大麻行业，可能会出现更多机会。</blockquote></p><p>Here's The Marijuana Stock You've Been Waiting For</p><p><blockquote>这是您一直在等待的大麻库存</blockquote></p><p>A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.</p><p><blockquote>一家鲜为人知的加拿大公司刚刚解锁了一些专家认为可能是从即将到来的大麻热潮中获利的关键。</blockquote></p><p>And make no mistake – it is coming.</p><p><blockquote>毫无疑问，它即将到来。</blockquote></p><p>Cannabis legalization is sweeping over North America – 16 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.</p><p><blockquote>大麻合法化正在席卷北美——过去几年，16个州加上华盛顿特区都将娱乐性大麻合法化，加拿大于2018年10月实现了全面合法化。</blockquote></p><p>And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.</p><p><blockquote>一家不为人知的加拿大公司正准备在即将到来的大麻革命中爆发。</blockquote></p><p>Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.</p><p><blockquote>因为安大略省政府和这家强大的公司刚刚达成了一项改变游戏规则的协议……如果您甚至考虑过投资大麻股票，您今天就需要听听这个故事。</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>4 Canadian Cannabis Companies Poised to Profit from U.S. Legalization<blockquote>4家加拿大大麻公司准备从美国合法化中获利</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\">\n4 Canadian Cannabis Companies Poised to Profit from U.S. Legalization<blockquote>4家加拿大大麻公司准备从美国合法化中获利</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\">2021-04-27 22:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As more and more states legalize marjiuana, federal legalization in the U.S. seems inevitable. Not only are more states passing legislation to permit recreational use, but a vast majority of Americans also support legalization. According to a recent survey, Pew Research found that 91% of people in the U.S. believe marijuana should be legal for either medical or recreational use, with 60% in favor of both. President Joe Biden is in favor of decriminalizing marijuana, while Senate Majority Leader Chuck Schumer is ready to push ahead with full legalization efforts even if Biden isn't completely on board just yet.</p><p><blockquote>随着越来越多的州将marjiuana合法化，美国的联邦合法化似乎是不可避免的。不仅越来越多的州通过立法允许娱乐用途，而且绝大多数美国人也支持合法化。根据最近的一项调查，皮尤研究中心发现，91%的美国人认为大麻用于医疗或娱乐用途应该是合法的，60%的人赞成两者兼而有之。总统乔·拜登支持大麻合法化，而参议院多数党领袖查克·舒默准备推进全面合法化的努力，即使拜登还没有完全同意。</blockquote></p><p>When legalization happens, there are many Canadian cannabis producers that will be ready to expand their presence south of the border.<b>Canopy Growth</b>(NASDAQ:CGC), soon-to-be-joined<b>Aphria</b>(NASDAQ:APHA)and<b>Tilray</b>(NASDAQ:TLRY),&nbsp;<b>Cronos</b>(NASDAQ:CRON), and&nbsp;<b>Aurora Cannabis</b>(NYSE:ACB)could be some of the biggest winners if (or, when) the U.S. pot market opens up.</p><p><blockquote>当合法化发生时，许多加拿大大麻生产商将准备扩大他们在边境以南的存在。<b>冠层生长</b>（纳斯达克：CGC），即将加入<b>Aphria</b>（纳斯达克：APHA）及<b>蒂尔雷</b>（纳斯达克：TLRY），<b>克罗诺斯</b>（纳斯达克：CRON），以及<b>奥罗拉大麻</b>如果（或当）美国大麻市场开放，（纽约证券交易所股票代码：ACB）可能会成为最大的赢家之一。</blockquote></p><p><img src=\"https://static.tigerbbs.com/31372c5518facc6093b15a7ca40146a4\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p>1. Canopy Growth</p><p><blockquote>1.冠层生长</blockquote></p><p>Canopy Growth has partnerships set up so that it can start working on expansion almost immediately after legalization takes place. One of the first things it would be able to do is close on its acquisition of<b>Acreage Holdings</b>. Although the two companies came to an agreement in 2019, the transaction is still pending.&nbsp;The multistate operator has a footprint in 13 states with 29 dispensaries that are up and running. In 2020, it reported sales of $114.5 million, which rose 55% year over year. With Acreage Holdings, Canopy Growth would be ready to rival big names like<b>Curaleaf</b>and&nbsp;<b>Trulieve</b>right off the bat.</p><p><blockquote>Canopy Growth已经建立了合作伙伴关系，以便在合法化后几乎可以立即开始扩张。它能做的第一件事就是即将收购<b>面积控股</b>.尽管两家公司在2019年达成了协议，但交易仍悬而未决。这家多州运营商在13个州拥有29家药房。2020年，其销售额为1.145亿美元，同比增长55%。凭借种植面积，Canopy Growth将准备好与诸如<b>库拉利夫</b>和<b>Trulieve</b>马上。</blockquote></p><p>Plus, the company is also working with investor<b>ConstellationBrands</b>, which owns nearly 40% of the business, to develop cannabis beverages. Tapping into Constellation's distribution network, Canopy Growth will be poised to grab even more potential market share right out of the gate. And that is why thismarijuana stockis at the top of this list -- it is easily the best positioned cannabis company in Canada to benefit from U.S. legalization.</p><p><blockquote>此外，该公司还与投资者合作<b>星座品牌</b>拥有该业务近40%的股份，开发大麻饮料。利用Constellation的分销网络，Canopy Growth将立即抢占更多潜在市场份额。这就是为什么ThisMarijuana Stocky位居榜首——它无疑是加拿大最有能力从美国合法化中受益的大麻公司。</blockquote></p><p>2. Aphria and Tilray</p><p><blockquote>2.Aphria和Tilray</blockquote></p><p>Themerger between Aphria and Tilrayputs these two companies next on this list as together, they will have the next-best opportunities in the U.S. In November, Aphria announced the acquisition of SweetWater Brewing. And although the craft brewer does have the 420 brand, which suggests that it makes cannabis drinks, it actually uses hemp (which is legal in the U.S.) to<i>emulate</i>popular cannabis strains. Legalization would pave the way for the real deal. Tilray has partnered with<b>Anheuser-Busch Inbev</b>since 2018 on developing drinks for the Canadian pot market, and it will also have beverages that are ready to go.</p><p><blockquote>Aphria和Tilray之间的合并使这两家公司成为这份名单的下一个，因为它们共同将在美国拥有下一个最好的机会。11月，Aphria宣布收购SweetWater Brewing。尽管这家精酿啤酒制造商确实拥有420品牌，这表明它生产大麻饮料，但它实际上使用大麻（在美国是合法的）来<i>仿效</i>流行的大麻品种。合法化将为真正的交易铺平道路。Tilray与<b>百威英博</b>自2018年开始为加拿大大麻市场开发饮料，它也将有现成的饮料。</blockquote></p><p>Tilray has also been building out its position in other ways. Hemp plays a big part in its business, generating more than one-third of its revenue in 2020. In 2019, Tilray acquired Manitoba Harvest, a leading hemp business with products that are sold in thousands of retailers across the U.S. and Canada. Through its hemp operations, Tilray can leverage the existing relationships it has with retailers to potentially sell other cannabis products to them post-legalization.</p><p><blockquote>Tilray还通过其他方式巩固了自己的地位。大麻在其业务中发挥着重要作用，2020年占其收入的三分之一以上。2019年，Tilray收购了Manitoba Harvest，这是一家领先的大麻企业，其产品在美国和加拿大的数千家零售商处销售。通过其大麻业务，Tilray可以利用其与零售商的现有关系，在合法化后向他们销售其他大麻产品。</blockquote></p><p>3. Cronos</p><p><blockquote>3.克罗诺斯</blockquote></p><p>Cronos acquired cannabidiol (CBD) brand Lord Jones in 2019 from Redwood Holding Group. The company sells a variety of CBD-infused products, including oils and gummies.&nbsp;Last year, sales from the U.S. totaled $9.5 million and accounted for just 20% of its consolidated net revenue. But Cronos is definitely looking to change that. Earlier this year it partnered with actress Kristen Bell to launch a series of CBD products under its Happy Dance brand, which will be available at more than 550<b>Ulta Beauty</b>locations.</p><p><blockquote>Cronos于2019年从红杉控股集团收购了大麻二酚（CBD）品牌Lord Jones。该公司销售各种CBD产品，包括油和橡皮糖。去年，来自美国的销售额总计950万美元，仅占其合并净收入的20%。但是克罗诺斯肯定想改变这一点。今年早些时候，它与女演员基丝汀·贝尔合作，推出了旗下Happy Dance品牌的一系列CBD产品，售价超过550英镑<b>Ulta美容</b>地点。</blockquote></p><p>Like Canopy Growth, Cronos also benefits from having a partner that can accelerate its growth in the U.S. Tobacco giant<b>Altria</b>invested $1.8 billion into the cannabis company in 2018.&nbsp;With deep pockets and wide reach across the states, Altria can help Cronos break into more markets after legalization.</p><p><blockquote>与Canopy Growth一样，Cronos也受益于拥有一个可以加速其在美国烟草巨头增长的合作伙伴<b>奥驰亚</b>2018年向这家大麻公司投资了18亿美元。凭借雄厚的财力和在各州的广泛影响力，奥驰亚可以在合法化后帮助Cronos打入更多市场。</blockquote></p><p>4. Aurora Cannabis</p><p><blockquote>4.极光大麻</blockquote></p><p>Aurora doesn't have a big partner it can lean on, but the company has been making moves to take advantage of opportunities in the U.S. In May 2020, it announced entry into the U.S. market through the acquisition of Reliva, which makes CBD products. The acquisition also brought on board CEO Miguel Martin, who was previously at the helm of Reliva and has 25 years of experience in consumer packaged goods. Reliva's products are in more than 20,000 retail locations and at the time of the acquisition, it claimed to be the \"only CBD company in the three largest U.S. wholesale distributors.\"</p><p><blockquote>Aurora没有可以依靠的大合作伙伴，但该公司一直在采取措施利用美国的机遇。2020年5月，它宣布通过收购生产CBD产品的Reliva进入美国市场。此次收购还聘请了首席执行官米格尔·马丁(Miguel Martin)，他曾执掌Reliva，在消费品领域拥有25年的经验。Reliva的产品遍布20,000多个零售点，在收购时，它声称自己是“美国三大批发分销商中唯一的CBD公司”。</blockquote></p><p></p><p>Although Aurora doesn't specifically break out U.S.-related sales, it is safe to assume this transaction, which cost the company approximately $40 million worth of shares (potentially up to $45 million), isn't going to put the company into as promising a position as the other pot stocks on this list. Aurora closed on the transaction in May 2020, but even when including Reliva's results into its operations, it has struggled to generate meaningful growth. In its second-quarter earnings report, released on Feb. 11, its net revenue of 67.7 million Canadian dollars for the period ending Dec. 31, 2020 was flat from the previous period.</p><p><blockquote>尽管Aurora没有具体公布与美国相关的销售情况，但可以肯定的是，这笔交易使该公司损失了价值约4000万美元（可能高达4500万美元）的股票，不会让该公司陷入与该名单上的其他大麻股一样有前途的地位。Aurora于2020年5月完成了交易，但即使将Reliva的业绩纳入其运营中，它也难以实现有意义的增长。在2月11日发布的第二季度收益报告中，截至2020年12月31日的净收入为6770万加元，与上一期持平。</blockquote></p><p>However, investors shouldn't count the company out. Once pot is legal in the U.S., that may open the door for other potential deals for Aurora. Although billionaire investor Nelson Peltz was unable to broker a transaction, more opportunities could arise once the prohibition of marijuana is over and it no longer deters companies in other industries from jumping into the cannabis sector.</p><p><blockquote>然而，投资者不应将该公司排除在外。一旦大麻在美国合法化，这可能会为Aurora的其他潜在交易打开大门。尽管亿万富翁投资者纳尔逊·佩尔茨(Nelson Peltz)无法促成交易，但一旦大麻禁令结束并且不再阻止其他行业的公司进入大麻行业，可能会出现更多机会。</blockquote></p><p>Here's The Marijuana Stock You've Been Waiting For</p><p><blockquote>这是您一直在等待的大麻库存</blockquote></p><p>A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.</p><p><blockquote>一家鲜为人知的加拿大公司刚刚解锁了一些专家认为可能是从即将到来的大麻热潮中获利的关键。</blockquote></p><p>And make no mistake – it is coming.</p><p><blockquote>毫无疑问，它即将到来。</blockquote></p><p>Cannabis legalization is sweeping over North America – 16 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.</p><p><blockquote>大麻合法化正在席卷北美——过去几年，16个州加上华盛顿特区都将娱乐性大麻合法化，加拿大于2018年10月实现了全面合法化。</blockquote></p><p>And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.</p><p><blockquote>一家不为人知的加拿大公司正准备在即将到来的大麻革命中爆发。</blockquote></p><p>Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.</p><p><blockquote>因为安大略省政府和这家强大的公司刚刚达成了一项改变游戏规则的协议……如果您甚至考虑过投资大麻股票，您今天就需要听听这个故事。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/27/4-canadian-cannabis-companies-poised-to-profit-fro/\">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":{"APHA":"Aphria Inc.","CGC":"Canopy Growth Corporation","CRON":"Cronos Group Inc.","TLRY":"Tilray Inc.","ACB":"奥罗拉大麻公司"},"source_url":"https://www.fool.com/investing/2021/04/27/4-canadian-cannabis-companies-poised-to-profit-fro/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194611822","content_text":"As more and more states legalize marjiuana, federal legalization in the U.S. seems inevitable. Not only are more states passing legislation to permit recreational use, but a vast majority of Americans also support legalization. According to a recent survey, Pew Research found that 91% of people in the U.S. believe marijuana should be legal for either medical or recreational use, with 60% in favor of both. President Joe Biden is in favor of decriminalizing marijuana, while Senate Majority Leader Chuck Schumer is ready to push ahead with full legalization efforts even if Biden isn't completely on board just yet.When legalization happens, there are many Canadian cannabis producers that will be ready to expand their presence south of the border.Canopy Growth(NASDAQ:CGC), soon-to-be-joinedAphria(NASDAQ:APHA)andTilray(NASDAQ:TLRY), Cronos(NASDAQ:CRON), and Aurora Cannabis(NYSE:ACB)could be some of the biggest winners if (or, when) the U.S. pot market opens up.IMAGE SOURCE: GETTY IMAGES.1. Canopy GrowthCanopy Growth has partnerships set up so that it can start working on expansion almost immediately after legalization takes place. One of the first things it would be able to do is close on its acquisition ofAcreage Holdings. Although the two companies came to an agreement in 2019, the transaction is still pending. The multistate operator has a footprint in 13 states with 29 dispensaries that are up and running. In 2020, it reported sales of $114.5 million, which rose 55% year over year. With Acreage Holdings, Canopy Growth would be ready to rival big names likeCuraleafand Trulieveright off the bat.Plus, the company is also working with investorConstellationBrands, which owns nearly 40% of the business, to develop cannabis beverages. Tapping into Constellation's distribution network, Canopy Growth will be poised to grab even more potential market share right out of the gate. And that is why thismarijuana stockis at the top of this list -- it is easily the best positioned cannabis company in Canada to benefit from U.S. legalization.2. Aphria and TilrayThemerger between Aphria and Tilrayputs these two companies next on this list as together, they will have the next-best opportunities in the U.S. In November, Aphria announced the acquisition of SweetWater Brewing. And although the craft brewer does have the 420 brand, which suggests that it makes cannabis drinks, it actually uses hemp (which is legal in the U.S.) toemulatepopular cannabis strains. Legalization would pave the way for the real deal. Tilray has partnered withAnheuser-Busch Inbevsince 2018 on developing drinks for the Canadian pot market, and it will also have beverages that are ready to go.Tilray has also been building out its position in other ways. Hemp plays a big part in its business, generating more than one-third of its revenue in 2020. In 2019, Tilray acquired Manitoba Harvest, a leading hemp business with products that are sold in thousands of retailers across the U.S. and Canada. Through its hemp operations, Tilray can leverage the existing relationships it has with retailers to potentially sell other cannabis products to them post-legalization.3. CronosCronos acquired cannabidiol (CBD) brand Lord Jones in 2019 from Redwood Holding Group. The company sells a variety of CBD-infused products, including oils and gummies. Last year, sales from the U.S. totaled $9.5 million and accounted for just 20% of its consolidated net revenue. But Cronos is definitely looking to change that. Earlier this year it partnered with actress Kristen Bell to launch a series of CBD products under its Happy Dance brand, which will be available at more than 550Ulta Beautylocations.Like Canopy Growth, Cronos also benefits from having a partner that can accelerate its growth in the U.S. Tobacco giantAltriainvested $1.8 billion into the cannabis company in 2018. With deep pockets and wide reach across the states, Altria can help Cronos break into more markets after legalization.4. Aurora CannabisAurora doesn't have a big partner it can lean on, but the company has been making moves to take advantage of opportunities in the U.S. In May 2020, it announced entry into the U.S. market through the acquisition of Reliva, which makes CBD products. The acquisition also brought on board CEO Miguel Martin, who was previously at the helm of Reliva and has 25 years of experience in consumer packaged goods. Reliva's products are in more than 20,000 retail locations and at the time of the acquisition, it claimed to be the \"only CBD company in the three largest U.S. wholesale distributors.\"Although Aurora doesn't specifically break out U.S.-related sales, it is safe to assume this transaction, which cost the company approximately $40 million worth of shares (potentially up to $45 million), isn't going to put the company into as promising a position as the other pot stocks on this list. Aurora closed on the transaction in May 2020, but even when including Reliva's results into its operations, it has struggled to generate meaningful growth. In its second-quarter earnings report, released on Feb. 11, its net revenue of 67.7 million Canadian dollars for the period ending Dec. 31, 2020 was flat from the previous period.However, investors shouldn't count the company out. Once pot is legal in the U.S., that may open the door for other potential deals for Aurora. Although billionaire investor Nelson Peltz was unable to broker a transaction, more opportunities could arise once the prohibition of marijuana is over and it no longer deters companies in other industries from jumping into the cannabis sector.Here's The Marijuana Stock You've Been Waiting ForA little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.And make no mistake – it is coming.Cannabis legalization is sweeping over North America – 16 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.","news_type":1,"symbols_score_info":{"ACB":0.9,"APHA":0.9,"CGC":0.9,"TLRY":0.9,"CRON":0.9}},"isVote":1,"tweetType":1,"viewCount":1419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377716151,"gmtCreate":1619565420273,"gmtModify":1634211823880,"author":{"id":"3582656654028726","authorId":"3582656654028726","name":"BryTan","avatar":"https://static.tigerbbs.com/16c10be2f081c8f11ec0fe39f875fe9b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582656654028726","authorIdStr":"3582656654028726"},"themes":[],"htmlText":"Thanks for the article","listText":"Thanks for the article","text":"Thanks for the article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377716151","repostId":"1147181024","repostType":4,"repost":{"id":"1147181024","kind":"news","pubTimestamp":1619531957,"share":"https://www.laohu8.com/m/news/1147181024?lang=zh_CN&edition=full","pubTime":"2021-04-27 21:59","market":"us","language":"en","title":"How Warren Buffett's airline stocks have performed since Berkshire Hathaway sold them<blockquote>自伯克希尔哈撒韦公司出售沃伦·巴菲特的航空股以来的表现如何</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147181024","media":"Yahoo","summary":"Warren Buffett has a storied history with airline stocks, oncequipping, \"I am Warren and I am an aer","content":"<p>Warren Buffett has a storied history with airline stocks, oncequipping, \"I am Warren and I am an aeroholic.\" But the spectacular returns for the industry over the last year are casting a dark cloud on Berkshire Hathaway's decisionto dump all of its airline holdingsin May 2020 as prices were bottoming. Berkshire loaded up on stock of the four major U.S. carriers in 2016.</p><p><blockquote>沃伦·巴菲特在航空股方面有着传奇的历史，他曾经说过：“我是沃伦，我是一个航空迷。”但去年该行业的惊人回报给伯克希尔哈撒韦公司在2020年5月因价格触底而抛售其所有航空公司股份的决定蒙上了一层乌云。伯克希尔哈撒韦公司在2016年增持了美国四大航空公司的股票。</blockquote></p><p> At the 2020 Berkshire annual shareholders meeting, Buffett said he'd spent $7 billion to $8 billionamassing stakesin Delta Air Lines, United Airlines, American Airlines and Southwest Airlines. He didn't comment on the exit prices except to say, \"We did not take out anything like $7 [billion] or $8 billion.\" This contributed to Berkshire's massive $50 billion loss in the first quarter of 2020.</p><p><blockquote>在2020年伯克希尔年度股东大会上，巴菲特表示，他已斥资70亿至80亿美元增持达美航空、联合航空、美国航空和西南航空的股份。他没有对退出价格发表评论，只是说：“我们没有拿出70亿美元或80亿美元。”这导致伯克希尔哈撒韦公司在2020年第一季度亏损500亿美元。</blockquote></p><p> Since then the stocks have taken off, with American and Southwest up over 80% since their May 25, 2020 bottom, while United and Delta are up about 70%. Measuring gains from the May 25, 2020 trough of all four airlines produces even more spectacular results. United was up over 200% over the period, while American was up 190%.</p><p><blockquote>此后，该股开始腾飞，美国航空和西南航空自2020年5月25日触底以来上涨了80%以上，而联合航空和达美航空则上涨了约70%。衡量所有四家航空公司自2020年5月25日低谷以来的涨幅会产生更惊人的结果。美联航在此期间上涨了200%以上，而美国航空则上涨了190%。</blockquote></p><p> The worst losses over the period, which aren't necessarily reflective of Berkshire losses in the positions, were palpable. United was down over 70% at the nadir, and both Delta and American had sunk over 60%. An investment that loses 70% requires a 333% gain to get back to breakeven.</p><p><blockquote>这一时期最严重的损失是显而易见的，这并不一定反映伯克希尔的头寸损失。联合航空在最低点下跌了70%以上，达美航空和美国航空都下跌了60%以上。损失70%的投资需要333%的收益才能恢复盈亏平衡。</blockquote></p><p> Buffett's first airline</p><p><blockquote>巴菲特的第一家航空公司</blockquote></p><p> Buffett's first investment foray into airlines began with USAir preferred stock in 1989. While Berkshire made money on the dividends, Buffett himself would lament the decision for decades, casting aspersions on the low-profit, expensive nature of the industry.</p><p><blockquote>巴菲特首次涉足航空公司投资始于1989年的美国航空优先股。虽然伯克希尔从股息中赚钱，但巴菲特本人几十年来一直对这一决定感到遗憾，并对该行业低利润、高成本的本质进行诽谤。</blockquote></p><p> In the sameinterviewwhere Buffett self-identified as an \"aeroholic,\" he said, \"If a capitalist had been present at Kitty Hawk back in the early 1900s, he should have shot Orville Wright. He would have saved his progeny money. But seriously, the airline business has been extraordinary. It has eaten up capital over the past century like almost no other business because people seem to keep coming back to it and putting fresh money in. You've got huge fixed costs, you've got strong labor unions and you've got commodity pricing. That is not a great recipe for success.\"</p><p><blockquote>在同一次采访中，巴菲特自称是一个“航空狂”，他说，“如果一个资本家在20世纪初出现在小鹰酒店，他应该开枪打死奥维尔·赖特。他会为他的后代省钱。但说真的，航空业非常出色。在过去的一个世纪里，它像几乎没有其他行业一样消耗了资本，因为人们似乎不断回来并投入新的资金。你有巨大的固定成本，你有强大的工会，你有商品定价。这并不是成功的秘诀。”</blockquote></p><p> And yet, 2016 happened — when Berkshire first loaded up on the industry in a big way. In itsannual shareholder letterfor that fiscal year, Buffett didn't address the new airline stock holdings — except with a passing joke about shareholders flying into the annual meeting.</p><p><blockquote>然而，2016年发生了——伯克希尔首次大举进军该行业。在该财年的年度股东信中，巴菲特没有提及新持有的航空公司股票——除了开了一个关于股东飞往年会的玩笑。</blockquote></p><p> \"Keep in mind that airlines have sometimes jacked up prices for the Berkshire weekend — though I must admit I have developed some tolerance, bordering on enthusiasm, for that practice now that Berkshire has made large investments in America’s four major carriers,\"wrote Buffett.</p><p><blockquote>巴菲特写道：“请记住，航空公司有时会提高伯克希尔周末的价格——尽管我必须承认，既然伯克希尔已经对美国四大航空公司进行了大量投资，我对这种做法已经产生了一定的容忍度，近乎热情。”</blockquote></p><p> When Buffett finally cut Berkshire's losses in 2020, Bill Smead, chief investment officer of Smead Capital Management, wrote acritical reviewof the matter but was careful to praise Buffett's tremendous historical track record.</p><p><blockquote>当巴菲特最终在2020年削减伯克希尔的亏损时，Smead Capital Management首席投资官Bill Smead对此事发表了批评评论，但小心翼翼地赞扬了巴菲特巨大的历史记录。</blockquote></p><p> \"We are big fans of Buffett’s theories about businesses with low capital requirements and the ability to throw off cash to owners. Unfortunately, he recently emphasized indexing and didn’t shy folks away from today’s glamour tech stocks which require more and more capital,\" wrote Smead.</p><p><blockquote>“我们非常喜欢巴菲特关于资本要求低、有能力向所有者抛出现金的企业的理论。不幸的是，他最近强调指数化，并没有让人们远离当今需要越来越多资本的魅力科技股，”斯米德写道。</blockquote></p><p> From great to gruesome</p><p><blockquote>从伟大到可怕</blockquote></p><p> InBerkshire’s 2007 Letter to Shareholders, Buffett outlined three types of enterprises that he characterized as “The Great, the Good and the Gruesome. \"[T]think of three types of 'savings accounts.' The great one pays an extraordinarily high interest rate that will rise as the years pass. The good one pays an attractive rate of interest that will be earned also on deposits that are added. Finally, the gruesome account both pays an inadequate interest rate and requires you to keep adding money at those disappointing returns.\"</p><p><blockquote>在伯克希尔2007年致股东的信中，巴菲特概述了三种类型的企业，他称之为“伟大的、好的和可怕的”。想想三种类型的‘储蓄账户’。伟大的一种支付极高的利率，利率会随着时间的推移而上升。好的一种支付有吸引力的利率，增加的存款也会产生利息。最后，可怕的一种账户支付的利率不够高，而且要求你继续以令人失望的回报增加资金。”</blockquote></p><p> Smead suggests Buffett should have taken his own advice. \"He profiled 'gruesome' business[es] by using airlines as his poster child and described them in the opening quote of this letter. Buffett would have been well served by listening to his 13-year-younger self, and we think his description of gruesome stocks should serve us well in assessing today’s market.\"</p><p><blockquote>斯米德建议巴菲特应该采纳自己的建议。“他通过将航空公司作为他的典型代表来描述‘可怕’的业务，并在这封信的开头引用中描述了它们。巴菲特最好听听比他小13岁的自己的话，我们认为他的描述可怕的股票应该很好地帮助我们评估当今的市场。”</blockquote></p><p> A year later, Smead served up a reminder for investors to stick to their competency, saying to Yahoo Finance viewers in an interview, \"[Buffett] got reminded that he should belong to airlines anonymous. And by the way, all of us have investors in industries or sectors that we should probably never get involved in.\"</p><p><blockquote>一年后，斯米德提醒投资者坚持自己的能力，他在接受雅虎财经观众采访时表示，“[巴菲特]被提醒他应该属于匿名航空公司。顺便说一句，我们所有人都有我们可能永远不应该涉足的行业或部门的投资者。”</blockquote></p><p></p>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Warren Buffett's airline stocks have performed since Berkshire Hathaway sold them<blockquote>自伯克希尔哈撒韦公司出售沃伦·巴菲特的航空股以来的表现如何</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\">\nHow Warren Buffett's airline stocks have performed since Berkshire Hathaway sold them<blockquote>自伯克希尔哈撒韦公司出售沃伦·巴菲特的航空股以来的表现如何</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-27 21:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Warren Buffett has a storied history with airline stocks, oncequipping, \"I am Warren and I am an aeroholic.\" But the spectacular returns for the industry over the last year are casting a dark cloud on Berkshire Hathaway's decisionto dump all of its airline holdingsin May 2020 as prices were bottoming. Berkshire loaded up on stock of the four major U.S. carriers in 2016.</p><p><blockquote>沃伦·巴菲特在航空股方面有着传奇的历史，他曾经说过：“我是沃伦，我是一个航空迷。”但去年该行业的惊人回报给伯克希尔哈撒韦公司在2020年5月因价格触底而抛售其所有航空公司股份的决定蒙上了一层乌云。伯克希尔哈撒韦公司在2016年增持了美国四大航空公司的股票。</blockquote></p><p> At the 2020 Berkshire annual shareholders meeting, Buffett said he'd spent $7 billion to $8 billionamassing stakesin Delta Air Lines, United Airlines, American Airlines and Southwest Airlines. He didn't comment on the exit prices except to say, \"We did not take out anything like $7 [billion] or $8 billion.\" This contributed to Berkshire's massive $50 billion loss in the first quarter of 2020.</p><p><blockquote>在2020年伯克希尔年度股东大会上，巴菲特表示，他已斥资70亿至80亿美元增持达美航空、联合航空、美国航空和西南航空的股份。他没有对退出价格发表评论，只是说：“我们没有拿出70亿美元或80亿美元。”这导致伯克希尔哈撒韦公司在2020年第一季度亏损500亿美元。</blockquote></p><p> Since then the stocks have taken off, with American and Southwest up over 80% since their May 25, 2020 bottom, while United and Delta are up about 70%. Measuring gains from the May 25, 2020 trough of all four airlines produces even more spectacular results. United was up over 200% over the period, while American was up 190%.</p><p><blockquote>此后，该股开始腾飞，美国航空和西南航空自2020年5月25日触底以来上涨了80%以上，而联合航空和达美航空则上涨了约70%。衡量所有四家航空公司自2020年5月25日低谷以来的涨幅会产生更惊人的结果。美联航在此期间上涨了200%以上，而美国航空则上涨了190%。</blockquote></p><p> The worst losses over the period, which aren't necessarily reflective of Berkshire losses in the positions, were palpable. United was down over 70% at the nadir, and both Delta and American had sunk over 60%. An investment that loses 70% requires a 333% gain to get back to breakeven.</p><p><blockquote>这一时期最严重的损失是显而易见的，这并不一定反映伯克希尔的头寸损失。联合航空在最低点下跌了70%以上，达美航空和美国航空都下跌了60%以上。损失70%的投资需要333%的收益才能恢复盈亏平衡。</blockquote></p><p> Buffett's first airline</p><p><blockquote>巴菲特的第一家航空公司</blockquote></p><p> Buffett's first investment foray into airlines began with USAir preferred stock in 1989. While Berkshire made money on the dividends, Buffett himself would lament the decision for decades, casting aspersions on the low-profit, expensive nature of the industry.</p><p><blockquote>巴菲特首次涉足航空公司投资始于1989年的美国航空优先股。虽然伯克希尔从股息中赚钱，但巴菲特本人几十年来一直对这一决定感到遗憾，并对该行业低利润、高成本的本质进行诽谤。</blockquote></p><p> In the sameinterviewwhere Buffett self-identified as an \"aeroholic,\" he said, \"If a capitalist had been present at Kitty Hawk back in the early 1900s, he should have shot Orville Wright. He would have saved his progeny money. But seriously, the airline business has been extraordinary. It has eaten up capital over the past century like almost no other business because people seem to keep coming back to it and putting fresh money in. You've got huge fixed costs, you've got strong labor unions and you've got commodity pricing. That is not a great recipe for success.\"</p><p><blockquote>在同一次采访中，巴菲特自称是一个“航空狂”，他说，“如果一个资本家在20世纪初出现在小鹰酒店，他应该开枪打死奥维尔·赖特。他会为他的后代省钱。但说真的，航空业非常出色。在过去的一个世纪里，它像几乎没有其他行业一样消耗了资本，因为人们似乎不断回来并投入新的资金。你有巨大的固定成本，你有强大的工会，你有商品定价。这并不是成功的秘诀。”</blockquote></p><p> And yet, 2016 happened — when Berkshire first loaded up on the industry in a big way. In itsannual shareholder letterfor that fiscal year, Buffett didn't address the new airline stock holdings — except with a passing joke about shareholders flying into the annual meeting.</p><p><blockquote>然而，2016年发生了——伯克希尔首次大举进军该行业。在该财年的年度股东信中，巴菲特没有提及新持有的航空公司股票——除了开了一个关于股东飞往年会的玩笑。</blockquote></p><p> \"Keep in mind that airlines have sometimes jacked up prices for the Berkshire weekend — though I must admit I have developed some tolerance, bordering on enthusiasm, for that practice now that Berkshire has made large investments in America’s four major carriers,\"wrote Buffett.</p><p><blockquote>巴菲特写道：“请记住，航空公司有时会提高伯克希尔周末的价格——尽管我必须承认，既然伯克希尔已经对美国四大航空公司进行了大量投资，我对这种做法已经产生了一定的容忍度，近乎热情。”</blockquote></p><p> When Buffett finally cut Berkshire's losses in 2020, Bill Smead, chief investment officer of Smead Capital Management, wrote acritical reviewof the matter but was careful to praise Buffett's tremendous historical track record.</p><p><blockquote>当巴菲特最终在2020年削减伯克希尔的亏损时，Smead Capital Management首席投资官Bill Smead对此事发表了批评评论，但小心翼翼地赞扬了巴菲特巨大的历史记录。</blockquote></p><p> \"We are big fans of Buffett’s theories about businesses with low capital requirements and the ability to throw off cash to owners. Unfortunately, he recently emphasized indexing and didn’t shy folks away from today’s glamour tech stocks which require more and more capital,\" wrote Smead.</p><p><blockquote>“我们非常喜欢巴菲特关于资本要求低、有能力向所有者抛出现金的企业的理论。不幸的是，他最近强调指数化，并没有让人们远离当今需要越来越多资本的魅力科技股，”斯米德写道。</blockquote></p><p> From great to gruesome</p><p><blockquote>从伟大到可怕</blockquote></p><p> InBerkshire’s 2007 Letter to Shareholders, Buffett outlined three types of enterprises that he characterized as “The Great, the Good and the Gruesome. \"[T]think of three types of 'savings accounts.' The great one pays an extraordinarily high interest rate that will rise as the years pass. The good one pays an attractive rate of interest that will be earned also on deposits that are added. Finally, the gruesome account both pays an inadequate interest rate and requires you to keep adding money at those disappointing returns.\"</p><p><blockquote>在伯克希尔2007年致股东的信中，巴菲特概述了三种类型的企业，他称之为“伟大的、好的和可怕的”。想想三种类型的‘储蓄账户’。伟大的一种支付极高的利率，利率会随着时间的推移而上升。好的一种支付有吸引力的利率，增加的存款也会产生利息。最后，可怕的一种账户支付的利率不够高，而且要求你继续以令人失望的回报增加资金。”</blockquote></p><p> Smead suggests Buffett should have taken his own advice. \"He profiled 'gruesome' business[es] by using airlines as his poster child and described them in the opening quote of this letter. Buffett would have been well served by listening to his 13-year-younger self, and we think his description of gruesome stocks should serve us well in assessing today’s market.\"</p><p><blockquote>斯米德建议巴菲特应该采纳自己的建议。“他通过将航空公司作为他的典型代表来描述‘可怕’的业务，并在这封信的开头引用中描述了它们。巴菲特最好听听比他小13岁的自己的话，我们认为他的描述可怕的股票应该很好地帮助我们评估当今的市场。”</blockquote></p><p> A year later, Smead served up a reminder for investors to stick to their competency, saying to Yahoo Finance viewers in an interview, \"[Buffett] got reminded that he should belong to airlines anonymous. And by the way, all of us have investors in industries or sectors that we should probably never get involved in.\"</p><p><blockquote>一年后，斯米德提醒投资者坚持自己的能力，他在接受雅虎财经观众采访时表示，“[巴菲特]被提醒他应该属于匿名航空公司。顺便说一句，我们所有人都有我们可能永远不应该涉足的行业或部门的投资者。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/how-warren-buffetts-airline-stocks-have-performed-since-berkshire-hathaway-sold-them-134849843.html\">Yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UAL":"联合大陆航空","AAL":"美国航空"},"source_url":"https://finance.yahoo.com/news/how-warren-buffetts-airline-stocks-have-performed-since-berkshire-hathaway-sold-them-134849843.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147181024","content_text":"Warren Buffett has a storied history with airline stocks, oncequipping, \"I am Warren and I am an aeroholic.\" But the spectacular returns for the industry over the last year are casting a dark cloud on Berkshire Hathaway's decisionto dump all of its airline holdingsin May 2020 as prices were bottoming. Berkshire loaded up on stock of the four major U.S. carriers in 2016.\nAt the 2020 Berkshire annual shareholders meeting, Buffett said he'd spent $7 billion to $8 billionamassing stakesin Delta Air Lines, United Airlines, American Airlines and Southwest Airlines. He didn't comment on the exit prices except to say, \"We did not take out anything like $7 [billion] or $8 billion.\" This contributed to Berkshire's massive $50 billion loss in the first quarter of 2020.\nSince then the stocks have taken off, with American and Southwest up over 80% since their May 25, 2020 bottom, while United and Delta are up about 70%. Measuring gains from the May 25, 2020 trough of all four airlines produces even more spectacular results. United was up over 200% over the period, while American was up 190%.\nThe worst losses over the period, which aren't necessarily reflective of Berkshire losses in the positions, were palpable. United was down over 70% at the nadir, and both Delta and American had sunk over 60%. An investment that loses 70% requires a 333% gain to get back to breakeven.\nBuffett's first airline\nBuffett's first investment foray into airlines began with USAir preferred stock in 1989. While Berkshire made money on the dividends, Buffett himself would lament the decision for decades, casting aspersions on the low-profit, expensive nature of the industry.\nIn the sameinterviewwhere Buffett self-identified as an \"aeroholic,\" he said, \"If a capitalist had been present at Kitty Hawk back in the early 1900s, he should have shot Orville Wright. He would have saved his progeny money. But seriously, the airline business has been extraordinary. It has eaten up capital over the past century like almost no other business because people seem to keep coming back to it and putting fresh money in. You've got huge fixed costs, you've got strong labor unions and you've got commodity pricing. That is not a great recipe for success.\"\nAnd yet, 2016 happened — when Berkshire first loaded up on the industry in a big way. In itsannual shareholder letterfor that fiscal year, Buffett didn't address the new airline stock holdings — except with a passing joke about shareholders flying into the annual meeting.\n\"Keep in mind that airlines have sometimes jacked up prices for the Berkshire weekend — though I must admit I have developed some tolerance, bordering on enthusiasm, for that practice now that Berkshire has made large investments in America’s four major carriers,\"wrote Buffett.\nWhen Buffett finally cut Berkshire's losses in 2020, Bill Smead, chief investment officer of Smead Capital Management, wrote acritical reviewof the matter but was careful to praise Buffett's tremendous historical track record.\n\"We are big fans of Buffett’s theories about businesses with low capital requirements and the ability to throw off cash to owners. Unfortunately, he recently emphasized indexing and didn’t shy folks away from today’s glamour tech stocks which require more and more capital,\" wrote Smead.\nFrom great to gruesome\nInBerkshire’s 2007 Letter to Shareholders, Buffett outlined three types of enterprises that he characterized as “The Great, the Good and the Gruesome. \"[T]think of three types of 'savings accounts.' The great one pays an extraordinarily high interest rate that will rise as the years pass. The good one pays an attractive rate of interest that will be earned also on deposits that are added. Finally, the gruesome account both pays an inadequate interest rate and requires you to keep adding money at those disappointing returns.\"\nSmead suggests Buffett should have taken his own advice. \"He profiled 'gruesome' business[es] by using airlines as his poster child and described them in the opening quote of this letter. Buffett would have been well served by listening to his 13-year-younger self, and we think his description of gruesome stocks should serve us well in assessing today’s market.\"\nA year later, Smead served up a reminder for investors to stick to their competency, saying to Yahoo Finance viewers in an interview, \"[Buffett] got reminded that he should belong to airlines anonymous. And by the way, all of us have investors in industries or sectors that we should probably never get involved in.\"","news_type":1,"symbols_score_info":{"UAL":0.9,"AAL":0.9}},"isVote":1,"tweetType":1,"viewCount":1314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377734045,"gmtCreate":1619565093987,"gmtModify":1634211830353,"author":{"id":"3582656654028726","authorId":"3582656654028726","name":"BryTan","avatar":"https://static.tigerbbs.com/16c10be2f081c8f11ec0fe39f875fe9b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582656654028726","authorIdStr":"3582656654028726"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377734045","repostId":"1123159959","repostType":4,"isVote":1,"tweetType":1,"viewCount":1704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}